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Canadian (TSX) Energy Sector Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies202
  • 7D-1.3%
  • 3M3.0%
  • 1Y10.6%
  • YTD-1.3%

Over the last 7 days, the Energy industry has remained flat, although notably Cameco gained 17%. The past year has been better, since the industry has gained 8.9% in that time. As for the next few years, earnings are expected to grow by 8.7% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026CA$761.1bCA$377.4bCA$39.4b13.9x19.3x2x
Mon, 08 Dec 2025CA$791.4bCA$378.6bCA$39.5b13.8x20x2.1x
Wed, 05 Nov 2025CA$764.3bCA$381.8bCA$43.4b12.2x17.6x2x
Fri, 03 Oct 2025CA$777.0bCA$411.0bCA$44.9b12.2x17.3x1.9x
Sun, 31 Aug 2025CA$746.3bCA$410.8bCA$44.9b11.3x16.6x1.8x
Tue, 29 Jul 2025CA$713.7bCA$414.6bCA$43.8b12.1x16.3x1.7x
Thu, 26 Jun 2025CA$698.7bCA$414.2bCA$43.8b12.2x16x1.7x
Sat, 24 May 2025CA$671.5bCA$414.2bCA$43.9b11.1x15.3x1.6x
Mon, 21 Apr 2025CA$641.6bCA$406.4bCA$39.7b10.2x16.2x1.6x
Wed, 19 Mar 2025CA$672.8bCA$407.3bCA$39.1b11.5x17.2x1.7x
Fri, 14 Feb 2025CA$699.4bCA$407.4bCA$43.8b11x16x1.7x
Sun, 12 Jan 2025CA$715.9bCA$408.2bCA$46.2b11x15.5x1.8x
Tue, 10 Dec 2024CA$708.6bCA$408.0bCA$46.2b10.6x15.3x1.7x
Thu, 07 Nov 2024CA$689.2bCA$406.4bCA$44.8b10.7x15.4x1.7x
Sat, 05 Oct 2024CA$689.2bCA$405.6bCA$44.9b10.4x15.4x1.7x
Mon, 02 Sep 2024CA$679.8bCA$405.8bCA$45.0b10.2x15.1x1.7x
Wed, 31 Jul 2024CA$664.5bCA$396.2bCA$45.3b10.7x14.7x1.7x
Fri, 28 Jun 2024CA$657.2bCA$394.4bCA$45.2b10.9x14.6x1.7x
Sun, 26 May 2024CA$687.3bCA$396.1bCA$45.8b10.9x15x1.7x
Tue, 23 Apr 2024CA$676.5bCA$395.6bCA$50.0b9.1x13.5x1.7x
Thu, 21 Mar 2024CA$651.2bCA$391.0bCA$49.7b8.9x13.1x1.7x
Sat, 17 Feb 2024CA$615.6bCA$408.8bCA$51.3b7x12x1.5x
Mon, 15 Jan 2024CA$624.9bCA$414.3bCA$48.9b7x12.8x1.5x
Wed, 13 Dec 2023CA$599.6bCA$414.6bCA$49.0b6.3x12.2x1.4x
Fri, 10 Nov 2023CA$623.0bCA$415.0bCA$49.5b6.5x12.6x1.5x
Sun, 08 Oct 2023CA$613.1bCA$428.5bCA$56.8b6.5x10.8x1.4x
Tue, 05 Sep 2023CA$635.5bCA$428.4bCA$56.8b6.8x11.2x1.5x
Thu, 03 Aug 2023CA$592.7bCA$445.7bCA$61.8b6x9.6x1.3x
Sat, 01 Jul 2023CA$569.5bCA$463.1bCA$68.6b5.3x8.3x1.2x
Mon, 29 May 2023CA$563.7bCA$463.9bCA$68.9b4.9x8.2x1.2x
Wed, 26 Apr 2023CA$591.8bCA$474.5bCA$70.7b5.4x8.4x1.2x
Fri, 24 Mar 2023CA$551.6bCA$474.2bCA$70.7b5.4x7.8x1.2x
Sun, 19 Feb 2023CA$596.9bCA$465.9bCA$72.8b5.3x8.2x1.3x
Tue, 17 Jan 2023CA$618.3bCA$459.2bCA$75.0b6x8.2x1.3x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$618.3bTotal Earnings: CA$75.0bTotal Revenue: CA$459.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.4x202420252026
Current Industry PE
  • Investors are relatively neutral on the Canadian Energy industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 17.4x.
  • The industry is trading close to its 3-year average PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 19% per year over the last three years,
  • Revenues have also declined 6.3% 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%
Energy-1.27%
Energy Services-1.07%
Oil and Gas-1.27%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry, which is trading close to its 3-year average PE ratio of 17.6x.
    • Analysts are expecting annual earnings growth of 8.5%, 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 13.9x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 17% 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 8.5% 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$149.6410.5%
+CA$6.2b		110.6%PE123.9x
SU Suncor EnergyCA$65.003.8%
+CA$2.9b		14.4%PE14.9x
IMO Imperial OilCA$125.542.6%
+CA$1.6b		30.2%PE15.6x
NXE NexGen EnergyCA$14.926.0%
+CA$617.2m		52.1%PB10.7x
EFR Energy FuelsCA$25.2510.1%
+CA$548.1m		230.1%PS54.7x

Latest News

ISO
CA$15.21
IsoEnergy
7D
10.4%
1Y
36.8%

Is IsoEnergy (TSE:ISO) Using Debt In A Risky Way?

