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U.S. Gas Utilities Industry Analysis

UpdatedJun 27, 2026
DataAggregated Company Financials
Companies15
  • 7D3.2%
  • 3M-3.8%
  • 1Y10.4%
  • YTD2.3%

In the last week, the Gas Utilities industry is up 1.9%, with Atmos Energy up 3.0%. This takes the industry's 12 month performance to a gain of 8.9%. 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
Sat, 27 Jun 2026US$81.8bUS$34.7bUS$3.8b17.4x21.7x2.4x
Mon, 25 May 2026US$84.6bUS$34.7bUS$3.8b17.1x22.4x2.4x
Wed, 22 Apr 2026US$86.8bUS$34.8bUS$4.0b19.1x21.6x2.5x
Fri, 20 Mar 2026US$86.1bUS$34.8bUS$4.0b19.5x21.4x2.5x
Sun, 15 Feb 2026US$86.2bUS$37.4bUS$4.0b20.1x21.6x2.3x
Tue, 13 Jan 2026US$78.4bUS$36.8bUS$3.9b18.1x20x2.1x
Thu, 11 Dec 2025US$78.6bUS$36.8bUS$3.9b18.1x20x2.1x
Sat, 08 Nov 2025US$79.5bUS$36.8bUS$2.6b19.3x30.1x2.2x
Mon, 06 Oct 2025US$78.0bUS$36.7bUS$2.3b18x33.8x2.1x
Wed, 03 Sep 2025US$76.2bUS$36.7bUS$2.3b17.6x33x2.1x
Fri, 01 Aug 2025US$74.3bUS$36.4bUS$3.2b17.9x23.4x2x
Sun, 29 Jun 2025US$72.8bUS$36.4bUS$3.2b17.9x23x2x
Tue, 27 May 2025US$73.3bUS$36.4bUS$3.2b18.4x23.2x2x
Thu, 24 Apr 2025US$73.7bUS$35.3bUS$2.5b19.3x29.4x2.1x
Sat, 22 Mar 2025US$72.0bUS$35.3bUS$2.5b19.3x28.7x2x
Mon, 17 Feb 2025US$70.1bUS$35.3bUS$2.5b18.8x28.4x2x
Wed, 15 Jan 2025US$66.1bUS$38.1bUS$2.3b18.3x28.5x1.7x
Fri, 13 Dec 2024US$68.0bUS$38.1bUS$2.3b18.4x29.3x1.8x
Sun, 10 Nov 2024US$66.9bUS$38.2bUS$2.7b19.2x24.8x1.7x
Tue, 08 Oct 2024US$62.4bUS$33.5bUS$4.4b17.3x14.1x1.9x
Thu, 05 Sep 2024US$60.4bUS$33.5bUS$4.4b17.1x13.6x1.8x
Sat, 03 Aug 2024US$59.5bUS$33.9bUS$3.7b17.1x16x1.8x
Mon, 01 Jul 2024US$54.2bUS$33.5bUS$3.1b15.8x17.7x1.6x
Wed, 29 May 2024US$54.4bUS$33.5bUS$3.1b15.6x17.7x1.6x
Fri, 26 Apr 2024US$55.5bUS$34.1bUS$2.2b16.8x25.6x1.6x
Sun, 24 Mar 2024US$54.2bUS$34.1bUS$2.2b16.4x25x1.6x
Tue, 20 Feb 2024US$52.7bUS$34.4bUS$1.8b15x29.1x1.5x
Thu, 18 Jan 2024US$56.2bUS$38.4bUS$1.5b15.4x38x1.5x
Sat, 16 Dec 2023US$57.7bUS$38.4bUS$1.5b16.2x39.1x1.5x
Mon, 13 Nov 2023US$53.5bUS$39.4bUS$1.6b14.4x33.5x1.4x
Wed, 11 Oct 2023US$51.0bUS$37.5bUS$684.8m17.2x74.5x1.4x
Fri, 08 Sep 2023US$52.1bUS$37.5bUS$684.8m18.1x76.1x1.4x
Sun, 06 Aug 2023US$53.9bUS$37.3bUS$638.0m19x84.5x1.4x
Tue, 04 Jul 2023US$54.4bUS$38.4bUS$1.5b18.9x36.6x1.4x
Price to Earnings Ratio

