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Canadian (TSX) Energy Sector Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies202
  • 7D5.1%
  • 3M11.8%
  • 1Y15.8%
  • YTD4.5%

The Energy industry has gained 5.7% in the last week and Canadian Natural Resources up 7.2%. During this same period, the TerraVest Industries underperformed, falling 8.7%. This takes the industry's 12 month performance to a gain of 16%. Looking forward, 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
Tue, 20 Jan 2026CA$816.3bCA$377.3bCA$39.4b15x20.7x2.2x
Thu, 18 Dec 2025CA$746.5bCA$378.3bCA$39.6b13.9x18.9x2x
Sat, 15 Nov 2025CA$772.0bCA$379.1bCA$38.7b14.3x19.9x2x
Mon, 13 Oct 2025CA$765.9bCA$411.0bCA$44.9b11.9x17.1x1.9x
Wed, 10 Sep 2025CA$746.9bCA$410.8bCA$44.9b11.4x16.6x1.8x
Fri, 08 Aug 2025CA$721.1bCA$411.3bCA$44.2b11.5x16.3x1.8x
Sun, 06 Jul 2025CA$697.9bCA$414.1bCA$43.8b12.1x15.9x1.7x
Tue, 03 Jun 2025CA$675.5bCA$414.2bCA$43.8b11.7x15.4x1.6x
Thu, 01 May 2025CA$656.0bCA$406.4bCA$39.8b9.9x16.5x1.6x
Sat, 29 Mar 2025CA$696.5bCA$406.9bCA$39.7b12.7x17.5x1.7x
Mon, 24 Feb 2025CA$671.9bCA$408.2bCA$40.9b10.9x16.4x1.6x
Wed, 22 Jan 2025CA$723.4bCA$408.1bCA$46.2b10.9x15.7x1.8x
Fri, 20 Dec 2024CA$668.0bCA$408.2bCA$46.2b10.2x14.5x1.6x
Sun, 17 Nov 2024CA$710.4bCA$407.8bCA$46.7b10.6x15.2x1.7x
Tue, 15 Oct 2024CA$712.8bCA$405.7bCA$44.9b10.6x15.9x1.8x
Thu, 12 Sep 2024CA$638.8bCA$405.9bCA$45.0b10.2x14.2x1.6x
Sat, 10 Aug 2024CA$662.2bCA$404.7bCA$45.4b10x14.6x1.6x
Mon, 08 Jul 2024CA$659.3bCA$394.4bCA$45.2b11x14.6x1.7x
Wed, 05 Jun 2024CA$670.0bCA$394.4bCA$45.2b10.6x14.8x1.7x
Fri, 03 May 2024CA$668.9bCA$397.4bCA$49.7b9.2x13.5x1.7x
Sun, 31 Mar 2024CA$665.0bCA$395.4bCA$49.9b9.8x13.3x1.7x
Tue, 27 Feb 2024CA$614.4bCA$394.9bCA$50.8b7.7x12.1x1.6x
Thu, 25 Jan 2024CA$609.3bCA$414.5bCA$49.0b6.8x12.4x1.5x
Sat, 23 Dec 2023CA$612.9bCA$414.0bCA$48.9b6.6x12.5x1.5x
Mon, 20 Nov 2023CA$637.0bCA$415.3bCA$49.1b6.8x13x1.5x
Wed, 18 Oct 2023CA$648.0bCA$428.5bCA$56.8b6.7x11.4x1.5x
Fri, 15 Sep 2023CA$637.9bCA$428.3bCA$56.7b6.7x11.2x1.5x
Sun, 13 Aug 2023CA$617.0bCA$432.4bCA$58.6b6.3x10.5x1.4x
Tue, 11 Jul 2023CA$568.6bCA$463.1bCA$68.6b5.5x8.3x1.2x
Thu, 08 Jun 2023CA$575.3bCA$463.3bCA$68.7b5.2x8.4x1.2x
Sat, 06 May 2023CA$575.9bCA$465.8bCA$69.2b5.3x8.3x1.2x
Mon, 03 Apr 2023CA$576.4bCA$474.1bCA$70.7b5.2x8.2x1.2x
Wed, 01 Mar 2023CA$596.1bCA$467.7bCA$73.0b5.6x8.2x1.3x
Fri, 27 Jan 2023CA$629.4bCA$459.0bCA$74.9b6x8.4x1.4x
Price to Earnings Ratio

