Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Energy Sector Analysis

UpdatedNov 20, 2025
DataAggregated Company Financials
Companies208
  • 7D-0.5%
  • 3M7.7%
  • 1Y8.1%
  • YTD13.7%

The Energy industry has been flat over the last week, but Cameco has lost 5.8%. As for the the longer term, the industry is up 8.1% over the past 12 months. Earnings are forecast to grow by 8.7% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 22 Nov 2025CA$789.9bCA$378.9bCA$39.5b13.7x20x2.1x
Mon, 20 Oct 2025CA$750.3bCA$411.0bCA$44.9b11.9x16.7x1.8x
Wed, 17 Sep 2025CA$764.1bCA$410.8bCA$44.9b12x17x1.9x
Fri, 15 Aug 2025CA$718.8bCA$410.9bCA$44.7b11.5x16.1x1.7x
Sun, 13 Jul 2025CA$705.8bCA$414.2bCA$43.8b12.2x16.1x1.7x
Tue, 10 Jun 2025CA$741.6bCA$414.2bCA$43.8b12.2x16.9x1.8x
Thu, 08 May 2025CA$648.4bCA$406.4bCA$40.2b9.5x16.1x1.6x
Sat, 05 Apr 2025CA$671.7bCA$406.7bCA$39.7b10.6x16.9x1.7x
Mon, 03 Mar 2025CA$670.3bCA$406.1bCA$40.4b11.1x16.6x1.7x
Wed, 29 Jan 2025CA$699.3bCA$408.2bCA$46.2b10.8x15.1x1.7x
Fri, 27 Dec 2024CA$681.1bCA$408.2bCA$46.2b10.3x14.7x1.7x
Sun, 24 Nov 2024CA$736.1bCA$407.8bCA$46.8b11.2x15.7x1.8x
Tue, 22 Oct 2024CA$709.5bCA$405.8bCA$44.9b10.3x15.8x1.7x
Thu, 19 Sep 2024CA$652.6bCA$405.9bCA$45.0b9.9x14.5x1.6x
Sat, 17 Aug 2024CA$690.3bCA$405.7bCA$45.2b10.3x15.3x1.7x
Mon, 15 Jul 2024CA$669.5bCA$394.4bCA$45.2b10.9x14.8x1.7x
Wed, 12 Jun 2024CA$668.6bCA$394.4bCA$45.2b10.6x14.8x1.7x
Fri, 10 May 2024CA$690.8bCA$397.3bCA$47.4b9.4x14.6x1.7x
Sun, 07 Apr 2024CA$692.1bCA$395.4bCA$49.9b10x13.9x1.8x
Tue, 05 Mar 2024CA$628.9bCA$393.0bCA$50.9b7.9x12.4x1.6x
Thu, 01 Feb 2024CA$626.0bCA$414.4bCA$48.9b6.7x12.8x1.5x
Sat, 30 Dec 2023CA$608.8bCA$414.0bCA$48.9b6.7x12.5x1.5x
Mon, 27 Nov 2023CA$632.9bCA$414.7bCA$49.0b7.1x12.9x1.5x
Wed, 25 Oct 2023CA$634.6bCA$428.6bCA$56.8b6.5x11.2x1.5x
Fri, 22 Sep 2023CA$621.6bCA$428.2bCA$56.7b6.6x11x1.5x
Sun, 20 Aug 2023CA$612.0bCA$428.3bCA$56.7b6.3x10.8x1.4x
Tue, 18 Jul 2023CA$571.2bCA$463.0bCA$68.6b5.4x8.3x1.2x
Thu, 15 Jun 2023CA$568.3bCA$463.2bCA$68.7b5x8.3x1.2x
Sat, 13 May 2023CA$566.3bCA$466.7bCA$68.3b4.8x8.3x1.2x
Mon, 10 Apr 2023CA$591.8bCA$474.1bCA$70.7b5.4x8.4x1.2x
Wed, 08 Mar 2023CA$608.1bCA$472.5bCA$70.3b5.8x8.7x1.3x
Fri, 03 Feb 2023CA$603.9bCA$461.4bCA$75.8b5.6x8x1.3x
Sun, 01 Jan 2023CA$602.3bCA$459.5bCA$75.1b5.9x8x1.3x
Tue, 29 Nov 2022CA$646.4bCA$459.1bCA$75.0b6.2x8.6x1.4x
Price to Earnings Ratio

