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Canadian (TSX) Energy Sector Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies202
  • 7D1.0%
  • 3M16.5%
  • 1Y40.1%
  • YTD18.0%

In the last week, Energy has been flat. As for the the longer term, the industry is up 40% over the past 12 months. Looking forward, earnings are forecast to grow by 7.5% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 02 Mar 2026CA$918.4bCA$365.4bCA$41.4b17x22.2x2.5x
Wed, 28 Jan 2026CA$831.0bCA$376.6bCA$39.3b15.6x21.1x2.2x
Fri, 26 Dec 2025CA$758.6bCA$377.6bCA$39.5b13.6x19.2x2x
Sun, 23 Nov 2025CA$781.5bCA$378.9bCA$39.5b13.3x19.8x2.1x
Tue, 21 Oct 2025CA$753.6bCA$411.1bCA$44.9b12x16.8x1.8x
Thu, 18 Sep 2025CA$769.3bCA$410.8bCA$44.9b12.1x17.1x1.9x
Sat, 16 Aug 2025CA$723.0bCA$410.9bCA$44.7b11.1x16.2x1.8x
Mon, 14 Jul 2025CA$705.8bCA$414.2bCA$43.8b12.2x16.1x1.7x
Wed, 11 Jun 2025CA$741.1bCA$414.2bCA$43.8b12.5x16.9x1.8x
Fri, 09 May 2025CA$655.7bCA$406.6bCA$40.2b9.6x16.3x1.6x
Sun, 06 Apr 2025CA$626.3bCA$406.7bCA$39.7b10.6x15.8x1.5x
Tue, 04 Mar 2025CA$670.2bCA$405.7bCA$40.2b10.6x16.7x1.7x
Thu, 30 Jan 2025CA$695.9bCA$408.2bCA$46.2b10.6x15.1x1.7x
Sat, 28 Dec 2024CA$681.1bCA$408.2bCA$46.2b10.4x14.7x1.7x
Mon, 25 Nov 2024CA$736.1bCA$407.8bCA$46.8b11.2x15.7x1.8x
Wed, 23 Oct 2024CA$708.6bCA$405.7bCA$44.9b10.3x15.8x1.7x
Fri, 20 Sep 2024CA$649.4bCA$405.9bCA$45.0b9.9x14.4x1.6x
Sun, 18 Aug 2024CA$686.5bCA$405.9bCA$45.1b10.3x15.2x1.7x
Tue, 16 Jul 2024CA$669.6bCA$394.6bCA$45.2b11.1x14.8x1.7x
Thu, 13 Jun 2024CA$663.5bCA$394.4bCA$45.2b10.5x14.7x1.7x
Sat, 11 May 2024CA$694.8bCA$396.0bCA$46.2b10x15x1.8x
Mon, 08 Apr 2024CA$692.2bCA$395.4bCA$49.9b10x13.9x1.8x
Wed, 06 Mar 2024CA$629.0bCA$393.0bCA$50.8b8x12.4x1.6x
Fri, 02 Feb 2024CA$617.7bCA$414.3bCA$48.9b6.7x12.6x1.5x
Sun, 31 Dec 2023CA$609.8bCA$414.0bCA$48.9b6.7x12.5x1.5x
Tue, 28 Nov 2023CA$632.9bCA$414.7bCA$49.0b7x12.9x1.5x
Thu, 26 Oct 2023CA$637.6bCA$428.8bCA$56.9b6.4x11.2x1.5x
Sat, 23 Sep 2023CA$624.7bCA$428.2bCA$56.7b6.4x11x1.5x
Mon, 21 Aug 2023CA$612.0bCA$428.3bCA$56.7b6.3x10.8x1.4x
Wed, 19 Jul 2023CA$575.8bCA$462.8bCA$68.5b5.6x8.4x1.2x
Fri, 16 Jun 2023CA$568.2bCA$463.0bCA$68.6b5.1x8.3x1.2x
Sun, 14 May 2023CA$565.1bCA$466.8bCA$68.7b4.8x8.2x1.2x
Tue, 11 Apr 2023CA$595.9bCA$474.1bCA$70.7b5.5x8.4x1.3x
Thu, 09 Mar 2023CA$609.1bCA$472.9bCA$70.4b5.8x8.7x1.3x
Price to Earnings Ratio

