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U.S. Gas Utilities Industry Analysis

UpdatedMar 15, 2026
DataAggregated Company Financials
Companies15
  • 7D1.4%
  • 3M9.2%
  • 1Y21.0%
  • YTD10.0%

The Gas Utilities industry is up 1.4% in the last week, with Atmos Energy up 1.9%. This takes the industry's 12 month performance to a gain of 21%. As for the next few years, earnings are expected to grow by 9.4% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Mar 2026US$88.5bUS$34.8bUS$4.0b19.3x22x2.5x
Tue, 10 Feb 2026US$83.0bUS$37.4bUS$4.0b18.7x20.8x2.2x
Thu, 08 Jan 2026US$78.7bUS$36.8bUS$3.9b18.1x20x2.1x
Sat, 06 Dec 2025US$79.5bUS$36.8bUS$3.9b18.5x20.3x2.2x
Mon, 03 Nov 2025US$78.0bUS$36.7bUS$2.3b18.9x33.8x2.1x
Wed, 01 Oct 2025US$78.3bUS$36.7bUS$2.3b17.8x33.9x2.1x
Fri, 29 Aug 2025US$76.3bUS$36.7bUS$2.3b17.8x33x2.1x
Sun, 27 Jul 2025US$74.5bUS$36.4bUS$3.2b18x23.5x2x
Tue, 24 Jun 2025US$74.0bUS$36.4bUS$3.2b17.9x23.4x2x
Thu, 22 May 2025US$74.0bUS$36.4bUS$3.2b18.4x23.4x2x
Sat, 19 Apr 2025US$73.2bUS$35.3bUS$2.5b19.4x29.2x2.1x
Mon, 17 Mar 2025US$71.2bUS$35.3bUS$2.5b19.1x28.4x2x
Wed, 12 Feb 2025US$68.8bUS$35.3bUS$2.5b18.8x27.9x1.9x
Fri, 10 Jan 2025US$65.5bUS$38.1bUS$2.3b17.9x28.2x1.7x
Sun, 08 Dec 2024US$68.7bUS$38.1bUS$2.3b19x29.6x1.8x
Tue, 05 Nov 2024US$61.0bUS$33.5bUS$4.4b17.1x13.8x1.8x
Thu, 03 Oct 2024US$63.0bUS$33.5bUS$4.4b17.3x14.2x1.9x
Sat, 31 Aug 2024US$60.0bUS$33.5bUS$4.4b17.2x13.5x1.8x
Mon, 29 Jul 2024US$59.2bUS$33.5bUS$3.1b17.6x19.3x1.8x
Wed, 26 Jun 2024US$54.7bUS$33.5bUS$3.1b15.4x17.8x1.6x
Fri, 24 May 2024US$55.9bUS$33.5bUS$3.1b15.5x18.2x1.7x
Sun, 21 Apr 2024US$54.8bUS$34.1bUS$2.2b16.8x25.3x1.6x
Tue, 19 Mar 2024US$53.5bUS$34.1bUS$2.2b16.6x24.7x1.6x
Thu, 15 Feb 2024US$51.0bUS$34.4bUS$1.8b14.7x28.2x1.5x
Sat, 13 Jan 2024US$57.7bUS$38.4bUS$1.5b15.8x39x1.5x
Mon, 11 Dec 2023US$57.0bUS$38.4bUS$1.5b16.5x38.6x1.5x
Wed, 08 Nov 2023US$54.8bUS$39.5bUS$1.5b14.7x36.5x1.4x
Fri, 06 Oct 2023US$49.5bUS$37.5bUS$684.8m16.8x72.3x1.3x
Sun, 03 Sep 2023US$52.9bUS$37.5bUS$684.8m18x77.3x1.4x
Tue, 01 Aug 2023US$55.1bUS$38.4bUS$1.5b19.4x37.1x1.4x
Thu, 29 Jun 2023US$53.6bUS$38.4bUS$1.5b18.8x36.1x1.4x
Sat, 27 May 2023US$54.3bUS$38.4bUS$1.5b19.8x36.6x1.4x
Mon, 24 Apr 2023US$57.2bUS$38.5bUS$2.4b20.3x24.2x1.5x
Wed, 22 Mar 2023US$56.3bUS$38.5bUS$2.4b19.5x23.8x1.5x
Price to Earnings Ratio

