Natural Gas Distribution stocks: intrinsic value, ROIC & growth
14 U.S. natural gas distribution companies with at least three years of SEC filings, ranked by size. 9 of the 13 with a current price trade below their Graham intrinsic value. The median company earned a 6.7% average return on invested capital and grew revenue 6.8% a year.
Updated October 18, 2026
14companies
9below Graham value
6.7%median 10-yr ROIC
6.8%median revenue CAGR
Most undervalued natural gas distribution stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| LNG | Cheniere Energy, Inc. | +177% | $289.43 | $801.49 | 64% below | $63.8B | 13.9% | 35.3% |
| NFG | NATIONAL FUEL GAS CO | +38% | $79.92 | $110.45 | 28% below | $7.3B | 10.7% | 4.8% |
| NJR | NEW JERSEY RESOURCES CORP | +35% | $52.19 | $70.39 | 26% below | $5.3B | 6.9% | -3.6% |
| MDU | MDU RESOURCES GROUP INC | +4% | $19.00 | $19.66 | 3% below | $3.9B | 7.0% | -8.5% |
| ATO | Atmos Energy | +3% | $167.34 | $173.00 | 3% below | $26.9B | 6.6% | 7.5% |
Highest-ROIC natural gas distribution stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| LNG | Cheniere Energy, Inc. | 13.9% | $289.43 | $801.49 | 64% below | $63.8B | 13.9% | 35.3% |
| NFG | NATIONAL FUEL GAS CO | 10.7% | $79.92 | $110.45 | 28% below | $7.3B | 10.7% | 4.8% |
| MDU | MDU RESOURCES GROUP INC | 7.0% | $19.00 | $19.66 | 3% below | $3.9B | 7.0% | -8.5% |
| NJR | NEW JERSEY RESOURCES CORP | 6.9% | $52.19 | $70.39 | 26% below | $5.3B | 6.9% | -3.6% |
| NWN | Northwest Natural Holding Co | 6.7% | $48.99 | $34.75 | 41% above | $2.0B | 6.7% | 6.8% |
| ATO | Atmos Energy | 6.6% | $167.34 | $173.00 | 3% below | $26.9B | 6.6% | 7.5% |
| OGS | ONE Gas, Inc. | 6.1% | $75.60 | $75.18 | 1% above | $4.6B | 6.1% | 6.1% |
All natural gas distribution stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| LNG | Cheniere Energy, Inc. | $289.43 | $801.49 | 64% below | $63.8B | 13.9% | 35.3% |
| VG | Venture Global, Inc. | $12.72 | $28.57 | 55% below | $33.5B | 8.5% | 32.0% |
| ATO | Atmos Energy | $167.34 | $173.00 | 3% below | $26.9B | 6.6% | 7.5% |
| CQP | Cheniere Energy Partners, L.P. | $63.57 | — | — | — | — | 28.9% |
| NFG | NATIONAL FUEL GAS CO | $79.92 | $110.45 | 28% below | $7.3B | 10.7% | 4.8% |
| NJR | NEW JERSEY RESOURCES CORP | $52.19 | $70.39 | 26% below | $5.3B | 6.9% | -3.6% |
| OGS | ONE Gas, Inc. | $75.60 | $75.18 | 1% above | $4.6B | 6.1% | 6.1% |
| MDU | MDU RESOURCES GROUP INC | $19.00 | $19.66 | 3% below | $3.9B | 7.0% | -8.5% |
| NWN | Northwest Natural Holding Co | $48.99 | $34.75 | 41% above | $2.0B | 6.7% | 6.8% |
| NFE | New Fortress Energy Inc. | $4.15 | $88.02 | 95% below | $1.2B | -5.2% | 39.5% |
| EE | Excelerate Energy, Inc. | $33.20 | $42.52 | 22% below | $1.0B | 6.4% | 23.3% |
| SLNG | Stabilis Solutions, Inc. | $4.77 | $4.76 | 0% above | $88.7M | -11.8% | 6.8% |
| CETY | Clean Energy Technologies, Inc. | $0.97 | $1.17 | 17% below | $4.2M | 49.1% | 0.6% |
| SR | SPIRE INC | $82.03 | $57.53 | 43% above | $4.8K | 5.5% | 4.7% |
Stock lists
Undervalued Stocks Below Graham Intrinsic Value
Highest ROIC Stocks (10-Year Average)
Highest Free Cash Flow Yield Stocks
Fastest-Growing Stocks by 10-Year Revenue