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Canadian (TSX) Energy Sector Analysis

UpdatedDec 31, 2025
DataAggregated Company Financials
Companies206
  • 7D1.3%
  • 3M1.0%
  • 1Y14.0%
  • YTD12.1%

In the last week, the Energy industry is up 1.3%, with Canadian Natural Resources up 3.1%. This takes the industry's 12 month performance to a gain of 14%. As for the next few years, earnings are expected to grow by 8.3% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 31 Dec 2025CA$768.6bCA$377.6bCA$39.5b14x19.5x2x
Fri, 28 Nov 2025CA$784.6bCA$378.8bCA$39.5b14.1x19.9x2.1x
Sun, 26 Oct 2025CA$764.8bCA$411.7bCA$44.8b12.5x17.1x1.9x
Tue, 23 Sep 2025CA$767.2bCA$410.8bCA$44.9b11.9x17.1x1.9x
Thu, 21 Aug 2025CA$715.0bCA$410.9bCA$44.8b10.8x16x1.7x
Sat, 19 Jul 2025CA$707.5bCA$414.2bCA$43.8b11.8x16.2x1.7x
Mon, 16 Jun 2025CA$765.6bCA$414.1bCA$43.8b12.7x17.5x1.8x
Wed, 14 May 2025CA$667.9bCA$413.8bCA$42.3b10.2x15.8x1.6x
Fri, 11 Apr 2025CA$624.7bCA$406.5bCA$39.7b9.9x15.7x1.5x
Sun, 09 Mar 2025CA$649.3bCA$407.3bCA$39.5b10.6x16.4x1.6x
Tue, 04 Feb 2025CA$690.2bCA$408.0bCA$46.0b10.3x15x1.7x
Thu, 02 Jan 2025CA$690.2bCA$408.2bCA$46.2b10.6x14.9x1.7x
Sat, 30 Nov 2024CA$719.2bCA$407.8bCA$46.2b10.8x15.6x1.8x
Mon, 28 Oct 2024CA$706.1bCA$405.7bCA$45.0b10.8x15.7x1.7x
Wed, 25 Sep 2024CA$662.7bCA$405.8bCA$45.0b9.9x14.7x1.6x
Fri, 23 Aug 2024CA$674.5bCA$405.9bCA$45.0b10.3x15x1.7x
Sun, 21 Jul 2024CA$667.4bCA$394.7bCA$45.2b11x14.8x1.7x
Tue, 18 Jun 2024CA$645.9bCA$394.4bCA$45.2b10.3x14.3x1.6x
Thu, 16 May 2024CA$682.7bCA$396.1bCA$46.1b10.4x14.8x1.7x
Sat, 13 Apr 2024CA$689.4bCA$395.5bCA$49.9b9.6x13.8x1.7x
Mon, 11 Mar 2024CA$633.2bCA$392.8bCA$50.1b8.2x12.6x1.6x
Wed, 07 Feb 2024CA$602.1bCA$411.8bCA$48.4b6.7x12.4x1.5x
Fri, 05 Jan 2024CA$622.5bCA$414.2bCA$48.9b6.8x12.7x1.5x
Sun, 03 Dec 2023CA$634.0bCA$414.4bCA$49.0b7x12.9x1.5x
Tue, 31 Oct 2023CA$630.5bCA$427.6bCA$56.1b6.4x11.2x1.5x
Thu, 28 Sep 2023CA$641.8bCA$428.2bCA$56.7b6.8x11.3x1.5x
Sat, 26 Aug 2023CA$606.7bCA$428.4bCA$56.7b6.2x10.7x1.4x
Mon, 24 Jul 2023CA$586.4bCA$462.9bCA$68.5b5.6x8.6x1.3x
Wed, 21 Jun 2023CA$558.2bCA$463.0bCA$68.6b5x8.1x1.2x
Fri, 19 May 2023CA$562.9bCA$464.5bCA$69.0b5x8.2x1.2x
Sun, 16 Apr 2023CA$607.1bCA$473.8bCA$70.6b5.7x8.6x1.3x
Tue, 14 Mar 2023CA$580.1bCA$473.7bCA$70.9b5.3x8.2x1.2x
Thu, 09 Feb 2023CA$613.5bCA$461.8bCA$75.9b5.7x8.1x1.3x
Sat, 07 Jan 2023CA$593.1bCA$459.3bCA$75.0b5.8x7.9x1.3x
Price to Earnings Ratio

7.9x


Total Market Cap: CA$593.1bTotal Earnings: CA$75.0bTotal Revenue: CA$459.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.3x20242025
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 19.5x which is higher than its 3-year average PE of 17.3x.
  • 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 6.3% 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 Market-0.12%
Energy1.32%
Energy Services2.09%
Oil and Gas1.30%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 17.5x.
    • Analysts are expecting annual earnings growth of 8.1%, which is higher than its past year's earnings decline of 2.9% 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 14.2x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 17% 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 8.1% 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$46.473.1%
+CA$2.9b		4.7%PE14.5x
SU Suncor EnergyCA$60.973.2%
+CA$2.3b		18.8%PE14x
ENB EnbridgeCA$65.781.4%
+CA$2.0b		7.8%PE25.7x
IMO Imperial OilCA$119.191.6%
+CA$944.0m		34.5%PE14.8x
CVE Cenovus EnergyCA$23.352.1%
+CA$886.5m		7.2%PE14.1x

Latest News

KSM
CA$4.86
Kirkstone Metals
7D
-47.6%
1Y
2,330.0%
IMO
CA$119.19
Imperial Oil
7D
1.6%
1Y
34.5%
TRP
CA$76.94
TC Energy
7D
0.8%
1Y
14.9%

