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U.S. Gas Utilities Industry Analysis

UpdatedJun 09, 2026
DataAggregated Company Financials
Companies15
  • 7D1.0%
  • 3M-7.6%
  • 1Y8.1%
  • YTD-0.5%

The Gas Utilities is pretty flat in the last 7 days, but Southwest Gas Holdings has stood out, gaining 4.6%. As for the the longer term, the industry is up 8.1% over the past 12 months. Earnings are forecast to grow by 9.7% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 09 Jun 2026US$81.6bUS$34.7bUS$3.8b16.7x21.6x2.4x
Thu, 07 May 2026US$86.0bUS$34.6bUS$3.6b18.3x24x2.5x
Sat, 04 Apr 2026US$87.9bUS$34.8bUS$4.0b20x21.9x2.5x
Mon, 02 Mar 2026US$88.0bUS$34.8bUS$4.0b19.5x21.9x2.5x
Wed, 28 Jan 2026US$80.8bUS$36.8bUS$3.9b18.6x20.6x2.2x
Fri, 26 Dec 2025US$79.5bUS$36.8bUS$3.9b18.4x20.3x2.2x
Sun, 23 Nov 2025US$81.1bUS$36.8bUS$3.9b19.5x20.7x2.2x
Tue, 21 Oct 2025US$80.5bUS$36.7bUS$2.3b19x34.8x2.2x
Thu, 18 Sep 2025US$74.9bUS$36.7bUS$2.3b16.9x32.4x2x
Sat, 16 Aug 2025US$76.4bUS$36.7bUS$2.3b18.1x33.1x2.1x
Mon, 14 Jul 2025US$73.3bUS$36.4bUS$3.2b17.9x23.1x2x
Wed, 11 Jun 2025US$72.2bUS$36.4bUS$3.2b18.1x22.8x2x
Fri, 09 May 2025US$75.3bUS$36.4bUS$3.1b18.7x24.3x2.1x
Sun, 06 Apr 2025US$69.3bUS$35.3bUS$2.5b18.8x27.7x2x
Tue, 04 Mar 2025US$72.4bUS$35.3bUS$2.5b19.5x28.9x2.1x
Thu, 30 Jan 2025US$67.6bUS$38.1bUS$2.3b18.4x29.1x1.8x
Sat, 28 Dec 2024US$66.4bUS$38.1bUS$2.3b18.2x28.6x1.7x
Mon, 25 Nov 2024US$71.6bUS$38.1bUS$2.3b21.5x31.4x1.9x
Wed, 23 Oct 2024US$63.4bUS$33.5bUS$4.4b17.9x14.3x1.9x
Fri, 20 Sep 2024US$62.0bUS$33.5bUS$4.4b17.9x14x1.9x
Sun, 18 Aug 2024US$59.3bUS$33.5bUS$4.4b16.9x13.4x1.8x
Tue, 16 Jul 2024US$56.3bUS$33.5bUS$3.1b16.6x18.4x1.7x
Thu, 13 Jun 2024US$54.3bUS$33.5bUS$3.1b15.5x17.7x1.6x
Sat, 11 May 2024US$56.5bUS$33.5bUS$3.1b16.1x18.4x1.7x
Mon, 08 Apr 2024US$54.7bUS$34.1bUS$2.2b17x25.3x1.6x
Wed, 06 Mar 2024US$53.7bUS$34.1bUS$2.2b16x24.8x1.6x
Fri, 02 Feb 2024US$57.7bUS$37.7bUS$2.5b15.3x22.9x1.5x
Sun, 31 Dec 2023US$58.6bUS$38.4bUS$1.5b16.4x39.6x1.5x
Tue, 28 Nov 2023US$55.7bUS$38.4bUS$1.5b15.9x38.3x1.4x
Thu, 26 Oct 2023US$49.6bUS$37.5bUS$684.8m15.7x72.5x1.3x
Sat, 23 Sep 2023US$52.0bUS$37.5bUS$684.8m18.4x76x1.4x
Mon, 21 Aug 2023US$53.1bUS$37.5bUS$684.8m18.3x77.5x1.4x
Wed, 19 Jul 2023US$54.4bUS$38.4bUS$1.5b19.2x36.7x1.4x
Fri, 16 Jun 2023US$54.8bUS$38.4bUS$1.5b19.1x36.9x1.4x
Price to Earnings Ratio

