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

Canadian (TSX) Energy Sector Analysis

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies203
  • 7D0.4%
  • 3M29.5%
  • 1Y60.7%
  • YTD25.8%

Over the last 7 days, the Energy industry has remained flat, although notably Cameco gained 4.0%. The past year has been better, since the industry has gained 73% in that time. As for the next few years, earnings are expected to grow by 8.3% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Apr 2026CA$1.0tCA$362.9bCA$42.1b16.8x23.8x2.8x
Sat, 07 Mar 2026CA$931.9bCA$363.6bCA$43.3b17.1x21.5x2.6x
Mon, 02 Feb 2026CA$845.2bCA$375.3bCA$38.6b15.4x21.9x2.3x
Wed, 31 Dec 2025CA$768.6bCA$377.6bCA$39.5b14x19.5x2x
Fri, 28 Nov 2025CA$784.6bCA$378.8bCA$39.5b14.1x19.9x2.1x
Sun, 26 Oct 2025CA$764.8bCA$411.7bCA$44.8b12.5x17.1x1.9x
Tue, 23 Sep 2025CA$767.2bCA$410.8bCA$44.9b11.9x17.1x1.9x
Thu, 21 Aug 2025CA$715.0bCA$410.9bCA$44.8b10.8x16x1.7x
Sat, 19 Jul 2025CA$707.5bCA$414.2bCA$43.8b11.8x16.2x1.7x
Mon, 16 Jun 2025CA$765.6bCA$414.1bCA$43.8b12.7x17.5x1.8x
Wed, 14 May 2025CA$667.9bCA$413.8bCA$42.3b10.2x15.8x1.6x
Fri, 11 Apr 2025CA$624.7bCA$406.5bCA$39.7b9.9x15.7x1.5x
Sun, 09 Mar 2025CA$649.3bCA$407.3bCA$39.5b10.6x16.4x1.6x
Tue, 04 Feb 2025CA$690.2bCA$408.0bCA$46.0b10.3x15x1.7x
Thu, 02 Jan 2025CA$690.2bCA$408.2bCA$46.2b10.6x14.9x1.7x
Sat, 30 Nov 2024CA$719.2bCA$407.8bCA$46.2b10.8x15.6x1.8x
Mon, 28 Oct 2024CA$706.1bCA$405.7bCA$45.0b10.8x15.7x1.7x
Wed, 25 Sep 2024CA$662.7bCA$405.8bCA$45.0b9.9x14.7x1.6x
Fri, 23 Aug 2024CA$674.5bCA$405.9bCA$45.0b10.3x15x1.7x
Sun, 21 Jul 2024CA$667.4bCA$394.7bCA$45.2b11x14.8x1.7x
Tue, 18 Jun 2024CA$645.9bCA$394.4bCA$45.2b10.3x14.3x1.6x
Thu, 16 May 2024CA$682.7bCA$396.1bCA$46.1b10.4x14.8x1.7x
Sat, 13 Apr 2024CA$689.4bCA$395.5bCA$49.9b9.6x13.8x1.7x
Mon, 11 Mar 2024CA$633.2bCA$392.8bCA$50.1b8.2x12.6x1.6x
Wed, 07 Feb 2024CA$602.1bCA$411.8bCA$48.4b6.7x12.4x1.5x
Fri, 05 Jan 2024CA$622.5bCA$414.2bCA$48.9b6.8x12.7x1.5x
Sun, 03 Dec 2023CA$634.0bCA$414.4bCA$49.0b7x12.9x1.5x
Tue, 31 Oct 2023CA$630.5bCA$427.6bCA$56.1b6.4x11.2x1.5x
Thu, 28 Sep 2023CA$641.8bCA$428.2bCA$56.7b6.8x11.3x1.5x
Sat, 26 Aug 2023CA$606.7bCA$428.4bCA$56.7b6.2x10.7x1.4x
Mon, 24 Jul 2023CA$586.4bCA$462.9bCA$68.5b5.6x8.6x1.3x
Wed, 21 Jun 2023CA$558.2bCA$463.0bCA$68.6b5x8.1x1.2x
Fri, 19 May 2023CA$562.9bCA$464.5bCA$69.0b5x8.2x1.2x
Sun, 16 Apr 2023CA$607.1bCA$473.8bCA$70.6b5.7x8.6x1.3x
Price to Earnings Ratio

