Intrinsic value of ONE Gas - OGS

Previous Close

$76.13

  Intrinsic Value

$14.88

stock screener

  Rating & Target

str. sell

-80%

Previous close

$76.13

 
Intrinsic value

$14.88

 
Up/down potential

-80%

 
Rating

str. sell

We calculate the intrinsic value of OGS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  1,662
  1,788
  1,920
  2,056
  2,198
  2,346
  2,499
  2,659
  2,825
  2,998
  3,178
  3,366
  3,562
  3,766
  3,979
  4,202
  4,435
  4,678
  4,932
  5,198
  5,476
  5,767
  6,072
  6,391
  6,726
  7,076
  7,443
  7,828
  8,231
  8,654
Variable operating expenses, $m
  1,184
  1,272
  1,365
  1,461
  1,560
  1,664
  1,772
  1,884
  2,001
  2,122
  2,233
  2,365
  2,503
  2,646
  2,796
  2,953
  3,116
  3,287
  3,466
  3,653
  3,848
  4,053
  4,267
  4,491
  4,726
  4,973
  5,230
  5,501
  5,784
  6,081
Fixed operating expenses, $m
  91
  93
  95
  97
  99
  101
  104
  106
  108
  111
  113
  116
  118
  121
  123
  126
  129
  132
  135
  138
  141
  144
  147
  150
  153
  157
  160
  164
  167
  171
Total operating expenses, $m
  1,275
  1,365
  1,460
  1,558
  1,659
  1,765
  1,876
  1,990
  2,109
  2,233
  2,346
  2,481
  2,621
  2,767
  2,919
  3,079
  3,245
  3,419
  3,601
  3,791
  3,989
  4,197
  4,414
  4,641
  4,879
  5,130
  5,390
  5,665
  5,951
  6,252
Operating income, $m
  387
  423
  460
  498
  538
  580
  623
  669
  716
  765
  832
  885
  941
  999
  1,059
  1,123
  1,189
  1,259
  1,331
  1,408
  1,487
  1,571
  1,658
  1,750
  1,846
  1,947
  2,052
  2,163
  2,279
  2,401
EBITDA, $m
  838
  906
  978
  1,052
  1,129
  1,209
  1,293
  1,380
  1,470
  1,565
  1,663
  1,765
  1,872
  1,984
  2,100
  2,222
  2,349
  2,482
  2,622
  2,767
  2,920
  3,079
  3,247
  3,422
  3,605
  3,798
  3,999
  4,211
  4,433
  4,665
Interest expense (income), $m
  42
  84
  98
  112
  127
  142
  159
  175
  193
  211
  230
  250
  270
  292
  314
  337
  361
  387
  413
  441
  470
  500
  532
  565
  600
  636
  674
  714
  756
  799
  845
Earnings before tax, $m
  303
  325
  348
  371
  396
  421
  448
  476
  505
  535
  582
  615
  649
  685
  722
  762
  803
  846
  891
  938
  987
  1,039
  1,093
  1,150
  1,210
  1,273
  1,338
  1,407
  1,480
  1,556
Tax expense, $m
  82
  88
  94
  100
  107
  114
  121
  128
  136
  144
  157
  166
  175
  185
  195
  206
  217
  228
  240
  253
  267
  281
  295
  311
  327
  344
  361
  380
  400
  420
Net income, $m
  222
  237
  254
  271
  289
  308
  327
  347
  368
  390
  425
  449
  474
  500
  527
  556
  586
  617
  650
  685
  721
  758
  798
  840
  883
  929
  977
  1,027
  1,080
  1,136

