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U.S. Gas Utilities Industry Analysis

UpdatedJan 23, 2026
DataAggregated Company Financials
Companies15
  • 7D-0.6%
  • 3M-1.1%
  • 1Y15.7%
  • YTD0.4%

In the last week, the Gas Utilities industry is up 1.2%, with National Fuel Gas up 2.9%. This means that the industry has gained 16% over the past year. As for the next few years, earnings are expected to grow by 10.0% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 23 Jan 2026US$80.6bUS$36.8bUS$3.9b18.2x20.5x2.2x
Sun, 21 Dec 2025US$78.7bUS$36.8bUS$3.9b18.2x20.1x2.1x
Tue, 18 Nov 2025US$80.4bUS$36.9bUS$3.7b18.9x21.5x2.2x
Thu, 16 Oct 2025US$79.2bUS$36.7bUS$2.3b18.7x34.3x2.2x
Sat, 13 Sep 2025US$76.4bUS$36.7bUS$2.3b17.9x33.1x2.1x
Mon, 11 Aug 2025US$75.7bUS$36.0bUS$2.3b18.1x33.1x2.1x
Wed, 09 Jul 2025US$72.7bUS$36.4bUS$3.2b17.8x23x2x
Fri, 06 Jun 2025US$72.1bUS$36.4bUS$3.2b18.1x22.8x2x
Sun, 04 May 2025US$74.7bUS$35.4bUS$2.9b19.8x25.6x2.1x
Tue, 01 Apr 2025US$72.1bUS$35.3bUS$2.5b19.6x28.8x2x
Thu, 27 Feb 2025US$71.9bUS$35.3bUS$2.5b19.3x28.8x2x
Sat, 25 Jan 2025US$67.2bUS$38.1bUS$2.3b18.2x28.9x1.8x
Mon, 23 Dec 2024US$65.6bUS$38.1bUS$2.3b18x28.2x1.7x
Wed, 20 Nov 2024US$68.8bUS$38.3bUS$2.7b20x25.7x1.8x
Fri, 18 Oct 2024US$64.1bUS$33.5bUS$4.4b17.9x14.5x1.9x
Sun, 15 Sep 2024US$61.9bUS$33.5bUS$4.4b17.5x14x1.8x
Tue, 13 Aug 2024US$58.5bUS$33.5bUS$4.4b16.9x13.2x1.7x
Thu, 11 Jul 2024US$53.6bUS$33.5bUS$3.1b15.7x17.5x1.6x
Sat, 08 Jun 2024US$54.8bUS$33.5bUS$3.1b15.6x17.9x1.6x
Mon, 06 May 2024US$55.8bUS$33.7bUS$2.9b16x19x1.7x
Wed, 03 Apr 2024US$55.4bUS$34.1bUS$2.2b16.8x25.6x1.6x
Fri, 01 Mar 2024US$52.5bUS$34.1bUS$2.2b15.7x24.2x1.5x
Sun, 28 Jan 2024US$56.8bUS$38.4bUS$1.5b15.3x38.4x1.5x
Tue, 26 Dec 2023US$58.8bUS$38.4bUS$1.5b16.6x39.8x1.5x
Thu, 23 Nov 2023US$55.8bUS$38.9bUS$1.5b15.2x37.9x1.4x
Sat, 21 Oct 2023US$50.1bUS$37.5bUS$684.8m16.5x73.1x1.3x
Mon, 18 Sep 2023US$53.4bUS$37.5bUS$684.8m19x78x1.4x
Wed, 16 Aug 2023US$52.6bUS$37.5bUS$684.8m18x76.7x1.4x
Fri, 14 Jul 2023US$55.0bUS$38.4bUS$1.5b19.2x37.1x1.4x
Sun, 11 Jun 2023US$55.8bUS$38.4bUS$1.5b20.2x37.6x1.5x
Tue, 09 May 2023US$55.7bUS$38.1bUS$1.5b19.8x36.1x1.5x
Thu, 06 Apr 2023US$57.7bUS$38.5bUS$2.4b20.3x24.4x1.5x
Sat, 04 Mar 2023US$57.1bUS$38.5bUS$2.4b19.9x24.1x1.5x
Mon, 30 Jan 2023US$57.7bUS$36.7bUS$3.4b20.3x16.8x1.6x
Price to Earnings Ratio

