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Canadian (TSX) Energy Sector Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies203
  • 7D-1.5%
  • 3M26.0%
  • 1Y63.1%
  • YTD25.3%

Over the last 7 days, the Energy industry has dropped 1.5%, driven by a pullback from Canadian Natural Resources of 3.0%. In the past year, the industry has gained 63%. As for the next few years, earnings are expected to grow by 8.0% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Apr 2026CA$976.1bCA$362.9bCA$42.1b17x23.2x2.7x
Tue, 10 Mar 2026CA$924.6bCA$363.5bCA$43.3b16.9x21.3x2.5x
Thu, 05 Feb 2026CA$851.8bCA$373.8bCA$38.9b15.8x21.9x2.3x
Sat, 03 Jan 2026CA$765.5bCA$377.2bCA$39.4b14.4x19.4x2x
Mon, 01 Dec 2025CA$791.5bCA$378.7bCA$39.5b13.4x20x2.1x
Wed, 29 Oct 2025CA$766.2bCA$411.9bCA$44.8b12.4x17.1x1.9x
Fri, 26 Sep 2025CA$788.0bCA$410.9bCA$44.9b12.2x17.6x1.9x
Sun, 24 Aug 2025CA$738.9bCA$410.9bCA$44.8b11.4x16.5x1.8x
Tue, 22 Jul 2025CA$709.6bCA$414.2bCA$43.8b11.7x16.2x1.7x
Thu, 19 Jun 2025CA$769.8bCA$414.2bCA$43.8b12.8x17.6x1.9x
Sat, 17 May 2025CA$677.5bCA$414.4bCA$43.9b10.9x15.4x1.6x
Mon, 14 Apr 2025CA$614.1bCA$406.4bCA$39.7b9.8x15.5x1.5x
Wed, 12 Mar 2025CA$652.9bCA$407.4bCA$39.4b10.6x16.6x1.6x
Fri, 07 Feb 2025CA$695.7bCA$407.9bCA$44.0b10.7x15.8x1.7x
Sun, 05 Jan 2025CA$705.6bCA$408.2bCA$46.2b10.8x15.3x1.7x
Tue, 03 Dec 2024CA$721.7bCA$407.9bCA$46.2b10.9x15.6x1.8x
Thu, 31 Oct 2024CA$693.2bCA$405.7bCA$45.0b10.7x15.4x1.7x
Sat, 28 Sep 2024CA$650.2bCA$405.8bCA$45.0b9.9x14.5x1.6x
Mon, 26 Aug 2024CA$683.6bCA$405.8bCA$45.0b10.1x15.2x1.7x
Wed, 24 Jul 2024CA$673.5bCA$394.7bCA$45.2b10.7x14.9x1.7x
Fri, 21 Jun 2024CA$647.1bCA$394.4bCA$45.2b10.4x14.3x1.6x
Sun, 19 May 2024CA$690.9bCA$396.1bCA$45.7b10.8x15.1x1.7x
Tue, 16 Apr 2024CA$682.6bCA$395.6bCA$49.9b9.5x13.7x1.7x
Thu, 14 Mar 2024CA$638.4bCA$391.7bCA$50.1b8.3x12.7x1.6x
Sat, 10 Feb 2024CA$600.9bCA$411.6bCA$48.3b7x12.4x1.5x
Mon, 08 Jan 2024CA$625.1bCA$414.2bCA$48.9b6.9x12.8x1.5x
Wed, 06 Dec 2023CA$630.2bCA$414.6bCA$49.0b6.8x12.9x1.5x
Fri, 03 Nov 2023CA$641.9bCA$427.0bCA$53.4b6.8x12x1.5x
Sun, 01 Oct 2023CA$634.6bCA$428.4bCA$56.8b6.6x11.2x1.5x
Tue, 29 Aug 2023CA$606.7bCA$428.4bCA$56.7b6.5x10.7x1.4x
Thu, 27 Jul 2023CA$592.1bCA$462.7bCA$68.2b5.7x8.7x1.3x
Sat, 24 Jun 2023CA$546.9bCA$464.3bCA$69.3b4.9x7.9x1.2x
Mon, 22 May 2023CA$567.2bCA$463.8bCA$69.0b5.1x8.2x1.2x
Wed, 19 Apr 2023CA$602.7bCA$474.0bCA$70.6b5.6x8.5x1.3x
Price to Earnings Ratio

