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

Canadian (TSX) Energy Sector Analysis

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies200
  • 7D1.6%
  • 3M17.3%
  • 1Y40.0%
  • YTD17.2%

The Energy industry is up 1.4% in the last week, with Canadian Natural Resources up 4.7%. This takes the industry's 12 month performance to a gain of 38%. As for the next few years, earnings are expected to grow by 7.9% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026CA$909.6bCA$364.7bCA$41.4b16.6x22x2.5x
Thu, 22 Jan 2026CA$809.5bCA$377.3bCA$39.4b15.5x20.5x2.1x
Sat, 20 Dec 2025CA$743.6bCA$377.7bCA$39.5b13.7x18.8x2x
Mon, 17 Nov 2025CA$785.8bCA$378.8bCA$39.5b13.4x19.9x2.1x
Wed, 15 Oct 2025CA$765.9bCA$411.1bCA$44.9b11.9x17.1x1.9x
Fri, 12 Sep 2025CA$757.3bCA$410.8bCA$44.9b11.6x16.9x1.8x
Sun, 10 Aug 2025CA$716.9bCA$410.1bCA$45.3b10.6x15.8x1.7x
Tue, 08 Jul 2025CA$697.9bCA$414.2bCA$43.8b11.9x15.9x1.7x
Thu, 05 Jun 2025CA$691.7bCA$414.2bCA$43.8b11.8x15.8x1.7x
Sat, 03 May 2025CA$650.9bCA$406.7bCA$39.9b9.9x16.3x1.6x
Mon, 31 Mar 2025CA$690.9bCA$406.9bCA$39.7b12.7x17.4x1.7x
Wed, 26 Feb 2025CA$666.9bCA$408.3bCA$40.5b10.7x16.5x1.6x
Fri, 24 Jan 2025CA$721.0bCA$408.2bCA$46.2b10.8x15.6x1.8x
Sun, 22 Dec 2024CA$667.9bCA$408.2bCA$46.2b10.2x14.5x1.6x
Tue, 19 Nov 2024CA$715.7bCA$407.8bCA$46.7b10.4x15.3x1.8x
Thu, 17 Oct 2024CA$696.4bCA$405.7bCA$44.9b10.3x15.5x1.7x
Sat, 14 Sep 2024CA$644.0bCA$405.9bCA$45.0b10.2x14.3x1.6x
Mon, 12 Aug 2024CA$664.9bCA$405.5bCA$45.4b9.9x14.7x1.6x
Wed, 10 Jul 2024CA$657.3bCA$394.4bCA$45.2b10.7x14.6x1.7x
Fri, 07 Jun 2024CA$664.5bCA$394.4bCA$45.2b10.5x14.7x1.7x
Sun, 05 May 2024CA$674.2bCA$397.3bCA$48.7b9.2x13.9x1.7x
Tue, 02 Apr 2024CA$665.0bCA$395.4bCA$49.9b9.3x13.3x1.7x
Thu, 29 Feb 2024CA$617.6bCA$395.0bCA$50.9b7.5x12.1x1.6x
Sat, 27 Jan 2024CA$619.1bCA$414.4bCA$48.9b6.8x12.7x1.5x
Mon, 25 Dec 2023CA$613.4bCA$414.0bCA$48.9b6.6x12.6x1.5x
Wed, 22 Nov 2023CA$637.0bCA$414.9bCA$49.1b6.8x13x1.5x
Fri, 20 Oct 2023CA$648.7bCA$428.6bCA$56.8b6.8x11.4x1.5x
Sun, 17 Sep 2023CA$646.9bCA$428.3bCA$56.7b6.7x11.4x1.5x
Tue, 15 Aug 2023CA$612.0bCA$432.5bCA$58.6b6.2x10.4x1.4x
Thu, 13 Jul 2023CA$576.2bCA$462.9bCA$68.6b5.7x8.4x1.2x
Sat, 10 Jun 2023CA$577.6bCA$463.3bCA$68.7b5.1x8.4x1.2x
Mon, 08 May 2023CA$575.9bCA$465.9bCA$69.3b5.2x8.3x1.2x
Wed, 05 Apr 2023CA$595.1bCA$474.0bCA$70.7b5.4x8.4x1.3x
Fri, 03 Mar 2023CA$612.6bCA$467.7bCA$73.0b5.5x8.4x1.3x
Price to Earnings Ratio