8.4x


Total Market Cap: CA$629.4bTotal Earnings: CA$74.9bTotal Revenue: CA$459.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.5x202420252026
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 20.7x which is higher than its 3-year average PE of 17.5x.
  • 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 Market0.93%
Energy5.06%
Oil and Gas5.12%
Energy Services2.23%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 17.7x.
    • Analysts are expecting annual earnings growth of 8.3%, 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 13.5x.
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 8.3% 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$48.057.2%
+CA$6.7b		2.3%PE15x
SU Suncor EnergyCA$69.447.4%
+CA$5.8b		21.5%PE15.9x
ENB EnbridgeCA$65.953.5%
+CA$4.9b		3.2%PE25.8x
CCO CamecoCA$163.187.1%
+CA$4.7b		119.7%PE135.1x
IMO Imperial OilCA$136.166.3%
+CA$4.0b		37.0%PE16.9x

Latest News

RECO
CA$0.85
Reconnaissance Energy Africa
7D
-26.7%
1Y
-15.0%
TVK
CA$157.87
TerraVest Industries
7D
-8.7%
1Y
21.9%
QEC
CA$0.28
Questerre Energy
7D
-11.3%
1Y
22.2%
CCO
CA$163.18
Cameco
7D
7.1%
1Y
119.7%
CVE
CA$25.14
Cenovus Energy
7D
8.9%
1Y
13.3%
CNQ
CA$48.05
Canadian Natural Resources
7D
7.2%
1Y
2.3%
BTE
CA$4.64
Baytex Energy
7D
-1.3%
1Y
19.0%

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.
TRP
CA$75.92
TC Energy
7D
1.6%
1Y
9.7%

TRP: Extended 2028 Outlook And Execution Support Balanced Medium Term Expectations

Analysts have raised their price targets for TC Energy into the C$78 to C$84 range, reflecting confidence in the company's extended outlook to 2028 and its ongoing project execution. Analyst Commentary Recent Street research on TC Energy has centered on higher price targets and upgraded ratings that reflect how analysts are thinking about the company’s execution and medium term outlook.
SU
CA$69.44
Suncor Energy
7D
7.4%
1Y
21.5%

SU: Double Digit Free Cash Flow Yield And Capital Returns Will Support Future Repricing

Narrative Update: Suncor Energy The modest increase in our fair value estimate to $67.15 from $66.70 aligns with analysts lifting Suncor Energy price targets into the C$70 to C$71 range, citing an upcoming investor day, sustaining free cash flow yield, and updated multi year guidance as key supports for the shares. Analyst Commentary Recent research on Suncor Energy has centered on updated guidance into 2025 and preliminary 2026 commentary, the upcoming investor day, and how the current share price lines up with free cash flow yield and reserve bookings.
ENB
CA$65.95
Enbridge
7D
3.5%
1Y
3.2%
IMO
CA$136.16
Imperial Oil
7D
6.3%
1Y
37.0%

IMO: Future Returns Will Likely Hinge On Execution Versus C$113 Fair Value

Narrative Update Our updated fair value estimate for Imperial Oil moves slightly to $113.00, reflecting recent analyst price target revisions in the C$101 to C$118 range as they incorporate updated 2025 guidance, early 2026 commentary, and modest tweaks to long term margin and P/E assumptions. Analyst Commentary Recent research on Imperial Oil clusters around price targets between C$101 and C$118, with ratings spanning from Sell to Sector Perform and Underperformer.
GASX
CA$1.14
NG Energy International
7D
-4.2%
1Y
-2.6%
WMK
CA$0.14
Whitemud Resources
7D
-17.6%
1Y
-6.7%
KSM
CA$2.42
Kirkstone Metals
7D
-43.7%
1Y
1,569.0%
PPL
CA$53.58
Pembina Pipeline
7D
3.6%
1Y
-2.0%

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).
BIR
CA$7.01
Birchcliff Energy
7D
-2.9%
1Y
17.4%