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U.S. Gas Utilities Industry Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies15
  • 7D1.0%
  • 3M7.9%
  • 1Y14.9%
  • YTD7.1%

In the last week, the Gas Utilities industry is up 1.7%, with Atmos Energy up 1.7%. This means that the industry has gained 16% over the past year. As for the next few years, earnings are expected to grow by 9.5% per annum.

Industry Valuation and Performance

Has the U.S. Gas Utilities Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Apr 2026US$86.4bUS$34.8bUS$4.0b19.5x21.5x2.5x
Fri, 27 Feb 2026US$86.2bUS$34.8bUS$4.0b19.9x21.5x2.5x
Sun, 25 Jan 2026US$79.6bUS$36.8bUS$3.9b18.2x20.3x2.2x
Tue, 23 Dec 2025US$78.7bUS$36.8bUS$3.9b18.3x20.1x2.1x
Thu, 20 Nov 2025US$80.2bUS$36.9bUS$3.7b19.2x21.5x2.2x
Sat, 18 Oct 2025US$79.3bUS$36.7bUS$2.3b18.6x34.3x2.2x
Mon, 15 Sep 2025US$76.3bUS$36.7bUS$2.3b17.9x33x2.1x
Wed, 13 Aug 2025US$76.0bUS$36.7bUS$2.3b18.1x32.9x2.1x
Fri, 11 Jul 2025US$73.0bUS$36.4bUS$3.2b18x23.1x2x
Sun, 08 Jun 2025US$72.1bUS$36.4bUS$3.2b18.1x22.8x2x
Tue, 06 May 2025US$74.7bUS$35.4bUS$2.9b19.6x25.6x2.1x
Thu, 03 Apr 2025US$72.9bUS$35.3bUS$2.5b20x29.1x2.1x
Sat, 01 Mar 2025US$71.3bUS$35.3bUS$2.5b19.4x28.4x2x
Mon, 27 Jan 2025US$67.5bUS$38.1bUS$2.3b18.2x29x1.8x
Wed, 25 Dec 2024US$66.3bUS$38.1bUS$2.3b18.3x28.5x1.7x
Fri, 22 Nov 2024US$68.8bUS$38.3bUS$2.7b20.1x25.6x1.8x
Sun, 20 Oct 2024US$63.9bUS$33.5bUS$4.4b18.1x14.4x1.9x
Tue, 17 Sep 2024US$61.9bUS$33.5bUS$4.4b17.6x14x1.8x
Thu, 15 Aug 2024US$58.6bUS$33.5bUS$4.4b16.8x13.2x1.8x
Sat, 13 Jul 2024US$55.7bUS$33.5bUS$3.1b16.4x18.1x1.7x
Mon, 10 Jun 2024US$54.4bUS$33.5bUS$3.1b15.6x17.7x1.6x
Wed, 08 May 2024US$56.3bUS$33.4bUS$2.9b16.3x19.1x1.7x
Fri, 05 Apr 2024US$55.0bUS$34.1bUS$2.2b17.2x25.4x1.6x
Sun, 03 Mar 2024US$52.9bUS$34.1bUS$2.2b15.8x24.5x1.6x
Tue, 30 Jan 2024US$56.8bUS$38.4bUS$1.5b15.4x38.4x1.5x
Thu, 28 Dec 2023US$58.6bUS$38.4bUS$1.5b16.5x39.6x1.5x
Sat, 25 Nov 2023US$55.6bUS$38.4bUS$1.5b16x38.3x1.4x
Mon, 23 Oct 2023US$50.1bUS$37.5bUS$684.8m16.5x73.1x1.3x
Wed, 20 Sep 2023US$52.8bUS$37.5bUS$684.8m18.6x77.1x1.4x
Fri, 18 Aug 2023US$52.9bUS$37.5bUS$684.8m18.3x77.2x1.4x
Sun, 16 Jul 2023US$54.3bUS$38.4bUS$1.5b18.7x36.6x1.4x
Tue, 13 Jun 2023US$55.5bUS$38.4bUS$1.5b19.8x37.4x1.4x
Thu, 11 May 2023US$56.0bUS$38.4bUS$1.5b20x37.5x1.5x
Sat, 08 Apr 2023US$57.8bUS$38.5bUS$2.4b20.4x24.4x1.5x
Price to Earnings Ratio

24.4x


Total Market Cap: US$57.8bTotal Earnings: US$2.4bTotal Revenue: US$38.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Gas Utilities Industry Price to Earnings3Y Average 30.4x202420252026
Current Industry PE
  • Investors are pessimistic on the American Gas Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 21.3x which is lower than its 3-year average PE of 30.4x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 19% per year over the last three years.
  • Meanwhile revenues for these companies have declined 3.3% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the U.S. Utilities industry?

