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Canadian (TSX) Energy Sector Analysis

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies202
  • 7D3.3%
  • 3M17.1%
  • 1Y40.9%
  • YTD17.4%

Canadian Natural Resources is up 5.4%, leading the way for the Energy industry, which has gained 3.3%. This means that the industry has gained 41% over the past year. Looking forward, earnings are forecast to grow by 7.6% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Feb 2026CA$912.1bCA$365.3bCA$41.4b16.8x22x2.5x
Fri, 23 Jan 2026CA$828.3bCA$377.3bCA$39.4b15.2x21x2.2x
Sun, 21 Dec 2025CA$750.8bCA$377.7bCA$39.5b13.7x19x2x
Tue, 18 Nov 2025CA$785.8bCA$378.9bCA$39.5b13.2x19.9x2.1x
Thu, 16 Oct 2025CA$772.6bCA$411.1bCA$44.9b11.9x17.2x1.9x
Sat, 13 Sep 2025CA$756.1bCA$410.8bCA$44.9b11.5x16.8x1.8x
Mon, 11 Aug 2025CA$716.9bCA$410.1bCA$45.3b10.6x15.8x1.7x
Wed, 09 Jul 2025CA$694.2bCA$414.2bCA$43.8b12.2x15.9x1.7x
Fri, 06 Jun 2025CA$683.2bCA$414.2bCA$43.8b11.7x15.6x1.6x
Sun, 04 May 2025CA$656.9bCA$407.3bCA$40.1b9.9x16.4x1.6x
Tue, 01 Apr 2025CA$690.9bCA$406.9bCA$39.7b12.8x17.4x1.7x
Thu, 27 Feb 2025CA$662.0bCA$408.4bCA$40.4b10.4x16.4x1.6x
Sat, 25 Jan 2025CA$721.0bCA$408.1bCA$46.2b10.7x15.6x1.8x
Mon, 23 Dec 2024CA$667.9bCA$408.2bCA$46.2b10.2x14.5x1.6x
Wed, 20 Nov 2024CA$718.4bCA$407.7bCA$46.7b10.6x15.4x1.8x
Fri, 18 Oct 2024CA$701.4bCA$405.7bCA$44.9b10.3x15.6x1.7x
Sun, 15 Sep 2024CA$644.5bCA$405.9bCA$45.0b10.2x14.3x1.6x
Tue, 13 Aug 2024CA$664.9bCA$405.5bCA$45.4b10.2x14.7x1.6x
Thu, 11 Jul 2024CA$650.8bCA$394.3bCA$45.2b10.8x14.4x1.7x
Sat, 08 Jun 2024CA$669.6bCA$394.4bCA$45.2b10.5x14.8x1.7x
Mon, 06 May 2024CA$674.2bCA$397.3bCA$48.7b9.2x13.9x1.7x
Wed, 03 Apr 2024CA$673.0bCA$395.4bCA$49.9b9.5x13.5x1.7x
Fri, 01 Mar 2024CA$621.1bCA$394.3bCA$49.9b7.7x12.5x1.6x
Sun, 28 Jan 2024CA$621.9bCA$414.4bCA$48.9b6.8x12.7x1.5x
Tue, 26 Dec 2023CA$613.4bCA$414.0bCA$48.9b6.6x12.6x1.5x
Thu, 23 Nov 2023CA$638.3bCA$414.9bCA$49.1b7x13x1.5x
Sat, 21 Oct 2023CA$640.2bCA$428.6bCA$56.8b6.7x11.3x1.5x
Mon, 18 Sep 2023CA$647.3bCA$428.3bCA$56.7b6.7x11.4x1.5x
Wed, 16 Aug 2023CA$599.8bCA$429.1bCA$56.7b6.2x10.6x1.4x
Fri, 14 Jul 2023CA$581.0bCA$462.8bCA$68.5b5.6x8.5x1.3x
Sun, 11 Jun 2023CA$577.6bCA$463.3bCA$68.7b5.1x8.4x1.2x
Tue, 09 May 2023CA$575.4bCA$465.6bCA$69.3b5.2x8.3x1.2x
Thu, 06 Apr 2023CA$594.6bCA$474.0bCA$70.7b5.4x8.4x1.3x
Sat, 04 Mar 2023CA$620.7bCA$471.8bCA$71.2b5.8x8.7x1.3x
Price to Earnings Ratio

