Feed / OGS

ONE Gas, Inc.

OGS

Utilities · 78.19 -1.1% today

Partial group confirmationMarket checked 10 Sept, 15:55 GMT-4

Market read

ONE Gas, Inc.'s move is being confirmed by its market group.

OGS accounts for 24.9% of the group's measured movement across 3.6 effective names. raw member direction is mixed; 6 of 7 session-normalized paths align to the downside. Capital-flow agreement is 6%, so confirmation is not yet clean. No verified headline preceded the measured group move.

MOVE ANATOMY

Is this move genuinely shared?

Session-normalized 5m paths
Role in the moveAligned contributor#2 of 7 by movement share
Group movement share24.9%Absolute path energy—not portfolio weight
Relative path-1.15%aligned
Effective breadth3.6 / 7balanced
Relative alignment6/7downside path · 0 counter-moving
Capital-flow agreement6%not yet clean
SEQUENCE READ

SUN moved materially before OGS. OGS crossed its material path threshold at 15:35 ET. MNR, NWN, SR followed.

EVIDENCE COVERAGE

5 of 7 members in Natural Gas Exposure are active. 0 of 2 disclosed connections are confirming.

What would change this read
  • At least 5 of 7 durable members become active together.
  • Capital-flow agreement rises above 55%.
  • A filing-linked outsider such as SWX begins moving with the group.

Invalidation: The live read weakens if participation falls to 2 of 7 members or fewer.

Watch this read

Research brief

The story so far

Utilities · Utilities - Regulated Gas

OGS accounts for 24.9% of the group's measured movement across 3.6 effective names. raw member direction is mixed; 6 of 7 session-normalized paths align to the downside. Capital-flow agreement is 6%, so confirmation is not yet clean. No verified headline preceded the measured group move.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • At least 5 of 7 durable members become active together.
  • Capital-flow agreement rises above 55%.
  • A filing-linked outsider such as SWX begins moving with the group.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods7
Price observations327
Usable filing statements25
Verified relationships2
Evidence supporting the case
  • Latest annual revenue changed +42.5% year over year.
  • Operating cash flow covered net income at 7.08x in the latest annual period.
Evidence challenging the case
  • Operating margin changed -3.6 percentage points in the latest annual period.
  • Net margin changed -2.8 percentage points in the latest annual period.
Questions before a position
  • EV/sales is 29% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

78.19
6m-9.2%12m+4.7%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2018-12-31$1.6B+6.1%$3.25+0.1%
2019-12-31$1.7B+1.2%$3.51+0.4%
2020-12-31$1.5B-7.4%$3.68+0.2%
2021-12-31$1.8B+18.2%$3.85+0.6%
2022-12-31$2.6B+42.5%$4.08+1.2%

What management says matters

Persistent and emerging business drivers

Energy and commodity pricesmixed · 4 filings
Our stable cash flow and earnings profile is due to the significant residential component of our customer base, the fixed-charge component of our natural gas sales revenues, and the rate mechanisms that we have in place.
10-Q · May 5, 2026
Legal and regulatory exposurenegative · 4 filings
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.
10-Q · May 5, 2026
Supply chain and availabilitymixed · 4 filings
Our stable cash flow and earnings profile is due to the significant residential component of our customer base, the fixed-charge component of our natural gas sales revenues, and the rate mechanisms that we have in place.
10-Q · May 5, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 1.6× · EV/sales 2.7×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

78.19-1.1% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for OGS. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for OGS. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind OGS

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

OKEONEOK, Inc.supplierFeb 19, 2026

We are the successor to the company founded in 1906 as Oklahoma Natural Gas Company, which became ONEOK, Inc.

TRGPTarga Resources Corp.partnerFeb 19, 2026

Gregory 55 2025 to present Senior Vice President, General Counsel and Assistant Secretary 2020 to 2024 Executive Vice President, General Counsel and Corporate Secretary, Targa Resources Corp.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

OGS is currently a Early Follower in the organic co-movement group Natural Gas Exposure. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.