Track market-moving stories before they get noisy

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

ONE Gas (OGS - Free Report) is headquartered in Tulsa, and is in the Utilities sector. The stock has seen a price change of 1.18% since the start of the year. The natural gas distribution is currently shelling out a dividend of $0.68 per share, with a dividend yield of 3.48%. This compares to the Utility - Gas Distribution industry's yield of 3.17% and the S&P 500's yield of 1.42%.

Looking at dividend growth, the company's current annualized dividend of $2.72 is up 1.5% from last year. Over the last 5 years, ONE Gas has increased its dividend 5 times on a year-over-year basis for an average annual increase of 4.53%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. ONE Gas's current payout ratio is 56%, meaning it paid out 56% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for OGS for this fiscal year. The Zacks Consensus Estimate for 2026 is $4.91 per share, representing a year-over-year earnings growth rate of 9.60%.

From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. During periods of rising interest rates, income investors must be mindful that high-yielding stocks tend to struggle. With that in mind, OGS is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

, /PRNewswire/ -- ONE Gas, Inc. (NYSE: OGS) today announced it will participate in the American Gas Association Mini-Forum, September 15, 2026, in Boston.

Christopher Sighinolfi, senior vice president and chief financial officer, and Mark Smith, vice president and treasurer, will be conducting a series of meetings with members of the investment community.

The materials utilized at the conference will be accessible on the ONE Gas website, www.onegas.com/investors/events-and-presentations.

ONE Gas, Inc. (NYSE: OGS) is a 100-percent regulated natural gas utility, and trades on the New York Stock Exchange and the NYSE Texas under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.

Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.

For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: @ONEGas, Facebook, Linkedln and YouTube.

Analyst Contact:

Eric Biggers

918-947-7238

Media Contact:

Leah Harper

918-947-7123 

SOURCE ONE Gas, Inc.

It has been about a month since the last earnings report for ONE Gas (OGS - Free Report) . Shares have added about 0.9% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is ONE Gas due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

OGS Q2 Earnings Surpass Estimates on Higher Rates, Sales Decline

ONE Gas, Inc. reported second-quarter 2026 adjusted earnings of 82 cents per share, beating the Zacks Consensus Estimate of 65 cents by 26.2%. The bottom line surged 51.9% from 54 cents in the year-ago quarter, aided by higher revenues from new rates and lower net interest expense.

OGS’ RevenuesONE Gas recorded revenues of $411.64 million, which missed the Zacks Consensus Estimate of $440 million by 6.5%. The top line also decreased 2.9% from $423.74 million in the prior-year quarter.

OGS Revenue Trends and Volume MixNatural gas sales were $357.8 million, down 3.2% from $369.5 million in the second quarter of 2025. Transportation revenues increased 2.6% to $31.8 million, while other revenues rose 11% to $11.1 million. Securitization customer charges declined 17.4% to $10.9 million.

The company generated $16.4 million of incremental revenues from new rates, $1.4 million from higher residential sales, primarily reflecting customer growth in Oklahoma and Texas, and $1.3 million from increased line-extension revenues in Oklahoma.

ONE Gas Earnings Drivers and Regulatory ProgressTotal natural gas volumes delivered were 66.6 billion cubic feet, down 1.5% on a year-over-year basis. OGS served 2,308,000 customers, up 0.3% year over year.

Sales volumes fell 15.9% to 15.9 billion cubic feet, while transportation volumes increased 4.1% to 50.7 billion cubic feet.

Total operating expenses were $238.7 million, up 2% year over year. The increase was due to higher operations and maintenance expenses, which rose 6.6% to $139.6 million, reflecting higher employee-related costs, outside services and fleet expenses.

Operating income totaled $82.7 million, up 15% from $71.9 million recorded in the year-ago quarter.

Net interest expense declined 11.8% to $31.1 million, primarily due to lower-rate commercial paper borrowings and the implementation of Texas House Bill 4384. These factors supported the sharp year-over-year improvement in adjusted earnings.

Texas Gas Service received approval for a $36.9 million revenue increase under its Gas Reliability Infrastructure Program. The new rates became effective in July 2026, supporting the recovery of investments in system reliability.

ONE Gas Cash Flow and Balance SheetCash and cash equivalents were $7.9 million at June 30, 2026 and $10.6 million at Dec. 31, 2025. Total cash, cash equivalents and restricted cash and cash equivalents were $30.6 million and $33.7 million, respectively

As of June 30, 2026, total long-term debt (excluding current maturities) was $2.34 billion, down from $2.36 billion as of Dec. 31, 2025.

Cash provided by operating activities totaled $387.3 million during the first six months of 2026, down from $448.8 million in the comparable 2025 period. Capital expenditures totaled $330 million compared with $347.1 million a year ago.

ONE Gas Raises 2026 Earnings ViewOGS expects its 2026 adjusted net income in the range of $306-$314 million. The company projects 2026 adjusted earnings of $4.83-$4.95 per share, with management now expecting results to fall within the upper half of this range. The Zacks Consensus Estimate for EPS is pegged at $4.91, which is slightly above the midpoint of the company’s guided range.

In 2026, OGS plans to make capital investments, including asset removal costs, of $800 million and nearly $230 million for new customer extensions.

How Have Estimates Been Moving Since Then?Investors have witnessed a upward trend in fresh estimates over the past two months.

VGM ScoresAt this time, ONE Gas has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook ONE Gas has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

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What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

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#1 (Strong Buy) stocks have produced an unmatched +23.8% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

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As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

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Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: ONE Gas (OGS - Free Report) Headquartered in Tulsa, OK, ONE Gas is a 100% regulated natural gas distribution utility. The company provides natural gas distribution services to nearly 2.3 million customers in Oklahoma, Kansas and Texas.  The company has been registering an increase in average customer count in these three states since 2014. In Kansas, Oklahoma and Texas, the company has a market share of 72%, 89% and 13%, respectively. As of Dec. 31, 2025, it operated 45,400 miles of natural gas distribution and transmission pipelines.

OGS is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Utilities stock. OGS has a Momentum Style Score of B, and shares are up 0.5% over the past four weeks.

Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.20 to $4.91 per share. OGS also boasts an average earnings surprise of +7.4%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, OGS should be on investors' short list.

Algert Global LLC boosted its stake in shares of ONE Gas, Inc. (NYSE:OGS – Free Report) by 6.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 107,690 shares of the utilities provider’s stock after purchasing an additional 6,510 shares during the period. Algert Global LLC owned approximately 0.17% of ONE Gas worth $8,300,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Triumph Capital Management lifted its holdings in ONE Gas by 247.0% during the fourth quarter. Triumph Capital Management now owns 347 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 247 shares in the last quarter. Garner Asset Management Corp acquired a new position in ONE Gas in the 4th quarter valued at $29,000. Torren Management LLC purchased a new position in ONE Gas in the 4th quarter valued at $31,000. Quarry LP boosted its stake in ONE Gas by 188.0% during the 4th quarter. Quarry LP now owns 409 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 267 shares during the last quarter. Finally, Advisory Services Network LLC acquired a new position in ONE Gas during the third quarter worth about $36,000. 88.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In OGS has been the subject of a number of analyst reports. LADENBURG THALM/SH SH upgraded ONE Gas from a “neutral” rating to a “buy” rating and set a $85.50 price target for the company in a research report on Thursday, August 13th. Truist Financial cut their price target on shares of ONE Gas from $89.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, August 13th. Wolfe Research began coverage on shares of ONE Gas in a report on Tuesday, May 26th. They issued a “peer perform” rating on the stock. BTIG Research restated a “buy” rating and issued a $96.00 price objective on shares of ONE Gas in a report on Thursday, July 23rd. Finally, Wall Street Zen upgraded ONE Gas from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, ONE Gas presently has a consensus rating of “Moderate Buy” and an average price target of $89.23.

Read Our Latest Stock Analysis on OGS ONE Gas Stock Up 0.8% Shares of NYSE OGS opened at $81.08 on Thursday. The stock has a market cap of $5.10 billion, a P/E ratio of 17.47, a PEG ratio of 2.21 and a beta of 0.66. The business’s fifty day simple moving average is $79.08 and its 200-day simple moving average is $82.68. ONE Gas, Inc. has a 12-month low of $74.06 and a 12-month high of $90.78. The company has a current ratio of 0.48, a quick ratio of 0.37 and a debt-to-equity ratio of 0.66.

ONE Gas (NYSE:OGS – Get Free Report) last released its earnings results on Tuesday, August 4th. The utilities provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.63 by $0.19. The firm had revenue of $411.64 million during the quarter, compared to analysts’ expectations of $410.29 million. ONE Gas had a return on equity of 8.81% and a net margin of 12.47%.ONE Gas’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 EPS. ONE Gas has set its FY 2026 guidance at 4.830-4.950 EPS. As a group, equities analysts predict that ONE Gas, Inc. will post 4.91 EPS for the current fiscal year.

ONE Gas Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be paid a $0.68 dividend. The ex-dividend date is Monday, August 17th. This represents a $2.72 dividend on an annualized basis and a yield of 3.4%. ONE Gas’s dividend payout ratio (DPR) is currently 58.62%.

