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Canadian (TSX) Energy Sector Analysis

UpdatedMay 07, 2026
DataAggregated Company Financials
Companies201
  • 7D-0.5%
  • 3M16.9%
  • 1Y55.3%
  • YTD27.8%

In the last week, the Energy industry is up 3.8%, with Cameco up 7.9%. In the last 12 months, the industry was up 61%. Looking forward, earnings are forecast to grow by 9.2% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 07 May 2026CA$1.0tCA$365.4bCA$42.6b17x23.9x2.8x
Sat, 04 Apr 2026CA$990.7bCA$363.0bCA$42.1b16.1x23.5x2.7x
Mon, 02 Mar 2026CA$918.4bCA$365.4bCA$41.4b17x22.2x2.5x
Wed, 28 Jan 2026CA$831.0bCA$376.6bCA$39.3b15.6x21.1x2.2x
Fri, 26 Dec 2025CA$758.6bCA$377.6bCA$39.5b13.6x19.2x2x
Sun, 23 Nov 2025CA$781.5bCA$378.9bCA$39.5b13.3x19.8x2.1x
Tue, 21 Oct 2025CA$753.6bCA$411.1bCA$44.9b12x16.8x1.8x
Thu, 18 Sep 2025CA$769.3bCA$410.8bCA$44.9b12.1x17.1x1.9x
Sat, 16 Aug 2025CA$723.0bCA$410.9bCA$44.7b11.1x16.2x1.8x
Mon, 14 Jul 2025CA$705.8bCA$414.2bCA$43.8b12.2x16.1x1.7x
Wed, 11 Jun 2025CA$741.1bCA$414.2bCA$43.8b12.5x16.9x1.8x
Fri, 09 May 2025CA$655.7bCA$406.6bCA$40.2b9.6x16.3x1.6x
Sun, 06 Apr 2025CA$626.3bCA$406.7bCA$39.7b10.6x15.8x1.5x
Tue, 04 Mar 2025CA$670.2bCA$405.7bCA$40.2b10.6x16.7x1.7x
Thu, 30 Jan 2025CA$695.9bCA$408.2bCA$46.2b10.6x15.1x1.7x
Sat, 28 Dec 2024CA$681.1bCA$408.2bCA$46.2b10.4x14.7x1.7x
Mon, 25 Nov 2024CA$736.1bCA$407.8bCA$46.8b11.2x15.7x1.8x
Wed, 23 Oct 2024CA$708.6bCA$405.7bCA$44.9b10.3x15.8x1.7x
Fri, 20 Sep 2024CA$649.4bCA$405.9bCA$45.0b9.9x14.4x1.6x
Sun, 18 Aug 2024CA$686.5bCA$405.9bCA$45.1b10.3x15.2x1.7x
Tue, 16 Jul 2024CA$669.6bCA$394.6bCA$45.2b11.1x14.8x1.7x
Thu, 13 Jun 2024CA$663.5bCA$394.4bCA$45.2b10.5x14.7x1.7x
Sat, 11 May 2024CA$694.8bCA$396.0bCA$46.2b10x15x1.8x
Mon, 08 Apr 2024CA$692.2bCA$395.4bCA$49.9b10x13.9x1.8x
Wed, 06 Mar 2024CA$629.0bCA$393.0bCA$50.8b8x12.4x1.6x
Fri, 02 Feb 2024CA$617.7bCA$414.3bCA$48.9b6.7x12.6x1.5x
Sun, 31 Dec 2023CA$609.8bCA$414.0bCA$48.9b6.7x12.5x1.5x
Tue, 28 Nov 2023CA$632.9bCA$414.7bCA$49.0b7x12.9x1.5x
Thu, 26 Oct 2023CA$637.6bCA$428.8bCA$56.9b6.4x11.2x1.5x
Sat, 23 Sep 2023CA$624.7bCA$428.2bCA$56.7b6.4x11x1.5x
Mon, 21 Aug 2023CA$612.0bCA$428.3bCA$56.7b6.3x10.8x1.4x
Wed, 19 Jul 2023CA$575.8bCA$462.8bCA$68.5b5.6x8.4x1.2x
Fri, 16 Jun 2023CA$568.2bCA$463.0bCA$68.6b5.1x8.3x1.2x
Sun, 14 May 2023CA$565.1bCA$466.8bCA$68.7b4.8x8.2x1.2x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$565.1bTotal Earnings: CA$68.7bTotal Revenue: CA$466.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.9x202420252026
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 24.3x which is higher than its 3-year average PE of 18.9x.
  • The 3-year average PS ratio of 2.2x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 15% per year over the last three years,
  • Revenues have also declined 7.9% 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 Market2.31%
Energy-0.47%
Oil and Gas-0.42%
Energy Services-2.80%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 12.7x.
    • Analysts are expecting annual earnings growth of 30.4%, which is higher than its past year's earnings growth of 2.1% per year.
  • Investors are most pessimistic about the Oil and Gas industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 19.1x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 2.1% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 8.8% 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
CCO CamecoCA$168.757.9%
+CA$5.4b		145.3%PE113x
ENB EnbridgeCA$74.011.4%
+CA$2.2b		14.3%PE22.9x
TRP TC EnergyCA$89.442.1%
+CA$2.1b		26.6%PE26.4x
EFR Energy FuelsCA$32.0619.6%
+CA$1.3b		385.8%PS88.5x
NXE NexGen EnergyCA$17.579.2%
+CA$986.7m		126.4%PB6.8x

