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Canadian (TSX) Energy Sector Analysis

UpdatedMay 03, 2026
DataAggregated Company Financials
Companies203
  • 7D5.0%
  • 3M20.3%
  • 1Y57.3%
  • YTD29.2%

In the last week, the Energy industry is up 5.0%, with Cenovus Energy leading the way with a 11% gain. This means that the industry has gained 57% over the past year. As for the next few years, earnings are expected to grow by 7.6% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 04 May 2026CA$1.0tCA$363.4bCA$42.1b17.9x23.9x2.8x
Wed, 01 Apr 2026CA$997.1bCA$363.0bCA$42.1b16.5x23.7x2.7x
Fri, 27 Feb 2026CA$907.7bCA$365.6bCA$41.3b16.6x22x2.5x
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
Price to Earnings Ratio

8.2x


Total Market Cap: CA$571.8bTotal Earnings: CA$69.5bTotal Revenue: CA$465.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.9x202420252026
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 23.9x which is higher than its 3-year average PE of 18.9x.
  • The 3-year average PS ratio of 2.2x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 15% per year over the last three years,
  • Revenues have also declined 7.9% 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 Market0.12%
Energy4.97%
Oil and Gas5.05%
Energy Services1.24%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 12.6x.
    • Analysts are expecting annual earnings growth of 31.5%, which is higher than its past year's earnings growth of 4.8% per year.
  • Investors are most pessimistic about the Oil and Gas industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 19.0x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings growth rate of 4.8% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 7.1% 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
CVE Cenovus EnergyCA$39.8210.8%
+CA$7.3b		139.6%PE19.1x
CNQ Canadian Natural ResourcesCA$63.885.3%
+CA$6.7b		59.5%PE12.3x
TRP TC EnergyCA$90.636.9%
+CA$6.1b		28.8%PE26.1x
SU Suncor EnergyCA$91.834.9%
+CA$5.1b		84.6%PE18.4x
ENB EnbridgeCA$74.582.4%
+CA$3.8b		15.2%PE23.1x

Latest News

TRP
CA$90.63
TC Energy
7D
6.9%
1Y
28.8%
IMO
CA$174.60
Imperial Oil
7D
2.8%
1Y
83.7%
CFW
CA$5.41
Calfrac Well Services
7D
-4.9%
1Y
63.0%

CFW: Higher Fair Value And Leadership Changes Will Shape Future Upside Potential

Analysts have increased their fair value estimate for Calfrac Well Services to CA$7.25 from CA$5.25, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E, in line with recent price target and rating changes from the Street. Analyst Commentary Recent Street research around Calfrac Well Services has centered on refreshed price targets and rating changes, which feed directly into how you might think about the balance between potential upside and execution risk.
CVE
CA$39.82
Cenovus Energy
7D
10.8%
1Y
139.6%
ARX
CA$31.85
ARC Resources
7D
23.6%
1Y
23.4%
ENB
CA$74.58
Enbridge
7D
2.4%
1Y
15.2%

ENB: Future Returns Will Reflect Rich Pricing And Regulated Utility Expansion

Analysts have slightly increased their fair value estimate for Enbridge, reflecting a somewhat higher CA$ price target supported by expectations for stronger revenue growth, a modestly lower future P/E and a stable but fractionally softer profit margin profile. Analyst Commentary Recent research on Enbridge has been active, with several price target revisions and a mix of more optimistic and more cautious views.
CCO
CA$163.66
Cameco
7D
-2.0%
1Y
152.2%

CCO: The largest Uranium Miner at the Dawn of the Nuclear Renaissance—and an $80 Billion Deal Changing the Nuclear Game.

From Saskatchewan's Athabasca Basin to the Centre of the Global Energy Transition Cameco Corporation (TSX: CCO) is a Saskatoon, Saskatchewan-based uranium mining, refining, and nuclear services company that has spent 38 years building what is today the most strategically valuable nuclear fuel supply chain in the Western world. The company operates through three segments: Uranium, which encompasses exploration, mining, milling, purchasing, and sale of uranium concentrate across its flagship Canadian operations at McArthur River and Key Lake and the Cigar Lake mine in Saskatchewan's Athabasca Basin—the highest-grade uranium mining district on earth; Fuel Services, which handles the refining, conversion, and fabrication of uranium concentrate into nuclear fuel intermediates at the Port Hope and Blind River facilities in Ontario; and Westinghouse, the nuclear reactor technology and services company that Cameco acquired a 49% stake in through a partnership with Brookfield Renewable Partners in November 2023, positioning Cameco at the precise intersection of uranium fuel supply and reactor construction that defines the entire nuclear value chain from ore body to operating power plant.
SU
CA$91.83
Suncor Energy
7D
4.9%
1Y
84.6%

SU: Buybacks And Shifting Street Views Will Shape Future Margin Expectations

Analysts' fair value estimate for Suncor Energy has shifted to CA$97.05 from CA$92.79 as they factor in updated expectations for revenue growth, profit margins, and future P/E, in line with a series of recent price target revisions across the Street. Analyst Commentary Recent Street research around Suncor Energy has been active, with a cluster of price target revisions from large global banks and local firms.
TOU
CA$65.95
Tourmaline Oil
7D
10.2%
1Y
7.7%

TOU: Higher P/E Assumptions And Asset Sale Will Shape Multi Year Outlook

Analysts have lifted their average price target on Tourmaline Oil by roughly CA$4 to CA$5 in recent weeks, with the mixed set of revisions reflecting updated views on revenue growth, margins, and future P/E assumptions. Analyst Commentary Recent research updates on Tourmaline Oil show a mix of optimism and caution, with several firms adjusting price targets and at least one downgrade on the stock.
SES
CA$22.48
SECURE Waste Infrastructure
7D
-3.5%
1Y
64.8%
EU
CA$2.51
enCore Energy
7D
-4.6%
1Y
14.1%
NXE
CA$16.81
NexGen Energy
7D
-0.8%
1Y
129.0%
CNQ
CA$63.88
Canadian Natural Resources
7D
5.3%
1Y
59.5%

CNQ: Higher Dividend And Buybacks Will Shape Future Shareholder Returns

Analysts have lifted the fair value estimate for Canadian Natural Resources to CA$69.68 from CA$61.47, citing updated price targets across several firms, along with expectations for slightly positive revenue growth, a higher profit margin, and a modestly lower future P/E multiple. Analyst Commentary Recent Street research on Canadian Natural Resources shows a mix of optimism and caution, with several firms adjusting price targets and a few shifting ratings.
TVK
CA$134.59
TerraVest Industries
7D
-2.4%
1Y
-16.7%

Is Now The Time To Put TerraVest Industries (TSE:TVK) On Your Watchlist?

Apr 18
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RECO
CA$1.12
Reconnaissance Energy Africa
7D
-7.4%
1Y
86.7%
DML
CA$5.10
Denison Mines
7D
-1.9%
1Y
153.7%