ONE Gas, Inc.

Valuation Analysis

About the Company

ONE Gas, Inc., together with its subsidiaries, operates as a regulated natural gas distribution utility company in the United States. The company offers natural gas distribution services. As of December 31, 2025, it owned 43,200 miles of distribution pipelines and 2,200 miles of transmission pipelines. The company serves approximately 2.3 million residential, commercial, industrial, transportation, and wholesale customers in Oklahoma, Kansas, and Texas. ONE Gas, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.

ONE Gas, Inc. Stock at a Glance

ONE Gas, Inc. (OGS) is currently trading at $77.78 with a market capitalization of $4.9B. The trailing P/E ratio stands at 17.56x, with a forward P/E of 15.51x. The 52-week range spans from $70.87 to $90.78; the current price is 14.3% below the yearly high. Year-over-year revenue growth stands at -11.1%. The net profit margin stands at 11.77%.

💰 Dividend

ONE Gas, Inc. pays an annual dividend of $2.72 per share, representing a yield of 3.5%. The payout ratio stands at 60.72%.

📊 Analyst Rating

9 analysts rate ONE Gas, Inc. (OGS) on consensus: Buy. The average price target is $91.33, implying +17.43% from the current price. Analyst price targets range from $82.00 to $103.00.

ONE Gas, Inc.: The Investment Case in Detail

ONE Gas, Inc. (OGS) operates in the Utilities — specifically Utilities - Regulated Gas — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.

The Bull Case

Wall Street consensus sits at Buy with an average price target implying roughly 17.43% upside from current levels — analyst sentiment is firmly constructive.

The Bear Case

Revenue is contracting at -11.1% year-over-year — until that trend reverses, valuation is exposed to further downgrades.

What to Watch Next

• The forward P/E of 15.51x is meaningfully below the trailing 17.56x — analysts expect earnings to step up; the next earnings release is the test.
• The dividend yield near 3.5% combined with a payout ratio of 60.72% leaves room for further hikes — a track record of consecutive raises is a strong income signal.

Investment Thesis: Strengths & Weaknesses

Technical Snapshot

The price is in a transition zone relative to the moving averages — no clear signal.

Risk Profile

The data points to relatively defensive market behavior, elevated short interest (5.97%).

Trading Data

💵 Dividend Info

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