ONE Gas Profile (Free Report)

ONE Gas, Inc is a publicly traded natural gas utility company focused on the regulated distribution of natural gas to residential, commercial and industrial customers. Headquartered in Tulsa, Oklahoma, the company owns and operates an integrated system of transmission and distribution pipelines, storage facilities and compressor stations designed to deliver safe, reliable energy to end users. Its operations are governed by state utility commissions, which set rates and service standards in the markets the company serves.

The company’s service territory spans three states: Oklahoma, Kansas and the Texas Panhandle.

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Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: ONE Gas (OGS - Free Report) Headquartered in Tulsa, OK, ONE Gas is a 100% regulated natural gas distribution utility. The company provides natural gas distribution services to nearly 2.3 million customers in Oklahoma, Kansas and Texas.  The company has been registering an increase in average customer count in these three states since 2014. In Kansas, Oklahoma and Texas, the company has a market share of 72%, 89% and 13%, respectively. As of Dec. 31, 2025, it operated 45,400 miles of natural gas distribution and transmission pipelines.

OGS is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 16.49; value investors should take notice.

Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.20 to $4.91 per share. OGS also boasts an average earnings surprise of +7.4%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, OGS should be on investors' short list.

Posted by Defense World Staff on Aug 13th, 2026

Bank of America Corp DE lowered its stake in ONE Gas, Inc. (NYSE:OGS – Free Report) by 3.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 503,289 shares of the utilities provider’s stock after selling 16,407 shares during the quarter. Bank of America Corp DE owned 0.80% of ONE Gas worth $43,348,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in ONE Gas during the fourth quarter valued at $25,000. Triumph Capital Management grew its position in shares of ONE Gas by 247.0% in the fourth quarter. Triumph Capital Management now owns 347 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 247 shares during the period. Garner Asset Management Corp purchased a new stake in shares of ONE Gas during the fourth quarter worth about $29,000. Torren Management LLC purchased a new stake in shares of ONE Gas during the fourth quarter worth about $31,000. Finally, Quarry LP raised its position in shares of ONE Gas by 188.0% during the 4th quarter. Quarry LP now owns 409 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 267 shares during the last quarter. Hedge funds and other institutional investors own 88.71% of the company’s stock.

ONE Gas Stock Up 0.9% Shares of NYSE OGS opened at $80.31 on Thursday. The stock has a market cap of $5.05 billion, a PE ratio of 17.31, a P/E/G ratio of 2.20 and a beta of 0.66. The company has a current ratio of 0.48, a quick ratio of 0.37 and a debt-to-equity ratio of 0.66. ONE Gas, Inc. has a 12-month low of $73.91 and a 12-month high of $90.78. The company has a 50-day moving average of $78.32 and a 200 day moving average of $82.61.

ONE Gas (NYSE:OGS – Get Free Report) last issued its earnings results on Tuesday, August 4th. The utilities provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.19. ONE Gas had a return on equity of 8.81% and a net margin of 12.47%.The business had revenue of $411.64 million for the quarter, compared to analysts’ expectations of $410.29 million. During the same period in the previous year, the firm posted $0.53 EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. ONE Gas has set its FY 2026 guidance at 4.830-4.950 EPS. As a group, sell-side analysts predict that ONE Gas, Inc. will post 4.88 EPS for the current fiscal year.

ONE Gas Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be issued a $0.68 dividend. This represents a $2.72 annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, August 17th. ONE Gas’s dividend payout ratio is presently 58.62%.

Analyst Ratings Changes A number of brokerages recently weighed in on OGS. Capital One Financial set a $93.00 price target on shares of ONE Gas in a research note on Friday, June 12th. Truist Financial reduced their target price on ONE Gas from $95.00 to $89.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. Wolfe Research assumed coverage on ONE Gas in a report on Tuesday, May 26th. They set a “peer perform” rating for the company. Morgan Stanley raised their target price on ONE Gas from $80.00 to $81.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Finally, Wells Fargo & Company raised ONE Gas from a “strong sell” rating to an “equal weight” rating and set a $85.00 price target on the stock in a research note on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $89.70.

Read Our Latest Analysis on ONE Gas

About ONE Gas (Free Report)

ONE Gas, Inc is a publicly traded natural gas utility company focused on the regulated distribution of natural gas to residential, commercial and industrial customers. Headquartered in Tulsa, Oklahoma, the company owns and operates an integrated system of transmission and distribution pipelines, storage facilities and compressor stations designed to deliver safe, reliable energy to end users. Its operations are governed by state utility commissions, which set rates and service standards in the markets the company serves.

The company’s service territory spans three states: Oklahoma, Kansas and the Texas Panhandle.

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ONE Gas is upgraded to Buy following a strong Q2 2026, with earnings and revenue beating expectations and guidance raised for the full year. ONE Gas benefits from recent rate increases across all three states, driving operating income growth despite lower revenues. ONE Gas trades at a 16.4x PE, below peers, with continued regulatory wins and constructive rate environments supporting its growth outlook.

Posted by Defense World Staff on Aug 10th, 2026

China Gas (OTCMKTS:CGHLY – Get Free Report) and ONE Gas (NYSE:OGS – Get Free Report) are both utilities companies, but which is the superior investment? We will contrast the two companies based on the strength of their valuation, earnings, profitability, risk, institutional ownership, analyst recommendations and dividends.

Analyst Ratings This is a summary of current ratings for China Gas and ONE Gas, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score China Gas 0 0 0 0 0.00 ONE Gas 0 6 5 0 2.45 ONE Gas has a consensus price target of $89.70, indicating a potential upside of 11.63%. Given ONE Gas’ stronger consensus rating and higher probable upside, analysts plainly believe ONE Gas is more favorable than China Gas.

Valuation & Earnings This table compares China Gas and ONE Gas”s top-line revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio China Gas N/A N/A N/A N/A N/A ONE Gas $2.43 billion 2.08 $264.22 million $4.64 17.32 ONE Gas has higher revenue and earnings than China Gas.

Profitability This table compares China Gas and ONE Gas’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets China Gas N/A N/A N/A ONE Gas 12.47% 8.81% 3.45% Institutional & Insider Ownership 88.7% of ONE Gas shares are owned by institutional investors. 0.9% of ONE Gas shares are owned by insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a stock will outperform the market over the long term.

Summary ONE Gas beats China Gas on 9 of the 9 factors compared between the two stocks.

About China Gas (Get Free Report)

China Gas Holdings Limited operates as a gas operator and service provider in the People's Republic of China. The company invests in, constructs, operates, and maintains city and town gas pipelines, gas terminals, storage and transportation facilities, and gas logistics systems; transmits natural gas and liquefied petroleum gas (LPG) to residential, industrial, and commercial users; constructs and operates compressed natural gas/liquefied natural gas refilling stations; and develops technologies related to natural gas and LPG. It is also involved in the investment in petrochemical facilities of storage and transportation; producing, storing, and selling of LPG and chemical products, as well as propane and butane; CBM business; exploration and production of coal bed methane; and gas station administration services. In addition, the company offers treasury, management, consultancy, and procurement services; and engages in wholesale and retail of household equipment, electric appliances, kitchen appliances, and others. Further, it is involved in the development and investment in clean energy; wholesale and trading of natural gas and liquefied natural gas; and sale of electricity, as well as develops, produces, and sells gas meters, and other utility systems. Additionally, the company offers gas stoves, water heater, and wall-mounting heaters; safety products, such as pipes, valves, and alarms; food staples, and cooking ingredients. Furthermore, the company engages in the wholesale, retail, installs, and maintains of household equipment, electric appliances, and kitchen appliances, as well as involved in investment holding and distributes heating services. China Gas Holdings Limited was incorporated in 1995 and is headquartered in Wan Chai, Hong Kong.

About ONE Gas (Get Free Report)

ONE Gas, Inc., together with its subsidiaries, operates as a regulated natural gas distribution company in the United States. The company provides natural gas distribution services to approximately 2.3 million customers in Oklahoma, Kansas, and Texas. It serves residential, commercial, and transportation customers. The company was founded in 1906 and is headquartered in Tulsa, Oklahoma.

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Posted by Defense World Staff on Aug 8th, 2026

Amundi increased its stake in ONE Gas, Inc. (NYSE:OGS – Free Report) by 189.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,117 shares of the utilities provider’s stock after acquiring an additional 13,174 shares during the period. Amundi’s holdings in ONE Gas were worth $1,733,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new position in shares of ONE Gas in the fourth quarter valued at about $25,000. Triumph Capital Management increased its position in shares of ONE Gas by 247.0% during the fourth quarter. Triumph Capital Management now owns 347 shares of the utilities provider’s stock valued at $27,000 after buying an additional 247 shares during the period. Garner Asset Management Corp purchased a new position in shares of ONE Gas during the fourth quarter valued at about $29,000. Torren Management LLC bought a new position in ONE Gas in the fourth quarter worth about $31,000. Finally, Quarry LP raised its stake in ONE Gas by 188.0% in the fourth quarter. Quarry LP now owns 409 shares of the utilities provider’s stock worth $32,000 after buying an additional 267 shares in the last quarter. 88.71% of the stock is currently owned by hedge funds and other institutional investors.

