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Canadian (TSX) Energy Sector Analysis

UpdatedMay 18, 2026
DataAggregated Company Financials
Companies202
  • 7D3.8%
  • 3M16.2%
  • 1Y56.1%
  • YTD32.1%

The Energy industry is up 3.8% in the last week, with Canadian Natural Resources up 8.5%. Meanwhile, Cameco actually underperformed within the industry, shrinking 7.5% in the last week. This means that the industry has gained 56% over the past year. Looking forward, earnings are forecast to grow by 10% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 18 May 2026CA$1.0tCA$368.8bCA$38.9b23.1x26.4x2.8x
Wed, 15 Apr 2026CA$976.0bCA$362.8bCA$42.1b16.6x23.2x2.7x
Fri, 13 Mar 2026CA$941.3bCA$363.0bCA$43.3b17.6x21.7x2.6x
Sun, 08 Feb 2026CA$860.0bCA$374.0bCA$38.8b15.9x22.2x2.3x
Tue, 06 Jan 2026CA$764.8bCA$377.2bCA$39.4b13.9x19.4x2x
Thu, 04 Dec 2025CA$784.0bCA$378.7bCA$39.5b13.1x19.8x2.1x
Sat, 01 Nov 2025CA$776.3bCA$411.8bCA$44.6b12.3x17.4x1.9x
Mon, 29 Sep 2025CA$790.7bCA$410.9bCA$44.9b12.4x17.6x1.9x
Wed, 27 Aug 2025CA$739.0bCA$410.9bCA$44.8b11.1x16.5x1.8x
Fri, 25 Jul 2025CA$711.9bCA$414.8bCA$43.8b11.9x16.2x1.7x
Sun, 22 Jun 2025CA$762.6bCA$414.3bCA$43.8b12.8x17.4x1.8x
Tue, 20 May 2025CA$677.9bCA$414.5bCA$43.9b11x15.4x1.6x
Thu, 17 Apr 2025CA$623.6bCA$406.4bCA$39.7b10.3x15.7x1.5x
Sat, 15 Mar 2025CA$657.9bCA$407.3bCA$39.1b11.4x16.8x1.6x
Mon, 10 Feb 2025CA$691.9bCA$408.2bCA$43.9b10.7x15.8x1.7x
Wed, 08 Jan 2025CA$706.7bCA$408.2bCA$46.2b10.9x15.3x1.7x
Fri, 06 Dec 2024CA$713.3bCA$407.9bCA$46.2b10.7x15.4x1.7x
Sun, 03 Nov 2024CA$684.9bCA$407.5bCA$44.7b10.6x15.3x1.7x
Tue, 01 Oct 2024CA$662.2bCA$405.8bCA$45.0b10.2x14.7x1.6x
Thu, 29 Aug 2024CA$681.7bCA$405.8bCA$45.0b10x15.2x1.7x
Sat, 27 Jul 2024CA$665.6bCA$395.2bCA$45.2b10.8x14.7x1.7x
Mon, 24 Jun 2024CA$644.1bCA$394.4bCA$45.2b10.3x14.2x1.6x
Wed, 22 May 2024CA$690.9bCA$396.1bCA$45.7b10.7x15.1x1.7x
Fri, 19 Apr 2024CA$670.8bCA$395.6bCA$50.0b9.2x13.4x1.7x
Sun, 17 Mar 2024CA$644.5bCA$390.9bCA$49.7b8.7x13x1.6x
Tue, 13 Feb 2024CA$606.2bCA$409.1bCA$51.1b7.1x11.9x1.5x
Thu, 11 Jan 2024CA$619.4bCA$414.2bCA$48.9b6.8x12.7x1.5x
Sat, 09 Dec 2023CA$604.8bCA$414.6bCA$49.0b6.5x12.3x1.5x
Mon, 06 Nov 2023CA$647.7bCA$421.6bCA$51.3b6.9x12.6x1.5x
Wed, 04 Oct 2023CA$618.2bCA$428.5bCA$56.8b6.3x10.9x1.4x
Fri, 01 Sep 2023CA$623.6bCA$428.2bCA$56.7b7x11x1.5x
Sun, 30 Jul 2023CA$586.8bCA$449.3bCA$62.3b6x9.4x1.3x
Tue, 27 Jun 2023CA$556.5bCA$462.9bCA$68.5b5.1x8.1x1.2x
Thu, 25 May 2023CA$570.7bCA$464.0bCA$69.1b5.1x8.3x1.2x
Price to Earnings Ratio