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,614
  6,041
  6,485
  6,946
  7,426
  7,924
  8,442
  8,982
  9,543
  10,127
  10,736
  11,371
  12,032
  12,722
  13,443
  14,195
  14,981
  15,803
  16,662
  17,560
  18,500
  19,484
  20,514
  21,592
  22,722
  23,905
  25,145
  26,445
  27,807
  29,236
Adjusted assets (=assets-cash), $m
  5,614
  6,041
  6,485
  6,946
  7,426
  7,924
  8,442
  8,982
  9,543
  10,127
  10,736
  11,371
  12,032
  12,722
  13,443
  14,195
  14,981
  15,803
  16,662
  17,560
  18,500
  19,484
  20,514
  21,592
  22,722
  23,905
  25,145
  26,445
  27,807
  29,236
Revenue / Adjusted assets
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
Average production assets, $m
  4,347
  4,678
  5,021
  5,379
  5,750
  6,136
  6,537
  6,955
  7,389
  7,842
  8,313
  8,805
  9,317
  9,851
  10,409
  10,992
  11,601
  12,237
  12,902
  13,598
  14,325
  15,087
  15,885
  16,720
  17,594
  18,511
  19,471
  20,477
  21,532
  22,638
Working capital, $m
  28
  30
  33
  35
  37
  40
  42
  45
  48
  51
  54
  57
  61
  64
  68
  71
  75
  80
  84
  88
  93
  98
  103
  109
  114
  120
  127
  133
  140
  147
Total debt, $m
  1,807
  2,073
  2,350
  2,638
  2,937
  3,248
  3,572
  3,908
  4,258
  4,623
  5,003
  5,399
  5,812
  6,242
  6,692
  7,162
  7,652
  8,165
  8,701
  9,261
  9,848
  10,462
  11,104
  11,777
  12,482
  13,220
  13,994
  14,805
  15,655
  16,547
Total liabilities, $m
  3,503
  3,770
  4,047
  4,334
  4,634
  4,945
  5,268
  5,605
  5,955
  6,319
  6,699
  7,095
  7,508
  7,939
  8,388
  8,858
  9,348
  9,861
  10,397
  10,958
  11,544
  12,158
  12,801
  13,474
  14,178
  14,917
  15,691
  16,502
  17,352
  18,243
Total equity, $m
  2,111
  2,271
  2,438
  2,612
  2,792
  2,979
  3,174
  3,377
  3,588
  3,808
  4,037
  4,275
  4,524
  4,784
  5,055
  5,337
  5,633
  5,942
  6,265
  6,603
  6,956
  7,326
  7,713
  8,119
  8,543
  8,988
  9,455
  9,943
  10,456
  10,993
Total liabilities and equity, $m
  5,614
  6,041
  6,485
  6,946
  7,426
  7,924
  8,442
  8,982
  9,543
  10,127
  10,736
  11,370
  12,032
  12,723
  13,443
  14,195
  14,981
  15,803
  16,662
  17,561
  18,500
  19,484
  20,514
  21,593
  22,721
  23,905
  25,146
  26,445
  27,808
  29,236
Debt-to-equity ratio
  0.860
  0.910
  0.960
  1.010
  1.050
  1.090
  1.130
  1.160
  1.190
  1.210
  1.240
  1.260
  1.280
  1.300
  1.320
  1.340
  1.360
  1.370
  1.390
  1.400
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
Adjusted equity ratio
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376
  0.376