US Market-0.61%
Utilities1.53%
Gas Utilities0.96%
Gas Utilities0.96%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ATO Atmos EnergyUS$184.721.7%
+US$521.1m		19.2%PE24.5x
BIPC Brookfield InfrastructureUS$39.523.5%
+US$165.2m		6.3%PS1.3x
NJR New Jersey ResourcesUS$54.921.3%
+US$71.6m		11.8%PE16.9x
MDU MDU Resources GroupUS$20.721.4%
+US$57.2m		22.4%PE22.1x
CPK Chesapeake UtilitiesUS$126.371.5%
+US$51.4m		-2.5%PE21.6x

Latest News

MDU
US$20.72
MDU Resources Group
7D
1.4%
1Y
22.4%

MDU: Tighter Price Views And 2026 EPS Guidance Will Shape Risk Balance

Analysts have adjusted their price targets on MDU Resources Group in a narrow range, with a $1 cut from one firm and a $4 increase from another. These changes reflect updated views on fair value and earnings multiples, while keeping core assumptions such as discount rate, revenue growth, profit margin and future P/E essentially unchanged.
BIPC
US$39.52
Brookfield Infrastructure
7D
3.5%
1Y
6.3%
UGI
US$36.42
UGI
7D
-0.3%
1Y
8.7%

UGI: Expanded Buybacks And Stable Margins Will Support Future Upside

Analysts have kept their UGI price target steady at about $44.50 per share, citing essentially unchanged assumptions for the discount rate, revenue growth, profit margins and future P/E as the basis for maintaining their view. What's in the News From October 1, 2025 to December 31, 2025, UGI repurchased 300,000 shares for $11.54 million, representing 0.14% of shares under its existing buyback program (Key Developments).
ATO
US$184.72
Atmos Energy
7D
1.7%
1Y
19.2%
OGS
US$86.13
ONE Gas
7D
0.7%
1Y
13.0%

OGS: Steady Execution And Measured Outlook Support Future Earnings Potential

Analysts have nudged their average price target for ONE Gas higher by about $3. This reflects updated views on the company’s fair value, projected profit margins, and future P/E assumptions following recent research updates from multiple firms.
CPK
US$126.37
Chesapeake Utilities
7D
1.5%
1Y
-2.5%

CPK: Depreciation Study Headwind Will Set Up Future Earnings Rebound

Analysts have trimmed their price target on Chesapeake Utilities by $1.38 to $148.75, citing updated estimates that factor in depreciation study headwinds and modest shifts in long term revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Recent research commentary centers on updated depreciation assumptions and how these may influence valuation, rather than major changes to the core business outlook.
NWN
US$53.22
Northwest Natural Holding
7D
1.9%
1Y
23.7%

NWN: Q4 Earnings Update Will Support View Shares Stay Fairly Valued

Narrative Update on Northwest Natural Holding Analysts have raised their price target for Northwest Natural Holding to $58 from $52, citing updated estimates following the recent Q4 earnings release. Analyst Commentary Bullish analysts see the higher $58 price target as a reflection of updated expectations following the recent Q4 earnings release, with the new target implying more confidence in execution against current forecasts.
SWX
US$86.90
Southwest Gas Holdings
7D
0.6%
1Y
20.8%
NJR
US$54.92
New Jersey Resources
7D
1.3%
1Y
11.8%

NJR: Refined Earnings Outlook And Assumptions Will Support Balanced Future Returns

Analysts have raised their price target on New Jersey Resources by $4, reflecting updated views on fair value and modest refinements to assumptions such as discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary JPMorgan raised its price target on New Jersey Resources by $4, reflecting refreshed assumptions on discount rate, revenue growth, profit margins, and future P/E.
NFG
US$93.96
National Fuel Gas
7D
-0.9%
1Y
17.7%