ONE Gas Price Performance NYSE:OGS opened at $80.35 on Friday. The business’s 50-day moving average is $78.15 and its 200 day moving average is $82.56. ONE Gas, Inc. has a 12 month low of $73.91 and a 12 month high of $90.78. The company has a market capitalization of $5.04 billion, a P/E ratio of 17.32, a P/E/G ratio of 2.62 and a beta of 0.66. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.66.

ONE Gas (NYSE:OGS – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $0.82 EPS for the quarter, beating the consensus estimate of $0.63 by $0.19. ONE Gas had a net margin of 12.47% and a return on equity of 8.81%. The business had revenue of $411.64 million during the quarter, compared to analyst estimates of $410.29 million. During the same quarter last year, the business earned $0.53 earnings per share. ONE Gas’s quarterly revenue was down 2.8% compared to the same quarter last year. ONE Gas has set its FY 2026 guidance at 4.830-4.950 EPS. On average, equities research analysts forecast that ONE Gas, Inc. will post 4.88 earnings per share for the current fiscal year.

ONE Gas Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, August 17th. ONE Gas’s payout ratio is presently 58.62%.

Wall Street Analyst Weigh In Several research analysts have recently issued reports on the company. Wells Fargo & Company raised ONE Gas from a “strong sell” rating to an “equal weight” rating and set a $85.00 target price for the company in a research report on Thursday. BTIG Research restated a “buy” rating and set a $96.00 price target on shares of ONE Gas in a research report on Thursday, July 23rd. Wolfe Research started coverage on ONE Gas in a research note on Tuesday, May 26th. They issued a “peer perform” rating on the stock. Wall Street Zen upgraded ONE Gas from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Morgan Stanley raised their price objective on ONE Gas from $80.00 to $81.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $89.70.

View Our Latest Stock Analysis on OGS

ONE Gas Company Profile (Free Report)

ONE Gas, Inc is a publicly traded natural gas utility company focused on the regulated distribution of natural gas to residential, commercial and industrial customers. Headquartered in Tulsa, Oklahoma, the company owns and operates an integrated system of transmission and distribution pipelines, storage facilities and compressor stations designed to deliver safe, reliable energy to end users. Its operations are governed by state utility commissions, which set rates and service standards in the markets the company serves.

The company’s service territory spans three states: Oklahoma, Kansas and the Texas Panhandle.

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« PREVIOUS HEADLINEAppian Q2 Earnings Call Highlights

Key Takeaways ONE Gas' Q2 adjusted EPS rose 51.9% to 82 cents, beating estimates despite a 2.9% revenue decline.New rates added $16.4 million in revenues, while lower interest expense helped drive stronger earnings. ONE Gas raised 2026 adjusted EPS guidance to $4.83-$4.95 and plans $800 million in capital investment. ONE Gas, Inc. (OGS - Free Report) reported second-quarter 2026 adjusted earnings of 82 cents per share, beating the Zacks Consensus Estimate of 65 cents by 26.15%. The bottom line surged 51.9% from 54 cents in the year-ago quarter, aided by higher revenues from new rates and lower net interest expense.

OGS’ RevenuesONE Gas recorded revenues of $411.64 million, which missed the Zacks Consensus Estimate of $440 million by 6.45%. The top line also decreased 2.9% from $423.74 million in the prior-year quarter.

OGS Revenue Trends and Volume MixNatural gas sales were $357.8 million, down 3.2% from $369.5 million in the second quarter of 2025. Transportation revenues increased 2.6% to $31.8 million, while other revenues rose 11% to $11.1 million. Securitization customer charges declined 17.4% to $10.9 million.

The company generated $16.4 million of incremental revenues from new rates, $1.4 million from higher residential sales, primarily reflecting customer growth in Oklahoma and Texas, and $1.3 million from increased line-extension revenues in Oklahoma.

ONE Gas Earnings Drivers and Regulatory ProgressTotal natural gas volumes delivered were 66.6 billion cubic feet, down 1.48% on a year-over-year basis. OGS served 2,308,000 customers, up 0.26% year over year. 

Sales volumes fell 15.9% to 15.9 billion cubic feet, while transportation volumes increased 4.1% to 50.7 billion cubic feet.

Total operating expenses were $238.7 million, up 2% year over year. The increase was due to higher operations and maintenance expenses, which rose 6.6% to $139.6 million, reflecting higher employee-related costs, outside services and fleet expenses.

Operating income totaled $82.7 million, up 15% from $71.9 million recorded in the year-ago quarter.

Net interest expense declined 11.8% to $31.1 million, primarily due to lower-rate commercial paper borrowings and the implementation of Texas House Bill 4384. These factors supported the sharp year-over-year improvement in adjusted earnings.

Texas Gas Service received approval for a $36.9 million revenue increase under its Gas Reliability Infrastructure Program. The new rates became effective in July 2026, supporting the recovery of investments in system reliability.

ONE Gas Cash Flow and Balance SheetCash and cash equivalents amounted to $30.6 million as of June 30, 2026, compared with $33.7 million as of Dec. 31, 2025.

As of June 30, 2026, total long-term debt (excluding current maturities) was $2.34 billion, down from $2.36 billion as of Dec. 31, 2025.

Cash provided by operating activities totaled $387.3 million during the first six months of 2026, down from $448.8 million in the comparable 2025 period. Capital expenditures totaled $330 million compared with $347.1 million a year ago.

ONE Gas Raises 2026 Earnings ViewOGS expects its 2026 adjusted net income in the range of $306-$314 million.

The company projects 2026 adjusted earnings in the range of $4.83 to $4.95 per share. The Zacks Consensus Estimate for EPS is pegged at $4.88, which is slightly below the midpoint of the company’s guided range.

In 2026, OGS plans to make capital investments, including asset removal costs, of $800 million and nearly $230 million for new customer extensions.

OGS’ Zacks RankCurrently, ONE Gas carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming ReleasesConsolidated Edison (ED - Free Report) is slated to report second-quarter 2026 results on Aug. 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 74 cents per share, which implies a year-over-year increase of 10.45%.

ED’s long-term (three to five years) earnings growth rate is 6.32%. The Zacks Consensus Estimate for second-quarter sales is pinned at $3.74 billion, which suggests year-over-year growth of 4.17%.

MDU Resources Group, Inc. (MDU - Free Report) is scheduled to report second-quarter 2026 results on Aug. 6. The Zacks Consensus Estimate for EPS is pegged at 8 cents, inidicating an increase of 14.29% from the prior-year figure.

MDU’s long-term earnings growth rate is 5.54%. The Zacks Consensus Estimate for second-quarter sales is pinned at $398 million, which suggests year-over-year growth of 13.32%.

PPL Corporation (PPL - Free Report) is scheduled to report second-quarter results on Aug. 7, before the market opens. The Zacks Consensus Estimate for earnings is pegged at 35 cents per share, which implies year-over-year growth of 9.38%.

PPL’s long-term earnings growth rate is 7.52%. The Zacks Consensus Estimate for second-quarter sales is pinned at $2.18 billion, which suggests year-over-year growth of 7.50%.

Declares Third Quarter Dividend

Analyst call and webcast scheduled tomorrow, Aug. 5 at 11 a.m. EDT

, /PRNewswire/ -- ONE Gas, Inc. (NYSE: OGS) today announced its second quarter financial results and raised its 2026 adjusted earnings expectations to the upper half of the previously announced financial guidance ranges. The Company also declared its quarterly dividend.

"Our strong second quarter and first-half results reflect the continued execution of our growth strategy and the benefits of operating in constructive jurisdictions. This performance gives us the confidence to raise our adjusted earnings expectations for the full year," said Robert S. McAnnally, chief executive officer. "We delivered these results while maintaining our focus on reliability and affordability for customers and creating long-term value for shareholders."

FINANCIAL RESULTS & HIGHLIGHTS

The Company raised its 2026 adjusted net income and earnings per diluted share expectations to the upper half of the respective $306 million to $314 million and $4.83 to $4.95 ranges; Second quarter 2026 adjusted net income was $52.1 million, or $0.82 per diluted share, compared with $32.7 million, or $0.54 per diluted share, in the same period last year; Year-to-date 2026 adjusted net income was $185.5 million, or $2.94 per diluted share, compared with $152.8 million, or $2.53 per diluted share, in 2025; Second quarter 2026 net income was $46.8 million, or $0.74 per diluted share, compared with $32.0 million, or $0.53 per diluted share, in the same period last year; Year-to-date 2026 net income was $175.5 million, or $2.78 per diluted share, compared with $151.5 million, or $2.51 per diluted share, in 2025; and The board of directors declared a quarterly dividend of $0.68 per share ($2.72 annualized), payable on August 31, 2026, to shareholders of record at the close of business on August 17, 2026. SECOND QUARTER 2026 FINANCIAL PERFORMANCE

ONE Gas reported operating income of $82.7 million in the second quarter, compared with $71.9 million in the second quarter 2025, which primarily reflects:

an increase of $16.4 million in revenue from new rates; an increase of $1.4 million in residential sales due primarily to net customer growth in Oklahoma and Texas; and an increase of $1.3 million in line extension revenue in Oklahoma. These increases were partially offset by:

an increase of $7.4 million in employee-related costs; an increase of $1.1 million in outside services; and an increase of $1.1 million in fleet expense. Weather was 42 percent warmer than normal and 28 percent warmer than the prior year for the three months ended June 30, 2026. The impact on operating income was mitigated by weather normalization mechanisms.