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  222
  237
  254
  271
  289
  308
  327
  347
  368
  390
  425
  449
  474
  500
  527
  556
  586
  617
  650
  685
  721
  758
  798
  840
  883
  929
  977
  1,027
  1,080
  1,136
Depreciation, amort., depletion, $m
  450
  484
  518
  554
  591
  629
  670
  711
  755
  800
  831
  880
  932
  985
  1,041
  1,099
  1,160
  1,224
  1,290
  1,360
  1,433
  1,509
  1,588
  1,672
  1,759
  1,851
  1,947
  2,048
  2,153
  2,264
Funds from operations, $m
  672
  721
  772
  825
  880
  937
  997
  1,059
  1,123
  1,190
  1,256
  1,329
  1,406
  1,485
  1,568
  1,655
  1,746
  1,841
  1,940
  2,044
  2,153
  2,267
  2,387
  2,512
  2,643
  2,780
  2,924
  3,075
  3,234
  3,400
Change in working capital, $m
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
Cash from operations, $m
  670
  719
  770
  822
  877
  935
  994
  1,056
  1,120
  1,187
  1,253
  1,326
  1,402
  1,482
  1,565
  1,651
  1,742
  1,837
  1,936
  2,040
  2,148
  2,262
  2,381
  2,506
  2,637
  2,774
  2,918
  3,069
  3,227
  3,393
Maintenance CAPEX, $m
  -403
  -435
  -468
  -502
  -538
  -575
  -614
  -654
  -695
  -739
  -784
  -831
  -880
  -932
  -985
  -1,041
  -1,099
  -1,160
  -1,224
  -1,290
  -1,360
  -1,433
  -1,509
  -1,588
  -1,672
  -1,759
  -1,851
  -1,947
  -2,048
  -2,153
New CAPEX, $m
  -319
  -331
  -344
  -357
  -371
  -386
  -401
  -418
  -435
  -452
  -471
  -491
  -512
  -535
  -558
  -583
  -609
  -636
  -665
  -696
  -728
  -762
  -797
  -835
  -875
  -916
  -960
  -1,006
  -1,055
  -1,106
Cash from investing activities, $m
  -722
  -766
  -812
  -859
  -909
  -961
  -1,015
  -1,072
  -1,130
  -1,191
  -1,255
  -1,322
  -1,392
  -1,467
  -1,543
  -1,624
  -1,708
  -1,796
  -1,889
  -1,986
  -2,088
  -2,195
  -2,306
  -2,423
  -2,547
  -2,675
  -2,811
  -2,953
  -3,103
  -3,259
Free cash flow, $m
  -52
  -47
  -42
  -37
  -32
  -26
  -21
  -15
  -10
  -4
  -2
  3
  9
  15
  22
  28
  34
  41
  47
  54
  61
  68
  75
  83
  90
  98
  107
  115
  124
  133
Issuance/(repayment) of debt, $m
  256
  267
  277
  288
  299
  311
  323
  336
  350
  365
  380
  396
  413
  431
  450
  470
  490
  513
  536
  561
  587
  614
  643
  673
  705
  738
  774
  811
  850
  891
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  256
  267
  277
  288
  299
  311
  323
  336
  350
  365
  380
  396
  413
  431
  450
  470
  490
  513
  536
  561
  587
  614
  643
  673
  705
  738
  774
  811
  850
  891
Total cash flow (excl. dividends), $m
  204
  220
  235
  251
  267
  285
  302
  321
  340
  361
  377
  399
  422
  446
  471
  497
  525
  553
  583
  615
  647
  682
  718
  756
  795
  837
  880
  926
  974
  1,025
Retained Cash Flow (-), $m
  -151
  -161
  -167
  -173
  -180
  -187
  -195
  -203
  -211
  -220
  -229
  -239
  -249
  -260
  -271
  -283
  -296
  -309
  -323
  -338
  -353
  -370
  -387
  -405
  -425
  -445
  -466
  -489
  -512
  -537
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  45
  47
  49
Cash available for distribution, $m
  53
  59
  68
  77
  87
  97
  108
  118
  129
  141
  148
  161
  173
  187
  200
  214
  229
  244
  260
  277
  294
  312
  331
  350
  371
  392
  414
  437
  462
  488
Discount rate, %
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
  49
  51
  54
  56
  56
  56
  55
  53
  50
  47
  42
  38
  34
  29
  25
  21
  17
  14
  11
  9
  7
  5
  3
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

ONE Gas, Inc. is a regulated natural gas distribution utility in the United States. The Company provides natural gas distribution services. The Company distributes natural gas in Oklahoma, Kansas and Texas. The Company serves residential, commercial and industrial, transportation and wholesale and public authority customers. The Company's natural gas distribution markets in terms of customers are Oklahoma City and Tulsa, Oklahoma; Kansas City, Wichita and Topeka, Kansas, and Austin and El Paso, Texas. As of December 31, 2016, its three divisions, Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service, distribute natural gas to approximately 88%, 72% and 13% of the natural gas distribution customers in Oklahoma, Kansas and Texas, respectively. As of December 31, 2016, the Company had 50.4 billion cubic feet (Bcf) of natural gas storage capacity under lease with remaining terms ranging from 1 to 10 years and maximum allowable daily withdrawal capacity of approximately 1.3 Bcf.