8.4x


Total Market Cap: CA$612.6bTotal Earnings: CA$73.0bTotal Revenue: CA$467.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18x202420252026
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 22.1x which is higher than its 3-year average PE of 18.0x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 17% per year over the last three years,
  • Revenues have also declined 8.0% 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 Market1.52%
Energy1.61%
Oil and Gas1.61%
Energy Services1.50%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.1x.
    • Analysts are expecting annual earnings growth of 7.6%, which is higher than its past year's earnings growth of 0.07% 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 23% 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 7.6% 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
CNQ Canadian Natural ResourcesCA$58.024.7%
+CA$5.5b		38.5%PE18.2x
CCO CamecoCA$162.615.6%
+CA$3.8b		163.3%PE120.1x
CVE Cenovus EnergyCA$30.883.3%
+CA$1.4b		50.3%PE14.8x
SU Suncor EnergyCA$77.071.1%
+CA$975.8m		38.1%PE15.5x
NXE NexGen EnergyCA$16.947.1%
+CA$746.5m		114.7%PB12.2x

Latest News

PLSR
CA$1.54
Pulsar Helium
7D
-19.4%
1Y
196.2%
PEY
CA$25.76
Peyto Exploration & Development
7D
-1.1%
1Y
54.3%

PEY: Future Returns Will Depend On Gas Prices And Balanced Valuation Risk

The analyst price target for Peyto Exploration & Development edges up from CA$25.64 to CA$26.00, reflecting a mix of higher targets from some firms and valuation-driven downgrades from others as analysts reassess expected profitability and P/E levels. Analyst Commentary Recent Street research on Peyto Exploration & Development shows a split view, with some bullish analysts lifting price targets and others stepping back on valuation grounds.
CVE
CA$30.88
Cenovus Energy
7D
3.3%
1Y
50.3%
ENB
CA$71.75
Enbridge
7D
-2.1%
1Y
21.1%
IMO
CA$162.50
Imperial Oil
7D
-0.5%
1Y
65.1%

IMO: Future Returns Will Likely Weaken As Execution Risks Persist

Narrative Update: Imperial Oil Analyst Price Target Analysts have adjusted their implied fair value for Imperial Oil to about CA$116.65, a change of roughly CA$1.24. They cite updated assumptions around revenue growth and future P/E expectations reflected in recent Street research, including price target revisions.
TCW
CA$6.56
Trican Well Service
7D
-9.5%
1Y
39.6%
GEI
CA$29.40
Gibson Energy
7D
4.6%
1Y
37.8%
DML
CA$5.74
Denison Mines
7D
11.2%
1Y
159.7%
AAV
CA$10.33
Advantage Energy
7D
-4.2%
1Y
6.7%

AAV: Long Term Cash Flow Strength Will Support Upside As P/E Outlook Tightens

Analysts have raised their price target on Advantage Energy to CA$18.23 from CA$18.22, citing updated assumptions around the discount rate, revenue growth, profit margin, and a lower future P/E multiple, along with recent bullish research that includes an upgrade in rating. Analyst Commentary Recent research points to a more constructive tone around Advantage Energy, with bullish analysts tightening their valuation work and expressing increased confidence in the company’s setup after revisiting key inputs such as discount rates, revenue assumptions, margin expectations, and future P/E levels.
ESI
CA$3.37
Ensign Energy Services
7D
-9.7%
1Y
13.5%
WCP
CA$13.76
Whitecap Resources
7D
4.6%
1Y
38.8%

WCP: Updated Fair Value And P/E Will Support Balanced Long Term Outlook

Analysts have nudged their price target on Whitecap Resources slightly higher to CA$14.03 from CA$13.94. This reflects updated assumptions around fair value, discount rate and future P/E, while keeping revenue growth and profit margin expectations broadly consistent.
CNQ
CA$58.02
Canadian Natural Resources
7D
4.7%
1Y
38.5%

CNQ: Capital Program And Asset Deal Will Shape Future Cash Returns

Analysts have trimmed their average price target on Canadian Natural Resources by about CA$1. This reflects updated views on fair value, a slightly higher discount rate, softer expected revenue trends, lower projected profit margins, and a higher assumed future P/E multiple in light of planned capital spending and its potential impact on near term cash returns.
CCO
CA$162.61
Cameco
7D
5.6%
1Y
163.3%
BIR
CA$6.71
Birchcliff Energy
7D
-3.0%
1Y
15.5%

Birchcliff Energy's (TSE:BIR) Dividend Will Be CA$0.03

Feb 12
Birchcliff Energy's (TSE:BIR) Dividend Will Be CA$0.03
SU
CA$77.07
Suncor Energy
7D
1.1%
1Y
38.1%

SU: Investor Day And P/E Repricing Will Frame Fairly Balanced Outlook

Analysts have raised their CA$68.05 fair value estimate for Suncor Energy to CA$74.40, citing recent price target increases from several firms, updated assumptions for a higher future P/E of about 19x, and revised expectations for revenue trends and profit margins. Analyst Commentary Recent research updates show a mix of optimism and caution around Suncor Energy, with several price target changes and refreshed views on valuation and execution.
NXE
CA$16.94
NexGen Energy
7D
7.1%
1Y
114.7%