Excluding interest related to KGSS-I securitized bonds, net interest expense decreased $3.8 million for the three months ending June 30, 2026. The decrease in interest expense is due primarily to commercial paper borrowings at lower rates and the implementation of Texas House Bill 4384.

Income tax expense includes a credit for amortization of the regulatory liability associated with excess deferred income taxes (EDIT) of $3.3 million and $2.1 million for the three months ended June 30, 2026, and 2025, respectively.

Capital expenditures and asset removal costs were $188.3 million for the second quarter 2026 compared with $190.1 million in the same period last year, primarily representing expenditures for system integrity and extension of service to new areas.

YEAR-TO-DATE 2026 FINANCIAL PERFORMANCE

Operating income for the six months ended June 30, 2026, was $272.3 million, compared with $252.4 million in 2025, which primarily reflects:

an increase of $43.7 million from new rates; an increase of $3.2 million in residential sales due primarily to net customer growth in Oklahoma and Texas; and an increase of $1.8 million from released transportation capacity to other shippers in Kansas. These increases were partially offset by:

an increase of $13.2 million in employee-related costs; an increase of $3.4 million in outside services; an increase of $1.3 million in fleet expense; and a decrease of $10.6 million in revenue due to lower sales and transport volumes, net of the impact of weather normalization mechanisms. Weather was 23 percent warmer than normal and 25 percent warmer than the prior year for the six months ended June 30, 2026. The impact on operating income was mitigated by weather normalization mechanisms.

Excluding interest related to KGSS-I securitized bonds, net interest expense decreased $6.7 million for the six months ended June 30, 2026. The decrease in interest expense is due primarily to commercial paper borrowings at lower rates and the implementation of Texas House Bill 4384.

Income tax expense includes a credit for amortization of the regulatory liability associated with EDIT of $12.8 million and $10.2 million for the six months ended June 30, 2026, and 2025, respectively.

Capital expenditures and asset removal costs were $357.9 million for the six-month 2026 period compared with $367.8 million in the same period last year, primarily representing expenditures for system integrity and extension of service to new areas.

REGULATORY ACTIVITIES UPDATE

In July 2026, Kansas Gas Service submitted an application to the Kansas Corporation Commission requesting an increase of approximately $14.3 million related to its Gas System Reliability Surcharge to be effective October 2026. The filing includes expanded infrastructure investments as defined by Kansas House Bill 2435.

In March 2026, Texas Gas Service made a Gas Reliability Infrastructure Program filing for all customers requesting a $36.9 million revenue increase to be effective in July 2026. In June 2026, the Texas Railroad Commission approved an increase of $36.9 million, and new rates became effective in July 2026.

In February 2026, Oklahoma Natural Gas filed its annual Performance-Based Rate Change (PBRC) application for the test year ended December 2025. The filing includes a requested $28.7 million base rate revenue increase, $2.6 million energy efficiency incentive and $14.4 million of estimated EDIT to be credited to customers in 2027. At the hearing on June 11, 2026, the administrative law judge recommended approval of the application as filed. Subsequent to the hearing, exceptions to the administrative law judge's oral ruling were filed at the Oklahoma Corporation Commission as well as an appeal to the Oklahoma Supreme Court. Interim rates subject to refund were implemented on June 26, 2026, in compliance with the PBRC tariff.

2026 FINANCIAL GUIDANCE

Based on strong performance during the first half of 2026 and anticipated benefits associated with Texas House Bill 4384, the Company has raised its 2026 adjusted earnings expectations to the upper half of its previously issued 2026 financial guidance ranges, which called for adjusted net income of $306 million to $314 million and adjusted net income per diluted share of $4.83 to $4.95.

Capital investments, including asset removal costs, are expected to be approximately $800 million in 2026, primarily targeted for system integrity and replacement projects. Capital investments for extensions to new customers are expected to be approximately $230 million of the $800 million.

EARNINGS CONFERENCE CALL AND WEBCAST

The ONE Gas executive management team will host a conference call on Wednesday, August 5, 2026, at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time). The call also will be carried live on the ONE Gas website.

To participate in the telephone conference call, dial 800-715-9871, passcode 3280987, or log on to www.onegas.com/investors and select Events and Presentations.

If you are unable to participate in the conference call or the webcast, a replay will be available on the ONE Gas website, www.onegas.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 1-800-770-2030, passcode 3280987.

NON-GAAP DISCLOSURE STATEMENT

This news release includes financial results and guidance for ONE Gas with respect to adjusted net income and adjusted net income per share, which are non-GAAP financial measures as defined by the Securities and Exchange Commission. Adjusted net income and adjusted net income per share are calculated as GAAP net income plus the deferral of an equity portion of a carrying cost attributable to shareholders' investment capitalized for regulatory purposes but not for financial reporting purposes. These carrying costs relate to property, plant and equipment that has been placed in service, but not yet reflected in rates. Adjusted net income and adjusted net income per share should not be considered in isolation or as a substitute for GAAP net income or GAAP earnings per share.

Management believes these non‑GAAP measures provide useful information because they offer a more complete view of our overall regulatory economics, reflect the period-specific effects of certain regulatory mechanisms designed to mitigate regulatory lag associated with property, plant and equipment placed in service prior to regulatory action, and reflect the impact of regulatory timing differences that arise under the Company's rate-setting framework. These adjustments, net of applicable tax effects, are expected to recur as a result of the Company's regulatory framework and are a consistent part of our earnings profile. A reconciliation of the Company's GAAP net income and GAAP earnings per share to adjusted net income and adjusted net income per share is provided in the Appendix.

ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas utility, and trades on the New York Stock Exchange and the NYSE Texas under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.

Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.

For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: @ONEGas, Facebook, LinkedIn and YouTube.

Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The forward-looking statements relate to our anticipated financial performance, liquidity, management's plans and objectives for our future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "guidance," "could," "may," "continue," "might," "potential," "scheduled," "likely," and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements, which are applicable only as of the date of this news release. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, costs, liquidity, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:

our ability to recover costs, income taxes and amounts equivalent to the cost of property, plant and equipment, regulatory assets and our allowed rate of return in our regulated rates or other recovery mechanisms; cyber-attacks, which, according to experts, continue to increase in volume and sophistication, or breaches of technology systems that could disrupt our operations or result in the loss or exposure of confidential or sensitive customer, employee, vendor, counterparty, or Company information; further, increased remote working arrangements have required enhancements and modifications to our information technology infrastructure (e.g. Internet, Virtual Private Network, remote collaboration systems, etc.), and any failures of the technologies, including third-party service providers, that facilitate working remotely could limit our ability to conduct ordinary operations or expose us to increased risk or effect of an attack; our ability to manage our operations and maintenance costs; changes in regulation of natural gas distribution services, particularly those in Oklahoma, Kansas and Texas; the economic climate and, particularly, its effect on the natural gas requirements of our residential and commercial customers; the length and severity of a pandemic or other health crisis which could significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; competition from alternative forms of energy, including, but not limited to, electricity, solar power, wind power, geothermal energy and biofuels; adverse weather conditions and variations in weather, including seasonal effects on demand and/or supply, the occurrence of severe storms in the territories in which we operate, climate change, and the related effects on supply, demand, and costs; indebtedness could make us more vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantage compared with competitors; our ability to secure reliable, competitively priced and flexible natural gas transportation, storage, and supply, including decisions by natural gas producers to reduce production or shut-in producing natural gas wells and expiration of existing supply and transportation and storage arrangements that are not replaced with contracts with similar terms and pricing; our ability to complete necessary or desirable expansion or infrastructure development projects, which may delay or prevent us from serving our customers or expanding our business; operational and mechanical hazards or interruptions; adverse labor relations; the effectiveness of our strategies to reduce earnings lag, revenue protection strategies and risk mitigation strategies, which may be affected by risks beyond our control such as commodity price volatility, counterparty performance or creditworthiness and interest rate risk; the capital-intensive nature of our business, and the availability of and access to, in general, funds to meet our debt obligations prior to or when they become due and to fund our operations and capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets and other sources of liquidity; our ability to obtain capital on commercially reasonable terms, or on terms acceptable to us, or at all; limitations on our operating flexibility, earnings and cash flows due to restrictions in our financing arrangements; cross-default provisions in our borrowing arrangements, which may lead to our inability to satisfy all of our outstanding obligations in the event of a default on our part; changes in the financial markets during the periods covered by the forward-looking statements, particularly those affecting the availability of capital and our ability to refinance existing debt and fund investments and acquisitions to execute our business strategy; actions of rating agencies, including the ratings of debt, general corporate ratings and changes in the rating agencies' ratings criteria; changes in inflation and interest rates; our ability to recover the costs of upstream transportation, storage, and natural gas purchased for our customers and any related financing required to support our purchase of natural gas supply; impact of potential impairment charges; volatility and changes in markets for natural gas and our ability to secure additional and sufficient liquidity on reasonable commercial terms to cover costs associated with such volatility; possible loss of local distribution company franchises or other adverse effects caused by the actions of municipalities; payment and performance by counterparties and customers as contracted and when due, including our counterparties maintaining ordinary course terms of supply and payments; changes in existing or the addition of new environmental, safety, tax, cybersecurity and other laws or regulations to which we and our subsidiaries are subject, including those that may require significant expenditures, significant increases in operating costs or, in the case of noncompliance, substantial fines or penalties; the effectiveness of our risk-management policies and procedures, and employees violating our risk-management policies; the uncertainty of estimates, including accruals and costs of environmental remediation; advances in technology, including technologies that increase efficiency or that improve electricity's competitive position relative to natural gas; population growth rates and changes in the demographic patterns of the markets we serve in Oklahoma, Kansas and Texas, and economic conditions in these areas; acts of nature and naturally occurring disasters; political unrest and the potential effects of threatened or actual terrorism and war; the sufficiency of insurance coverage to cover losses; the effects of our strategies to reduce tax payments; changes in accounting standards; changes in corporate governance standards; existence of material weaknesses in our internal controls; our ability to comply with all covenants in our indentures and the ONE Gas Credit Agreement, a violation of which, if not cured in a timely manner, could trigger a default of our obligations; our ability to attract and retain talented employees, management and directors, and shortage of skilled-labor; unexpected increases in the costs of providing health care benefits, along with pension and postemployment health care benefits, as well as declines in the discount rates on, declines in the market value of the debt and equity securities of, and increases in funding requirements for, our defined benefit plans; and our ability to successfully complete merger, acquisition or divestiture plans, regulatory or other limitations imposed as a result of a merger, acquisition or divestiture, and the success of the business following a merger, acquisition or divestiture. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part 1, Item 1A, Risk Factors, in our Annual Report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