FINANCIAL RATIOS  of  ONE Gas (OGS)

Valuation Ratios
P/E Ratio 28.4
Price to Sales 2.8
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow -147.4
Growth Rates
Sales Growth Rate -7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.1%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 63.1%
Total Debt to Equity 70.8%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 7.5%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 62%
Gross Margin - 3 Yr. Avg. 54%
EBITDA Margin 28.8%
EBITDA Margin - 3 Yr. Avg. 23.5%
Operating Margin 18.9%
Oper. Margin - 3 Yr. Avg. 15.6%
Pre-Tax Margin 15.8%
Pre-Tax Margin - 3 Yr. Avg. 12.7%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 37.8%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 52.1%

OGS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OGS stock intrinsic value calculation we used $1540 million for the last fiscal year's total revenue generated by ONE Gas. The default revenue input number comes from 2017 income statement of ONE Gas. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our OGS stock valuation model: a) initial revenue growth rate of 7.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.5%, whose default value for OGS is calculated based on our internal credit rating of ONE Gas, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ONE Gas.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of OGS stock the variable cost ratio is equal to 71.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $89 million in the base year in the intrinsic value calculation for OGS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for ONE Gas.

Corporate tax rate of 27% is the nominal tax rate for ONE Gas. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the OGS stock is equal to 0.6%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for OGS are equal to 261.6%.

Life of production assets of 10 years is the average useful life of capital assets used in ONE Gas operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for OGS is equal to 1.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1960 million for ONE Gas - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53 million for ONE Gas is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ONE Gas at the current share price and the inputted number of shares is $4.0 billion.

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COMPANY NEWS

▶ 3 Defensive Stocks to Weather an Uncertain Market   [May-11-18 02:33PM  Investopedia]
▶ ONE Gas: 1Q Earnings Snapshot   [Apr-30-18 05:52PM  Associated Press]
▶ ONE Gas, Inc. to Host Earnings Call   [09:55AM  ACCESSWIRE]
▶ ONE Gas misses 4Q profit forecasts   [Feb-21-18 07:29PM  Associated Press]
▶ ONE Gas Increases Quarterly Dividend   [Jan-16-18 04:30PM  PR Newswire]
▶ ETFs with exposure to ONE Gas, Inc. : December 28, 2017   [Dec-28-17 12:34PM  Capital Cube]
▶ ONE Gas to Present at Jefferies 2017 Energy Conference   [Nov-20-17 04:05PM  PR Newswire]
▶ ETFs with exposure to ONE Gas, Inc. : November 14, 2017   [Nov-14-17 02:39PM  Capital Cube]
▶ ETFs with exposure to ONE Gas, Inc. : November 3, 2017   [Nov-03-17 12:25PM  Capital Cube]
▶ ONE Gas, Inc. to Host Earnings Call   [Oct-31-17 08:50AM  ACCESSWIRE]
▶ ONE Gas beats 3Q profit forecasts   [Oct-30-17 06:11PM  Associated Press]
▶ ETFs with exposure to ONE Gas, Inc. : October 12, 2017   [Oct-12-17 10:47AM  Capital Cube]
▶ ETFs with exposure to ONE Gas, Inc. : August 31, 2017   [Aug-31-17 07:51PM  Capital Cube]
▶ ONE Gas misses 2Q profit forecasts   [Jul-31-17 10:00PM  Associated Press]
▶ ONE Gas Declares Quarterly Dividend   [Jul-24-17 04:05PM  PR Newswire]
▶ ONE Gas, Inc. Value Analysis (NYSE:OGS) : July 3, 2017   [Jul-03-17 04:43PM  Capital Cube]
▶ ONE Gas to Participate in Jefferies Utilities Summit   [Jun-12-17 04:05PM  PR Newswire]
▶ Utility Industry Outlook - May 2017   [May-18-17 02:25PM  Zacks]
▶ ETFs with exposure to ONE Gas, Inc. : May 9, 2017   [May-09-17 04:54PM  Capital Cube]
▶ ONE Gas beats 1Q profit forecasts   [May-01-17 05:26PM  Associated Press]
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