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U.S. Gas Utilities Industry Analysis

UpdatedJan 07, 2026
DataAggregated Company Financials
Companies15
  • 7D-1.0%
  • 3M-1.9%
  • 1Y18.4%
  • YTD-1.1%

Over the last 7 days, the Gas Utilities industry has dropped 1.0%, driven by pullbacks in Atmos Energy and National Fuel Gas of 0.6% and 2.1%, respectively. This takes the industry's 12 month performance to a gain of 18%. Earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 07 Jan 2026US$78.8bUS$36.8bUS$3.9b18.1x20.1x2.1x
Fri, 05 Dec 2025US$80.1bUS$36.8bUS$3.9b18.5x20.4x2.2x
Sun, 02 Nov 2025US$78.0bUS$36.7bUS$2.3b18.9x33.8x2.1x
Tue, 30 Sep 2025US$78.0bUS$36.7bUS$2.3b17.8x33.8x2.1x
Thu, 28 Aug 2025US$76.2bUS$36.7bUS$2.3b18x33x2.1x
Sat, 26 Jul 2025US$74.6bUS$36.4bUS$3.2b18x23.6x2.1x
Mon, 23 Jun 2025US$72.8bUS$36.4bUS$3.2b17.3x23x2x
Wed, 21 May 2025US$74.2bUS$36.4bUS$3.2b18.7x23.4x2x
Fri, 18 Apr 2025US$72.8bUS$35.3bUS$2.5b19.4x29.1x2.1x
Sun, 16 Mar 2025US$71.2bUS$35.3bUS$2.5b19.1x28.4x2x
Tue, 11 Feb 2025US$69.0bUS$35.3bUS$2.5b18.6x28x2x
Thu, 09 Jan 2025US$65.4bUS$38.1bUS$2.3b17.9x28.1x1.7x
Sat, 07 Dec 2024US$69.4bUS$38.1bUS$2.3b19x29.9x1.8x
Mon, 04 Nov 2024US$61.0bUS$33.5bUS$4.4b17x13.8x1.8x
Wed, 02 Oct 2024US$63.0bUS$33.5bUS$4.4b17.3x14.2x1.9x
Fri, 30 Aug 2024US$59.8bUS$33.5bUS$4.4b17.4x13.5x1.8x
Sun, 28 Jul 2024US$59.2bUS$33.5bUS$3.1b17.6x19.3x1.8x
Tue, 25 Jun 2024US$53.9bUS$33.5bUS$3.1b15.5x17.6x1.6x
Thu, 23 May 2024US$56.5bUS$33.5bUS$3.1b15.9x18.4x1.7x
Sat, 20 Apr 2024US$53.2bUS$34.1bUS$2.2b16.3x24.6x1.6x
Mon, 18 Mar 2024US$53.6bUS$34.1bUS$2.2b16.9x24.8x1.6x
Wed, 14 Feb 2024US$51.0bUS$34.4bUS$1.8b14.4x28.1x1.5x
Fri, 12 Jan 2024US$58.8bUS$38.4bUS$1.5b15.7x39.8x1.5x
Sun, 10 Dec 2023US$57.0bUS$38.4bUS$1.5b16.5x38.6x1.5x
Tue, 07 Nov 2023US$55.4bUS$39.5bUS$1.5b14.9x36.9x1.4x
Thu, 05 Oct 2023US$49.1bUS$37.5bUS$684.8m16.7x71.8x1.3x
Sat, 02 Sep 2023US$52.9bUS$37.5bUS$684.8m18x77.3x1.4x
Mon, 31 Jul 2023US$55.0bUS$38.4bUS$1.5b19.5x37.1x1.4x
Wed, 28 Jun 2023US$54.2bUS$38.4bUS$1.5b19x36.5x1.4x
Fri, 26 May 2023US$54.6bUS$38.4bUS$1.5b19.8x36.8x1.4x
Sun, 23 Apr 2023US$57.2bUS$38.5bUS$2.4b20.3x24.2x1.5x
Tue, 21 Mar 2023US$57.2bUS$38.5bUS$2.4b20.1x24.2x1.5x
Thu, 16 Feb 2023US$58.4bUS$37.8bUS$2.7b21x21.6x1.5x
Sat, 14 Jan 2023US$58.4bUS$36.7bUS$3.4b20.3x17x1.6x
Price to Earnings Ratio

