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U.S. Gas Utilities Industry Analysis

UpdatedMay 05, 2026
DataAggregated Company Financials
Companies15
  • 7D-0.8%
  • 3M3.6%
  • 1Y12.5%
  • YTD6.9%

The Gas Utilities industry has been flat over the last week, but National Fuel Gas has lost 6.6%. As for the the longer term, the industry is up 13% over the past 12 months. Earnings are forecast to grow by 9.3% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 05 May 2026US$86.5bUS$34.9bUS$3.6b19.6x24.4x2.5x
Thu, 02 Apr 2026US$86.2bUS$34.8bUS$4.0b19.7x21.4x2.5x
Sat, 28 Feb 2026US$86.9bUS$34.8bUS$4.0b19.4x21.6x2.5x
Mon, 26 Jan 2026US$79.6bUS$36.8bUS$3.9b18.2x20.3x2.2x
Wed, 24 Dec 2025US$79.1bUS$36.8bUS$3.9b18.3x20.2x2.2x
Fri, 21 Nov 2025US$79.5bUS$36.8bUS$3.7b19.3x21.7x2.2x
Sun, 19 Oct 2025US$79.6bUS$36.7bUS$2.3b18.6x34.4x2.2x
Tue, 16 Sep 2025US$76.3bUS$36.7bUS$2.3b17.5x33x2.1x
Thu, 14 Aug 2025US$76.4bUS$36.7bUS$2.3b18.5x33.1x2.1x
Sat, 12 Jul 2025US$73.0bUS$36.4bUS$3.2b18x23.1x2x
Mon, 09 Jun 2025US$72.1bUS$36.4bUS$3.2b18.1x22.8x2x
Wed, 07 May 2025US$74.5bUS$35.6bUS$3.0b19.1x25.1x2.1x
Fri, 04 Apr 2025US$73.3bUS$35.3bUS$2.5b19.9x29.2x2.1x
Sun, 02 Mar 2025US$72.4bUS$35.3bUS$2.5b19.4x28.9x2.1x
Tue, 28 Jan 2025US$67.5bUS$38.1bUS$2.3b18.6x29x1.8x
Thu, 26 Dec 2024US$66.3bUS$38.1bUS$2.3b18.3x28.5x1.7x
Sat, 23 Nov 2024US$70.2bUS$38.3bUS$2.7b20.4x26.2x1.8x
Mon, 21 Oct 2024US$63.9bUS$33.5bUS$4.4b18.1x14.4x1.9x
Wed, 18 Sep 2024US$62.5bUS$33.5bUS$4.4b17.7x14.1x1.9x
Fri, 16 Aug 2024US$58.6bUS$33.5bUS$4.4b16.9x13.2x1.8x
Sun, 14 Jul 2024US$56.3bUS$33.5bUS$3.1b16.4x18.4x1.7x
Tue, 11 Jun 2024US$54.5bUS$33.5bUS$3.1b15.6x17.8x1.6x
Thu, 09 May 2024US$56.3bUS$33.4bUS$3.0b16x18.9x1.7x
Sat, 06 Apr 2024US$54.7bUS$34.1bUS$2.2b17x25.3x1.6x
Mon, 04 Mar 2024US$52.9bUS$34.1bUS$2.2b15.8x24.5x1.6x
Wed, 31 Jan 2024US$57.1bUS$38.4bUS$1.5b15.3x38.6x1.5x
Fri, 29 Dec 2023US$58.6bUS$38.4bUS$1.5b16.4x39.6x1.5x
Sun, 26 Nov 2023US$55.7bUS$38.4bUS$1.5b16x38.3x1.4x
Tue, 24 Oct 2023US$49.5bUS$37.5bUS$684.8m16.4x72.3x1.3x
Thu, 21 Sep 2023US$52.9bUS$37.5bUS$684.8m18.7x77.3x1.4x
Sat, 19 Aug 2023US$53.0bUS$37.5bUS$684.8m18.3x77.4x1.4x
Mon, 17 Jul 2023US$54.3bUS$38.4bUS$1.5b18.7x36.6x1.4x
Wed, 14 Jun 2023US$55.4bUS$38.4bUS$1.5b19.7x37.3x1.4x
Fri, 12 May 2023US$55.3bUS$38.4bUS$1.5b19.9x37.3x1.4x
Price to Earnings Ratio

