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U.S. Gas Utilities Industry Analysis

UpdatedJan 02, 2026
DataAggregated Company Financials
Companies15
  • 7D-0.7%
  • 3M0.2%
  • 1Y17.4%
  • YTDn/a

Over the last 7 days, the Gas Utilities industry has dropped 1.2%, driven by a pullback from UGI of 2.6%. In the past year, the industry has gained 18%. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 02 Jan 2026US$78.9bUS$36.8bUS$3.9b18.2x20.1x2.1x
Sun, 30 Nov 2025US$82.7bUS$36.8bUS$3.9b19.7x21.1x2.2x
Tue, 28 Oct 2025US$80.0bUS$36.7bUS$2.3b19.3x34.6x2.2x
Thu, 25 Sep 2025US$76.8bUS$36.7bUS$2.3b17.3x33.2x2.1x
Sat, 23 Aug 2025US$75.9bUS$36.7bUS$2.3b18.2x32.8x2.1x
Mon, 21 Jul 2025US$74.7bUS$36.4bUS$3.2b18.1x23.6x2.1x
Wed, 18 Jun 2025US$72.2bUS$36.4bUS$3.2b17.5x22.8x2x
Fri, 16 May 2025US$71.0bUS$36.4bUS$3.2b18.1x22.4x2x
Sun, 13 Apr 2025US$70.7bUS$35.3bUS$2.5b18.9x28.2x2x
Tue, 11 Mar 2025US$70.8bUS$35.3bUS$2.5b19.1x28.3x2x
Thu, 06 Feb 2025US$68.6bUS$38.1bUS$2.4b18.7x28.7x1.8x
Sat, 04 Jan 2025US$65.9bUS$38.1bUS$2.3b18.1x28.3x1.7x
Mon, 02 Dec 2024US$72.5bUS$38.2bUS$2.3b20.4x31.1x1.9x
Wed, 30 Oct 2024US$63.2bUS$33.5bUS$4.4b17.5x14.3x1.9x
Fri, 27 Sep 2024US$62.3bUS$33.5bUS$4.4b17.3x14.1x1.9x
Sun, 25 Aug 2024US$60.2bUS$33.5bUS$4.4b17x13.6x1.8x
Tue, 23 Jul 2024US$57.9bUS$33.5bUS$3.1b17.1x18.9x1.7x
Thu, 20 Jun 2024US$53.8bUS$33.5bUS$3.1b15.3x17.5x1.6x
Sat, 18 May 2024US$56.5bUS$33.5bUS$3.1b16.1x18.4x1.7x
Mon, 15 Apr 2024US$53.1bUS$34.1bUS$2.2b16.4x24.5x1.6x
Wed, 13 Mar 2024US$55.3bUS$34.1bUS$2.2b16.9x25.5x1.6x
Fri, 09 Feb 2024US$51.1bUS$34.4bUS$1.8b14.7x28.2x1.5x
Sun, 07 Jan 2024US$59.0bUS$38.4bUS$1.5b16.5x39.9x1.5x
Tue, 05 Dec 2023US$56.6bUS$38.4bUS$1.5b16.4x38.9x1.5x
Thu, 02 Nov 2023US$52.6bUS$39.5bUS$1.6b14.7x33.1x1.3x
Sat, 30 Sep 2023US$50.3bUS$37.5bUS$684.8m17.1x73.5x1.3x
Mon, 28 Aug 2023US$52.9bUS$37.5bUS$684.8m18.4x77.3x1.4x
Wed, 26 Jul 2023US$55.8bUS$38.4bUS$1.5b19.9x37.6x1.5x
Fri, 23 Jun 2023US$54.6bUS$38.4bUS$1.5b19.1x36.8x1.4x
Sun, 21 May 2023US$54.8bUS$38.4bUS$1.5b19.7x37x1.4x
Tue, 18 Apr 2023US$57.3bUS$38.5bUS$2.4b20.1x24.2x1.5x
Thu, 16 Mar 2023US$56.4bUS$38.5bUS$2.4b19.9x23.8x1.5x
Sat, 11 Feb 2023US$58.3bUS$37.8bUS$2.7b20.9x21.6x1.5x
Mon, 09 Jan 2023US$57.3bUS$36.7bUS$3.4b19.9x16.7x1.6x
Price to Earnings Ratio

16.7x


Total Market Cap: US$57.3bTotal 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 20.2x 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 2.2x.
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 Market-1.43%
Utilities-0.39%
Gas Utilities-0.75%
Gas Utilities-0.75%
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$80.06-1.1%
US$274.4m		30.5%PE14.7x
NJR New Jersey ResourcesUS$46.120.2%
+US$7.1m		-1.3%PE13.8x

Latest News

NFG
US$80.06
National Fuel Gas
7D
-1.1%
1Y
30.5%
SWX
US$80.02
Southwest Gas Holdings
7D
-0.9%
1Y
12.2%

SWX: Margin Assumptions And CFO Transition Will Shape A Fairly Valued Outlook

Analysts have modestly raised their price target on Southwest Gas Holdings, lifting estimated fair value by about 4 percent to approximately 89 dollars and 43 cents. They now model slightly improved revenue trends and a somewhat higher future earnings multiple, despite a small trimming of projected profit margins.
CPK
US$124.76
Chesapeake Utilities
7D
-0.9%
1Y
2.5%

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.
UGI
US$37.43
UGI
7D
-1.8%
1Y
30.7%

UGI: Future Share Repurchases And Stronger Revenue Outlook Will Support Upside Potential

Analysts have raised their price target on UGI by 1 dollar to 44 dollars, reflecting improved expectations for revenue growth despite a modest trimming of long term profit margin and discount rate assumptions. What's in the News Completed share repurchase of 4,650,000 shares, or 2.33% of outstanding stock, totaling 194.64 million dollars under the buyback program announced on May 8, 2018 (Key Developments) Repurchased 500,000 shares, or 0.23% of outstanding stock, for 16.53 million dollars between July 1, 2025 and September 30, 2025, marking the final tranche of the multi year buyback program (Key Developments) Valuation Changes The fair value estimate has risen slightly from 43 dollars to 44 dollars per share.
MDU
US$19.52
MDU Resources Group
7D
-0.8%
1Y
7.5%
ATO
US$167.63
Atmos Energy
7D
-0.3%
1Y
20.8%

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$77.25
ONE Gas
7D
-0.5%
1Y
11.9%

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.
NJR
US$46.12
New Jersey Resources
7D
0.2%
1Y
-1.3%

NJR: Differentiated Gas And Midstream Model Will Support Strong Future Cash Flows

Analysts have modestly raised their price target on New Jersey Resources, lifting fair value by about $1 to roughly $55 per share. They cite confidence in the company’s differentiated mix of core gas utility, regulated midstream assets, and disciplined capital funding that supports solid FFO-to-debt metrics despite slightly lower projected profit margins.
SR
US$82.70
Spire
7D
-0.3%
1Y
20.6%
BIPC
US$45.40
Brookfield Infrastructure
7D
-2.0%
1Y
15.4%