8.6x


Total Market Cap: CA$607.1bTotal Earnings: CA$70.6bTotal Revenue: CA$473.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.6x202420252026
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 23.5x which is higher than its 3-year average PE of 18.6x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 16% 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 Market1.91%
Energy0.41%
Energy Services1.47%
Oil and Gas0.39%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.7x.
    • Analysts are expecting annual earnings growth of 8.0%, which is lower than the prior year's growth of 18.4% 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 27% over the next 5 years.
  • This is better than its past earnings growth rate of 7.1% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 8.0% 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
CCO CamecoCA$160.524.0%
+CA$2.7b		184.0%PE118.6x
TRP TC EnergyCA$88.552.5%
+CA$2.2b		35.9%PE25.5x
ENB EnbridgeCA$75.431.2%
+CA$1.9b		28.0%PE23.4x
PPL Pembina PipelineCA$61.901.9%
+CA$662.7m		21.7%PE23.2x
SOBO South BowCA$46.292.8%
+CA$258.6m		38.5%PE16.1x

Latest News

ENB
CA$75.43
Enbridge
7D
1.2%
1Y
28.0%
IMO
CA$179.91
Imperial Oil
7D
0.2%
1Y
98.0%
CNQ
CA$64.12
Canadian Natural Resources
7D
-0.8%
1Y
63.3%
TOU
CA$62.01
Tourmaline Oil
7D
-2.8%
1Y
5.1%
SU
CA$89.24
Suncor Energy
7D
-1.2%
1Y
84.7%
CVE
CA$35.94
Cenovus Energy
7D
0.2%
1Y
112.4%
PXT
CA$24.79
Parex Resources
7D
-4.7%
1Y
107.3%

PXT: Revised Buyback Plans And Production Outlook Will Shape A Measured Future

Analysts have nudged their fair value estimate for Parex Resources slightly higher, lifting the target to CA$26.74 from CA$26.34. They cited a series of recent price target increases from CA$20 to CA$23 and then to CA$28 by covering firms as support for the updated view.
CCO
CA$160.52
Cameco
7D
4.0%
1Y
184.0%
PPL
CA$61.90
Pembina Pipeline
7D
1.9%
1Y
21.7%

PPL: Stable Margins And Higher P/E Assumptions Will Support Fair Value

Analysts have adjusted their fair value estimate for Pembina Pipeline to CA$62.00 to reflect updated assumptions, including slightly lower revenue growth, a marginally higher long-term P/E multiple, and a stable discount rate. What's in the News Pembina Pipeline reported that from October 1, 2025 to December 31, 2025, it repurchased 0 shares for CAD 0 million under its ongoing buyback program.
EFX
CA$29.03
Enerflex
7D
5.1%
1Y
190.6%

EFX: Future Cash Returns Will Be Driven By Growing Share Repurchases

Enerflex's updated analyst price target has increased to CA$39 from CA$28, with analysts pointing to recent target increases at several firms as support for the revised outlook. Analyst Commentary Recent research updates on Enerflex show a mix of enthusiasm around upside potential and some caution around execution risks, which is useful context as you think about valuation and timing.
ARX
CA$26.42
ARC Resources
7D
-2.6%
1Y
4.3%

ARX: Future Cash Returns Will Rely On Steady Execution And Balanced Capital Returns

ARC Resources' updated fair value estimate has shifted to CA$29.71 from CA$28.68, as analysts factor in recent price target cuts and downgrades while maintaining broadly similar assumptions for the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research on ARC Resources has leaned more cautious, with several firms adjusting price targets and ratings.
TRP
CA$88.55
TC Energy
7D
2.5%
1Y
35.9%

TRP: Backlog Certainty And Dividend Policy Will Shape Future Return Balance

Narrative Update The analyst price target for TC Energy has been revised from CA$86.00 to CA$87.32 as analysts update models for the Q4 report, reflect reiterated FY26 EBITDA guidance, and factor in a series of higher Street targets, which are partly tempered by recent share price appreciation. Analyst Commentary Recent research updates on TC Energy show a mix of optimism on growth and asset quality, balanced against concerns about valuation after the recent share price move.
KEY
CA$51.54
Keyera
7D
-1.8%
1Y
28.4%

KEY: Balance Sheet Capacity And Execution Risk Will Shape Future Fairly Valued Returns

Keyera's analyst price target is nudged higher as the model fair value edges up to CA$54.46. Analysts generally point to stronger perceived balance sheet capacity and a series of recent price target hikes across major firms.
SOBO
CA$46.29
South Bow
7D
2.8%
1Y
38.5%
BIR
CA$6.18
Birchcliff Energy
7D
-8.7%
1Y
6.2%
DML
CA$4.88
Denison Mines
7D
-3.7%
1Y
166.7%