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Why Is ONE Gas (OGS) Down 10.6% Since Last Earnings Report?
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It has been about a month since the last earnings report for ONE Gas (OGS - Free Report) . Shares have lost about 10.6% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is ONE Gas due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for ONE Gas, Inc. before we dive into how investors and analysts have reacted as of late.
ONE Gas Q1 Earnings & Revenues Miss Estimates, Sales Decline Y/Y
ONE Gas, Inc. reported first-quarter 2026 adjusted earnings per share (EPS) of $2.11, which missed the Zacks Consensus Estimate of $2.13 by 0.95%. The bottom line improved 6.03% from the year-ago quarter’s earnings.
OGS’ Revenues
ONE Gas recorded revenues of $831.7 million, which missed the Zacks Consensus Estimate of $958 million by 13.15%. The top line also decreased 11.07% from $935.2 million in the prior-year quarter.
Highlights of OGS’ Q1 Earnings Release
Total natural gas volumes delivered were 119.0 billion cubic feet, down 17.7% on a year-over-year basis. OGS served 2,315,000 customers, up 0.43% year over year.
Total operating expenses were $248.5 million, up 2.61% year over year. The increase in expenses was due to a rise in operations and maintenance expenses.
Operating income totaled $189.6 million, up 5.04% from $180.5 million recorded in the year-ago quarter.
OGS incurred net interest expenses of $32.4 million, down 9.35% on a year-over-year basis.
OGS’ Financial Highlights
As of March 31, 2026, OGS had cash and cash equivalents of $23 million compared with $33.7 million as of Dec. 31, 2025.
Total long-term debt (excluding current maturities) was $2.34 billion as of March 31, 2026, compared with $2.36 billion as of Dec. 31, 2025.
Cash provided by operating activities in the first three months of 2026 was $176.3 million compared with $277.5 million in the year-ago period.
In the first quarter of 2026, capital expenditures were $156.5 million compared with $166.6 million in the year-ago period.
OGS’ 2026 Guidance
OGS expects its 2026 adjusted net income to be in the range of $306-$314 million.
The company projects 2026 adjusted earnings to be in the range of $4.83 to $4.95 per share. The Zacks Consensus Estimate for EPS is pegged at $4.78, which is below the company’s guidance.
ONE Gas projects its long-term adjusted net income to grow by 7-9% and adjusted net income per diluted share growth of 5-7% in its five-year financial plan.
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?
Estimates review followed a downward path over the past two months.
The consensus estimate has shifted 5.88% due to these changes.
VGM Scores
Currently, ONE Gas has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. 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.
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Why Is ONE Gas (OGS) Down 10.6% Since Last Earnings Report?
It has been about a month since the last earnings report for ONE Gas (OGS - Free Report) . Shares have lost about 10.6% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is ONE Gas due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for ONE Gas, Inc. before we dive into how investors and analysts have reacted as of late.
ONE Gas Q1 Earnings & Revenues Miss Estimates, Sales Decline Y/Y
ONE Gas, Inc. reported first-quarter 2026 adjusted earnings per share (EPS) of $2.11, which missed the Zacks Consensus Estimate of $2.13 by 0.95%. The bottom line improved 6.03% from the year-ago quarter’s earnings.
OGS’ Revenues
ONE Gas recorded revenues of $831.7 million, which missed the Zacks Consensus Estimate of $958 million by 13.15%. The top line also decreased 11.07% from $935.2 million in the prior-year quarter.
Highlights of OGS’ Q1 Earnings Release
Total natural gas volumes delivered were 119.0 billion cubic feet, down 17.7% on a year-over-year basis. OGS served 2,315,000 customers, up 0.43% year over year.
Total operating expenses were $248.5 million, up 2.61% year over year. The increase in expenses was due to a rise in operations and maintenance expenses.
Operating income totaled $189.6 million, up 5.04% from $180.5 million recorded in the year-ago quarter.
OGS incurred net interest expenses of $32.4 million, down 9.35% on a year-over-year basis.
OGS’ Financial Highlights
As of March 31, 2026, OGS had cash and cash equivalents of $23 million compared with $33.7 million as of Dec. 31, 2025.
Total long-term debt (excluding current maturities) was $2.34 billion as of March 31, 2026, compared with $2.36 billion as of Dec. 31, 2025.
Cash provided by operating activities in the first three months of 2026 was $176.3 million compared with $277.5 million in the year-ago period.
In the first quarter of 2026, capital expenditures were $156.5 million compared with $166.6 million in the year-ago period.
OGS’ 2026 Guidance
OGS expects its 2026 adjusted net income to be in the range of $306-$314 million.
The company projects 2026 adjusted earnings to be in the range of $4.83 to $4.95 per share. The Zacks Consensus Estimate for EPS is pegged at $4.78, which is below the company’s guidance.
ONE Gas projects its long-term adjusted net income to grow by 7-9% and adjusted net income per diluted share growth of 5-7% in its five-year financial plan.
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?
Estimates review followed a downward path over the past two months.
The consensus estimate has shifted 5.88% due to these changes.
VGM Scores
Currently, ONE Gas has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. 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.