8.3x


Total Market Cap: CA$570.7bTotal Earnings: CA$69.1bTotal Revenue: CA$464.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 19.1x202420252026
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 26.4x which is higher than its 3-year average PE of 19.1x.
  • 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 17% per year over the last three years,
  • Revenues have also declined 7.4% 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-0.52%
Energy3.76%
Energy Services5.19%
Oil and Gas3.73%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 12.8x.
    • Analysts are expecting annual earnings growth of 31.4%, which is higher than its past year's earnings decline of 19.2% 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 19.3x.
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 decline of 19% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 10.0% 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$66.087.0%
+CA$9.0b		54.0%PE14.2x
SU Suncor EnergyCA$93.995.5%
+CA$5.8b		88.5%PE17.5x
CVE Cenovus EnergyCA$42.416.5%
+CA$4.8b		121.1%PE17.1x
TRP TC EnergyCA$94.004.8%
+CA$4.5b		34.9%PE27.7x
ENB EnbridgeCA$76.132.2%
+CA$3.6b		21.4%PE25.8x

Latest News

URE
CA$2.28
Ur-Energy
7D
-7.7%
1Y
128.0%
SU
CA$93.99
Suncor Energy
7D
5.5%
1Y
88.5%
CNQ
CA$66.08
Canadian Natural Resources
7D
7.0%
1Y
54.0%
Analysis Article • May 17

Canadian Natural Resources (TSE:CNQ) Strong Profits May Be Masking Some Underlying Issues

The recent earnings posted by Canadian Natural Resources Limited ( TSE:CNQ ) were solid, but the stock didn't move as...
ENB
CA$76.13
Enbridge
7D
2.2%
1Y
21.4%
PXT
CA$27.11
Parex Resources
7D
-4.0%
1Y
112.0%
New Narrative • May 16

Colombian Asset Expansion And Magdalena Partnership Will Shape Balanced But Uneven Outlook

Catalysts About Parex Resources Parex Resources is an oil and gas exploration and production company focused on Colombia. What are the underlying business or industry changes driving this perspective?
KEY
CA$57.44
Keyera
7D
9.5%
1Y
33.6%
NXE
CA$15.49
NexGen Energy
7D
-10.5%
1Y
103.0%
EFR
CA$25.37
Energy Fuels
7D
-15.5%
1Y
317.3%
PPL
CA$67.35
Pembina Pipeline
7D
6.4%
1Y
28.1%
CVE
CA$42.41
Cenovus Energy
7D
6.5%
1Y
121.1%
DML
CA$4.52
Denison Mines
7D
-13.9%
1Y
123.8%
TRP
CA$94.00
TC Energy
7D
4.8%
1Y
34.9%
Narrative Update • May 14

TRP: Backlog Certainty And Dividend Policy Will Shape Forward Risk Reward Balance

TC Energy's analyst price target has been revised higher to CA$91.30 from CA$88.52. Analysts point to updated models that incorporate slightly firmer margin assumptions, a modestly lower future P/E, and a broad wave of CA$2 to CA$9 price target increases across major firms following recent earnings and guidance updates.
ISO
CA$15.47
IsoEnergy
7D
-14.5%
1Y
72.1%
CCO
CA$147.99
Cameco
7D
-10.1%
1Y
106.3%
IMO
CA$185.26
Imperial Oil
7D
4.1%
1Y
82.8%
Analysis Article • May 11

We Think You Can Look Beyond Imperial Oil's (TSE:IMO) Lackluster Earnings

Shareholders appeared unconcerned with Imperial Oil Limited's ( TSE:IMO ) lackluster earnings report last week. We...
URC
CA$5.15
Uranium Royalty
7D
-13.9%
1Y
98.1%