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Canadian (TSX) Energy Sector Analysis

UpdatedJan 25, 2026
DataAggregated Company Financials
Companies202
  • 7D2.3%
  • 3M11.4%
  • 1Y19.4%
  • YTD6.7%

Canadian Natural Resources is up 3.5%, leading the way for the Energy industry, which has gained 2.2%. Meanwhile, TerraVest Industries actually underperformed within the industry, shrinking 8.0% in the last week. This means that the industry has gained 19% over the past year. Earnings are forecast to grow by 8.2% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 25 Jan 2026CA$834.7bCA$377.2bCA$39.4b15.3x21.2x2.2x
Tue, 23 Dec 2025CA$750.8bCA$377.7bCA$39.5b13.9x19x2x
Thu, 20 Nov 2025CA$789.9bCA$378.9bCA$39.5b13.7x20x2.1x
Sat, 18 Oct 2025CA$756.9bCA$411.0bCA$44.9b11.9x16.9x1.8x
Mon, 15 Sep 2025CA$756.4bCA$410.8bCA$44.9b11.5x16.9x1.8x
Wed, 13 Aug 2025CA$716.6bCA$410.6bCA$45.4b10.8x15.8x1.7x
Fri, 11 Jul 2025CA$696.2bCA$414.2bCA$43.8b12.1x15.9x1.7x
Sun, 08 Jun 2025CA$737.8bCA$414.2bCA$43.8b12x16.8x1.8x
Tue, 06 May 2025CA$656.9bCA$407.2bCA$39.7b9.9x16.5x1.6x
Thu, 03 Apr 2025CA$698.7bCA$406.8bCA$39.7b12.9x17.6x1.7x
Sat, 01 Mar 2025CA$663.0bCA$406.1bCA$40.4b11.1x16.4x1.6x
Mon, 27 Jan 2025CA$715.8bCA$408.1bCA$46.2b10.7x15.5x1.8x
Wed, 25 Dec 2024CA$680.5bCA$408.2bCA$46.2b10.3x14.7x1.7x
Fri, 22 Nov 2024CA$722.5bCA$407.7bCA$46.8b11.1x15.5x1.8x
Sun, 20 Oct 2024CA$709.5bCA$405.7bCA$44.9b10.3x15.8x1.7x
Tue, 17 Sep 2024CA$644.5bCA$405.9bCA$45.0b9.7x14.3x1.6x
Thu, 15 Aug 2024CA$680.8bCA$405.4bCA$45.4b10.2x15x1.7x
Sat, 13 Jul 2024CA$669.5bCA$394.4bCA$45.2b10.9x14.8x1.7x
Mon, 10 Jun 2024CA$662.8bCA$394.4bCA$45.2b10.5x14.7x1.7x
Wed, 08 May 2024CA$688.3bCA$396.9bCA$48.6b9.4x14.2x1.7x
Fri, 05 Apr 2024CA$686.5bCA$395.4bCA$49.9b10x13.8x1.7x
Sun, 03 Mar 2024CA$634.1bCA$393.5bCA$50.9b7.9x12.5x1.6x
Tue, 30 Jan 2024CA$621.9bCA$414.3bCA$48.9b6.7x12.7x1.5x
Thu, 28 Dec 2023CA$617.2bCA$413.9bCA$48.8b6.7x12.6x1.5x
Sat, 25 Nov 2023CA$632.8bCA$414.7bCA$49.0b7.1x12.9x1.5x
Mon, 23 Oct 2023CA$640.2bCA$428.6bCA$56.8b6.5x11.3x1.5x
Wed, 20 Sep 2023CA$636.7bCA$428.1bCA$56.7b6.6x11.2x1.5x
Fri, 18 Aug 2023CA$600.9bCA$429.1bCA$56.7b6.1x10.6x1.4x
Sun, 16 Jul 2023CA$571.2bCA$463.0bCA$68.6b5.4x8.3x1.2x
Tue, 13 Jun 2023CA$569.0bCA$463.3bCA$68.7b5x8.3x1.2x
Thu, 11 May 2023CA$571.8bCA$465.9bCA$69.5b5x8.2x1.2x
Sat, 08 Apr 2023CA$591.8bCA$474.1bCA$70.7b5.4x8.4x1.2x
Mon, 06 Mar 2023CA$620.6bCA$471.6bCA$71.2b5.8x8.7x1.3x
Wed, 01 Feb 2023CA$628.6bCA$459.0bCA$74.9b5.9x8.4x1.4x
Price to Earnings Ratio

8.4x


Total Market Cap: CA$628.6bTotal Earnings: CA$74.9bTotal Revenue: CA$459.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.6x202420252026
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 20.9x which is higher than its 3-year average PE of 17.6x.
  • The industry is trading close to its 3-year average PS ratio of 2.1x.
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 Market1.21%
Energy2.25%
Oil and Gas2.29%
Energy Services0.34%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 17.8x.
    • Analysts are expecting annual earnings growth of 8.0%, which is higher than its past year's earnings decline of 3.2% 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 13.3x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 20% 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 8.0% 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$49.473.5%
+CA$3.5b		10.1%PE15.5x
CCO CamecoCA$169.894.8%
+CA$3.4b		111.5%PE140.6x
TOU Tourmaline OilCA$62.515.9%
+CA$1.3b		-9.9%PE18.3x
CVE Cenovus EnergyCA$25.722.6%
+CA$1.2b		21.0%PE15.5x
IMO Imperial OilCA$138.551.7%
+CA$1.1b		37.5%PE17.2x