8.7x


Total Market Cap: CA$609.1bTotal Earnings: CA$70.4bTotal Revenue: CA$472.9bTotal 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 22.2x 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 16% 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 Market1.82%
Energy0.98%
Energy Services2.63%
Oil and Gas0.95%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 12.3x.
    • Analysts are expecting annual earnings growth of 27.9%, which is higher than its past year's earnings decline of 1.1% 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 18.2x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 28% over the next 5 years.
  • This is better than its past earnings decline of 1.1% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 7.1% 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$59.672.8%
+CA$3.4b		54.0%PE18.7x
ENB EnbridgeCA$72.471.0%
+CA$1.6b		17.1%PE22.4x
TRP TC EnergyCA$87.651.3%
+CA$1.2b		34.8%PE25.3x
EFX EnerflexCA$30.6115.8%
+CA$507.9m		179.5%PE42.7x
TOU Tourmaline OilCA$64.042.1%
+CA$503.3m		-1.2%PE18.7x

Latest News

NXE
CA$17.40
NexGen Energy
7D
2.7%
1Y
150.7%
SU
CA$77.05
Suncor Energy
7D
-0.03%
1Y
46.7%
WCP
CA$13.62
Whitecap Resources
7D
-1.0%
1Y
45.5%
EFX
CA$30.61
Enerflex
7D
15.8%
1Y
179.5%
PPL
CA$59.95
Pembina Pipeline
7D
-0.9%
1Y
7.5%
EFR
CA$29.13
Energy Fuels
7D
1.2%
1Y
428.7%
CCO
CA$161.38
Cameco
7D
-0.8%
1Y
170.5%

CCO: Future Earnings Profile Will Be Defined By Premium Margins And P E Expectations

Narrative Update: Cameco Analyst Price Target Shift The analyst price target for Cameco has been adjusted to CA$172.56 from CA$168.18. Analysts point to updated views on fair value, long term margin assumptions and P/E expectations as key drivers of the revised estimate.
IMO
CA$159.55
Imperial Oil
7D
-1.8%
1Y
66.0%
TOU
CA$64.04
Tourmaline Oil
7D
2.1%
1Y
-1.2%

TOU: Asset Sale And Margin Assumptions Will Support Multi Year Streamlining

Analysts have nudged their fair value estimate for Tourmaline Oil slightly higher to about CA$70.27 per share from roughly CA$70.22, as recent price target cuts and a downgrade are weighed against updated assumptions on profit margins and forward P/E levels. Analyst Commentary Bullish Takeaways Bullish analysts point to the small lift in fair value to about CA$70.27 as a sign that updated margin and P/E assumptions still support a valuation close to prior levels, even after recent target changes.
TRP
CA$87.65
TC Energy
7D
1.3%
1Y
34.8%

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$59.67
Canadian Natural Resources
7D
2.8%
1Y
54.0%
SES
CA$18.92
SECURE Waste Infrastructure
7D
-2.5%
1Y
38.8%
ARX
CA$25.30
ARC Resources
7D
2.4%
1Y
-0.2%

ARX: Future Cash Returns Will Rely On Higher Margins Despite Softer Outlook

Analysts have trimmed their fair value estimate for ARC Resources to CA$28.63 from CA$29.33, reflecting recent cuts to Street price targets and updated views on slightly softer revenue growth, a higher profit margin profile, and a lower future P/E multiple. Analyst Commentary Recent Street research on ARC Resources has tilted more cautious, with several firms trimming price targets and some moving to more conservative ratings.
TVK
CA$147.07
TerraVest Industries
7D
-6.6%
1Y
36.5%
CVE
CA$30.39
Cenovus Energy
7D
-1.6%
1Y
64.5%
ENB
CA$72.47
Enbridge
7D
1.0%
1Y
17.1%