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Canadian (TSX) Energy Sector Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies198
  • 7D2.3%
  • 3M12.3%
  • 1Y27.8%
  • YTD10.9%

In the last week, the Energy industry is up 2.3%, with Canadian Natural Resources leading the way with a 7.0% gain. In the same time, Cameco was down 5.6%. This takes the industry's 12 month performance to a gain of 28%. Looking forward, earnings are forecast to grow by 8.2% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026CA$860.0bCA$374.0bCA$38.8b15.9x22.2x2.3x
Wed, 07 Jan 2026CA$764.8bCA$377.3bCA$39.4b13.6x19.4x2x
Fri, 05 Dec 2025CA$799.6bCA$378.7bCA$39.5b13.5x20.3x2.1x
Sun, 02 Nov 2025CA$772.5bCA$409.9bCA$44.0b12.3x17.6x1.9x
Tue, 30 Sep 2025CA$790.7bCA$410.9bCA$44.9b12.1x17.6x1.9x
Thu, 28 Aug 2025CA$737.7bCA$410.8bCA$44.8b11.2x16.5x1.8x
Sat, 26 Jul 2025CA$716.1bCA$414.6bCA$43.8b11.9x16.3x1.7x
Mon, 23 Jun 2025CA$756.1bCA$414.3bCA$43.8b12.8x17.3x1.8x
Wed, 21 May 2025CA$677.9bCA$414.4bCA$43.9b11x15.4x1.6x
Fri, 18 Apr 2025CA$630.5bCA$406.4bCA$39.7b9.8x15.9x1.6x
Sun, 16 Mar 2025CA$665.2bCA$407.3bCA$39.1b11.4x17x1.6x
Tue, 11 Feb 2025CA$691.9bCA$407.9bCA$43.9b10.9x15.8x1.7x
Thu, 09 Jan 2025CA$714.3bCA$408.2bCA$46.2b11x15.5x1.7x
Sat, 07 Dec 2024CA$718.5bCA$407.9bCA$46.2b10.6x15.5x1.8x
Mon, 04 Nov 2024CA$684.9bCA$407.5bCA$44.7b10.6x15.3x1.7x
Wed, 02 Oct 2024CA$665.3bCA$405.8bCA$45.0b10.4x14.8x1.6x
Fri, 30 Aug 2024CA$677.6bCA$405.8bCA$45.0b10x15.1x1.7x
Sun, 28 Jul 2024CA$669.8bCA$395.3bCA$45.2b10.8x14.8x1.7x
Tue, 25 Jun 2024CA$644.0bCA$394.4bCA$45.2b10.5x14.3x1.6x
Thu, 23 May 2024CA$695.5bCA$396.1bCA$45.8b10.6x15.2x1.8x
Sat, 20 Apr 2024CA$670.8bCA$395.6bCA$50.0b9.2x13.4x1.7x
Mon, 18 Mar 2024CA$644.5bCA$390.9bCA$49.7b8.7x13x1.6x
Wed, 14 Feb 2024CA$599.9bCA$409.3bCA$51.2b6.9x11.7x1.5x
Fri, 12 Jan 2024CA$617.5bCA$414.3bCA$48.9b6.9x12.6x1.5x
Sun, 10 Dec 2023CA$612.2bCA$414.6bCA$49.0b6.5x12.5x1.5x
Tue, 07 Nov 2023CA$647.1bCA$420.4bCA$50.1b6.8x12.9x1.5x
Thu, 05 Oct 2023CA$618.2bCA$428.7bCA$56.9b6.3x10.9x1.4x
Sat, 02 Sep 2023CA$635.5bCA$428.3bCA$56.8b7.1x11.2x1.5x
Mon, 31 Jul 2023CA$593.9bCA$446.8bCA$62.3b6x9.5x1.3x
Wed, 28 Jun 2023CA$555.4bCA$462.9bCA$68.6b5.2x8.1x1.2x
Fri, 26 May 2023CA$570.7bCA$464.0bCA$69.1b5.1x8.3x1.2x
Sun, 23 Apr 2023CA$594.4bCA$474.3bCA$70.7b5.3x8.4x1.3x
Tue, 21 Mar 2023CA$554.2bCA$473.8bCA$70.5b5.3x7.9x1.2x
Thu, 16 Feb 2023CA$617.8bCA$463.3bCA$71.5b5.7x8.6x1.3x
Price to Earnings Ratio

