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Canadian (TSX) Energy Sector Analysis

UpdatedNov 18, 2025
DataAggregated Company Financials
Companies208
  • 7D0.8%
  • 3M11.2%
  • 1Y11.6%
  • YTD14.9%

The Energy is pretty flat in the last 7 days, but Canadian Natural Resources has stood out, gaining 4.8%. As for the the longer term, the industry is up 12% over the past 12 months. Earnings are forecast to grow by 8.8% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 19 Nov 2025CA$785.8bCA$378.9bCA$39.5b13.2x19.9x2.1x
Fri, 17 Oct 2025CA$770.3bCA$411.1bCA$44.9b11.7x17.2x1.9x
Sun, 14 Sep 2025CA$756.4bCA$410.8bCA$44.9b11.5x16.9x1.8x
Tue, 12 Aug 2025CA$716.7bCA$410.6bCA$45.4b10.7x15.8x1.7x
Thu, 10 Jul 2025CA$700.0bCA$414.2bCA$43.8b12.2x16x1.7x
Sat, 07 Jun 2025CA$684.7bCA$414.2bCA$43.8b12x15.6x1.7x
Mon, 05 May 2025CA$656.9bCA$407.2bCA$39.7b10.2x16.5x1.6x
Wed, 02 Apr 2025CA$694.9bCA$406.8bCA$39.7b12.8x17.5x1.7x
Fri, 28 Feb 2025CA$662.6bCA$408.5bCA$40.3b11x16.5x1.6x
Sun, 26 Jan 2025CA$715.8bCA$408.1bCA$46.2b10.7x15.5x1.8x
Tue, 24 Dec 2024CA$667.9bCA$408.2bCA$46.2b10.4x14.5x1.6x
Thu, 21 Nov 2024CA$719.8bCA$407.7bCA$46.7b10.7x15.4x1.8x
Sat, 19 Oct 2024CA$708.1bCA$405.7bCA$44.9b10.3x15.8x1.7x
Mon, 16 Sep 2024CA$644.5bCA$405.9bCA$45.0b10.2x14.3x1.6x
Wed, 14 Aug 2024CA$678.2bCA$405.4bCA$45.4b10.2x14.9x1.7x
Fri, 12 Jul 2024CA$662.5bCA$394.4bCA$45.2b10.9x14.7x1.7x
Sun, 09 Jun 2024CA$662.8bCA$394.4bCA$45.2b10.5x14.7x1.7x
Tue, 07 May 2024CA$684.5bCA$397.2bCA$48.6b9.4x14.1x1.7x
Thu, 04 Apr 2024CA$680.3bCA$395.4bCA$49.9b9.6x13.6x1.7x
Sat, 02 Mar 2024CA$623.4bCA$393.5bCA$50.8b7.9x12.3x1.6x
Mon, 29 Jan 2024CA$621.9bCA$414.4bCA$48.9b6.8x12.7x1.5x
Wed, 27 Dec 2023CA$613.4bCA$414.0bCA$48.9b6.6x12.6x1.5x
Fri, 24 Nov 2023CA$630.7bCA$414.9bCA$49.0b6.9x12.9x1.5x
Sun, 22 Oct 2023CA$640.2bCA$428.6bCA$56.8b6.7x11.3x1.5x
Tue, 19 Sep 2023CA$644.2bCA$428.2bCA$56.7b6.7x11.4x1.5x
Thu, 17 Aug 2023CA$601.0bCA$429.1bCA$56.7b6.2x10.6x1.4x
Sat, 15 Jul 2023CA$571.2bCA$463.0bCA$68.6b5.4x8.3x1.2x
Mon, 12 Jun 2023CA$577.6bCA$463.3bCA$68.7b5.1x8.4x1.2x
Wed, 10 May 2023CA$578.3bCA$464.9bCA$68.6b5.2x8.4x1.2x
Fri, 07 Apr 2023CA$591.8bCA$474.1bCA$70.7b5.4x8.4x1.2x
Sun, 05 Mar 2023CA$620.7bCA$471.7bCA$71.2b5.8x8.7x1.3x
Tue, 31 Jan 2023CA$623.8bCA$459.2bCA$75.0b5.9x8.3x1.4x
Thu, 29 Dec 2022CA$596.8bCA$459.6bCA$75.1b5.9x7.9x1.3x
Sat, 26 Nov 2022CA$655.2bCA$459.0bCA$74.9b6.2x8.7x1.4x
Price to Earnings Ratio