23.8x


Total Market Cap: US$56.3bTotal 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 30.5x202420252026
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 21.8x which is lower than its 3-year average PE of 30.5x.
  • 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-1.62%
Utilities0.31%
Gas Utilities1.36%
Gas Utilities1.36%
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$188.581.9%
+US$585.7m		25.8%PE25x
NFG National Fuel GasUS$96.303.6%
+US$320.2m		25.9%PE14x
UGI UGIUS$37.131.0%
+US$81.6m		12.1%PE13.3x
SR SpireUS$92.761.1%
+US$62.1m		21.9%PE20.3x
NJR New Jersey ResourcesUS$55.061.0%
+US$53.4m		11.9%PE17x

Latest News

SR
US$92.76
Spire
7D
1.1%
1Y
21.9%
NFG
US$96.30
National Fuel Gas
7D
3.6%
1Y
25.9%
OGS
US$87.49
ONE Gas
7D
0.5%
1Y
18.1%

OGS: Steady Execution And New Pipeline Project Will Support Future Earnings

Narrative Update: ONE Gas Analyst Price Target Analysts have nudged their views on ONE Gas higher, with recent price targets moving to $79 and $90. This reflects Q4 results that aligned with expectations and an outlook that highlights what they see as ongoing growth opportunities and sector-wide adjustments across regulated utilities.
CPK
US$130.65
Chesapeake Utilities
7D
-1.2%
1Y
2.6%

CPK: Depreciation Study Headwind Will Shape Bullish Long Term Outlook

Analysts have nudged their fair value estimate for Chesapeake Utilities up by $2 to $150.13, reflecting updated assumptions around revenue growth, profit margin and future P/E. They also acknowledge recent Street research that trimmed the formal price target to $140 to factor in a depreciation study headwind.
UGI
US$37.13
UGI
7D
1.0%
1Y
12.1%

UGI: Expanded Buybacks And Stable Margins Will Support Future Upside

Analysts have maintained their UGI fair value estimate at $44.50. Only minor adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions were made, resulting in an unchanged price target outlook.
ATO
US$188.58
Atmos Energy
7D
1.9%
1Y
25.8%

ATO: Governance Updates And Affirmed Earnings Guidance Will Support Steady Outlook

Analysts have nudged their price target on Atmos Energy to $180.90, a change of $0.80, citing updated assumptions around fair value, revenue growth, profit margins, and future P/E expectations. What's in the News Shareholders approved amendments to Atmos Energy's Restated Articles of Incorporation on February 4, 2026, including an increase in authorized shares to 400 million and provisions for plurality voting in contested director elections (Key Developments).
SWX
US$88.01
Southwest Gas Holdings
7D
0.4%
1Y
17.5%

SWX: New CEO And Dividend Outlook Will Support Steady Fair Value

Analysts have lifted their price target for Southwest Gas Holdings to $92.43, reflecting updated views on the company’s revenue growth outlook, profit margins, and forward P/E assumptions. What's in the News Company issued earnings guidance for fiscal 2026, projecting earnings per share from continuing operations in a range of $4.17 to $4.32 (Corporate Guidance).
NJR
US$55.06
New Jersey Resources
7D
1.0%
1Y
11.9%

NJR: Refined Earnings Outlook And Discount Assumptions Will Support Steady Returns

Analysts recently lifted their price target on New Jersey Resources by $4 to reflect updated assumptions around discount rates, profitability, and future price-to-earnings (P/E) expectations. Analyst Commentary Bullish Takeaways Bullish analysts view the higher price target, including the US$4 increase from JPMorgan, as aligning the stock more closely with their updated P/E assumptions.
BIPC
US$46.82
Brookfield Infrastructure
7D
0.7%
1Y
34.8%
RGCO
US$21.69
RGC Resources
7D
-3.6%
1Y
2.7%