36.6x


Total Market Cap: US$54.4bTotal 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 29.6x202420252026
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 29.6x.
  • 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 Market-2.65%
Utilities3.29%
Gas Utilities3.22%
Gas Utilities3.22%
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$175.173.0%
+US$844.6m		14.9%PE21.7x
UGI UGIUS$35.434.8%
+US$347.3m		-1.9%PE11.9x
NJR New Jersey ResourcesUS$57.614.5%
+US$252.3m		28.9%PE17x
NFG National Fuel GasUS$78.453.4%
+US$243.3m		-7.7%PE10.9x
SR SpireUS$80.864.9%
+US$225.2m		10.9%PE16.2x

Latest News

NFG
US$78.45
National Fuel Gas
7D
3.4%
1Y
-7.7%
Narrative Update • Jun 25

NFG: Dividend Strength And Margin Profile Will Support Higher Future P/E

Analysts have lifted their price target on National Fuel Gas by $3, reflecting updated views on the stock after recent research that highlights supportive fundamentals and valuation assumptions, including a fair value estimate of $101.50 and a future P/E of 17.14x. Analyst Commentary Recent Street research around National Fuel Gas centers on how current fundamentals stack up against the updated fair value estimate and future P/E assumptions.
CPK
US$125.90
Chesapeake Utilities
7D
4.4%
1Y
4.2%
Narrative Update • Jun 25

CPK: Dividend Hike And Steady Execution Will Support Future Re Rating

The analyst price target for Chesapeake Utilities has changed by $2, with analysts citing recent neutral coverage and updated valuation views as key reasons for the adjustment. Analyst Commentary Recent Street research on Chesapeake Utilities highlights a mix of optimism about the company’s execution and valuation, alongside a more neutral stance on how much upside is currently reflected in the stock.
UGI
US$35.43
UGI
7D
4.8%
1Y
-1.9%
Seeking Alpha • Jun 25

UGI Corporation: Hold On To This Energy Leader Until They Can Lower Their Debt Burden

Summary UGI Corporation is rated a hold due to ongoing debt restructuring and flat revenue growth, despite its diversified energy business and attractive dividend yield. UGI’s reliance on refinancing debt with new senior notes, rather than using free cash flow, raises concerns about long-term financial health and capital allocation. Recent infrastructure investments have expanded UGI’s customer base, but cyclical free cash flow and high current liabilities limit near-term upside. While a DCF model suggests intrinsic value above current levels, lack of clear catalysts and climate-related demand risks temper expectations for significant price appreciation. Read the full article on Seeking Alpha
SR
US$80.86
Spire
7D
4.9%
1Y
10.9%
Narrative Update • Jun 23

SR: Regulated Expansion Will Support Stronger Future Total Returns

Spire's analyst price target has been reaffirmed at $98.56, with analysts maintaining this level based on steady assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News for Spire No recent Spire specific news items, periodical coverage, or key corporate developments were provided in the available sources.
NJR
US$57.61
New Jersey Resources
7D
4.5%
1Y
28.9%
Narrative Update • Jun 23

NJR: Raised Earnings Outlook And Supportive Research Will Shape Measured Future Upside

Analysts have nudged their fair value estimate for New Jersey Resources slightly higher to about $60.14 per share from roughly $59.86, citing updated expectations around revenue growth, profit margins and future P/E assumptions, along with recent supportive Street research and price target revisions. Analyst Commentary Recent Street research on New Jersey Resources points to a mix of optimism and caution, with bullish analysts adjusting their views alongside the updated fair value estimate.
ATO
US$175.17
Atmos Energy
7D
3.0%
1Y
14.9%
Narrative Update • Jun 22

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

Atmos Energy's new analyst price target of $186.18, compared with the prior $188.45, reflects updated assumptions around fair value, revenue growth, profit margins, and future P/E that analysts view as better capturing the stock's current risk and return profile. What’s in the News for Atmos Energy Atmos Energy raised fiscal 2026 diluted earnings per share guidance to a range of $8.40 to $8.50, compared with its prior guidance range of $8.15 to $8.35.
OGS
US$79.64
ONE Gas
7D
3.8%
1Y
11.2%
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...
SWX
US$90.93
Southwest Gas Holdings
7D
2.8%
1Y
22.6%
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.
BIPC
US$39.14
Brookfield Infrastructure
7D
-1.2%
1Y
-6.3%
RGCO
US$23.62
RGC Resources
7D
-3.5%
1Y
1.5%