8.7x


Total Market Cap: CA$655.2bTotal Earnings: CA$74.9bTotal Revenue: CA$459.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 16.9x202320242025
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 19.9x which is higher than its 3-year average PE of 16.9x.
  • The industry is trading close to its 3-year average PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 19% per year over the last three years,
  • Revenues have also declined 6.2% 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 Market-1.24%
Energy0.82%
Oil and Gas0.86%
Energy Services-1.41%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 17.0x.
    • Analysts are expecting annual earnings growth of 8.6%, which is higher than its past year's earnings decline of 6.4% per year.
  • Investors are most pessimistic about the Energy Services industry, which is trading close to its 3-year average of 15.6x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 18% 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 8.6% 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$47.564.8%
+CA$4.5b		1.1%PE14.9x
CVE Cenovus EnergyCA$25.891.2%
+CA$4.3b		15.5%PE15.7x
SU Suncor EnergyCA$63.262.5%
+CA$1.9b		10.6%PE14.5x
IMO Imperial OilCA$138.722.3%
+CA$1.6b		30.5%PE17.2x
TRP TC EnergyCA$75.711.0%
+CA$769.6m		8.8%PE21.2x

Latest News

CVE
CA$25.89
Cenovus Energy
7D
1.2%
1Y
15.5%
CCO
CA$116.48
Cameco
7D
-10.1%
1Y
45.2%
WCP
CA$11.61
Whitecap Resources
7D
5.7%
1Y
12.0%
EFR
CA$21.04
Energy Fuels
7D
-4.1%
1Y
108.1%
TOU
CA$60.87
Tourmaline Oil
7D
-2.2%
1Y
-2.8%

Tourmaline Oil's (TSE:TOU) Sluggish Earnings Might Be Just The Beginning Of Its Problems

Nov 17
Tourmaline Oil's (TSE:TOU) Sluggish Earnings Might Be Just The Beginning Of Its Problems
TAL
CA$0.40
PetroTal
7D
-42.4%
1Y
-37.9%
MEG
CA$30.67
MEG Energy
7D
3.2%
1Y
17.1%

MEG: Approval of Acquisition Will Shape Profit Outlook Amid Shareholder Delays

MEG Energy's analyst price target has been raised slightly from C$29.90 to C$30.00. Analysts point to improved revenue growth and profit margin expectations following approval of its acquisition by Cenovus Energy.
BTE
CA$4.39
Baytex Energy
7D
17.4%
1Y
6.3%

BTE: Focus on Canadian Core Assets Will Strengthen Balance Sheet and Capital Returns

Analysts have raised their price target for Baytex Energy from C$3.95 to approximately C$4.67. They cite the company's divestiture of its U.S. Eagle Ford assets and a sharpened focus on its Canadian heavy oil and Duvernay operations, which are expected to strengthen its balance sheet and support shareholder returns.
SU
CA$63.26
Suncor Energy
7D
2.5%
1Y
10.6%
TRP
CA$75.71
TC Energy
7D
1.0%
1Y
8.8%

TRP: Medium-Term Execution Will Shape Outlook Amid Project Redeployment Plans

Analysts have raised their price target for TC Energy from C$75.48 to C$76.68. They cite stronger expected profit margins and renewed confidence in the company’s medium-term outlook.
PPL
CA$54.39
Pembina Pipeline
7D
2.4%
1Y
-8.2%

PPL: Upcoming Project Milestones and Improved Margins Will Shape Outlook

Analysts have raised their price target for Pembina Pipeline slightly, increasing it from $58.78 to $58.89. They cite modest improvements in revenue growth and profit margins as key factors behind the adjustment.
ENB
CA$67.51
Enbridge
7D
-0.3%
1Y
12.6%
DML
CA$3.33
Denison Mines
7D
-8.3%
1Y
1.2%
CNQ
CA$47.56
Canadian Natural Resources
7D
4.8%
1Y
1.1%

CNQ: Dividend Momentum Will Drive Shareholder Returns As Production Grows

Analysts have modestly raised their price target for Canadian Natural Resources, increasing it from $52.68 to $52.83. They cite ongoing strength in dividend growth and resilient energy equities despite softer demand indicators.
IMO
CA$138.72
Imperial Oil
7D
2.3%
1Y
30.5%

IMO: Profit Margins May Worsen as 20% Workforce Cuts Loom

Imperial Oil’s analyst price target has been raised modestly, with updates reflecting higher fair value estimates. Analysts point to balance sheet strength and shareholder returns as supporting factors.
NXE
CA$11.36
NexGen Energy
7D
-6.5%
1Y
-4.0%