17x


Total Market Cap: US$58.4bTotal Earnings: US$3.4bTotal Revenue: US$36.7bTotal 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 20.1x which is lower than its 3-year average PE of 30.4x.
  • 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 grown 4.5% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

US Market1.04%
Utilities0.20%
Gas Utilities-1.02%
Gas Utilities-1.02%
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
MDU MDU Resources GroupUS$19.941.0%
+US$40.9m		10.7%PE22x
SWX Southwest Gas HoldingsUS$80.980.4%
+US$23.1m		14.4%PE24.5x

Latest News

UGI
US$37.32
UGI
7D
-1.1%
1Y
31.6%
NJR
US$45.81
New Jersey Resources
7D
-1.2%
1Y
0.3%

NJR: Resilient Gas Mix And Strong Balance Sheet Will Support Future Returns

Analysts recently lifted their price target on New Jersey Resources to $53 from $50, citing what they view as the company's consistent execution, its mix of regulated and unregulated gas businesses, and balance sheet metrics that they consider supportive of its updated valuation and P/E assumptions. Analyst Commentary Analysts raising their target on New Jersey Resources point to what they view as a relatively resilient business mix and balance sheet for a regulated gas utility, which they see as important inputs to the updated valuation and P/E assumptions.
MDU
US$19.94
MDU Resources Group
7D
1.0%
1Y
10.7%

MDU: Transmission Expansion And Capital Cycle Will Drive Upside Potential

Analysts have modestly trimmed their fair value estimate for MDU Resources Group from $24.00 to $23.00, citing a higher discount rate, partly offset by stronger expected revenue growth, expanding profit margins, and a lower future P E multiple that still supports incremental upside versus recent Street price target increases to about $22.00. Analyst Commentary Recent Street research reflects a generally constructive stance on MDU Resources Group, with bullish analysts highlighting improving sector fundamentals and company specific execution.
SWX
US$80.98
Southwest Gas Holdings
7D
0.4%
1Y
14.4%
NFG
US$79.49
National Fuel Gas
7D
-2.1%
1Y
29.9%
CPK
US$121.76
Chesapeake Utilities
7D
-2.8%
1Y
2.6%

CPK: Higher Outlook Will Highlight Future Earnings Consistency And Dividend Support

Analysts have raised their price target on Chesapeake Utilities by $8 to $128, citing updated sector assumptions and Q3 earnings preview work that modestly reinforce their outlook while leaving core valuation drivers largely unchanged. Analyst Commentary Analysts' latest revisions underscore a balanced view on Chesapeake Utilities, with modest upside reflected in the higher target and an unchanged neutral stance on the stock.
ATO
US$167.54
Atmos Energy
7D
-0.6%
1Y
22.6%

ATO: Higher Dividend And Earnings Guidance Will Shape Balanced Future Outlook

Analysts have increased their price target for Atmos Energy slightly to approximately $176 per share from about $175, citing a modest improvement in expected profit margins that more than offsets slightly lower projected revenue growth and a marginally cheaper forward valuation. What's in the News Atmos Energy shareholders will vote at the February 4, 2026 AGM on amendments to the articles of incorporation, including an increase in authorized common shares, adoption of plurality voting in contested director elections, updates to officer liability limits under Texas and Virginia law, and clarified indemnification and other technical changes (company filing).
OGS
US$76.74
ONE Gas
7D
-1.6%
1Y
12.8%

OGS: Supportive Texas Legislation And Interest Rates Will Shape Future Prospects

Analysts have nudged their price targets for ONE Gas higher, with a modest fair value adjustment to approximately $85 per share. This reflects improved earnings visibility, supportive Texas legislation, and a more balanced valuation backdrop.
SR
US$81.98
Spire
7D
-1.4%
1Y
23.3%
BIPC
US$44.47
Brookfield Infrastructure
7D
-2.3%
1Y
9.1%