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Canadian (TSX) Energy Sector Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies198
  • 7D3.9%
  • 3M18.2%
  • 1Y36.9%
  • YTD17.5%

In the last week, the Energy industry is up 1.0%, with Canadian Natural Resources up 7.0%. In the same time, Advantage Energy was down 6.0%. This means that the industry has gained 37% over the past year. Earnings are forecast to grow by 7.9% annually.

Sector Valuation and Performance

Has the Canadian Energy Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Feb 2026CA$898.2bCA$375.5bCA$40.2b16.8x22.3x2.4x
Sun, 18 Jan 2026CA$816.3bCA$377.4bCA$39.4b14.9x20.7x2.2x
Tue, 16 Dec 2025CA$775.9bCA$379.2bCA$39.6b13.9x19.6x2x
Thu, 13 Nov 2025CA$785.7bCA$382.6bCA$39.2b14.2x20x2.1x
Sat, 11 Oct 2025CA$781.3bCA$411.0bCA$44.9b11.9x17.4x1.9x
Mon, 08 Sep 2025CA$738.9bCA$410.8bCA$44.9b11.5x16.5x1.8x
Wed, 06 Aug 2025CA$713.5bCA$412.7bCA$44.7b11.4x16x1.7x
Fri, 04 Jul 2025CA$698.8bCA$414.1bCA$43.8b12.1x16x1.7x
Sun, 01 Jun 2025CA$675.5bCA$414.2bCA$43.9b11.5x15.4x1.6x
Tue, 29 Apr 2025CA$653.9bCA$406.4bCA$39.8b10.2x16.4x1.6x
Thu, 27 Mar 2025CA$700.0bCA$406.9bCA$39.2b12.9x17.9x1.7x
Sat, 22 Feb 2025CA$672.0bCA$408.2bCA$40.9b10.9x16.4x1.6x
Mon, 20 Jan 2025CA$714.8bCA$408.2bCA$46.2b10.8x15.5x1.8x
Wed, 18 Dec 2024CA$682.8bCA$408.1bCA$46.2b10.3x14.8x1.7x
Fri, 15 Nov 2024CA$702.9bCA$407.6bCA$46.8b10.4x15x1.7x
Sun, 13 Oct 2024CA$713.1bCA$405.7bCA$44.9b10.6x15.9x1.8x
Tue, 10 Sep 2024CA$648.3bCA$405.9bCA$45.0b10.3x14.4x1.6x
Thu, 08 Aug 2024CA$647.7bCA$405.1bCA$45.9b9.9x14.1x1.6x
Sat, 06 Jul 2024CA$671.8bCA$394.4bCA$45.2b11x14.9x1.7x
Mon, 03 Jun 2024CA$691.5bCA$394.4bCA$45.2b11.4x15.3x1.8x
Wed, 01 May 2024CA$676.0bCA$397.6bCA$50.0b9.1x13.5x1.7x
Fri, 29 Mar 2024CA$660.3bCA$395.4bCA$50.0b9.8x13.2x1.7x
Sun, 25 Feb 2024CA$630.0bCA$409.9bCA$54.4b7.5x11.6x1.5x
Tue, 23 Jan 2024CA$605.6bCA$414.4bCA$49.0b6.6x12.4x1.5x
Thu, 21 Dec 2023CA$613.2bCA$414.2bCA$48.9b6.6x12.5x1.5x
Sat, 18 Nov 2023CA$622.4bCA$415.3bCA$49.1b6.8x12.7x1.5x
Mon, 16 Oct 2023CA$643.2bCA$428.5bCA$56.8b6.5x11.3x1.5x
Wed, 13 Sep 2023CA$628.0bCA$428.4bCA$56.8b6.8x11.1x1.5x
Fri, 11 Aug 2023CA$611.1bCA$432.9bCA$58.7b6.7x10.4x1.4x
Sun, 09 Jul 2023CA$568.5bCA$463.1bCA$68.6b5.6x8.3x1.2x
Tue, 06 Jun 2023CA$573.1bCA$463.5bCA$68.7b5x8.3x1.2x
Thu, 04 May 2023CA$566.1bCA$470.8bCA$70.3b5.2x8x1.2x
Sat, 01 Apr 2023CA$576.4bCA$474.1bCA$70.7b5.2x8.2x1.2x
Mon, 27 Feb 2023CA$600.6bCA$467.0bCA$73.6b5.5x8.2x1.3x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$600.6bTotal Earnings: CA$73.6bTotal Revenue: CA$467.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.9x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Energy industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 22.3x which is higher than its 3-year average PE of 17.9x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 18% per year over the last three years,
  • Revenues have also declined 7.0% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Canadian Energy sector?