36.9x


Total Market Cap: US$54.8bTotal 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 29.9x202420252026
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 21.6x which is lower than its 3-year average PE of 29.9x.
  • The 3-year average PS ratio of 1.9x 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 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 Market-2.73%
Utilities0.45%
Gas Utilities0.98%
Gas Utilities0.98%
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
SWX Southwest Gas HoldingsUS$88.404.6%
+US$283.0m		24.0%PE26.8x
UGI UGIUS$34.703.4%
+US$244.4m		-2.3%PE11.6x
ATO Atmos EnergyUS$167.890.4%
+US$123.5m		10.5%PE20.8x
NJR New Jersey ResourcesUS$54.441.5%
+US$78.7m		21.2%PE16.1x
MDU MDU Resources GroupUS$21.091.8%
+US$77.3m		25.2%PE23.2x

Latest News

UGI
US$34.70
UGI
7D
3.4%
1Y
-2.3%
CPK
US$122.22
Chesapeake Utilities
7D
1.3%
1Y
2.4%
SWX
US$88.40
Southwest Gas Holdings
7D
4.6%
1Y
24.0%
NFG
US$76.35
National Fuel Gas
7D
-0.8%
1Y
-7.1%
Narrative Update • Jun 07

NFG: Dividend Commitment And Margin Outlook Will Support Future Multiple Expansion

Narrative Update on National Fuel Gas Analysts have raised their price targets on National Fuel Gas by $3, citing updated views on revenue, profit margins, and future P/E assumptions. Analyst Commentary Recent research pieces on National Fuel Gas focus on revised price targets and fresh coverage that highlight how analysts are thinking about valuation, growth prospects, and execution risk.
NWN
US$48.93
Northwest Natural Holding
7D
2.3%
1Y
22.4%
SR
US$80.38
Spire
7D
-0.4%
1Y
8.9%
Narrative Update • Jun 06

SR: Regulated Expansion And Portfolio Shift Will Support Stronger Future Total Returns

Analysts have trimmed their fair value estimate for Spire slightly from about $98.78 to $98.56 as they update their assumptions for more moderate revenue growth, alongside a somewhat higher profit margin and a steady future P/E multiple. What's in the News Spire completed the acquisition of Piedmont Natural Gas Tennessee, adding over 200,000 customers and new pipeline infrastructure to its regulated utility footprint.
OGS
US$76.18
ONE Gas
7D
0.2%
1Y
3.5%
Narrative Update • Jun 05

OGS: Affirmed 2026 Earnings Range Supports Steady Long Term Execution

Analysts have trimmed their average price targets on ONE Gas by a few dollars, with recent cuts to $82 and $95. These changes reflect updated sector models and more tempered expectations for utilities compared with the broader market.
ATO
US$167.89
Atmos Energy
7D
0.4%
1Y
10.5%
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.
MDU
US$21.09
MDU Resources Group
7D
1.8%
1Y
25.2%
NJR
US$54.44
New Jersey Resources
7D
1.5%
1Y
21.2%
Narrative Update • Jun 03

NJR: Earnings Guidance Strength And Rate Filing Will Support Future Upside

Analysts have lifted their price target on New Jersey Resources by about $3.69 to reflect updated views on fair value, discount rate, revenue growth, profit margin and forward P/E, supported by a recent bullish research initiation and a higher target from the Street. Analyst Commentary Recent Street research on New Jersey Resources points to a more constructive tone on valuation and earnings power, with the latest price target moves reflecting updated assumptions on revenue, margins and forward P/E.
BIPC
US$40.74
Brookfield Infrastructure
7D
-0.6%
1Y
-1.0%
RGCO
US$22.47
RGC Resources
7D
-1.9%
1Y
10.7%