8.6x


Total Market Cap: CA$646.4bTotal Earnings: CA$75.0bTotal Revenue: CA$459.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 16.9x202320242025
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 20.0x which is higher than its 3-year average PE of 16.9x.
  • 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 6.2% 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-0.75%
Energy-0.54%
Energy Services0.61%
Oil and Gas-0.56%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 17.1x.
    • Analysts are expecting annual earnings growth of 8.6%, which is higher than its past year's earnings decline of 6.4% per year.
  • Investors are most pessimistic about the Energy Services industry, which is trading close to its 3-year average of 15.5x.
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 8.6% 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$67.600.7%
+CA$959.8m		11.8%PE26.4x
WCP Whitecap ResourcesCA$11.464.1%
+CA$546.1m		6.9%PE15.3x
SU Suncor EnergyCA$62.430.4%
+CA$313.6m		7.5%PE14.3x
TVE Tamarack Valley EnergyCA$7.609.0%
+CA$309.9m		64.9%PS2.7x
SCR Strathcona ResourcesCA$42.353.3%
+CA$291.4m		29.9%PE15.1x

Latest News

TVE
CA$7.60
Tamarack Valley Energy
7D
9.0%
1Y
64.9%
NXE
CA$10.64
NexGen Energy
7D
-6.9%
1Y
-14.3%
EFR
CA$18.02
Energy Fuels
7D
-17.3%
1Y
85.0%
WCP
CA$11.46
Whitecap Resources
7D
4.1%
1Y
6.9%

Whitecap Resources (TSE:WCP) Has Announced A Dividend Of CA$0.0608

Nov 19
Whitecap Resources (TSE:WCP) Has Announced A Dividend Of CA$0.0608
SCR
CA$42.35
Strathcona Resources
7D
3.3%
1Y
29.9%

SCR: Delayed Vote And Regulatory Complaints Will Increase Near-Term Downside Risk

Analysts have increased their price target for Strathcona Resources from C$37.00 to C$38.38, citing improved profit margin expectations and a decreased discount rate. This adjustment comes despite slightly softer revenue growth forecasts.
ENB
CA$67.60
Enbridge
7D
0.7%
1Y
11.8%

ENB: Financial Outlook Will Remain Balanced Amid Shifting Investment Priorities

Enbridge's analyst price target has been revised higher, rising by nearly C$1 to reflect improved estimates for profit margins and a modestly lower discount rate. Recent analyst commentary highlights gradual optimism for the company's financial outlook.
CVE
CA$25.20
Cenovus Energy
7D
-0.8%
1Y
11.4%
CCO
CA$111.95
Cameco
7D
-5.8%
1Y
33.3%
MEG
CA$30.67
MEG Energy
7D
3.2%
1Y
17.1%

MEG: Approval of Acquisition Will Shape Profit Outlook Amid Shareholder Delays

MEG Energy's analyst price target has been raised slightly from C$29.90 to C$30.00. Analysts point to improved revenue growth and profit margin expectations following approval of its acquisition by Cenovus Energy.
KSM
CA$9.86
Kirkstone Metals
7D
152.8%
1Y
8,863.6%
SU
CA$62.43
Suncor Energy
7D
0.4%
1Y
7.5%
TRP
CA$75.98
TC Energy
7D
-1.9%
1Y
9.1%

TRP: Medium-Term Execution Will Shape Outlook Amid Project Redeployment Plans

Analysts have raised their price target for TC Energy from C$75.48 to C$76.68. They cite stronger expected profit margins and renewed confidence in the company’s medium-term outlook.
PPL
CA$53.78
Pembina Pipeline
7D
-1.0%
1Y
-10.4%

PPL: Upcoming Project Milestones and Improved Margins Will Shape Outlook

Analysts have raised their price target for Pembina Pipeline slightly, increasing it from $58.78 to $58.89. They cite modest improvements in revenue growth and profit margins as key factors behind the adjustment.
GEI
CA$25.02
Gibson Energy
7D
4.9%
1Y
4.5%
TPZ
CA$27.60
Topaz Energy
7D
3.9%
1Y
-6.0%
IMO
CA$137.26
Imperial Oil
7D
-1.2%
1Y
27.1%

IMO: Profit Margins May Worsen as 20% Workforce Cuts Loom

Imperial Oil’s analyst price target has been raised modestly, with updates reflecting higher fair value estimates. Analysts point to balance sheet strength and shareholder returns as supporting factors.