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U.S. Gas Utilities Industry Analysis

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies15
  • 7D3.3%
  • 3M12.0%
  • 1Y24.4%
  • YTD10.8%

Over the last 7 days, the Gas Utilities industry has risen 3.3%, driven by gains from every company within the industry. In the last 12 months, the industry was up 24%. Earnings are forecast to grow by 9.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Apr 2026US$88.4bUS$34.8bUS$4.0b20.2x22x2.5x
Sat, 07 Mar 2026US$87.4bUS$34.8bUS$4.0b19.1x21.7x2.5x
Mon, 02 Feb 2026US$81.1bUS$36.9bUS$4.0b18.7x20.4x2.2x
Wed, 31 Dec 2025US$79.3bUS$36.8bUS$3.9b18.3x20.2x2.2x
Fri, 28 Nov 2025US$82.2bUS$36.8bUS$3.9b19.6x21x2.2x
Sun, 26 Oct 2025US$80.0bUS$36.7bUS$2.3b19.4x34.6x2.2x
Tue, 23 Sep 2025US$75.4bUS$36.7bUS$2.3b17.1x32.6x2.1x
Thu, 21 Aug 2025US$75.5bUS$36.7bUS$2.3b17.9x32.7x2.1x
Sat, 19 Jul 2025US$74.2bUS$36.4bUS$3.2b18.1x23.4x2x
Mon, 16 Jun 2025US$72.4bUS$36.4bUS$3.2b17.7x22.8x2x
Wed, 14 May 2025US$72.2bUS$36.4bUS$3.2b17.9x22.7x2x
Fri, 11 Apr 2025US$69.8bUS$35.3bUS$2.5b18.7x27.8x2x
Sun, 09 Mar 2025US$70.8bUS$35.3bUS$2.5b19x28.3x2x
Tue, 04 Feb 2025US$68.4bUS$38.2bUS$2.3b18.7x29.6x1.8x
Thu, 02 Jan 2025US$66.0bUS$38.1bUS$2.3b18.1x28.4x1.7x
Sat, 30 Nov 2024US$72.5bUS$38.2bUS$2.3b20.4x31x1.9x
Mon, 28 Oct 2024US$62.8bUS$33.5bUS$4.4b17.7x14.2x1.9x
Wed, 25 Sep 2024US$62.5bUS$33.5bUS$4.4b17.6x14.1x1.9x
Fri, 23 Aug 2024US$59.6bUS$33.5bUS$4.4b16.9x13.5x1.8x
Sun, 21 Jul 2024US$57.9bUS$33.5bUS$3.1b17x18.9x1.7x
Tue, 18 Jun 2024US$53.9bUS$33.5bUS$3.1b15.4x17.6x1.6x
Thu, 16 May 2024US$55.6bUS$33.5bUS$3.1b16.1x18.1x1.7x
Sat, 13 Apr 2024US$53.5bUS$34.1bUS$2.2b16.4x24.7x1.6x
Mon, 11 Mar 2024US$54.8bUS$34.1bUS$2.2b16.8x25.3x1.6x
Wed, 07 Feb 2024US$51.4bUS$35.2bUS$1.9b14.3x27.7x1.5x
Fri, 05 Jan 2024US$59.1bUS$38.4bUS$1.5b16.6x40x1.5x
Sun, 03 Dec 2023US$56.6bUS$38.4bUS$1.5b16.3x38.9x1.5x
Tue, 31 Oct 2023US$48.8bUS$37.5bUS$684.8m15.4x71.3x1.3x
Thu, 28 Sep 2023US$50.7bUS$37.5bUS$684.8m17.5x74x1.4x
Sat, 26 Aug 2023US$52.9bUS$37.5bUS$684.8m18.4x77.3x1.4x
Mon, 24 Jul 2023US$55.5bUS$38.4bUS$1.5b19.8x37.4x1.4x
Wed, 21 Jun 2023US$54.5bUS$38.4bUS$1.5b19.3x36.7x1.4x
Fri, 19 May 2023US$54.6bUS$38.4bUS$1.5b19.6x36.8x1.4x
Sun, 16 Apr 2023US$56.8bUS$38.5bUS$2.4b19.9x24x1.5x
Price to Earnings Ratio

24x


Total Market Cap: US$56.8bTotal Earnings: US$2.4bTotal Revenue: US$38.5bTotal 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 22.0x which is lower than its 3-year average PE of 30.4x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have grown 19% 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 Market2.97%
Utilities1.54%
Gas Utilities3.27%
Gas Utilities3.27%
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$189.662.2%
+US$689.9m		27.4%PE25.1x
UGI UGIUS$37.794.8%
+US$369.2m		20.9%PE13.5x
BIPC Brookfield InfrastructureUS$41.735.5%
+US$268.1m		17.4%PS1.4x
NFG National Fuel GasUS$95.582.9%
+US$257.5m		28.1%PE13.9x
SWX Southwest Gas HoldingsUS$90.923.9%
+US$246.8m		29.6%PE27.5x

Latest News

BIPC
US$41.73
Brookfield Infrastructure
7D
5.5%
1Y
17.4%

Brookfield Infrastructure: Resilient Business Model And Low Valuation Make It A Buy

Apr 09
NJR
US$57.08
New Jersey Resources
7D
3.8%
1Y
20.2%
UGI
US$37.79
UGI
7D
4.8%
1Y
20.9%
NFG
US$95.58
National Fuel Gas
7D
2.9%
1Y
28.1%

NFG: Future Equity Plans Will Support Balanced Production And Execution Outlook

Analysts have lifted their price target on National Fuel Gas by $2 to $102, citing updated assumptions around fair value, growth, and the price-to-earnings ratio that reflect recent Street research. Analyst Commentary Recent Street research around National Fuel Gas reflects a mix of optimism and caution, with price targets moving in both directions and fresh coverage coming in with a constructive stance.
ATO
US$189.66
Atmos Energy
7D
2.2%
1Y
27.4%

ATO: Governance Changes And Legal Risks Will Temper Steady Earnings Outlook

Analysts have slightly raised their price target for Atmos Energy to $183.30, reflecting updated assumptions regarding fair value, discount rate, revenue growth, profit margin, and forward P/E multiples. What's in the News Lyons & Simmons, LLP filed a lawsuit against Atmos Energy on behalf of Jessica Bailey Lopez, citing a gas main leak that allegedly led to a March 19, 2026 home explosion in Lake Dallas and severe injuries, with the surrounding neighborhood under evacuation orders (Lawsuits & Legal Issues).
SWX
US$90.92
Southwest Gas Holdings
7D
3.9%
1Y
29.6%

SWX: Dividend Increase And CEO Transition Will Support Steady Outlook

Analysts have kept their average price target for Southwest Gas Holdings unchanged at about $92.43, reflecting largely consistent views on fair value, discount rates, growth, margins and future P/E assumptions. What's in the News The Board has appointed Justin Brown to succeed Karen Haller as Chief Executive Officer of Southwest Gas Holdings and Southwest Gas Corporation, effective May 8, 2026.
MDU
US$22.17
MDU Resources Group
7D
5.4%
1Y
36.2%
OGS
US$89.83
ONE Gas
7D
3.8%
1Y
22.4%