ONE Gas
Distributes natural gas through three regulated utilities across Oklahoma, Kansas, and Texas.
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Profile
Distributes natural gas to residential, commercial, and transportation customers through Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. Earnings come from regulated delivery charges and authorized returns on infrastructure, while purchased gas costs pass through without markup.
Distributes natural gas through Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service to residential, commercial, and transportation customers across Oklahoma, Kansas, and Texas. The utility is the largest distributor by customer count in Oklahoma and Kansas and the third largest in Texas.
Operations center on sourcing supply from multiple producers and marketers, managing storage and transportation, maintaining pipeline integrity, and extending local distribution systems. Competitive bidding, storage, fixed-price contracts, and hedges help balance reliable supply with seasonal demand.
All operations are regulated. State commissions, Texas municipalities, and the Railroad Commission of Texas set delivery rates and authorize cost recovery; purchased gas passes through without markup. Earnings depend on allowed returns, timely infrastructure-cost recovery, weather normalization, pipeline safety, and demand for natural gas relative to electricity.
Company facts
Categories
Key statistics
Year to date +2.7% · Average volume (30d) 472.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Truist Financial | Target | $95 | $87 | ||
| Aug 13, 2026 | Ladenburg Thalmann | Upgrade | Neutral | Buy | ||
| Aug 6, 2026 | Wells Fargo | Upgrade | Underweight | Equal Weight | ||
| Jul 23, 2026 | BTIG | Reiterate | Buy | $96 | ||
| Jun 24, 2026 | Morgan Stanley | Target | $82 | $80 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $0.63 | $0.82 | +29.3% | $410.3M | $411.6M | +0.3% | +2.48% |
| May 4, 2026Q1 FY26 | $2.13 | $2.11 | −0.9% | $969.4M | $831.7M | −14.2% | −2.40% |
| Feb 18, 2026Q4 FY25 | $1.42 | $1.48 | +4.2% | $990.4M | $689.4M | −30.4% | +1.86% |
| Nov 3, 2025Q3 FY25 | $0.44 | $0.44 | 0.0% | $990.4M | $379.1M | −61.7% | +0.45% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $935.2M | $423.7M | $379.1M | $689.4M | $831.7M | $411.6M | |
| Gross profit | $287.4M | $174.8M | $302.5M | $663.8M | $438.1M | $321.4M | |
| Operating income | $180.5M | $71.9M | $65.4M | $139.7M | $189.6M | $82.7M | |
| Net income | $119.4M | $32.0M | $26.5M | $86.3M | $128.7M | $46.8M | |
| Diluted EPS | $1.98 | $0.53 | $0.44 | $1.42 | $2.04 | $0.74 | |
| Gross margin | 30.7% | 41.3% | 79.8% | 96.3% | 52.7% | 78.1% | |
| Operating margin | 19.3% | 17.0% | 17.2% | 20.3% | 22.8% | 20.1% |
Fiscal years (4-quarter sums)FY21 $1.81B · FY22 $2.58B · FY23 $2.37B · FY24 $2.08B · FY25 $2.43B
Balance sheet, Jun 30, 2026Cash & short-term investments $7.9M · Total debt $3.39B · Total assets $8.81B · Shareholders' equity $3.54B
Dividends
Raised for 10 straight years — most recently to $0.68 from $0.67 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Aug 31 | $0.68 | |
| May 18, 2026 | May 18 | Jun 2 | $0.68 | |
| Feb 20, 2026 | Feb 20 | Mar 6 | $0.68 | raised from $0.67 |
| Nov 14, 2025 | Nov 14 | Dec 1 | $0.67 | |
| Aug 18, 2025 | Aug 18 | Sep 3 | $0.67 | |
| May 19, 2025 | May 19 | Jun 3 | $0.67 | |
| Feb 21, 2025 | Feb 21 | Mar 7 | $0.67 | raised from $0.66 |
| Nov 19, 2024 | Nov 19 | Dec 4 | $0.66 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 62.76M · Float 62.08M · 98.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 9.10M | 14.50% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 3.72M | 5.92% | 13F | Aug 13, 2026 |
| American Century Companies Inc | 3.54M | 5.65% | 13F | Aug 12, 2026 |
| Wellington Investment Advisors Holdings LLP | 3.47M | 6.13% | 13G | Nov 8, 2024 |
| State Street Corporation | 3.27M | 5.20% | 13G | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 6, 2026 | Eduardo A. Rodriguez | director | −850 | $86.34 |
| Feb 24, 2026 | Brian F. Brumfield | officer: See Remarks | −1,000 | $86.44 |
| Dec 4, 2025 | Michael G. Hutchinson | director | −3,000 | $78.86 |
Peers
- Atmos Energy
Larger gas-distribution peer across eight states
- Black Hills
Gas and electric utility with Kansas gas overlap
- Spire
Public gas utility serving Missouri and Gulf states
- Southwest Gas
Natural-gas distribution utility in the Southwest
- NiSource
Larger Columbia Gas and NIPSCO gas-utility platform
- Chesapeake Utilities
Smaller listed gas-delivery and infrastructure peer
- NW Natural
Gas-utility peer with new Texas exposure
- New Jersey Resources
New Jersey gas-distribution holding company
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ONE Gas | $79.47 | −0.03% | $4.99B | 17.1 | 16.1 | 2.2 | −2.9% |
| Atmos Energy | $166.65 | +0.01% | $27.82B | 19.8 | 18.5 | 5.7 | +4.8% |
| Black Hills | $72.80 | −0.03% | $5.54B | 18.4 | 15.6 | 2.4 | +3.1% |
| Spire | $82.56 | −0.05% | $4.88B | 9.2 | 16.9 | 1.9 | −0.4% |
| Southwest Gas | $88.65 | −0.49% | $6.45B | 12.4 | 19.1 | 3.7 | −68.0% |
| NiSource | $42.21 | +4.07% | $19.45B | 21.6 | 18.6 | 2.8 | +4.6% |
| Chesapeake Utilities | $132.71 | +0.00% | $3.19B | 21.2 | 19.7 | 3.2 | +4.7% |
| NW Natural | $49.50 | +0.02% | $2.08B | 16.2 | 15.7 | 1.6 | +3.1% |
| New Jersey Resources | $53.60 | +0.02% | $5.41B | 14.8 | 16.1 | 2.4 | +16.8% |
| Median | 17.3 | 17.7 | 2.6 | +3.9% |