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Canadian (TSX) Energy Sector Analysis

UpdatedFeb 13, 2026
DataAggregated Company Financials
Companies199
  • 7D3.5%
  • 3M13.2%
  • 1Y29.2%
  • YTD13.2%

Over the last 7 days, the Energy industry has risen 3.5%, driven by gains in Canadian Natural Resources and Imperial Oil of 4.9% and 6.7%, respectively. Meanwhile, ARC Resources actually underperformed within the industry, shrinking 5.3% in the last week. In the last 12 months, the industry was up 29%. Earnings are forecast to grow by 8.1% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Feb 2026CA$885.6bCA$373.9bCA$38.8b16.2x22.8x2.4x
Sun, 11 Jan 2026CA$772.5bCA$377.4bCA$39.4b13.9x19.6x2x
Tue, 09 Dec 2025CA$791.3bCA$379.1bCA$39.6b13.7x20x2.1x
Thu, 06 Nov 2025CA$754.4bCA$381.8bCA$43.4b12.3x17.4x2x
Sat, 04 Oct 2025CA$776.2bCA$411.0bCA$44.9b12.4x17.3x1.9x
Mon, 01 Sep 2025CA$746.3bCA$410.8bCA$44.9b11.3x16.6x1.8x
Wed, 30 Jul 2025CA$720.1bCA$413.9bCA$43.9b12.2x16.4x1.7x
Fri, 27 Jun 2025CA$694.6bCA$414.2bCA$43.8b12.3x15.9x1.7x
Sun, 25 May 2025CA$679.8bCA$414.2bCA$43.9b11.1x15.5x1.6x
Tue, 22 Apr 2025CA$641.6bCA$406.4bCA$39.7b9.8x16.2x1.6x
Thu, 20 Mar 2025CA$674.1bCA$407.3bCA$39.1b11.7x17.3x1.7x
Sat, 15 Feb 2025CA$700.4bCA$411.0bCA$41.6b10.7x16.8x1.7x
Mon, 13 Jan 2025CA$715.9bCA$408.2bCA$46.2b11x15.5x1.8x
Wed, 11 Dec 2024CA$703.4bCA$408.0bCA$46.2b10.6x15.2x1.7x
Fri, 08 Nov 2024CA$700.7bCA$407.5bCA$44.7b10.8x15.7x1.7x
Sun, 06 Oct 2024CA$698.3bCA$405.6bCA$44.9b10.4x15.6x1.7x
Tue, 03 Sep 2024CA$679.8bCA$405.8bCA$45.0b10.2x15.1x1.7x
Thu, 01 Aug 2024CA$682.0bCA$397.0bCA$45.3b10.9x15.1x1.7x
Sat, 29 Jun 2024CA$663.1bCA$394.4bCA$45.2b10.8x14.7x1.7x
Mon, 27 May 2024CA$687.3bCA$396.2bCA$45.8b10.9x15x1.7x
Wed, 24 Apr 2024CA$682.2bCA$395.5bCA$50.0b9.3x13.7x1.7x
Fri, 22 Mar 2024CA$650.7bCA$391.0bCA$49.6b8.9x13.1x1.7x
Sun, 18 Feb 2024CA$619.8bCA$410.3bCA$54.2b7.1x11.4x1.5x
Tue, 16 Jan 2024CA$630.0bCA$414.3bCA$48.9b7x12.9x1.5x
Thu, 14 Dec 2023CA$599.3bCA$414.4bCA$49.0b6.5x12.2x1.4x
Sat, 11 Nov 2023CA$625.5bCA$415.6bCA$49.5b6.7x12.6x1.5x
Mon, 09 Oct 2023CA$613.0bCA$428.5bCA$56.8b6.5x10.8x1.4x
Wed, 06 Sep 2023CA$637.5bCA$428.5bCA$56.8b6.6x11.2x1.5x
Fri, 04 Aug 2023CA$599.0bCA$440.5bCA$57.5b6.2x10.4x1.4x
Sun, 02 Jul 2023CA$569.5bCA$463.1bCA$68.6b5.3x8.3x1.2x
Tue, 30 May 2023CA$566.5bCA$463.8bCA$68.9b5x8.2x1.2x
Thu, 27 Apr 2023CA$584.7bCA$474.5bCA$70.7b5.5x8.3x1.2x
Sat, 25 Mar 2023CA$551.3bCA$474.4bCA$70.7b5.2x7.8x1.2x
Mon, 20 Feb 2023CA$596.9bCA$465.9bCA$72.8b5.3x8.2x1.3x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$596.9bTotal Earnings: CA$72.8bTotal Revenue: CA$465.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.8x202420252026
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 22.8x which is higher than its 3-year average PE of 17.8x.
  • 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 19% per year over the last three years,
  • Revenues have also declined 7.1% 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 Market1.74%
Energy3.54%
Oil and Gas3.60%
Energy Services0.74%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.0x.
    • Analysts are expecting annual earnings growth of 8.0%, which is higher than its past year's earnings decline of 4.2% 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 12.7x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 20% 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 8.0% 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$54.434.9%
+CA$5.3b		26.2%PE17x
IMO Imperial OilCA$158.506.7%
+CA$4.8b		59.0%PE23.5x
CVE Cenovus EnergyCA$29.037.6%
+CA$3.8b		33.0%PE17.5x
CCO CamecoCA$158.435.9%
+CA$3.8b		127.5%PE131.1x
ENB EnbridgeCA$70.622.1%
+CA$3.2b		9.3%PE27.6x

