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U.S. Gas Utilities Industry Analysis

UpdatedSep 07, 2025
DataAggregated Company Financials
Companies15
  • 7D-0.3%
  • 3M4.9%
  • 1Y16.9%
  • YTD14.6%

The Gas Utilities industry has stayed flat over the last week. As for the the longer term, the industry is up 17% over the past 12 months. Earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 08 Sep 2025US$75.6bUS$36.7bUS$2.3b17.8x32.7x2.1x
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
Mon, 27 Feb 2023US$57.7bUS$38.2bUS$2.7b20x21.2x1.5x
Wed, 25 Jan 2023US$57.5bUS$36.7bUS$3.4b19.9x16.7x1.6x
Fri, 23 Dec 2022US$56.4bUS$36.7bUS$3.4b18.8x16.4x1.5x
Sun, 20 Nov 2022US$57.6bUS$36.1bUS$3.7b20.9x15.4x1.6x
Tue, 18 Oct 2022US$51.5bUS$35.0bUS$3.6b18x14.1x1.5x
Thu, 15 Sep 2022US$59.0bUS$35.0bUS$3.6b20.6x16.2x1.7x
Price to Earnings Ratio

16.2x


Total Market Cap: US$59.0bTotal Earnings: US$3.6bTotal Revenue: US$35.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Gas Utilities Industry Price to Earnings3Y Average 29.1x202320242025
Current Industry PE
  • Investors are optimistic on the American Gas Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 32.7x which is higher than its 3-year average PE of 29.1x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have declined 14% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the U.S. Utilities industry?

US Market0.43%
Utilities-1.01%
Gas Utilities-0.26%
Gas Utilities-0.26%
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$166.480.2%
+US$56.2m		27.3%PE23.1x
CPK Chesapeake UtilitiesUS$125.581.6%
+US$47.1m		6.1%PE22.9x
NWN Northwest Natural HoldingUS$41.840.7%
+US$12.7m		6.7%PE16.6x
RGCO RGC ResourcesUS$22.461.0%
+US$2.3m		16.4%PE17x

Latest News

RGCO
US$22.46
RGC Resources
7D
1.0%
1Y
16.4%

Roanoke Developments And PJM Demand Will Fuel Future Success

Key Takeaways Strong regional development and infrastructure investments are driving growth in recurring revenue, operating efficiency, and long-term earnings stability. Expansion in natural gas demand, smart debt management, and supportive regulatory environment bolster resilience, margin health, and future financial strength.
SR
US$75.54
Spire
7D
-1.4%
1Y
15.3%
MDU
US$16.18
MDU Resources Group
7D
-0.7%
1Y
-34.6%
UGI
US$34.57
UGI
7D
-0.2%
1Y
44.2%

Higher Pennsylvania Rates And Renewable Gas Will Boost Grid Resiliency

As consensus forecasts for both revenue growth (7.0% per annum) and future P/E (13.63x) remained stable, analysts maintained their price target for UGI at $41.00. What's in the News UGI completed the repurchase of 4,150,000 shares (2.09% of shares outstanding) for $178.11 million under its buyback program announced in 2018, with no shares repurchased from April 1 to June 30, 2025.
BIPC
US$39.91
Brookfield Infrastructure
7D
-0.8%
1Y
0.7%
SWX
US$78.60
Southwest Gas Holdings
7D
-1.6%
1Y
14.8%
NFG
US$86.56
National Fuel Gas
7D
-0.2%
1Y
46.8%

Pipeline Expansion And Marcellus Shale Will Drive Future Demand

Analysts have raised their price target for National Fuel Gas to $98.00, citing improved capital efficiencies, positive cash flow visibility from the One Big Beautiful Bill, and near-term data center growth catalysts. Analyst Commentary Improved capital efficiencies are driving higher earnings potential.
ATO
US$166.48
Atmos Energy
7D
0.2%
1Y
27.3%
OGS
US$75.99
ONE Gas
7D
-0.7%
1Y
10.8%

Here's What To Make Of ONE Gas' (NYSE:OGS) Decelerating Rates Of Return

Aug 22
Here's What To Make Of ONE Gas' (NYSE:OGS) Decelerating Rates Of Return
NWN
US$41.84
Northwest Natural Holding
7D
0.7%
1Y
6.7%
NJR
US$47.05
New Jersey Resources
7D
-0.5%
1Y
2.2%

Impressive Earnings May Not Tell The Whole Story For New Jersey Resources (NYSE:NJR)

Aug 13
Impressive Earnings May Not Tell The Whole Story For New Jersey Resources (NYSE:NJR)
CPK
US$125.58
Chesapeake Utilities
7D
1.6%
1Y
6.1%