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Canadian (TSX) Energy Sector Analysis

UpdatedMar 15, 2026
DataAggregated Company Financials
Companies202
  • 7D3.0%
  • 3M25.0%
  • 1Y46.5%
  • YTD22.3%

Over the last 7 days, the Energy industry has risen 3.0%, driven by gains from Canadian Natural Resources of 5.6%. This means that the industry has gained 47% over the past year. 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
Mon, 16 Mar 2026CA$952.6bCA$363.3bCA$43.4b16.4x21.9x2.6x
Wed, 11 Feb 2026CA$867.1bCA$373.9bCA$38.8b16.1x22.4x2.3x
Fri, 09 Jan 2026CA$751.5bCA$377.3bCA$39.4b13.7x19.1x2x
Sun, 07 Dec 2025CA$791.4bCA$378.6bCA$39.5b13.8x20x2.1x
Tue, 04 Nov 2025CA$765.5bCA$382.1bCA$43.6b12.5x17.5x2x
Thu, 02 Oct 2025CA$780.9bCA$410.9bCA$44.9b12.2x17.4x1.9x
Sat, 30 Aug 2025CA$745.6bCA$410.8bCA$44.8b11.1x16.6x1.8x
Mon, 28 Jul 2025CA$713.7bCA$414.6bCA$43.8b11.9x16.3x1.7x
Wed, 25 Jun 2025CA$698.7bCA$414.3bCA$43.8b12.1x16x1.7x
Fri, 23 May 2025CA$674.0bCA$414.3bCA$43.9b11x15.4x1.6x
Sun, 20 Apr 2025CA$641.6bCA$406.4bCA$39.7b10.2x16.2x1.6x
Tue, 18 Mar 2025CA$665.2bCA$407.3bCA$39.1b11.4x17x1.6x
Thu, 13 Feb 2025CA$709.0bCA$407.9bCA$43.9b10.9x16.2x1.7x
Sat, 11 Jan 2025CA$715.5bCA$408.2bCA$46.2b11x15.5x1.8x
Mon, 09 Dec 2024CA$708.6bCA$407.9bCA$46.2b10.5x15.3x1.7x
Wed, 06 Nov 2024CA$689.6bCA$407.0bCA$44.6b10.6x15.5x1.7x
Fri, 04 Oct 2024CA$676.8bCA$405.6bCA$44.9b10.3x15.1x1.7x
Sun, 01 Sep 2024CA$679.8bCA$405.8bCA$45.0b10.2x15.1x1.7x
Tue, 30 Jul 2024CA$669.8bCA$395.4bCA$45.2b10.7x14.8x1.7x
Thu, 27 Jun 2024CA$656.5bCA$394.4bCA$45.2b10.6x14.5x1.7x
Sat, 25 May 2024CA$683.0bCA$396.1bCA$45.8b10.9x14.9x1.7x
Mon, 22 Apr 2024CA$676.5bCA$395.6bCA$50.0b9.1x13.5x1.7x
Wed, 20 Mar 2024CA$651.2bCA$391.0bCA$49.7b8.9x13.1x1.7x
Fri, 16 Feb 2024CA$598.1bCA$409.7bCA$51.3b7x11.7x1.5x
Sun, 14 Jan 2024CA$624.9bCA$414.3bCA$48.9b7x12.8x1.5x
Tue, 12 Dec 2023CA$608.1bCA$414.6bCA$49.0b6.5x12.4x1.5x
Thu, 09 Nov 2023CA$628.4bCA$421.7bCA$49.0b6.4x12.8x1.5x
Sat, 07 Oct 2023CA$613.1bCA$428.5bCA$56.8b6.5x10.8x1.4x
Mon, 04 Sep 2023CA$635.6bCA$428.4bCA$56.8b6.8x11.2x1.5x
Wed, 02 Aug 2023CA$599.9bCA$446.1bCA$62.1b6x9.7x1.3x
Fri, 30 Jun 2023CA$564.3bCA$463.1bCA$68.6b5.2x8.2x1.2x
Sun, 28 May 2023CA$563.7bCA$463.9bCA$68.9b4.9x8.2x1.2x
Tue, 25 Apr 2023CA$598.5bCA$474.3bCA$70.7b5.4x8.5x1.3x
Thu, 23 Mar 2023CA$559.8bCA$474.3bCA$70.7b5.5x7.9x1.2x
Price to Earnings Ratio