Jan 09
Is IsoEnergy (TSE:ISO) Using Debt In A Risky Way?
ENB
CA$63.54
Enbridge
7D
-3.8%
1Y
1.3%
ARX
CA$23.47
ARC Resources
7D
-9.7%
1Y
-14.2%

ARX: Higher Dividend And Buybacks Will Support Stronger Future Shareholder Returns

Narrative Update Analysts have trimmed their price target on ARC Resources to C$30 from C$32 as they reset expectations around revenue growth, profit margins, and future P/E assumptions. They still see support for a fair value estimate near $31.05.
CCO
CA$149.64
Cameco
7D
10.5%
1Y
110.6%
DML
CA$4.60
Denison Mines
7D
11.1%
1Y
63.7%
EFR
CA$25.25
Energy Fuels
7D
10.1%
1Y
230.1%
IMO
CA$125.54
Imperial Oil
7D
2.6%
1Y
30.2%

IMO: Future Returns Will Likely Hinge On Execution Versus C$113 Fair Value

Narrative Update Our updated fair value estimate for Imperial Oil moves slightly to $113.00, reflecting recent analyst price target revisions in the C$101 to C$118 range as they incorporate updated 2025 guidance, early 2026 commentary, and modest tweaks to long term margin and P/E assumptions. Analyst Commentary Recent research on Imperial Oil clusters around price targets between C$101 and C$118, with ratings spanning from Sell to Sector Perform and Underperformer.
CVE
CA$22.87
Cenovus Energy
7D
-4.9%
1Y
2.8%

CVE: MEG Integration And Buybacks Will Support Future Cash Returns

Analysts have nudged their fair value estimate for Cenovus Energy higher, with updated price targets clustering in the C$30 to C$32 range as they factor in refreshed 2025 and 2026 guidance and the impact of the MEG Energy acquisition. Analyst Commentary Recent research has centered on how Cenovus can execute on its updated 2025 and preliminary 2026 plans while integrating MEG Energy, with valuation tweaks reflecting both upside potential and deal risk.
WCP
CA$11.12
Whitecap Resources
7D
-4.9%
1Y
5.3%

WCP: Q3 Beat And 2026 Capital Efficiency Are Expected To Drive Upside

The analyst price target for Whitecap Resources edges slightly higher to about $13.63, as analysts cite recent target increases in the C$13 to C$15 range and highlight factors such as a Q3 beat, a more capital efficient 2026 budget and inclusion on preferred stock lists. Analyst Commentary Recent research activity around Whitecap Resources has been active, with several firms updating views and targets in a fairly tight C$13 to C$15 range.
URE
CA$2.29
Ur-Energy
7D
9.6%
1Y
36.3%

Is Ur-Energy (TSE:URE) A Risky Investment?

Jan 05
Is Ur-Energy (TSE:URE) A Risky Investment?
CNQ
CA$44.62
Canadian Natural Resources
7D
-5.3%
1Y
-5.6%

Returns Are Gaining Momentum At Canadian Natural Resources (TSE:CNQ)

Jan 04
Returns Are Gaining Momentum At Canadian Natural Resources (TSE:CNQ)
TRP
CA$74.90
TC Energy
7D
-2.5%
1Y
11.3%

TRP: Extended 2028 Outlook And Project Execution Will Drive Measured Medium Term Upside

The analyst price target for TC Energy has inched higher to about C$78.77 from C$78.00 as analysts highlight a robust multi year project pipeline, reaffirmed guidance, and growing confidence in the company's ability to deliver medium term upside. Analyst Commentary Street research remains largely constructive on TC Energy, with recent actions skewing toward upgrades and price target increases that support the modestly higher consensus target.
PPL
CA$51.37
Pembina Pipeline
7D
-3.0%
1Y
-1.9%

PPL: Long-Term LNG Contracts Will Support Margins And Undervalued Upside

Analysts have nudged their price target on Pembina Pipeline slightly lower, trimming fair value by about $0.33 to roughly $58.72 per share, as they factor in more modest revenue growth expectations, partly offset by a marginal improvement in projected profit margins and a slightly cheaper future earnings multiple. What's in the News Pembina and PETRONAS subsidiaries signed a 20-year agreement for 1.0 mtpa of liquefaction capacity at the USD 4 billion Cedar LNG project, which remains on time and on budget with an expected in-service date in late 2028 (Key Developments).
SU
CA$65.00
Suncor Energy
7D
3.8%
1Y
14.4%

SU: Double Digit Free Cash Flow Yield Will Support Strong Capital Returns

The analyst price target for Suncor Energy has been nudged higher to approximately C$66.70 from about C$66.50, as analysts factor in stronger sustaining free cash flow yields and updated multi year guidance that supports a modestly higher valuation multiple despite slightly softer growth and margin assumptions. Analyst Commentary Bullish analysts highlight that Suncor's valuation is increasingly supported by a double digit sustaining free cash flow yield, which screens attractively versus peers and underpins the modest upward revision in the consolidated price target.
NXE
CA$14.92
NexGen Energy
7D
6.0%
1Y
52.1%
TOU
CA$59.53
Tourmaline Oil
7D
-3.0%
1Y
-13.1%

TOU: LNG Exports Will Drive Long Term Gas Volume Upside

Analysts have nudged their fair value estimate for Tourmaline Oil slightly higher to about C$73 from roughly C$72.71, citing a combination of modestly stronger long term revenue growth and margin assumptions that offsets recent mixed target revisions across the Street. Analyst Commentary Street research on Tourmaline Oil has turned more nuanced, with recent target trims balancing out fresh positive initiations and leaving a mixed but generally constructive outlook on the shares.