Latest News

TVE
CA$12.08
Tamarack Valley Energy
7D
-6.4%
1Y
222.1%
SU
CA$87.91
Suncor Energy
7D
-4.2%
1Y
87.1%
CCO
CA$168.75
Cameco
7D
7.9%
1Y
145.3%
TRP
CA$89.44
TC Energy
7D
2.1%
1Y
26.6%
WCP
CA$15.72
Whitecap Resources
7D
-1.9%
1Y
102.8%
NXE
CA$17.57
NexGen Energy
7D
9.2%
1Y
126.4%
IMO
CA$174.22
Imperial Oil
7D
-2.5%
1Y
83.9%
KEY
CA$49.49
Keyera
7D
-4.1%
1Y
13.5%
ARX
CA$31.28
ARC Resources
7D
-2.2%
1Y
17.3%
SCR
CA$43.61
Strathcona Resources
7D
6.5%
1Y
70.4%
EFR
CA$32.06
Energy Fuels
7D
19.6%
1Y
385.8%
Narrative Update • Apr 30

EFR: Rare Earth Expansion Plans At White Mesa Will Drive Future Upside

Analysts have maintained their CA$41.63 price target for Energy Fuels, reflecting updated assumptions that include slightly higher revenue, stronger profit margins, and a lower future P/E. What's in the News Plans to expand heavy rare earth element production at the existing White Mesa Mill circuits, targeting commercial scale recovery of Dy, Tb, Sm, Eu and Gd, with flexibility to process other heavy rare earths such as Y and Lu if market conditions support it (Key Developments).
ENB
CA$74.01
Enbridge
7D
1.4%
1Y
14.3%
Narrative Update • Apr 29

ENB: Future Returns Will Reflect Rich Pricing And Regulated Utility Expansion

Analysts have slightly increased their fair value estimate for Enbridge, reflecting a somewhat higher CA$ price target supported by expectations for stronger revenue growth, a modestly lower future P/E and a stable but fractionally softer profit margin profile. Analyst Commentary Recent research on Enbridge has been active, with several price target revisions and a mix of more optimistic and more cautious views.
TOU
CA$66.85
Tourmaline Oil
7D
3.5%
1Y
5.0%
Narrative Update • Apr 24

TOU: Higher P/E Assumptions And Asset Sale Will Shape Multi Year Outlook

Analysts have lifted their average price target on Tourmaline Oil by roughly CA$4 to CA$5 in recent weeks, with the mixed set of revisions reflecting updated views on revenue growth, margins, and future P/E assumptions. Analyst Commentary Recent research updates on Tourmaline Oil show a mix of optimism and caution, with several firms adjusting price targets and at least one downgrade on the stock.
SES
CA$21.61
SECURE Waste Infrastructure
7D
-7.3%
1Y
65.6%
CNQ
CA$62.26
Canadian Natural Resources
7D
-3.7%
1Y
56.4%
Narrative Update • Apr 20

CNQ: Higher Dividend And Buybacks Will Shape Future Shareholder Returns

Analysts have lifted the fair value estimate for Canadian Natural Resources to CA$69.68 from CA$61.47, citing updated price targets across several firms, along with expectations for slightly positive revenue growth, a higher profit margin, and a modestly lower future P/E multiple. Analyst Commentary Recent Street research on Canadian Natural Resources shows a mix of optimism and caution, with several firms adjusting price targets and a few shifting ratings.
SOBO
CA$47.36
South Bow
7D
3.9%
1Y
31.3%