8.5x


Total Market Cap: CA$602.7bTotal Earnings: CA$70.6bTotal Revenue: CA$474.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.6x202420252026
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 23.0x which is higher than its 3-year average PE of 18.6x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 16% per year over the last three years,
  • Revenues have also declined 8.5% 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 Market2.05%
Energy-1.50%
Energy Services0.35%
Oil and Gas-1.54%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.7x.
    • Analysts are expecting annual earnings growth of 7.7%, which is lower than the prior year's growth of 18.4% 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 12.5x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings growth rate of 7.1% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 7.7% 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$160.732.7%
+CA$1.8b		183.3%PE118.7x
TRP TC EnergyCA$88.390.3%
+CA$239.4m		34.2%PE25.5x
EFX EnerflexCA$29.645.9%
+CA$201.3m		227.2%PE40.8x
EFR Energy FuelsCA$25.463.1%
+CA$183.6m		346.7%PS67.4x
SNM ShaMaran PetroleumCA$0.2116.2%
+CA$86.4m		13.2%PE16.7x

Latest News

IMO
CA$178.93
Imperial Oil
7D
-1.5%
1Y
106.2%
TOU
CA$61.20
Tourmaline Oil
7D
-4.9%
1Y
2.9%
CCO
CA$160.73
Cameco
7D
2.7%
1Y
183.3%

CCO: Future Earnings Profile Will Reflect Premium Margins And Restrained P E Multiple

Analysts have lifted their CA$ price target for Cameco, citing slightly higher assumptions for revenue growth and profit margin, along with a modestly lower future P/E multiple in their updated models. Analyst Commentary Analysts have refreshed their models for Cameco and are using slightly revised assumptions for growth, profitability and valuation multiples to frame where the shares could trade over time.
ARX
CA$26.09
ARC Resources
7D
-5.7%
1Y
4.1%

ARX: Future Cash Returns Will Depend On Steady Execution And Buybacks

ARC Resources' analyst price target has shifted modestly higher to CA$30.29 from CA$29.71 as analysts factor in updated fair value assumptions alongside recent mixed target changes and ratings moves across the Street. Analyst Commentary Recent Street research around ARC Resources shows a mix of optimism and caution, which feeds into the modest upward move in the consensus price target.
CNQ
CA$64.16
Canadian Natural Resources
7D
-3.0%
1Y
70.1%
CJ
CA$11.31
Cardinal Energy
7D
3.3%
1Y
116.3%
TNZ
CA$62.35
Tenaz Energy
7D
4.4%
1Y
427.0%
SCR
CA$39.07
Strathcona Resources
7D
-7.2%
1Y
59.2%
CVE
CA$35.80
Cenovus Energy
7D
-3.1%
1Y
126.4%
TRP
CA$88.39
TC Energy
7D
0.3%
1Y
34.2%

TRP: Backlog Visibility And Dividend Policy Will Guide Measured Future Return Balance

The analyst price target for TC Energy has been raised slightly, with CA$ value revisions supported by updated models that reflect recent quarterly results, higher estimated revenue growth, modestly adjusted profit margins, and Street research highlighting the company's natural gas and power portfolio as well as its project backlog visibility. Analyst Commentary Recent Street research on TC Energy clusters around a higher value range, but opinions still differ on how much upside is left and how dependable the longer term growth story looks after the recent share price move.
EFR
CA$25.46
Energy Fuels
7D
3.1%
1Y
346.7%
SU
CA$89.29
Suncor Energy
7D
-2.6%
1Y
92.1%
WCP
CA$14.60
Whitecap Resources
7D
-2.9%
1Y
89.6%

WCP: Cost Efficiencies And Buybacks Will Support Measured Execution-Driven Outlook

Analysts have raised the Whitecap Resources fair value estimate from CA$15.31 to CA$16.50, citing recent CA$1 to CA$2 price target increases from several firms and ongoing confidence in the company’s cost control, productivity and execution. Analyst Commentary Recent Street research on Whitecap Resources clusters around higher price targets and strong operational execution, while also flagging valuation and rating changes that readers should keep in mind.
EFX
CA$29.64
Enerflex
7D
5.9%
1Y
227.2%

EFX: Future Cash Returns Will Be Driven By Growing Share Repurchases

Enerflex's updated analyst price target has increased to CA$39 from CA$28, with analysts pointing to recent target increases at several firms as support for the revised outlook. Analyst Commentary Recent research updates on Enerflex show a mix of enthusiasm around upside potential and some caution around execution risks, which is useful context as you think about valuation and timing.
SNM
CA$0.21
ShaMaran Petroleum
7D
16.2%
1Y
13.2%
RGSI
CA$27.61
Rockpoint Gas Storage
7D
4.5%
1Y
n/a