16.8x


Total Market Cap: US$57.7bTotal 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 30.5x202420252026
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 20.3x which is lower than its 3-year average PE of 30.5x.
  • 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-0.28%
Utilities-2.04%
Gas Utilities-0.57%
Gas Utilities-0.57%
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
UGI UGIUS$38.512.7%
+US$221.3m		26.2%PE12.2x
NJR New Jersey ResourcesUS$48.331.6%
+US$78.6m		3.5%PE14.5x
BIPC Brookfield InfrastructureUS$45.191.2%
+US$65.5m		6.9%PS1.5x
SR SpireUS$84.051.3%
+US$64.4m		21.1%PE19.4x
MDU MDU Resources GroupUS$20.671.2%
+US$51.1m		14.3%PE22.8x

Latest News

OGS
US$77.49
ONE Gas
7D
-0.6%
1Y
11.8%
NJR
US$48.33
New Jersey Resources
7D
1.6%
1Y
3.5%
NWN
US$46.79
Northwest Natural Holding
7D
-0.4%
1Y
17.7%

Northwest Natural Holding (NYSE:NWN) Has Announced A Dividend Of $0.4925

Jan 19
Northwest Natural Holding (NYSE:NWN) Has Announced A Dividend Of $0.4925
MDU
US$20.67
MDU Resources Group
7D
1.2%
1Y
14.3%

MDU: Future Capex Plans And Funding Costs Set Up Balanced Outlook

Analysts have lifted their fair value estimate for MDU Resources Group from $18.00 to $20.00 per share, citing updated assumptions around revenue growth, funding costs and sector capex trends reflected in recent Street research. Analyst Commentary Street research on MDU Resources Group has recently highlighted a more constructive stance on the shares, with higher price targets framed around updated expectations for capital spending and funding costs across the utilities group.
SR
US$84.05
Spire
7D
1.3%
1Y
21.1%
NFG
US$81.57
National Fuel Gas
7D
0.3%
1Y
17.5%
ATO
US$165.40
Atmos Energy
7D
-2.9%
1Y
18.5%

ATO: Steady Outlook Will Balance Dividend Progress And Governance Proposals

Analysts have kept their Atmos Energy fair value estimate broadly unchanged at about $175.73. They cited only very small adjustments to discount rate, revenue growth, profit margin and future P/E assumptions rather than any shift in their overall view of the company.
CPK
US$126.31
Chesapeake Utilities
7D
0.3%
1Y
4.5%

CPK: Q3 Execution And Dividend Outlook Will Support Medium Term Earnings Confidence

Narrative Update: Chesapeake Utilities Price Target Shift Analysts have lifted their price target on Chesapeake Utilities to $128 from $120, reflecting updated assumptions for Q3 expectations while keeping core fair value estimates and key model inputs broadly unchanged. Analyst Commentary Recent research around the Q3 earnings preview gives a mixed but useful read on how the market is thinking about Chesapeake Utilities at the new US$128 price target.
SWX
US$83.90
Southwest Gas Holdings
7D
-2.3%
1Y
18.0%

SWX: Stable Earnings Outlook And CFO Transition Will Shape Fairly Valued Prospects

Analysts have kept their fair value estimate for Southwest Gas Holdings broadly unchanged at about US$89.43. This reflects only fractional shifts in inputs such as the discount rate, revenue growth assumptions, profit margin and future P/E, which they view as too small to justify a new price target.
UGI
US$38.51
UGI
7D
2.7%
1Y
26.2%

UGI: Ongoing Share Repurchases Will Support Future Upside Potential

Analysts have kept their fair value estimate for UGI steady at $44.00 while making small adjustments to assumptions such as the discount rate and future P/E. This reflects a fine tuning of their price target framework rather than a major shift in view.
RGCO
US$21.53
RGC Resources
7D
-2.9%
1Y
3.1%
BIPC
US$45.19
Brookfield Infrastructure
7D
1.2%
1Y
6.9%