APPENDIX

ONE Gas, Inc.

CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended

Six Months Ended

June 30,

June 30,

(Unaudited)

2026

2025

2026

2025

(Thousands of dollars, except per share amounts)

Total revenues

$         411,639

$         423,741

$      1,243,350

$      1,358,931

Cost of natural gas

90,287

117,942

483,863

630,404

Operating expenses

Operations and maintenance

139,628

130,987

286,575

266,282

Depreciation and amortization

76,240

79,314

153,025

161,018

General taxes

22,813

23,643

47,624

48,873

Total operating expenses

238,681

233,944

487,224

476,173

Operating income

82,671

71,855

272,263

252,354

Other income (expense), net

5,220

2,572

3,123

3,090

Interest expense, net

(31,101)

(35,279)

(63,459)

(70,976)

Income before income taxes

56,790

39,148

211,927

184,468

Income taxes

(9,982)

(7,115)

(36,446)

(33,016)

Net income

$           46,808

$           32,033

$         175,481

$         151,452

Earnings per share

Basic

$               0.74

$               0.53

$               2.79

$               2.52

Diluted

$               0.74

$               0.53

$               2.78

$               2.51

Average shares (thousands)

Basic

62,959

60,113

62,936

60,095

Diluted

63,153

60,455

63,178

60,361

Dividends declared per share of stock

$               0.68

$               0.67

$               1.36

$               1.34

APPENDIX

ONE Gas, Inc.

CONSOLIDATED BALANCE SHEETS

June 30,

December 31,

(Unaudited)

2026

2025

Assets

(Thousands of dollars)

Property, plant and equipment

Property, plant and equipment

$         9,998,502

$         9,734,150

Accumulated depreciation and amortization

2,678,316

2,611,952

Net property, plant and equipment

7,320,186

7,122,198

Current assets

Cash and cash equivalents

7,858

10,620

Restricted cash and cash equivalents

22,711

23,107

Total cash, cash equivalents and restricted cash and cash equivalents

30,569

33,727

Accounts receivable, net

250,861

461,631

Materials and supplies

96,672

97,595

Income tax receivable

—

55,552

Natural gas in storage

158,219

176,451

Regulatory assets

83,367

49,504

Prepaid expenses

33,823

34,224

Other current assets

8,326

7,200

Total current assets

661,837

915,884

Goodwill and other assets

Regulatory assets

250,704

256,225

Securitized intangible asset, net

218,991

233,786

Goodwill

157,953

157,953

Pension and other postemployment benefits

47,326

47,012

Other assets

155,206

120,026

Total goodwill and other assets

830,180

815,002

Total assets

$         8,812,203

$         8,853,084

APPENDIX

ONE Gas, Inc.

CONSOLIDATED BALANCE SHEETS

(Continued)

June 30,

December 31,

(Unaudited)

2026

2025

Equity and Liabilities

(Thousands of dollars)

Equity and long-term debt

Common stock, $0.01 par value: authorized 250,000,000 shares; issued and outstanding 62,797,154
shares at June 30, 2026; issued and outstanding 62,692,392 shares at December 31, 2025

$                   629

$                   627

Paid-in capital

2,539,068

2,530,137

Retained earnings

998,454

909,355

Accumulated other comprehensive income (loss)

(265)

4

Total equity

3,537,886

3,440,123

Other long-term debt, excluding current maturities, net of issuance costs

2,133,688

2,133,018

Securitized utility tariff bonds, excluding current maturities, net of issuance costs

207,115

223,020

Total long-term debt, excluding current maturities, net of issuance costs

2,340,803

2,356,038

Total equity and long-term debt

5,878,689

5,796,161

Current liabilities

Current maturities of other long-term debt, net of issuance costs

249,918

249,674

Current maturities of securitized utility tariff bonds, net of issuance costs

31,404

30,566

Notes payable

770,800

737,400

Accounts payable

110,952

222,102

Accrued taxes other than income

57,395

75,568

Regulatory liabilities

24,702

57,277

Customer deposits

53,373

52,871

Other current liabilities

77,911

106,400

Total current liabilities

1,376,455

1,531,858

Deferred credits and other liabilities

Deferred income taxes

1,012,944

963,874

Regulatory liabilities

433,135

451,620

Other deferred credits

110,980

109,571

Total deferred credits and other liabilities

1,557,059

1,525,065

Commitments and contingencies

Total liabilities and equity

$         8,812,203

$         8,853,084

APPENDIX

ONE Gas, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

June 30,

(Unaudited)

2026

2025

(Thousands of dollars)

Operating activities

Net income

$            175,481

$            151,452

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

153,025

161,018

Deferred income taxes

32,478

23,684

Share-based compensation expense

8,174

7,524

Provision for doubtful accounts

5,026

4,085

Changes in assets and liabilities:

Accounts receivable

205,744

141,290

Materials and supplies

923

(3,886)

Income tax receivable

55,552

—

Natural gas in storage

18,232

26,736

Asset removal costs

(27,861)

(20,718)

Accounts payable

(108,977)

(121,593)

Accrued taxes other than income

(18,173)

(16,159)

Customer deposits

502

(2,235)

Regulatory assets and liabilities - current

(74,156)

78,329

Regulatory assets and liabilities - noncurrent

3,691

21,198

Other assets and liabilities - current

(28,437)

(12,271)

Other assets and liabilities - noncurrent

(13,893)

10,355

Cash provided by operating activities

387,331

448,809

Investing activities

Capital expenditures

(330,035)

(347,065)

Other investing expenditures

(6,691)

(4,075)

Other investing receipts

6,982

2,629

Cash used in investing activities

(329,744)

(348,511)

Financing activities

Borrowings (repayments) of notes payable, net

33,400

(42,200)

Issuance of common stock

3,894

3,561

Repayment of other long-term debt

(7)

(8)

Repayment of securitized utility tariff bonds

(15,356)

(14,547)

Dividends paid

(85,356)

(80,306)

Tax withholdings related to net share settlements of stock compensation

(4,161)

(2,614)

Construction advances

6,841

—

Cash used in financing activities

(60,745)

(136,114)

Change in cash, cash equivalents, restricted cash and restricted cash equivalents

(3,158)

(35,816)

Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

33,727

78,537

Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

$              30,569

$              42,721

Supplemental cash flow information:

Cash paid for interest, net of amounts capitalized

$              62,407

$              69,972

Cash paid (received) for state income taxes

$                1,150

$                   715

Cash paid (received) for federal income taxes

$            (50,302)

$                7,013

APPENDIX

The following table reconciles the Company's GAAP net income and GAAP earnings per share to adjusted net income and adjusted net income per share:

ONE Gas, Inc.

