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U.S. Gas Utilities Industry Analysis

UpdatedJun 05, 2026
DataAggregated Company Financials
Companies15
  • 7D-1.8%
  • 3M-8.2%
  • 1Y8.4%
  • YTD-0.3%

Over the last 7 days, the Gas Utilities industry has dropped 1.8%, driven by Atmos Energy declining 2.9%. This takes the industry's 12 month performance to a gain of 8.4%. 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
Sat, 06 Jun 2026US$80.4bUS$34.7bUS$3.8b16.7x21.3x2.3x
Mon, 04 May 2026US$86.5bUS$34.9bUS$3.6b19.7x24.4x2.5x
Wed, 01 Apr 2026US$86.4bUS$34.8bUS$4.0b19.5x21.5x2.5x
Fri, 27 Feb 2026US$86.2bUS$34.8bUS$4.0b19.9x21.5x2.5x
Sun, 25 Jan 2026US$79.6bUS$36.8bUS$3.9b18.2x20.3x2.2x
Tue, 23 Dec 2025US$78.7bUS$36.8bUS$3.9b18.3x20.1x2.1x
Thu, 20 Nov 2025US$80.2bUS$36.9bUS$3.7b19.2x21.5x2.2x
Sat, 18 Oct 2025US$79.3bUS$36.7bUS$2.3b18.6x34.3x2.2x
Mon, 15 Sep 2025US$76.3bUS$36.7bUS$2.3b17.9x33x2.1x
Wed, 13 Aug 2025US$76.0bUS$36.7bUS$2.3b18.1x32.9x2.1x
Fri, 11 Jul 2025US$73.0bUS$36.4bUS$3.2b18x23.1x2x
Sun, 08 Jun 2025US$72.1bUS$36.4bUS$3.2b18.1x22.8x2x
Tue, 06 May 2025US$74.7bUS$35.4bUS$2.9b19.6x25.6x2.1x
Thu, 03 Apr 2025US$72.9bUS$35.3bUS$2.5b20x29.1x2.1x
Sat, 01 Mar 2025US$71.3bUS$35.3bUS$2.5b19.4x28.4x2x
Mon, 27 Jan 2025US$67.5bUS$38.1bUS$2.3b18.2x29x1.8x
Wed, 25 Dec 2024US$66.3bUS$38.1bUS$2.3b18.3x28.5x1.7x
Fri, 22 Nov 2024US$68.8bUS$38.3bUS$2.7b20.1x25.6x1.8x
Sun, 20 Oct 2024US$63.9bUS$33.5bUS$4.4b18.1x14.4x1.9x
Tue, 17 Sep 2024US$61.9bUS$33.5bUS$4.4b17.6x14x1.8x
Thu, 15 Aug 2024US$58.6bUS$33.5bUS$4.4b16.8x13.2x1.8x
Sat, 13 Jul 2024US$55.7bUS$33.5bUS$3.1b16.4x18.1x1.7x
Mon, 10 Jun 2024US$54.4bUS$33.5bUS$3.1b15.6x17.7x1.6x
Wed, 08 May 2024US$56.3bUS$33.4bUS$2.9b16.3x19.1x1.7x
Fri, 05 Apr 2024US$55.0bUS$34.1bUS$2.2b17.2x25.4x1.6x
Sun, 03 Mar 2024US$52.9bUS$34.1bUS$2.2b15.8x24.5x1.6x
Tue, 30 Jan 2024US$56.8bUS$38.4bUS$1.5b15.4x38.4x1.5x
Thu, 28 Dec 2023US$58.6bUS$38.4bUS$1.5b16.5x39.6x1.5x
Sat, 25 Nov 2023US$55.6bUS$38.4bUS$1.5b16x38.3x1.4x
Mon, 23 Oct 2023US$50.1bUS$37.5bUS$684.8m16.5x73.1x1.3x
Wed, 20 Sep 2023US$52.8bUS$37.5bUS$684.8m18.6x77.1x1.4x
Fri, 18 Aug 2023US$52.9bUS$37.5bUS$684.8m18.3x77.2x1.4x
Sun, 16 Jul 2023US$54.3bUS$38.4bUS$1.5b18.7x36.6x1.4x
Tue, 13 Jun 2023US$55.5bUS$38.4bUS$1.5b19.8x37.4x1.4x
Price to Earnings Ratio

37.4x


Total Market Cap: US$55.5bTotal 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 21.3x which is lower than its 3-year average PE of 29.9x.
  • The 3-year average PS ratio of 1.8x 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-0.11%
Utilities-1.53%
Gas Utilities-1.84%
Gas Utilities-1.84%
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$170.240.7%
+US$185.3m		11.9%PE21.1x
SWX Southwest Gas HoldingsUS$88.722.9%
+US$181.7m		24.8%PE26.9x
MDU MDU Resources GroupUS$21.361.3%
+US$58.5m		27.1%PE23.5x
NWN Northwest Natural HoldingUS$49.782.7%
+US$54.3m		25.4%PE17x
OGS ONE GasUS$78.400.8%
+US$41.4m		6.8%PE18x

Latest News

SR
US$81.10
Spire
7D
-3.0%
1Y
10.2%
UGI
US$34.36
UGI
7D
-0.7%
1Y
-2.8%
Narrative Update • Jun 04

UGI: Pennsylvania Rate Decision Will Support Future Upside Potential

Analysts trimmed their average UGI price target by about $1 to roughly $43, reflecting a mix of cautious views on regulatory and regional risks, as well as more constructive opinions that cite steady revenue growth, resilient margins, and a slightly lower forward P/E assumption. Analyst Commentary Recent research highlights a split view on UGI, with some bullish analysts pointing to potential upside based on current valuation and business mix, while bearish analysts focus on specific regional and regulatory risks that could weigh on execution.
MDU
US$21.15
MDU Resources Group
7D
-1.8%
1Y
26.0%
NJR
US$54.61
New Jersey Resources
7D
-1.7%
1Y
22.3%
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.
ATO
US$167.96
Atmos Energy
7D
-2.9%
1Y
10.2%
SWX
US$87.17
Southwest Gas Holdings
7D
0.5%
1Y
22.0%
Narrative Update • Jun 01

SWX: 2026 Earnings Guidance And Higher Margins Will Support Bullish Outlook

Analysts have lifted their price target for Southwest Gas Holdings to $100.00 from $97.29 as they factor in updated assumptions that combine a slightly different revenue growth outlook with a modestly higher profit margin and a lower future P/E multiple. What's in the News Southwest Gas Holdings reaffirmed its earnings guidance for the full year 2026, keeping its outlook in place for that period (Key Developments).
BIPC
US$41.59
Brookfield Infrastructure
7D
-1.1%
1Y
1.6%
NFG
US$77.31
National Fuel Gas
7D
-1.0%
1Y
-5.3%
OGS
US$77.30
ONE Gas
7D
-2.3%
1Y
5.3%