8.6x


Total Market Cap: CA$617.8bTotal Earnings: CA$71.5bTotal Revenue: CA$463.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.8x202420252026
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 22.2x which is higher than its 3-year average PE of 17.8x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 18% per year over the last three years,
  • Revenues have also declined 6.9% 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 Market2.10%
Energy2.29%
Energy Services5.00%
Oil and Gas2.23%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 17.9x.
    • Analysts are expecting annual earnings growth of 7.9%, which is higher than its past year's earnings decline of 3.2% 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 12.8x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 24% 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 7.9% 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$53.407.0%
+CA$7.3b		21.6%PE16.7x
IMO Imperial OilCA$153.689.6%
+CA$6.5b		56.5%PE22.7x
ENB EnbridgeCA$68.744.2%
+CA$6.0b		7.2%PE26.9x
CVE Cenovus EnergyCA$28.115.7%
+CA$2.9b		29.2%PE17x
TRP TC EnergyCA$81.702.4%
+CA$1.9b		21.0%PE22x

Latest News

ARX
CA$22.83
ARC Resources
7D
-8.3%
1Y
-14.4%
URC
CA$5.39
Uranium Royalty
7D
-13.1%
1Y
55.8%
IMO
CA$153.68
Imperial Oil
7D
9.6%
1Y
56.5%

IMO: Future Returns Will Likely Weaken Versus C$115 Fair Value Estimate

Narrative Update Analysts have nudged their fair value estimate for Imperial Oil up from C$113 to about C$115.41. This reflects recent adjustments to sector price targets that factor in updated 2025 guidance and early 2026 commentary, while continuing to see gas as relatively more attractive than oil.
SU
CA$73.46
Suncor Energy
7D
2.1%
1Y
32.7%
CNQ
CA$53.40
Canadian Natural Resources
7D
7.0%
1Y
21.6%
CCO
CA$155.18
Cameco
7D
-5.6%
1Y
115.4%

Future U S Nuclear Spending And Supply Discipline Will Constrain Long Term Upside

Catalysts About Cameco Cameco produces and supplies uranium and related fuel services for nuclear power generation and holds a significant ownership stake in Westinghouse. What are the underlying business or industry changes driving this perspective?
DML
CA$5.05
Denison Mines
7D
-6.1%
1Y
95.7%
CVE
CA$28.11
Cenovus Energy
7D
5.7%
1Y
29.2%

CVE: MEG Integration And Buybacks Will Shape Future Cash And Production

Narrative Update The average analyst price target for Cenovus Energy has been trimmed slightly, by about $0.15. Analysts are factoring in mixed recent target moves along with updated views on revenue trends, margin expectations and future P/E levels following the MEG Energy acquisition developments.
ENB
CA$68.74
Enbridge
7D
4.2%
1Y
7.2%

ENB: Future Returns Will Depend On Gas Utility Execution And Dividend Growth

Analysts have trimmed their fair value estimate for Enbridge by about $0.24, as a slightly higher discount rate and softer revenue outlook are being weighed against a small improvement in expected profit margins and a steady future P/E. Recent price target changes reflect mixed views across the Street.
NXE
CA$15.04
NexGen Energy
7D
-9.3%
1Y
61.5%
KEY
CA$49.17
Keyera
7D
6.6%
1Y
17.1%
PPL
CA$58.26
Pembina Pipeline
7D
4.0%
1Y
11.0%

We Think Pembina Pipeline (TSE:PPL) Can Stay On Top Of Its Debt

Jan 29
We Think Pembina Pipeline (TSE:PPL) Can Stay On Top Of Its Debt
ISO
CA$13.70
IsoEnergy
7D
-13.6%
1Y
25.5%
URE
CA$2.18
Ur-Energy
7D
-9.5%
1Y
50.3%
EFX
CA$24.38
Enerflex
7D
-4.1%
1Y
77.3%
TRP
CA$81.70
TC Energy
7D
2.4%
1Y
21.0%

TRP: Extended 2028 Outlook And Project Execution Will Shape Medium Term Returns

Our analyst price target for TC Energy edges up by about C$0.40 to roughly C$79.20, reflecting Street analysts' higher targets in the C$78 to C$84 range and their view that the company has a solid pipeline of projects and medium term opportunities. Analyst Commentary Bullish Takeaways Bullish analysts see the recent upgrade and higher price targets, in the C$78 to C$84 range, as aligned with TC Energy's current project backlog and medium term plan.