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

(Thousands of dollars, except per share amounts)

Net income - GAAP

$           46,808

$          32,033

$         175,481

$         151,452

Other income - deferred carrying cost (a)

5,257

653

9,982

1,301

Income taxes (b)

—

—

—

—

Adjusted net income - non-GAAP

$           52,065

$          32,686

$         185,463

$         152,753

Earnings per share - GAAP

Basic

$              0.74

$              0.53

$              2.79

$              2.52

Diluted

$              0.74

$              0.53

$              2.78

$              2.51

Adjusted net income per share - non-GAAP

Basic

$              0.83

$              0.54

$              2.95

$              2.54

Diluted

$              0.82

$              0.54

$              2.94

$              2.53

Average shares (thousands)

Basic

62,959

60,113

62,936

60,095

Diluted

63,153

60,455

63,178

60,361

(a) The allowance for earnings on shareholders' investment capitalized for regulatory purposes but not for financial reporting purposes applied to property, plant and equipment placed in service, but not yet reflected in Texas rates, as authorized by our regulators or state law. Property, plant and equipment placed in service may vary by quarter based on the timing and complexity of projects, weather impacts, construction completion schedules, contractor activities, and other operational factors. During the three months ended June 30, 2026, we placed $53.8 million of property, plant and equipment in service eligible for this treatment, compared with $62.6 million in the same period last year. For the six months ended June 30, 2026, we placed $125.3 million of property, plant and equipment in service eligible for this treatment, compared with $125.5 million in the same period last year.

(b) This deferred carrying cost increases book income but is non-taxable, creating a permanent tax difference.

ONE Gas, Inc.

2026 Financial Guidance: Reconciliation of non-GAAP to GAAP:

Low

Mid

High

(Thousands of dollars, except per share amounts)

Net income - GAAP

$         294,000

$         298,000

$            302,000

Other income - deferred carrying cost(a)

11,890

11,919

12,000

Income taxes(b)

—

—

—

Adjusted net income - non-GAAP

$         305,890

$         309,919

$            314,000

Earnings per share - GAAP

Basic

$               4.67

$               4.73

$                  4.79

Diluted

$               4.65

$               4.71

$                  4.77

Adjusted net income per share - non-GAAP

Basic

$               4.86

$               4.92

$                  4.98

Diluted

$               4.83

$               4.89

$                  4.95

Average shares (thousands)

Basic

62,995

62,995

62,995

Diluted

63,350

63,350

63,350

(a) The allowance for earnings on shareholders' investment capitalized for regulatory purposes but not for financial reporting purposes applied to property, plant and equipment placed in service, but not yet reflected in Texas rates, as authorized by our regulators or state law. Property, plant and equipment placed in service may vary by quarter based on the timing and complexity of projects, weather impacts, construction completion schedules, contractor activities, and other operational factors.

(b) This deferred carrying cost increases book income but is non-taxable, creating a permanent tax difference.

APPENDIX

ONE Gas, Inc.
KGSS-I SECURITIZATION

In November 2022, Kansas Gas Service Securitization I, L.L.C. (KGSS-I) issued $336 million of securitized utility tariff bonds. KGSS-I used the proceeds from the issuance to purchase the Securitized Utility Tariff Property from Kansas Gas Service, pay for debt issuance costs, and reimburse Kansas Gas Service for upfront securitization costs paid on behalf of KGSS-I.

Revenues for the three months ended June 30, 2026, include $10.9 million associated with KGSS-I, which is offset by $7.5 million in operating and amortization expense and $3.4 million in interest expense, net. Compared to the same three month period last year, revenues decreased $2.3 million, interest expense, net, decreased $0.4 million, and operating and amortization expense decreased $1.9 million.

Revenues for the six months ended June 30, 2026, include $21.9 million associated with KGSS-I, which is offset by $15.0 million in operating and amortization expense and $6.8 million in interest expense, net. Compared to the same twelve month period last year, revenues decreased $3.0 million, interest expense, net, decreased $0.8 million, and amortization and operating expense decreased $2.2 million.

The following table summarizes the impact of KGSS-I on the consolidated balance sheets, for the periods indicated:

June 30,

December 31,

2026

2025

(Thousands of dollars)

Restricted cash and cash equivalents

$             22,711

$             23,107

Accounts receivable

4,317

4,463

Securitized intangible asset, net

218,991

233,786

Total assets

$           246,019

$           261,356

Current maturities of securitized utility tariff bonds, net of issuance costs

$             31,404

$             30,566

Accounts payable

217

136

Accrued interest

5,543

5,894

Securitized utility tariff bonds, excluding current maturities, net of discounts and issuance costs $4.0
million and $4.3 million, as of June 30, 2026, and June 30, 2025, respectively

207,115

223,020

Paid-in capital

1,680

1,680

Retained earnings

60

60

Total liabilities and equity

$           246,019

$           261,356

The following table summarizes the impact of KGSS-I on the consolidated statements of income, for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

(Thousands of dollars)

Operating revenues

$           10,876

$           13,205

$       21,853

$         24,842

Operating expense

(110)

(111)

(221)

(221)

Amortization expense

(7,368)

(9,292)

(14,795)

(16,986)

Interest income

109

112

246

260

Interest expense

(3,471)

(3,879)

(7,011)

(7,823)

Income before income taxes

36

35

72

72

Income taxes

—

(6)

—

—

Net income

$                   36

$                   29

$               72

$                 72

APPENDIX

ONE Gas, Inc.

INFORMATION AT A GLANCE

Three Months Ended

Six Months Ended

June 30,

June 30,

(Unaudited)

2026

2025

2026

2025

(Millions of dollars)

Natural gas sales

$

357.8

$

369.5

$

1,127.7

$

1,239.9

Transportation revenues

31.8

31.0

71.9

74.8

Securitization customer charges

10.9

13.2

21.9

24.8

Other revenues

11.1

10.0

21.8

19.5

Total revenues

$

411.6

$

423.7

$

1,243.3

$

1,359.0

Cost of natural gas

90.4

117.9

483.9

630.4

Operating costs

162.4

154.6

334.2

315.2

Depreciation and amortization

76.2

79.3

153.0

161.0

Operating income

$

82.6

$

71.9

$

272.2

$

252.4

Net income

$

46.8

$

32.0

$

175.5

$

151.5

Capital expenditures and asset removal costs

$

188.3

$

190.1

$

357.9

$

367.8

Volumes (Bcf)

Natural gas sales

Residential

10.4

12.6

54.4

71.5

Commercial and industrial

5.0

5.8

20.0

25.0

Other

0.5

0.5

1.4

1.7

Total sales volumes delivered

15.9

18.9

75.8

98.2

Transportation

50.7

48.7

109.8

114.0

Total volumes delivered

66.6

67.6

185.6

212.2

Average number of customers (in thousands)

Residential

2,133

2,124

2,135

2,125

Commercial and industrial

161

164

162

164

Other

3

3

3

3

Transportation

11

11

11

11

Total customers

2,308

2,302

2,311

2,303

Heating Degree Days

Actual degree days

392

547

4,551

6,060

Normal degree days

678

673

5,910

5,904

Percent colder (warmer) than normal weather

(42) %

(19) %

(23) %

3 %

Statistics by State

Oklahoma

Average number of customers (in thousands)

936

933

937

934

Actual degree days

126

164

1,537

2,080

Normal degree days

230

230

2,028

2,027

Percent colder (warmer) than normal weather

(45) %

(29) %

(24) %

3 %

Kansas

Average number of customers (in thousands)

655

656

657

657

Actual degree days

234

319

2,304

2,929

Normal degree days

397

397

2,883

2,883

Percent colder (warmer) than normal weather

(41) %

(20) %

(20) %

2 %

Texas

Average number of customers (in thousands)

717

713

717

712

Actual degree days

32

64

710

1,051

Normal degree days

51

46

999

994

Percent colder (warmer) than normal weather

(37) %

39 %

(29) %

6 %

Analyst Contact:

Erin Dailey

918-947-7441

Media Contact:

Leah Harper

918-947-7123

SOURCE ONE Gas, Inc.

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, /PRNewswire/ -- ONE Gas has released its 2026 Sustainability Report, highlighting the company's commitment to delivering affordable, reliable and safe natural gas while investing in system integrity, reducing emissions and supporting employees, customers and communities across Kansas, Oklahoma and Texas. The annual report highlights progress, projects and milestones from January 1, 2025, through December 31, 2025, unless noted otherwise.

"At ONE Gas, we're proud to deliver affordable, reliable natural gas to the customers we serve," said Robert S. McAnnally, chief executive officer of ONE Gas. "This report highlights how we meet today's energy needs while continuing to invest in the future, with a focus on safety, environmental stewardship, our employees and the communities we call home."

Sustainability Report Highlights

Safety and System Integrity
Safety remains ONE Gas' top Core Value. In 2025, the American Gas Association recognized ONE Gas with a Safety Achievement Award for the ninth consecutive year, reflecting the company's strong safety performance among similarly sized natural gas distribution companies. ONE Gas also replaced more than 400 miles of distribution mains, service lines and transmission lines to improve safety and reduce fugitive emissions. Environmental Stewardship
ONE Gas continued to make progress toward its 2035 goal to reduce Scope 1 emissions due to leaks from its distribution pipeline system by 55%, measured from an estimated 2005 baseline and accounting for projected system growth. As of Dec. 31, 2025, the company achieved an estimated 53% reduction. In 2025, ONE Gas also issued 26,477 energy efficiency rebates totaling approximately $14.1 million, helping customers reduce energy use and avoid an estimated 40,840 metric tons of CO2e emissions. Social Commitment
ONE Gas' commitment to service extends to employees, customers and communities. Employee engagement increased for the ninth consecutive year, with 91% of employees participating in the 2025 Gallup engagement survey and the company again ranking in the top quartile of Gallup's Overall Company Database. ONE Gas employees, retirees, family and friends also contributed more than 10,575 volunteer hours, while ONE Gas Foundation grants and community investments totaled $3.2 million across Kansas, Oklahoma and Texas. For a comprehensive look at ONE Gas' 2026 Sustainability Report, visit www.onegas.com

About ONE Gas
ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas utility, and trades on the New York Stock Exchange under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.

Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers. 

For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: X, Facebook, LinkedIn and YouTube.

Media Contact:
Leah Harper
Phone: 918-947-7123
[email protected]

SOURCE ONE Gas, Inc.

Key Takeaways ONE Gas and Northwest Natural benefit from rising gas demand, customer growth and infrastructure spending.OGS has 48.95% debt to capital versus NWN's 62.29%, while NWN offers a higher dividend yield. OGS projects faster EPS growth and $4.3B in five-year spending; NWN plans $2.6-$2.9B through 2030. The companies operating in the Zacks Utility - Gas Distribution industry deliver natural gas from producing regions through interstate pipelines and regulated distribution networks to residential, commercial and industrial end-users. Companies earn regulated delivery revenues and approved returns on infrastructure investments. An expanding rate base, modernizing pipelines, an increasing customer base and improved system reliability drive predictable earnings, dividends and long-term shareholder value.

Natural gas demand in the United States is increasing, driven by its wide availability and clean-burning nature. Rising clean electricity demand from AI-driven data centers, residential demand and the reshoring of a few industries are creating fresh demand for clean electricity, a major portion of which is generated from natural gas. This trend supports higher pipeline utilization, infrastructure investments and long-term earnings growth for regulated gas distribution utilities.

Amid the increasing demand for natural gas distribution, let us take a closer look at ONE Gas, Inc. (OGS - Free Report) and Northwest Natural Holding Company (NWN - Free Report) . These regulated utilities are capitalizing on rising natural gas demand, customer expansion and disciplined infrastructure investments, making them comparable players in the utility industry.

ONE Gas benefits from rising natural gas demand, particularly from residential customers, an expanding customer base and favorable rate adjustments, supporting stable earnings and predictable cash flow. The company's disciplined capital investments in infrastructure strengthen service reliability, increase operational efficiency and drive long-term financial growth.

Northwest Natural benefits from rising natural gas demand, an expanding customer base and constructive regulatory outcomes, supporting stable revenue growth and long-term financial performance. The company is undertaking systematic capital investments to expand natural gas storage, modernize infrastructure, enhance system reliability and support long-term earnings growth.

ONE Gas and Northwest Natural are prominent regulated utilities. A comparison of their fundamentals can help identify the more attractive investment choice.

OGS & NWN’s Earnings Growth ProjectionsThe Zacks Consensus Estimate for OGS’ earnings per share (EPS) is pegged at $4.72 in 2026 and $5.01 in 2027, suggesting year-over-year growth of 5.36% and 6.14%, respectively.  

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for NWN’s EPS is pegged at $3.05 in 2026 and $3.22 in 2027, suggesting year-over-year growth of 4.10% and 5.74%, respectively.  

Image Source: Zacks Investment Research

Debt to CapitalUtilities in the Zacks sector require substantial capital investments to modernize infrastructure and support growing customer demand. By combining internally generated cash flows with debt and equity financing, these companies fund long-term projects that expand their rate base, strengthen earnings and create shareholder value.

ONE Gas’ debt-to-capital currently stands at 48.95% compared with Northwest Natural’s 62.29%. Both companies are using debt to fund their business. NWN's debt level surpasses both OGS’ and the industry average of 54.47%, highlighting its greater reliance on debt financing.

OGS & NWN’s Dividend YieldDividends are regular cash payments that utility companies distribute to shareholders as a share of their earnings. They provide investors with a steady income stream while reflecting the company's financial strength and commitment to creating long-term shareholder value.

Currently, Northwest Natural's dividend yield is 3.97%, while ONE Gas’ is 3.45%. The dividend yields of both companies are higher than the S&P 500’s yield of 1.36%.

Image Source: Zacks Investment Research

Return on EquityReturn on Equity (ROE) indicates how efficiently a company uses shareholders' equity to generate earnings. A strong ROE demonstrates effective capital management and long-term shareholder value creation.

Northwest Natural’s current ROE is 8.46%, outperforming ONE Gas, which reports a tad lower ROE of 8.45%. NWN utilizes shareholder capital more efficiently and generates slightly higher profits, though both companies’ returns remain below the industry average of 10.13%.

Capital Investment PlansUtility operations are capital-intensive, requiring substantial investments to develop infrastructure, maintain existing assets and enhance system reliability. Natural gas utilities continuously invest in pipelines, storage facilities and distribution networks to ensure safe, reliable service and support future growth.

ONE Gas plans to invest approximately $800 million in 2026 and nearly $4.3 billion over the next five years to replace aging pipelines, expand its regulated rate base, strengthen infrastructure, enhance system reliability and support long-term earnings growth. Northwest Natural expects to invest $500-$550 million in 2026 and $2.6-$2.9 billion through 2030, supporting rate base growth, infrastructure modernization, operational efficiency and reliable service for an expanding customer base.

Price PerformanceONE Gas shares have gained 3.6% in the past month compared with Northwest Natural’s growth of 0.7%.

Image Source: Zacks Investment Research

Overall AssessmentONE Gas and Northwest Natural are benefiting from increasing natural gas demand, steady customer growth and disciplined infrastructure investments to deliver safe, reliable service across their regulated service territories.

ONE Gas stands out with stronger earnings estimate revisions, a broader capital expenditure plan, a healthier debt profile and better share price performance, making it an attractive utility investment.

Considering the factors discussed above, ONE Gas emerges as the stronger investment opportunity, while both companies currently maintain a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Based in Tulsa, ONE Gas (OGS - Free Report) is in the Utilities sector, and so far this year, shares have seen a price change of 0.76%. Currently paying a dividend of $0.68 per share, the company has a dividend yield of 3.49%. In comparison, the Utility - Gas Distribution industry's yield is 3.73%, while the S&P 500's yield is 1.35%.

Looking at dividend growth, the company's current annualized dividend of $2.72 is up 1.5% from last year. Over the last 5 years, ONE Gas has increased its dividend 5 times on a year-over-year basis for an average annual increase of 4.53%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. ONE Gas's current payout ratio is 60%, meaning it paid out 60% of its trailing 12-month EPS as dividend.

OGS is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $4.72 per share, with earnings expected to increase 5.36% from the year ago period.

From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, OGS is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

ONE Gas (OGS - Free Report) is headquartered in Tulsa, and is in the Utilities sector. The stock has seen a price change of -0.63% since the start of the year. The natural gas distribution is paying out a dividend of $0.68 per share at the moment, with a dividend yield of 3.54% compared to the Utility - Gas Distribution industry's yield of 3.47% and the S&P 500's yield of 1.43%.

Looking at dividend growth, the company's current annualized dividend of $2.72 is up 1.5% from last year. Over the last 5 years, ONE Gas has increased its dividend 5 times on a year-over-year basis for an average annual increase of 4.53%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. ONE Gas's current payout ratio is 60%, meaning it paid out 60% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for OGS for this fiscal year. The Zacks Consensus Estimate for 2026 is $4.72 per share, which represents a year-over-year growth rate of 5.36%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, OGS is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

ONE Gas (OGS - Free Report) is headquartered in Tulsa, and is in the Utilities sector. The stock has seen a price change of 9.97% since the start of the year. Currently paying a dividend of $0.68 per share, the company has a dividend yield of 3.2%. In comparison, the Utility - Gas Distribution industry's yield is 2.96%, while the S&P 500's yield is 1.51%.

Looking at dividend growth, the company's current annualized dividend of $2.72 is up 1.5% from last year. Over the last 5 years, ONE Gas has increased its dividend 5 times on a year-over-year basis for an average annual increase of 4.53%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. ONE Gas's current payout ratio is 60%, meaning it paid out 60% of its trailing 12-month EPS as dividend.

OGS is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $4.73 per share, which represents a year-over-year growth rate of 5.58%.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, OGS presents a compelling investment opportunity; it's not only an attractive dividend play, but the stock also boasts a strong Zacks Rank of #2 (Buy).

, /PRNewswire/ -- ONE Gas, Inc. (NYSE: OGS) will release its first quarter 2026 financial results after the market closes on Monday, May 4, 2026.

The ONE Gas executive management team will participate in a conference call the following day, Tuesday, May 5, 2026, at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time).

The call will also be carried live on the ONE Gas website.

Event:

ONE Gas first quarter 2026 earnings conference call and webcast

Date and Time:

May 5, 2026

11 a.m. Eastern, 10 a.m. Central

Phone Number:

Dial 800-715-9871, pass code 3280987

Webcast Access:

www.onegas.com/investors and select Events and Presentations

If you are unable to participate in the conference call or the webcast, the replay will be available on the ONE Gas website, www.onegas.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 1-800-770-2030, pass code 3280987.