Latest News

IMO
CA$138.55
Imperial Oil
7D
1.7%
1Y
37.5%

IMO: Future Margin Delivery Concerns Will Constrain Upside After Production Guidance

Analysts have raised their fair value estimate for Imperial Oil to $92.00 from $82.39, reflecting updated price targets across the Street as firms incorporate new 2025 guidance, early 2026 commentary, and revisions to future P/E and margin expectations. Analyst Commentary Street research on Imperial Oil has been active, with several firms updating their price targets as they fold in new 2025 guidance and preliminary 2026 commentary.
NOA
CA$20.77
North American Construction Group
7D
-4.3%
1Y
-28.6%
CVE
CA$25.72
Cenovus Energy
7D
2.6%
1Y
21.0%

CVE: MEG Integration And New Buybacks Will Support Future Cash Returns

Narrative Update The updated analyst price target for Cenovus Energy reflects a small fair value adjustment to $29.21, alongside a mixed set of Street moves, with several firms lifting targets into the C$30 to C$32 range and one trimming to C$32, as analysts factor in refreshed 2025 guidance, early 2026 commentary, and the MEG Energy acquisition. Analyst Commentary Recent research updates around Cenovus Energy remain largely constructive, with most firms adjusting their price targets in a narrow C$30 to C$32 range and reacting to both refreshed guidance and the pending MEG Energy acquisition.
PPL
CA$55.48
Pembina Pipeline
7D
2.6%
1Y
4.3%
TAL
CA$0.37
PetroTal
7D
-12.9%
1Y
-46.4%
EFR
CA$34.88
Energy Fuels
7D
14.1%
1Y
325.4%

EFR: Western Rare Earth Export Curbs Will Support Future Heavy Element Upside

Analysts have raised their price target on Energy Fuels from US$33.63 to US$37.50, citing updated assumptions regarding revenue growth, profit margins and a higher forward P/E multiple in their models. What's in the News The West is working to build its own rare earth magnet supply chain, but scarcity of heavy elements like dysprosium and terbium remains a weak point, with Energy Fuels included among companies linked to rare earth development (Reuters).
ENB
CA$66.05
Enbridge
7D
-0.2%
1Y
2.2%

ENB: Future Returns Will Hinge On Gas Utility Execution And Dividend Stability

Analysts have nudged their price targets on Enbridge slightly higher, with recent moves such as BMO to C$67, National Bank to C$66 and Scotiabank to C$70. They cite renewed interest in the company’s natural gas and utility assets as key support for the revised outlook.
TOU
CA$62.51
Tourmaline Oil
7D
5.9%
1Y
-9.9%
TVK
CA$147.19
TerraVest Industries
7D
-8.0%
1Y
6.4%
CCO
CA$169.89
Cameco
7D
4.8%
1Y
111.5%
CNQ
CA$49.47
Canadian Natural Resources
7D
3.5%
1Y
10.1%
KEY
CA$44.23
Keyera
7D
-1.7%
1Y
4.5%

KEY: Revised Cash Flow Outlook Will Support Future Share Price Upside

Analysts have reduced their price target on Keyera to C$51 from C$54, reflecting updated views on fair value, discount rates, revenue growth assumptions and expected P/E levels. Analyst Commentary Recent research updates show that analysts are adjusting their fair value views on Keyera, but still see a supportive backdrop for the stock relative to their rating stance.
BTE
CA$4.54
Baytex Energy
7D
-1.5%
1Y
24.4%

BTE: Eagle Ford Exit And Buybacks Will Refocus On Canadian Heavy Oil

Analysts have raised their fair value estimate for Baytex Energy from C$5.03 to C$5.05, citing recent price target increases following the sale of its U.S. Eagle Ford assets for $3.25 billion, a renewed focus on Canadian Duvernay and heavy oil production, and balance sheet changes that support debt repayment and potential share repurchases. Analyst Commentary Bullish Takeaways Bullish analysts highlight the C$5.50 to C$6 price targets as reflecting higher conviction that the post sale portfolio can support improved execution in Duvernay and heavy oil assets.
ARX
CA$25.33
ARC Resources
7D
6.3%
1Y
-4.3%

ARX: Higher Dividend And Buybacks Will Support Stronger Future Shareholder Returns

Narrative Update Analysts have trimmed their price target on ARC Resources to C$30 from C$32 as they reset expectations around revenue growth, profit margins, and future P/E assumptions. They still see support for a fair value estimate near $31.05.
GASX
CA$1.02
NG Energy International
7D
-8.9%
1Y
-11.3%
KSM
CA$2.10
Kirkstone Metals
7D
-30.2%
1Y
1,348.3%