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Canadian (TSX) Energy Sector Analysis

UpdatedMay 25, 2026
DataAggregated Company Financials
Companies200
  • 7D0.9%
  • 3M13.6%
  • 1Y55.9%
  • YTD33.4%

Over the last 7 days, the Energy industry has remained flat, although notably Enbridge gained 5.3%. The past year has been better, since the industry has gained 57% in that time. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 25 May 2026CA$1.0tCA$369.2bCA$39.0b22.7x26.7x2.8x
Wed, 22 Apr 2026CA$935.9bCA$362.7bCA$42.1b16.5x22.2x2.6x
Fri, 20 Mar 2026CA$963.6bCA$363.0bCA$42.2b16.4x22.8x2.7x
Sun, 15 Feb 2026CA$897.7bCA$376.7bCA$40.2b16.6x22.4x2.4x
Tue, 13 Jan 2026CA$777.9bCA$377.3bCA$39.4b14x19.7x2.1x
Thu, 11 Dec 2025CA$781.0bCA$379.0bCA$39.6b14x19.7x2.1x
Sat, 08 Nov 2025CA$759.3bCA$383.1bCA$40.6b13.5x18.7x2x
Mon, 06 Oct 2025CA$784.6bCA$411.0bCA$44.9b12.4x17.5x1.9x
Wed, 03 Sep 2025CA$746.3bCA$410.8bCA$44.9b11.2x16.6x1.8x
Fri, 01 Aug 2025CA$723.9bCA$414.5bCA$44.2b11.5x16.4x1.7x
Sun, 29 Jun 2025CA$699.1bCA$414.2bCA$43.8b12.1x16x1.7x
Tue, 27 May 2025CA$679.8bCA$414.3bCA$43.9b11.5x15.5x1.6x
Thu, 24 Apr 2025CA$645.4bCA$406.5bCA$39.7b10x16.2x1.6x
Sat, 22 Mar 2025CA$691.9bCA$407.4bCA$38.9b12.5x17.8x1.7x
Mon, 17 Feb 2025CA$684.2bCA$411.0bCA$41.6b10.7x16.4x1.7x
Wed, 15 Jan 2025CA$708.4bCA$408.2bCA$46.2b10.8x15.3x1.7x
Fri, 13 Dec 2024CA$696.9bCA$408.0bCA$46.2b10.6x15.1x1.7x
Sun, 10 Nov 2024CA$702.7bCA$409.2bCA$46.4b10.6x15.1x1.7x
Tue, 08 Oct 2024CA$698.2bCA$405.6bCA$44.9b10.5x15.6x1.7x
Thu, 05 Sep 2024CA$665.5bCA$405.8bCA$45.0b10.3x14.8x1.6x
Sat, 03 Aug 2024CA$669.8bCA$402.0bCA$45.8b10.2x14.6x1.7x
Mon, 01 Jul 2024CA$659.8bCA$394.4bCA$45.2b10.8x14.6x1.7x
Wed, 29 May 2024CA$688.8bCA$396.4bCA$45.8b11.3x15x1.7x
Fri, 26 Apr 2024CA$688.5bCA$396.3bCA$50.1b9.4x13.7x1.7x
Sun, 24 Mar 2024CA$653.4bCA$391.0bCA$49.4b8.8x13.2x1.7x
Tue, 20 Feb 2024CA$619.7bCA$411.0bCA$54.2b7.1x11.4x1.5x
Thu, 18 Jan 2024CA$609.6bCA$414.5bCA$49.0b6.7x12.4x1.5x
Sat, 16 Dec 2023CA$613.4bCA$414.2bCA$48.9b6.5x12.5x1.5x
Mon, 13 Nov 2023CA$631.6bCA$415.4bCA$49.5b6.7x12.8x1.5x
Wed, 11 Oct 2023CA$632.8bCA$428.4bCA$56.8b6.7x11.1x1.5x
Fri, 08 Sep 2023CA$634.1bCA$428.6bCA$56.8b6.7x11.2x1.5x
Sun, 06 Aug 2023CA$602.6bCA$434.8bCA$59.3b6.5x10.2x1.4x
Tue, 04 Jul 2023CA$569.5bCA$463.1bCA$68.6b5.3x8.3x1.2x
Thu, 01 Jun 2023CA$556.3bCA$463.8bCA$68.9b4.7x8.1x1.2x
Price to Earnings Ratio

