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U.S. Gas Utilities Industry Analysis

UpdatedJun 22, 2026
DataAggregated Company Financials
Companies15
  • 7D-1.1%
  • 3M-6.0%
  • 1Y6.9%
  • YTD-0.9%

Over the last 7 days, the Gas Utilities industry has dropped 1.1%, and UGI contributed the most with a 1.6% decline. This takes the industry's 12 month performance to a gain of 6.9%. As for the next few years, earnings are expected to grow by 9.8% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Jun 2026US$80.3bUS$34.7bUS$3.8b16.8x21.3x2.3x
Wed, 20 May 2026US$84.6bUS$34.7bUS$3.8b17.3x22.3x2.4x
Fri, 17 Apr 2026US$87.5bUS$34.8bUS$4.0b20x21.8x2.5x
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
Price to Earnings Ratio

36.1x


Total Market Cap: US$53.6bTotal Earnings: US$1.5bTotal Revenue: US$38.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Gas Utilities Industry Price to Earnings3Y Average 29.7x202420252026
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 29.7x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 36% 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 Market1.40%
Utilities0.57%
Gas Utilities-1.09%
Gas Utilities-1.09%
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$170.110.3%
+US$85.1m		8.8%PE21.1x
NJR New Jersey ResourcesUS$55.111.0%
+US$55.5m		21.7%PE16.3x
MDU MDU Resources GroupUS$21.291.1%
+US$50.2m		29.0%PE23.4x
RGCO RGC ResourcesUS$24.482.3%
+US$5.6m		20.4%PE18.2x
SWX Southwest Gas HoldingsUS$88.480.07%
+US$4.3m		17.8%PE26.8x

Latest News

MDU
US$21.29
MDU Resources Group
7D
1.1%
1Y
29.0%
OGS
US$76.76
ONE Gas
7D
-0.8%
1Y
4.2%
Analysis Article • Jun 20

ONE Gas (OGS) Stock Could Be 15% Undervalued After Recent Pullback

ONE Gas (OGS) stock has drawn attention after a recent shift in its short term performance, with the share price down about 7% over the past month and roughly 8% over the past 3 months. See our latest analysis for ONE Gas. Stepping back, ONE Gas’s recent share price weakness contrasts with its longer record of positive total shareholder returns. This suggests the latest pullback may reflect a shift in short term sentiment rather than a clear change in the company’s underlying trajectory. If...
NFG
US$75.89
National Fuel Gas
7D
-1.2%
1Y
-11.8%
Seeking Alpha • Jun 19

National Fuel Gas: Downside Possible, But Upgrading Price Target

Summary National Fuel Gas is rated as a 'Hold' with a modestly raised price target of $75.50/share. NFG's vertical integration and recent Ohio utility acquisition drive operational complexity, increased leverage, and exposure to commodity and regulatory risks. The current 2.92% yield and growth outlook do not sufficiently compensate for risk, especially with recent dilution and higher CapEx. Despite quality operations and a well-covered dividend, NFG's valuation and risk/reward profile are not compelling enough to warrant a 'Buy.' Read the full article on Seeking Alpha
SWX
US$88.48
Southwest Gas Holdings
7D
0.07%
1Y
17.8%
Narrative Update • Jun 19

SWX: Planned Network Investment And 2026 Earnings Guidance Will Support Bullish Outlook

Analysts have trimmed their fair value estimate for Southwest Gas Holdings stock from $100.00 to $99.25, reflecting updated assumptions around slightly lower revenue growth, a modestly higher profit margin, and a similar future P/E profile. What’s in the News for Southwest Gas Holdings Southwest Gas Holdings plans to invest US$6.3b from 2026 to 2030 to upgrade and expand its regulated gas distribution and transmission network across Arizona, Nevada, and California, with a focus on its core utility operations.
SR
US$77.05
Spire
7D
-2.1%
1Y
3.5%
UGI
US$33.81
UGI
7D
-1.6%
1Y
-7.1%
Narrative Update • Jun 18

UGI: Pennsylvania Rate Decisions Will Support Future Stock Upside Potential

UGI's updated analyst price target now sits at $43.33, with the modest recalibration in discount rate and forward P/E reflecting a blend of cautious views around Pennsylvania-related risks and a more constructive stance from analysts initiating coverage with a bullish outlook. Analyst Commentary Recent research on UGI highlights a split view, with some bullish analysts focusing on long term earnings power and others emphasizing Pennsylvania related risks and execution questions.
NJR
US$55.11
New Jersey Resources
7D
1.0%
1Y
21.7%
Analysis Article • Jun 18

New Jersey Resources (NJR) Stock Could Be 7.6% Undervalued After Strong Financial Results

New Jersey Resources (NJR) drew investor attention after reporting year over year gains in revenue and net profit, along with stronger institutional ownership and supportive technical signals that together highlight a period of reinforced stock momentum. See our latest analysis for New Jersey Resources. At a share price of $55.28, New Jersey Resources has a year to date share price return of 20.23%. Its 1 year total shareholder return of 29.83% and 5 year total shareholder return of 61.60%...
NWN
US$49.02
Northwest Natural Holding
7D
-1.2%
1Y
20.6%
Seeking Alpha • Jun 17

Northwest Natural: As Expected, Underperformance Into 2H26

Summary Northwest Natural (NWN) is fundamentally solid but faces unattractive risk/reward at current valuation, warranting a HOLD rating. NWN's $3B CapEx plan through 2030 strains cash flow, necessitating significant debt or equity dilution and increasing regulatory risks. Dividend yield is now less attractive than risk-free rates, with FCF coverage weakened by heavy investment and subpar AEPS growth forecasts. My price target is revised to $40/share, reflecting higher financing costs, dilution, and limited upside; sector-wide caution is advised. Read the full article on Seeking Alpha
CPK
US$120.60
Chesapeake Utilities
7D
-1.1%
1Y
-3.0%
ATO
US$170.11
Atmos Energy
7D
0.3%
1Y
8.8%
Narrative Update • Jun 04

ATO: Safety Lawsuits Will Shape Future Earnings Power And Dividend Appeal

Analysts have raised their Atmos Energy price target slightly to $188.45 from $186.82, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News A wrongful death lawsuit has been filed after a major gas explosion destroyed a Dallas apartment complex in the Oak Cliff neighborhood, with claims focused on Atmos Energy’s safety practices and potential operational, regulatory, and reputational risks.
BIPC
US$39.61
Brookfield Infrastructure
7D
-2.2%
1Y
-4.3%
RGCO
US$24.48
RGC Resources
7D
2.3%
1Y
20.4%