Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Gas Utilities Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies15
  • 7D-1.9%
  • 3M5.5%
  • 1Y17.1%
  • YTD5.9%

Over the last 7 days, the Gas Utilities industry has dropped 1.9%, driven by a pullback from Atmos Energy of 2.9%. This takes the industry's 12 month performance to a gain of 17%. Looking forward, earnings are forecast to grow by 9.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026US$85.0bUS$34.8bUS$4.0b19.2x21.1x2.4x
Fri, 20 Feb 2026US$85.0bUS$37.4bUS$4.0b19.6x21.3x2.3x
Sun, 18 Jan 2026US$80.6bUS$36.8bUS$3.9b18.5x20.5x2.2x
Tue, 16 Dec 2025US$79.2bUS$36.8bUS$3.9b18.3x20.2x2.2x
Thu, 13 Nov 2025US$81.0bUS$36.8bUS$3.7b19.2x21.9x2.2x
Sat, 11 Oct 2025US$78.8bUS$36.7bUS$2.3b18x34.1x2.1x
Mon, 08 Sep 2025US$76.0bUS$36.7bUS$2.3b17.8x32.9x2.1x
Wed, 06 Aug 2025US$75.1bUS$36.5bUS$2.4b16.4x30.9x2.1x
Fri, 04 Jul 2025US$73.0bUS$36.4bUS$3.2b18x23.1x2x
Sun, 01 Jun 2025US$73.1bUS$36.4bUS$3.2b18.4x23.1x2x
Tue, 29 Apr 2025US$73.1bUS$35.3bUS$2.5b19.3x29.2x2.1x
Thu, 27 Mar 2025US$70.9bUS$35.3bUS$2.5b19.5x28.3x2x
Sat, 22 Feb 2025US$71.5bUS$35.4bUS$2.5b19.3x28.9x2x
Mon, 20 Jan 2025US$68.2bUS$38.1bUS$2.3b19x29.3x1.8x
Wed, 18 Dec 2024US$67.2bUS$38.1bUS$2.3b18.4x28.9x1.8x
Fri, 15 Nov 2024US$67.8bUS$38.2bUS$2.7b19.4x25.2x1.8x
Sun, 13 Oct 2024US$62.1bUS$33.5bUS$4.4b17.3x14x1.9x
Tue, 10 Sep 2024US$60.2bUS$33.5bUS$4.4b17x13.6x1.8x
Thu, 08 Aug 2024US$57.5bUS$33.7bUS$3.7b17x15.7x1.7x
Sat, 06 Jul 2024US$54.0bUS$33.5bUS$3.1b15.6x17.6x1.6x
Mon, 03 Jun 2024US$55.8bUS$33.5bUS$3.1b16x18.2x1.7x
Wed, 01 May 2024US$55.0bUS$34.1bUS$2.2b17x25.4x1.6x
Fri, 29 Mar 2024US$55.1bUS$34.1bUS$2.2b16.7x25.5x1.6x
Sun, 25 Feb 2024US$52.5bUS$34.2bUS$1.8b14.5x28.9x1.5x
Tue, 23 Jan 2024US$56.7bUS$38.4bUS$1.5b15.6x38.3x1.5x
Thu, 21 Dec 2023US$58.2bUS$38.4bUS$1.5b16.2x39.4x1.5x
Sat, 18 Nov 2023US$55.9bUS$39.4bUS$1.6b15.6x35.6x1.4x
Mon, 16 Oct 2023US$50.9bUS$37.5bUS$684.8m17.3x74.3x1.4x
Wed, 13 Sep 2023US$52.3bUS$37.5bUS$684.8m18.1x76.3x1.4x
Fri, 11 Aug 2023US$53.7bUS$37.5bUS$684.8m18.7x78.5x1.4x
Sun, 09 Jul 2023US$53.5bUS$38.4bUS$1.5b18.2x36x1.4x
Tue, 06 Jun 2023US$54.8bUS$38.4bUS$1.5b19.6x37x1.4x
Thu, 04 May 2023US$55.3bUS$38.8bUS$2.4b19.3x23.3x1.4x
Sat, 01 Apr 2023US$57.1bUS$38.5bUS$2.4b19.9x24.1x1.5x
Price to Earnings Ratio

24.1x


Total Market Cap: US$57.1bTotal 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 21.1x 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 2.4x.
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-2.29%
Utilities-3.51%
Gas Utilities-1.93%
Gas Utilities-1.93%
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
NFG National Fuel GasUS$94.402.2%
+US$190.1m		19.6%PE13.7x
NJR New Jersey ResourcesUS$54.121.6%
+US$84.7m		12.2%PE16.7x
MDU MDU Resources GroupUS$20.551.0%
+US$40.9m		22.5%PE21.9x
UGI UGIUS$36.410.2%
+US$17.2m		10.2%PE13x
RGCO RGC ResourcesUS$21.170.4%
+US$935.5k		1.8%PE17.1x

Latest News

SWX
US$85.82
Southwest Gas Holdings
7D
-0.5%
1Y
19.0%
CPK
US$123.44
Chesapeake Utilities
7D
-3.1%
1Y
-0.9%
ATO
US$181.55
Atmos Energy
7D
-2.0%
1Y
20.9%

ATO: Governance Revisions And Steady Earnings Outlook Will Support Balanced Future Prospects

Analysts have adjusted their price target on Atmos Energy to $183.00 from $180.90, reflecting updated assumptions around 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 to increase authorized shares to 400 million and adjust governance provisions, including plurality voting in contested director elections and clarified indemnification terms (Key Developments).
NJR
US$54.12
New Jersey Resources
7D
1.6%
1Y
12.2%

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.
BIPC
US$38.25
Brookfield Infrastructure
7D
-7.4%
1Y
5.7%
MDU
US$20.55
MDU Resources Group
7D
1.0%
1Y
22.5%

MDU: Mixed Research Views And 2026 Guidance Will Shape Risk Reward Balance

Analysts have adjusted the MDU Resources Group price target to $22.00, a change of $1.20. This reflects updated views on fair value, discount rate, revenue growth, profit margin, and future P/E following recent research that includes both a $1 cut at BofA and a $4 increase at Citi.
NFG
US$94.40
National Fuel Gas
7D
2.2%
1Y
19.6%
SR
US$90.24
Spire
7D
-1.3%
1Y
16.7%
OGS
US$85.22
ONE Gas
7D
-0.7%
1Y
16.1%

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.
NWN
US$52.47
Northwest Natural Holding
7D
-0.3%
1Y
27.4%

NWN: Q4 Earnings Revisions Will Support View Shares Remain Fairly Valued

Analysts have raised their price target on Northwest Natural Holding by $2 to $56. This reflects updated assumptions around fair value, revenue growth, profit margins, and future P/E following recent revisions to earnings-related estimates.
UGI
US$36.41
UGI
7D
0.2%
1Y
10.2%

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.
RGCO
US$21.17
RGC Resources
7D
0.4%
1Y
1.8%