37.3x


Total Market Cap: US$55.3bTotal 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 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 24.4x 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 34% per year over the last three years.
  • Meanwhile revenues for these companies have declined 3.2% 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 Market0.58%
Utilities0.042%
Gas Utilities-0.81%
Gas Utilities-0.81%
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$187.771.2%
+US$355.7m		16.3%PE24.9x
SWX Southwest Gas HoldingsUS$93.073.0%
+US$197.6m		27.4%PE28.1x
MDU MDU Resources GroupUS$22.532.7%
+US$122.8m		29.4%PE24.1x
OGS ONE GasUS$88.821.3%
+US$70.3m		13.5%PE21.1x
NJR New Jersey ResourcesUS$56.100.6%
+US$32.3m		14.3%PE17.3x

Latest News

OGS
US$88.82
ONE Gas
7D
1.3%
1Y
13.5%
SR
US$90.36
Spire
7D
-0.06%
1Y
18.8%
BIPC
US$37.09
Brookfield Infrastructure
7D
-8.5%
1Y
-1.8%
NFG
US$83.02
National Fuel Gas
7D
-6.6%
1Y
0.7%
MDU
US$22.53
MDU Resources Group
7D
2.7%
1Y
29.4%
SWX
US$93.07
Southwest Gas Holdings
7D
3.0%
1Y
27.4%
UGI
US$34.90
UGI
7D
-6.3%
1Y
4.1%

UGI: Extended Buybacks And Stable Margins Will Support Future Upside

Analysts have made a modest adjustment to their outlook on UGI, keeping the fair value estimate steady at $44.50 while fine tuning assumptions around the discount rate, revenue growth, profit margin, and future P/E that shape the updated price target view. What's in the News Between October 1, 2025 and December 31, 2025, UGI repurchased 300,000 shares, representing 0.14% of its shares, for a total of $11.54 million under its existing buyback program.
NWN
US$52.85
Northwest Natural Holding
7D
-1.3%
1Y
21.4%

NWN: Refined Q4 Assumptions And 2026 Guidance Will Shape Fair Value View

Analysts have lifted their price target on Northwest Natural Holding by about $1.90 to $58.25, reflecting updated views on fair value, profit margins and future P/E expectations following recent research updates. Analyst Commentary Recent research updates on Northwest Natural Holding give you a mixed but useful read on how the Street is thinking about valuation, execution and growth expectations.
CPK
US$126.48
Chesapeake Utilities
7D
-0.4%
1Y
-4.5%

CPK: Depreciation Headwinds Will Shape Future Undervalued Earnings Recovery Potential

Analysts have inched their price target for Chesapeake Utilities higher to $149.25, a move of about $0.50, as they balance recent estimate adjustments tied to depreciation headwinds with updated views on the stock’s longer term valuation multiples. Analyst Commentary Bullish Takeaways Bullish analysts see the modest lift in the price target as a sign that, even with depreciation headwinds in the mix, the valuation case still looks reasonable at current levels.
NJR
US$56.10
New Jersey Resources
7D
0.6%
1Y
14.3%
ATO
US$187.77
Atmos Energy
7D
1.2%
1Y
16.3%

ATO: Legal Liabilities And Governance Reforms Will Shape A Measured Earnings Outlook

Analysts have raised their fair value estimate for Atmos Energy from about $183.30 to roughly $186.82. This change reflects updated assumptions related to slightly different revenue growth expectations, modestly higher profit margin estimates, and a small adjustment in the projected future P/E.
RGCO
US$22.85
RGC Resources
7D
4.6%
1Y
8.8%