8.1x


Total Market Cap: CA$556.3bTotal Earnings: CA$68.9bTotal Revenue: CA$463.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 19.2x202420252026
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 26.7x which is higher than its 3-year average PE of 19.2x.
  • 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 17% per year over the last three years,
  • Revenues have also declined 7.3% 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 Market1.56%
Energy0.93%
Energy Services1.98%
Oil and Gas0.91%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 12.9x.
    • Analysts are expecting annual earnings growth of 32.9%, which is higher than its past year's earnings decline of 19.2% 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 19.4x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings decline of 19% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 10% 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
ENB EnbridgeCA$80.195.3%
+CA$8.9b		26.3%PE27.1x
TRP TC EnergyCA$97.904.1%
+CA$4.1b		41.2%PE28.9x
CNQ Canadian Natural ResourcesCA$67.241.8%
+CA$2.4b		57.1%PE14.4x
PPL Pembina PipelineCA$68.451.6%
+CA$639.6m		32.3%PE25.6x
KEY KeyeraCA$59.002.7%
+CA$357.7m		38.9%PE75.1x

Latest News

ENB
CA$80.19
Enbridge
7D
5.3%
1Y
26.3%
NXE
CA$14.75
NexGen Energy
7D
-4.8%
1Y
68.2%
TRP
CA$97.90
TC Energy
7D
4.1%
1Y
41.2%
TVE
CA$12.78
Tamarack Valley Energy
7D
-4.2%
1Y
185.9%
Narrative Update • May 23

TVE: Clearwater Execution And Share Buybacks Will Drive Future Upside

The analyst fair value estimate for Tamarack Valley Energy has increased from CA$11.00 to CA$16.00, with analysts citing higher modeled revenue growth, updated P/E assumptions, and recent Street research that highlights the Clearwater asset base as offering very attractive full cycle economics. Analyst Commentary Recent Street research on Tamarack Valley Energy has been broadly constructive, with several bullish analysts adjusting fair value estimates higher and highlighting specific assets as key value drivers.
KEY
CA$59.00
Keyera
7D
2.7%
1Y
38.9%
IMO
CA$183.89
Imperial Oil
7D
-0.7%
1Y
86.5%
Narrative Update • May 21

IMO: Future Cash Returns Will Rely On Execution And Production Discipline

Imperial Oil's updated analyst price target edges slightly lower to about CA$205 from roughly CA$205.25. This reflects a modest recalibration as analysts weigh a series of recent target hikes from several firms against more cautious views tied to valuation and fundamentals.
SCR
CA$47.37
Strathcona Resources
7D
-2.3%
1Y
62.8%
Narrative Update • May 21

SCR: Higher Fair Value And Buyback Plan Will Shape Heavy Oil Outlook

The updated fair value estimate for Strathcona Resources increases from CA$30.78 to CA$50.40. This reflects analysts' higher CA$54 and other revised price targets, along with updated views on revenue growth, margins and a lower future P/E multiple.
TVK
CA$142.69
TerraVest Industries
7D
7.5%
1Y
-13.0%
Analysis Article • May 18

Earnings Miss: TerraVest Industries Inc. Missed EPS By 18% And Analysts Are Revising Their Forecasts

The analysts might have been a bit too bullish on TerraVest Industries Inc. ( TSE:TVK ), given that the company fell...
SU
CA$93.02
Suncor Energy
7D
-1.0%
1Y
88.8%
CNQ
CA$67.24
Canadian Natural Resources
7D
1.8%
1Y
57.1%
Analysis Article • May 17

Canadian Natural Resources (TSE:CNQ) Strong Profits May Be Masking Some Underlying Issues

The recent earnings posted by Canadian Natural Resources Limited ( TSE:CNQ ) were solid, but the stock didn't move as...
SOBO
CA$52.70
South Bow
7D
2.8%
1Y
44.0%
PPL
CA$68.45
Pembina Pipeline
7D
1.6%
1Y
32.3%
CVE
CA$41.48
Cenovus Energy
7D
-2.2%
1Y
118.7%
ATH
CA$11.96
Athabasca Oil
7D
-3.6%
1Y
126.1%
CCO
CA$144.63
Cameco
7D
-2.3%
1Y
74.1%
ARX
CA$31.43
ARC Resources
7D
1.1%
1Y
5.4%