ONE Gas, Inc. (NYSE: OGS) is a 100-percent regulated natural gas utility, and trades on the New York Stock Exchange and the NYSE Texas under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.

Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.

For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: @ONEGas, Facebook, LinkedIn and YouTube.

Analyst Contact:

Erin Dailey

918-947-7411

Media Contact:

Leah Harper

918-947-7123

SOURCE ONE Gas, Inc.

Key Takeaways SWX emerges ahead of OGS on earnings outlook, capex scale, debt levels and recent stock performance. SWX's EPS is seen at $4.26 for 2026 and $4.82 for 2027; OGS at $4.73 and $4.94 with slower growth rates. OGS has a higher ROE of 8.24% and 3.06% yield, while SWX holds lower 46.97% debt and a $6.3B capex plan. The companies in the Zacks Utility - Gas Distribution industry offer services to transport natural gas from the region of production to millions of consumers across the United States. These utilities operate through extensive underground pipeline networks that deliver gas to millions of residential, commercial and industrial consumers. The regulated framework enables the companies to recover expenses through approved rate hikes and enhance shareholders’ value through dividends and buybacks.

The demand for natural gas is rising in the United States due to its clean-burning nature, which helps reduce emissions. Utilities utilize the widespread transmission and distribution lines and interstate pipelines to meet the demand from all customer groups.

Amid the rising importance of gas distribution, let us discuss ONE Gas, Inc. (OGS - Free Report) and Southwest Gas (SWX - Free Report) , two regulated utilities gaining from the rise in natural gas demand and major infrastructure development investments, making them comparable in the utility space.

ONE Gas, with its fully-regulated natural gas distribution framework, efficiently serves 2.3 million customers and supports rising residential demand. OGS manages 45,400 miles of natural gas distribution and transmission pipelines, and has 60.8 billion cubic feet (Bcf) of storage capacity. Its systematic capital investments in infrastructure development help maintain service reliability while enhancing operational efficiency and supporting long-term financial growth.

Southwest Gas is recognized as a regulated natural gas utility that serves 2.28 million customers and supports an expanding customer base, driven by regional economic development. SWX manages its operating pipeline transmission system through its wholly-owned subsidiary, Paiute Pipeline Company. It delivers natural gas to priority residential customers through Southwest Gas Holdings, Inc., under state regulatory commission guidelines. The company undertakes strategic capital investment to strengthen infrastructure, ensure consistent delivery across its expanding customer base and support long-term growth.

ONE Gas, Inc. and Southwest Gas are among the leading utilities. Examining their fundamentals side by side can reveal which stock presents the most attractive investment opportunity.

OGS & SWX’s Earnings Growth ProjectionsThe Zacks Consensus Estimate for SWX’s earnings per share is pegged at $4.26 for 2026 and $4.82 for 2027, suggesting year-over-year growth of 16.71% and 13.15%, respectively.  SWX’s long-term (three to five years) earnings growth is pinned at 9.16%.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for OGS’s earnings per share is pegged at $4.73 for 2026 and $4.94 for 2027, suggesting year-over-year growth of 5.58% and 4.40%, respectively.  OGS’s long-term earnings growth is pinned at 8.11%.

Image Source: Zacks Investment Research

Debt to CapitalThe Zacks Utilities sector is a capital-intensive one and regular investment is required for infrastructure upgradation and maintenance to manage the operations efficiently, enhance reliability and support growing demand. These utilities combine internally generated cash flows with borrowed funds from capital markets to finance long-term investments, ensuring steady growth and reliable service delivery.

Southwest Gas’ debt-to-capital currently stands at 46.97% compared with ONE Gas’ 49.51%. Both companies are using debt to fund their business. Both SWX and OGS’s debt levels are lower than the industry’s 55.08%, with OGS higher, indicating a greater reliance on borrowed funds.

Image Source: Zacks Investment Research

ROEReturn on Equity (“ROE”) plays a significant role in measuring financial performance. It indicates how efficiently a company utilizes shareholders’ funds to generate returns. ROE reflects management's efficiency in using capital to grow earnings and enhance shareholder value.

ONE Gas’ current ROE is 8.24%, outperforming Southwest Gas, which reports a lower ROE of 6.62%. OGS utilizes shareholder capital more efficiently and generates higher profits, though both companies’ returns remain below the industry average of 9.31%.

OGS & SWX’s Dividend YieldDividends are regular payments distributed by a utility company to reward its shareholders and provide a direct return on their investment. It reflects the company’s financial stability, indicates strong cash flow and consistent earnings.

Currently, the dividend yield for ONE Gas is 3.06%, whereas that for Southwest Gas is 2.71%. The dividend yields for both companies are higher than the S&P 500’s yield of 1.39%

Capital Investment PlansUtilities operation is capital-intensive as huge funds are required for infrastructure development, enhancing system reliability and maintaining the existing assets. Natural gas distribution utility requires continuous investment to maintain and upgrade pipelines, storage facilities and delivery infrastructure, ensuring safety and reliable customer service.

Southwest Gas aims to invest $6.3 billion in 2026-2030 to enhance service reliability for its expanding customer base and support infrastructure development. ONE Gas plans to invest $800-$900 million annually through 2030, totaling $4.3 billion over five years, supporting the company’s Vintage Pipeline Replacement Program and rate base growth.

Price PerformanceSouthwest Gas shares have gained 17.4% in the past six months compared with ONE Gas’s 9% rally.

Image Source: Zacks Investment Research

Summing UpONE Gas and Southwest Gas both gain from rising natural gas demand, expanding customer base, new rates and are making substantial infrastructure investments to serve millions of customers across the United States.

Southwest Gas’ stronger earnings estimate revisions, wider capital expenditure plan, lower debt-to-capital ratio and better price performance make it a more attractive choice in the utility sector.

Based on the above discussion, Southwest Gas currently has an edge over ONE Gas, though both presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.

Below are the ratings of the most accurate analysts for three high-yielding stocks in the utilities sector.

Alliant Energy Corp (NASDAQ:LNT)CMS Energy Corp (NYSE:CMS)ONE Gas Inc (NYSE:OGS)Photo via Shutterstock

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Wall Street expects a year-over-year increase in earnings on higher revenues when Atmos Energy (ATO - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on May 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis natural gas utility is expected to post quarterly earnings of $3.36 per share in its upcoming report, which represents a year-over-year change of +10.9%.

Revenues are expected to be $2.22 billion, up 13.7% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Atmos?For Atmos, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.20%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination indicates that Atmos will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Atmos would post earnings of $2.41 per share when it actually produced earnings of $2.44, delivering a surprise of +1.24%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Atmos appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Utility - Gas Distribution industry, ONE Gas (OGS - Free Report) , is soon expected to post earnings of $2.13 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +7.6%. This quarter's revenue is expected to be $961.01 million, up 2.8% from the year-ago quarter.

The consensus EPS estimate for ONE Gas has been revised 10.2% lower over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +0.16%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that ONE Gas will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

ONE Gas (OGS - Free Report) came out with quarterly earnings of $2.11 per share, missing the Zacks Consensus Estimate of $2.13 per share. This compares to earnings of $1.98 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -0.79%. A quarter ago, it was expected that this natural gas distribution would post earnings of $1.42 per share when it actually produced earnings of $1.48, delivering a surprise of +4.23%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

ONE Gas, which belongs to the Zacks Utility - Gas Distribution industry, posted revenues of $831.71 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 13.18%. This compares to year-ago revenues of $935.19 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

ONE Gas shares have added about 15.1% since the beginning of the year versus the S&P 500's gain of 5.6%.

What's Next for ONE Gas?While ONE Gas has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for ONE Gas was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.60 on $457.84 million in revenues for the coming quarter and $4.78 on $2.56 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Gas Distribution is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

UGI (UGI - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.

This natural gas and electric utilities operator. is expected to post quarterly earnings of $2.27 per share in its upcoming report, which represents a year-over-year change of +2.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

UGI's revenues are expected to be $3.13 billion, up 17.4% from the year-ago quarter.

ONE Gas, Inc. (OGS) Q1 2026 Earnings Call Transcript

, /PRNewswire/ -- ONE Gas, Inc. (NYSE: OGS) today announced it will participate in the American Gas Association Financial Forum, May 17-19, 2026, in Scottsdale, Arizona.

Robert S. McAnnally, chief executive officer, Curtis Dinan, president and chief operating officer, and Christopher Sighinolfi, senior vice president and chief financial officer, will be conducting a series of meetings with members of the investment community.

The materials utilized during the conference are accessible on the ONE Gas website, www.onegas.com/investors/events-and-presentations.

ONE Gas, Inc. (NYSE: OGS) is a 100-percent regulated natural gas utility, and trades on the New York Stock Exchange and the NYSE Texas under the symbol "OGS." ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.

Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.

For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: @ONEGas, Facebook, LinkedIn and YouTube.

Analyst Contact:

Erin Dailey

918-947-7411

Media Contact:

Leah Harper

918-947-7123

SOURCE ONE Gas, Inc.