Latest News

ARX
CA$24.05
ARC Resources
7D
-5.3%
1Y
-10.1%
BIR
CA$6.82
Birchcliff Energy
7D
-3.4%
1Y
15.6%

Birchcliff Energy's (TSE:BIR) Dividend Will Be CA$0.03

Feb 12
Birchcliff Energy's (TSE:BIR) Dividend Will Be CA$0.03
CVE
CA$29.03
Cenovus Energy
7D
7.6%
1Y
33.0%
TVK
CA$134.78
TerraVest Industries
7D
-10.2%
1Y
13.4%
SU
CA$74.90
Suncor Energy
7D
3.0%
1Y
32.1%

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.
RGSI
CA$29.00
Rockpoint Gas Storage
7D
-2.5%
1Y
n/a
TOU
CA$61.87
Tourmaline Oil
7D
-0.6%
1Y
-9.8%

TOU: Gas Export Ramp Will Support Multi Year Portfolio Streamlining Plan

Analysts have inched their fair value estimate for Tourmaline Oil up to about CA$70.22 from CA$70.09, citing updated discount rate assumptions, a slightly higher future P/E multiple, and refreshed Street targets that include recent price target trims and a downgrade. Analyst Commentary Bullish Takeaways Bullish analysts are still anchoring on a P/E framework that supports a fair value close to the current CA$70 range, which suggests they see the business as capable of supporting that earnings multiple over time.
CCO
CA$158.43
Cameco
7D
5.9%
1Y
127.5%

CCO: Future Earnings Profile Will Be Shaped By Premium Margin Assumptions

Analysts have nudged their fair value estimate for Cameco higher from $156.12 to $168.18, citing slightly adjusted revenue growth assumptions, a modestly higher discount rate, stronger projected profit margins at 36.78%, and a richer assumed future P/E of 56.06x. Analyst Commentary Analysts updating their models on Cameco are focusing on how the revised fair value, higher projected profit margins, and richer assumed future P/E fit with the company’s ability to execute and sustain its earnings profile over time.
TCW
CA$6.93
Trican Well Service
7D
-3.3%
1Y
53.0%

TCW: Fair Outlook Will Balance Steady Assumptions With Stable Future P E

Analysts have kept their price target for Trican Well Service effectively unchanged at about $7.04, reflecting only minor tweaks to their discount rate and long term assumptions for revenue growth, profit margin and future P/E, rather than a shift in their overall view of the stock. Valuation Changes Fair Value: Fair value remains effectively unchanged at about CA$7.04 per share, suggesting the overall valuation view is steady.
TRP
CA$83.59
TC Energy
7D
2.0%
1Y
24.4%

TRP: Updated 2028 Outlook And Execution Versus Fair Value Will Guide Returns

Analysts have adjusted their fair value estimate for TC Energy to about C$79.55 per share from roughly C$79.18, citing updated assumptions on revenue growth, profit margins and future P/E, as reflected in recent C$1 price target increases from multiple firms. Analyst Commentary Recent research updates, including C$1 price target moves from firms such as JPMorgan, point to a relatively tight but constructive range of views on TC Energy.
ENB
CA$70.62
Enbridge
7D
2.1%
1Y
9.3%
SASK
CA$0.76
Atha Energy
7D
-9.5%
1Y
58.3%
IMO
CA$158.50
Imperial Oil
7D
6.7%
1Y
59.0%

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.
CNQ
CA$54.43
Canadian Natural Resources
7D
4.9%
1Y
26.2%
WCP
CA$12.98
Whitecap Resources
7D
5.6%
1Y
33.4%

WCP: Analyst Day Outlook Will Support Higher Long Term Earnings Multiple

Analysts have modestly adjusted their fair value estimate for Whitecap Resources to $13.94 from $13.53, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Whitecap Resources held an Analyst/Investor Day, giving the market an updated look at its business outlook and capital plans (Key Developments).
TPL
CA$1.49
Tethys Petroleum
7D
-14.9%
1Y
56.8%