CA Market2.64%
Energy3.94%
Energy Services7.60%
Oil and Gas3.86%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.1x.
    • Analysts are expecting annual earnings growth of 7.6%, which is higher than its past year's earnings decline of 2.3% per year.
  • Investors are most pessimistic about the Energy Services industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 12.6x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings decline of 10% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 7.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CNQ Canadian Natural ResourcesCA$58.237.0%
+CA$7.9b		33.9%PE18.2x
CVE Cenovus EnergyCA$31.689.1%
+CA$4.8b		46.3%PE19.1x
IMO Imperial OilCA$167.976.0%
+CA$4.6b		62.6%PE24.9x
SU Suncor EnergyCA$77.773.8%
+CA$3.4b		36.6%PE15.6x
TRP TC EnergyCA$85.632.4%
+CA$2.1b		32.8%PE24.7x

Latest News

PLSR
CA$1.57
Pulsar Helium
7D
-14.2%
1Y
190.7%
WCP
CA$13.77
Whitecap Resources
7D
6.1%
1Y
37.0%

WCP: Updated Fair Value And P/E Will Support Balanced Long Term Outlook

Analysts have nudged their price target on Whitecap Resources slightly higher to CA$14.03 from CA$13.94. This reflects updated assumptions around fair value, discount rate and future P/E, while keeping revenue growth and profit margin expectations broadly consistent.
RGSI
CA$27.68
Rockpoint Gas Storage
7D
-4.6%
1Y
n/a
EATH
CA$0.55
New Earth Resources
7D
-57.4%
1Y
450.0%
ENB
CA$70.65
Enbridge
7D
0.04%
1Y
18.8%

ENB: Future Returns Will Rely On Gas Utility Execution And Dividend Progress

Analysts have nudged their fair value estimates for Enbridge higher. Our updated framework aligns to a CA$1.10 increase in modeled fair value to CA$71.98, as several firms raised price targets into the CA$72 to CA$77 range while citing improved visibility on long term growth, recent deal activity, and stronger valuation support, despite some downgrades following the stock's recent rally.
CNQ
CA$58.23
Canadian Natural Resources
7D
7.0%
1Y
33.9%

CNQ: Capital Program And Asset Deal Will Shape Future Cash Returns

Analysts have trimmed their average price target on Canadian Natural Resources by about CA$1. This reflects updated views on fair value, a slightly higher discount rate, softer expected revenue trends, lower projected profit margins, and a higher assumed future P/E multiple in light of planned capital spending and its potential impact on near term cash returns.
MER
CA$2.25
Meren Energy
7D
-0.9%
1Y
19.0%
TRP
CA$85.63
TC Energy
7D
2.4%
1Y
32.8%
CCO
CA$163.11
Cameco
7D
3.0%
1Y
147.4%
SGQ
CA$0.35
SouthGobi Resources
7D
-14.6%
1Y
-41.7%

SouthGobi Resources Ltd. (CVE:SGQ) Not Doing Enough For Some Investors As Its Shares Slump 31%

Feb 15
SouthGobi Resources Ltd. (CVE:SGQ) Not Doing Enough For Some Investors As Its Shares Slump 31%
CVE
CA$31.68
Cenovus Energy
7D
9.1%
1Y
46.3%
SU
CA$77.77
Suncor Energy
7D
3.8%
1Y
36.6%

SU: Investor Day And P/E Repricing Will Frame Fairly Balanced Outlook

Analysts have raised their CA$68.05 fair value estimate for Suncor Energy to CA$74.40, citing recent price target increases from several firms, updated assumptions for a higher future P/E of about 19x, and revised expectations for revenue trends and profit margins. Analyst Commentary Recent research updates show a mix of optimism and caution around Suncor Energy, with several price target changes and refreshed views on valuation and execution.
IMO
CA$167.97
Imperial Oil
7D
6.0%
1Y
62.6%

IMO: Future Returns Will Likely Weaken Versus C$115 Fair Value Estimate

Narrative Update Analysts have nudged their fair value estimate for Imperial Oil up from C$113 to about C$115.41. This reflects recent adjustments to sector price targets that factor in updated 2025 guidance and early 2026 commentary, while continuing to see gas as relatively more attractive than oil.
AAV
CA$10.73
Advantage Energy
7D
-6.0%
1Y
9.0%

AAV: Higher Required Returns Will Still Support Bullish Long Term Outlook

Analysts have trimmed their price target for Advantage Energy to about $14.73 from roughly $14.82, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E expectations. Valuation Changes Fair Value: Trimmed slightly to CA$14.73 from CA$14.82, reflecting modest model adjustments.
NXE
CA$16.89
NexGen Energy
7D
7.6%
1Y
102.0%
SNM
CA$0.23
ShaMaran Petroleum
7D
-2.1%
1Y
35.3%