7.9x


Total Market Cap: CA$559.8bTotal Earnings: CA$70.7bTotal Revenue: CA$474.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.2x202420252026
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 21.9x which is higher than its 3-year average PE of 18.2x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.6x.
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 8.5% 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-1.70%
Energy3.00%
Oil and Gas3.06%
Energy Services0.073%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.4x.
    • Analysts are expecting annual earnings growth of 7.6%, which is lower than the prior year's growth of 15.6% 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 12.4x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings growth rate of 2.5% 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$66.515.6%
+CA$7.4b		57.6%PE12.8x
SU Suncor EnergyCA$81.836.0%
+CA$5.5b		55.4%PE16.4x
IMO Imperial OilCA$165.543.1%
+CA$2.4b		69.9%PE24.5x
CVE Cenovus EnergyCA$31.853.4%
+CA$2.0b		64.3%PE15.2x
ENB EnbridgeCA$74.281.1%
+CA$1.8b		20.7%PE23x

Latest News

TOU
CA$67.09
Tourmaline Oil
7D
5.9%
1Y
4.1%
CNQ
CA$66.51
Canadian Natural Resources
7D
5.6%
1Y
57.6%
SCR
CA$39.46
Strathcona Resources
7D
15.7%
1Y
43.0%
NOA
CA$17.59
North American Construction Group
7D
-21.8%
1Y
-27.0%
CVE
CA$31.85
Cenovus Energy
7D
3.4%
1Y
64.3%
SU
CA$81.83
Suncor Energy
7D
6.0%
1Y
55.4%

SU: Investor Day And Buybacks Will Shape Oil Sands Resource Reassessment

The analyst fair value estimate for Suncor Energy has been lifted from CA$75.45 to CA$77.50, reflecting higher Street price targets and updated analyst views on sector conditions and relative valuation. Analyst Commentary Recent Street research on Suncor Energy shows a mix of optimism and caution, with several firms adjusting their price targets and ratings in response to sector conditions and company specific factors.
CCO
CA$148.19
Cameco
7D
-0.6%
1Y
143.1%

CCO: Future Earnings Profile Will Reflect Premium Margins And Elevated P E Expectations

Analysts have slightly increased their fair value estimate for Cameco, raising the target from about CA$172.56 to around CA$174.59 as they refine assumptions on long term revenue growth, profit margins, discount rate, and future P/E. Analyst Commentary Analysts adjusting their models for Cameco are fine tuning expectations around long term growth, profitability, and the appropriate valuation multiple.
FRU
CA$16.99
Freehold Royalties
7D
-4.9%
1Y
34.7%

Freehold: Offers a fantastic growth-income intersection up to $50 WTI. Below $50 WTI, it may offer historic opportunities in terms of ROI.

Valuation update based on FY2025 financials in the context of the US-Iran Middle East conflict.
TRP
CA$87.50
TC Energy
7D
1.1%
1Y
29.2%
EFX
CA$28.72
Enerflex
7D
-2.4%
1Y
167.7%

EFX: Higher Fair Value Assumptions Will Support Future Earnings And Cash Returns

Enerflex's updated analyst price target has shifted from about CA$27 to roughly CA$37, with analysts pointing to revised assumptions for fair value, revenue growth, profit margins, and future P/E to support the change. Analyst Commentary Recent Street research on Enerflex has sent mixed signals, with some analysts lifting price targets while others are turning more cautious.
IMO
CA$165.54
Imperial Oil
7D
3.1%
1Y
69.9%

IMO: Future Cash Returns Will Rely On Margins And Capital Discipline

The analyst price target for Imperial Oil has been updated from CA$131 to about CA$150. Analysts point to refined assumptions on profit margins, a higher future P/E, and a modestly higher discount rate that reflect recent price target moves such as TD Securities at CA$110, RBC Capital at CA$116, and a slight reduction from Morgan Stanley.
EFR
CA$25.62
Energy Fuels
7D
-1.1%
1Y
333.5%
AFE
CA$0.32
Africa Energy
7D
-23.8%
1Y
82.9%
ENB
CA$74.28
Enbridge
7D
1.1%
1Y
20.7%

ENB: Future Returns Will Depend On Gas Utility Delivery And Premium Valuation Risk

Analysts have lifted their Enbridge fair value estimate to CA$73.81 from CA$71.98, citing higher price targets across the Street and updated views on revenue growth, margins and future P/E assumptions. Analyst Commentary Recent Street research on Enbridge points to a mix of optimism on the company’s fundamentals and caution around where the shares are currently trading, which feeds directly into the updated fair value estimate.
TVK
CA$132.91
TerraVest Industries
7D
-6.3%
1Y
22.3%
OYL
CA$0.24
CGX Energy
7D
-29.0%
1Y
88.5%