TRP: Extended 2028 Outlook And Project Execution Will Drive Measured Medium Term Upside

The analyst price target for TC Energy has inched higher to about C$78.77 from C$78.00 as analysts highlight a robust multi year project pipeline, reaffirmed guidance, and growing confidence in the company's ability to deliver medium term upside. Analyst Commentary Street research remains largely constructive on TC Energy, with recent actions skewing toward upgrades and price target increases that support the modestly higher consensus target.
PPL
CA$52.31
Pembina Pipeline
7D
1.2%
1Y
-1.5%

PPL: Long-Term LNG Contracts Will Support Margins And Undervalued Upside

Analysts have nudged their price target on Pembina Pipeline slightly lower, trimming fair value by about $0.33 to roughly $58.72 per share, as they factor in more modest revenue growth expectations, partly offset by a marginal improvement in projected profit margins and a slightly cheaper future earnings multiple. What's in the News Pembina and PETRONAS subsidiaries signed a 20-year agreement for 1.0 mtpa of liquefaction capacity at the USD 4 billion Cedar LNG project, which remains on time and on budget with an expected in-service date in late 2028 (Key Developments).
SU
CA$60.97
Suncor Energy
7D
3.2%
1Y
18.8%

SU: Double Digit Free Cash Flow Yield Will Support Strong Capital Returns

The analyst price target for Suncor Energy has been nudged higher to approximately C$66.70 from about C$66.50, as analysts factor in stronger sustaining free cash flow yields and updated multi year guidance that supports a modestly higher valuation multiple despite slightly softer growth and margin assumptions. Analyst Commentary Bullish analysts highlight that Suncor's valuation is increasingly supported by a double digit sustaining free cash flow yield, which screens attractively versus peers and underpins the modest upward revision in the consolidated price target.
GEI
CA$25.22
Gibson Energy
7D
-2.5%
1Y
3.0%
CCO
CA$125.15
Cameco
7D
-1.8%
1Y
69.3%

CCO: Shareholder Value Will Rise On Takeover Momentum And Completed Asset Sales

Analysts have nudged their price target on Cameco modestly higher to reflect a slightly faster projected revenue growth rate and only marginally lower long term margin and valuation assumptions, which together support a fair value estimate of about $150.81 per share. Analyst Commentary Recent research updates reflect a generally constructive stance on Cameco, with analysts modestly increasing their price targets as they recalibrate assumptions for revenue growth, long term margins, and the broader uranium cycle.
EFR
CA$19.46
Energy Fuels
7D
-5.8%
1Y
163.3%

EFR: Western Rare Earth Trade Realignment Will Drive Future Upside

Analysts have modestly increased their price target on Energy Fuels, citing slightly stronger long term revenue growth expectations and a marginally higher future earnings multiple, while maintaining their fair value estimate near $33.63 per share. What's in the News The G7 and EU are considering price floors for rare earths and potential taxes on some Chinese exports to incentivize new non Chinese production, moves that could support pricing and investment for Western producers such as Energy Fuels (Reuters).
HMMC
CA$5.30
Hemlo Mining
7D
-1.9%
1Y
n/a
SES
CA$17.35
SECURE Waste Infrastructure
7D
-0.9%
1Y
6.7%

SECURE Waste Infrastructure (TSE:SES) Has Affirmed Its Dividend Of CA$0.10

Dec 19
SECURE Waste Infrastructure (TSE:SES) Has Affirmed Its Dividend Of CA$0.10
ENB
CA$65.78
Enbridge
7D
1.4%
1Y
7.8%

ENB: Future Returns Will Depend On U.S. Investment Shift And Dividend Durability

Enbridge's fair value estimate has nudged higher to approximately C$71.07 from about C$70.45, as analysts gradually lift price targets across the midstream peer group while factoring in slightly softer revenue growth, broadly stable margins, and a modestly higher future P/E multiple. Analyst Commentary Recent Street research on Enbridge reflects a generally constructive but still balanced stance, with incremental price target increases clustered in the mid C$60s to around C$70 and rating language that largely reinforces a hold or market perform view.
NXE
CA$12.48
NexGen Energy
7D
-3.5%
1Y
31.6%
CVE
CA$23.35
Cenovus Energy
7D
2.1%
1Y
7.2%

CVE: MEG Integration And Buybacks Will Drive Future Margin And Cash Flow

We are raising our fair value estimate for Cenovus Energy slightly to $29.68 from $29.35, as analysts lift price targets across the sector, citing updated 2025 guidance, early 2026 outlook commentary, and improved profitability expectations following the MEG acquisition. Analyst Commentary Street research activity around Cenovus has been active, with a series of target price revisions and rating changes reflecting shifting views on the company’s post MEG-acquisition profile, capital allocation, and risk-reward balance.
CNQ
CA$46.47
Canadian Natural Resources
7D
3.1%
1Y
4.7%
TOU
CA$61.93
Tourmaline Oil
7D
1.8%
1Y
-6.9%

TOU: LNG Exports Will Drive Long Term Gas Volume Upside

Analysts have nudged their fair value estimate for Tourmaline Oil slightly higher to about C$73 from roughly C$72.71, citing a combination of modestly stronger long term revenue growth and margin assumptions that offsets recent mixed target revisions across the Street. Analyst Commentary Street research on Tourmaline Oil has turned more nuanced, with recent target trims balancing out fresh positive initiations and leaving a mixed but generally constructive outlook on the shares.
DML
CA$3.62
Denison Mines
7D
-4.2%
1Y
38.7%