8.7x


Total Market Cap: CA$620.7bTotal Earnings: CA$71.2bTotal Revenue: CA$471.8bTotal 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 22.0x 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 8.2% 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 Market2.97%
Energy3.26%
Oil and Gas3.30%
Energy Services1.75%
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 7.3%, which is higher than its past year's earnings growth of 2.6% 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 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 7.3% 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$58.355.4%
+CA$6.2b		41.4%PE18.3x
CCO CamecoCA$165.917.7%
+CA$5.2b		166.1%PE122.6x
ENB EnbridgeCA$71.802.3%
+CA$3.5b		20.4%PE22.2x
TRP TC EnergyCA$86.902.3%
+CA$2.1b		37.1%PE25x
CVE Cenovus EnergyCA$30.624.0%
+CA$1.8b		52.1%PE14.6x

Latest News

IMO
CA$158.23
Imperial Oil
7D
-0.9%
1Y
61.5%
SU
CA$76.70
Suncor Energy
7D
2.0%
1Y
38.7%
TRP
CA$86.90
TC Energy
7D
2.3%
1Y
37.1%

TRP: Backlog Visibility And Dividend Policy Will Shape Returns Versus Fair Value

TC Energy's updated fair value estimate rises to CA$84.41 from CA$79.55 as analysts lift price targets into the CA$85 to CA$93 range, citing recent Q4 results, reiterated FY26 EBITDA guidance and increased confidence in the company's long term growth backlog. Analyst Commentary Recent research updates show a clear cluster of higher price targets for TC Energy, but the tone is not uniformly positive.
CNQ
CA$58.35
Canadian Natural Resources
7D
5.4%
1Y
41.4%
RGSI
CA$28.15
Rockpoint Gas Storage
7D
-3.5%
1Y
n/a
PLSR
CA$1.53
Pulsar Helium
7D
-16.4%
1Y
183.3%
ESI
CA$3.54
Ensign Energy Services
7D
-3.0%
1Y
24.2%

ESI: Future Fair Value Will Rely On Stable Margins And P/E

Analysts have kept their CA$ price target for Ensign Energy Services steady, with unchanged fair value assumptions and only minor tweaks to the discount rate and future P/E. This reflects a broadly consistent view of the company’s outlook.
PEY
CA$25.72
Peyto Exploration & Development
7D
-1.9%
1Y
58.7%

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$30.62
Cenovus Energy
7D
4.0%
1Y
52.1%
ENB
CA$71.80
Enbridge
7D
2.3%
1Y
20.4%
TCW
CA$6.69
Trican Well Service
7D
-6.2%
1Y
45.8%
AAV
CA$10.29
Advantage Energy
7D
-1.9%
1Y
9.9%

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.
EFR
CA$31.20
Energy Fuels
7D
11.3%
1Y
401.6%

EFR: Uranium And Rare Earth Production Will Drive Future Upside

Analysts have nudged their price target on Energy Fuels up by CA$1 to CA$41.75, citing updated expectations for revenue growth, margins and future P/E assumptions. What's in the News Energy Fuels has renamed its Toliara Project in Madagascar to Vara Mada, highlighting its role as a source of titanium, zircon and rare earth minerals, and is planning a revised mine plan and new drilling program targeting an additional 1,200 to 1,600 million tonnes of mineralized material (Key Developments).
CCO
CA$165.91
Cameco
7D
7.7%
1Y
166.1%
BIR
CA$6.67
Birchcliff Energy
7D
-3.2%
1Y
20.2%

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

Feb 12
Birchcliff Energy's (TSE:BIR) Dividend Will Be CA$0.03
NXE
CA$17.62
NexGen Energy
7D
11.2%
1Y
130.3%