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Canadian (TSX) Energy Sector Analysis

UpdatedSep 14, 2025
DataAggregated Company Financials
Companies207
  • 7D2.4%
  • 3M6.1%
  • 1Y17.1%
  • YTD8.3%

In the last week, the Energy industry is up 2.4%, with Suncor Energy leading the way with a 4.2% gain. In the same time, ARC Resources was down 5.1%. This takes the industry's 12 month performance to a gain of 17%. As for the next few years, earnings are expected to grow by 3.9% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 14 Sep 2025CA$756.4bCA$410.8bCA$44.9b11.5x16.9x1.8x
Tue, 12 Aug 2025CA$716.7bCA$410.6bCA$45.4b10.7x15.8x1.7x
Thu, 10 Jul 2025CA$700.0bCA$414.2bCA$43.8b12.2x16x1.7x
Sat, 07 Jun 2025CA$684.7bCA$414.2bCA$43.8b12x15.6x1.7x
Mon, 05 May 2025CA$656.9bCA$407.2bCA$39.7b10.2x16.5x1.6x
Wed, 02 Apr 2025CA$694.9bCA$406.8bCA$39.7b12.8x17.5x1.7x
Fri, 28 Feb 2025CA$662.6bCA$408.5bCA$40.3b11x16.5x1.6x
Sun, 26 Jan 2025CA$715.8bCA$408.1bCA$46.2b10.7x15.5x1.8x
Tue, 24 Dec 2024CA$667.9bCA$408.2bCA$46.2b10.4x14.5x1.6x
Thu, 21 Nov 2024CA$719.8bCA$407.7bCA$46.7b10.7x15.4x1.8x
Sat, 19 Oct 2024CA$708.1bCA$405.7bCA$44.9b10.3x15.8x1.7x
Mon, 16 Sep 2024CA$644.5bCA$405.9bCA$45.0b10.2x14.3x1.6x
Wed, 14 Aug 2024CA$678.2bCA$405.4bCA$45.4b10.2x14.9x1.7x
Fri, 12 Jul 2024CA$662.5bCA$394.4bCA$45.2b10.9x14.7x1.7x
Sun, 09 Jun 2024CA$662.8bCA$394.4bCA$45.2b10.5x14.7x1.7x
Tue, 07 May 2024CA$684.5bCA$397.2bCA$48.6b9.4x14.1x1.7x
Thu, 04 Apr 2024CA$680.3bCA$395.4bCA$49.9b9.6x13.6x1.7x
Sat, 02 Mar 2024CA$623.4bCA$393.5bCA$50.8b7.9x12.3x1.6x
Mon, 29 Jan 2024CA$621.9bCA$414.4bCA$48.9b6.8x12.7x1.5x
Wed, 27 Dec 2023CA$613.4bCA$414.0bCA$48.9b6.6x12.6x1.5x
Fri, 24 Nov 2023CA$630.7bCA$414.9bCA$49.0b6.9x12.9x1.5x
Sun, 22 Oct 2023CA$640.2bCA$428.6bCA$56.8b6.7x11.3x1.5x
Tue, 19 Sep 2023CA$644.2bCA$428.2bCA$56.7b6.7x11.4x1.5x
Thu, 17 Aug 2023CA$601.0bCA$429.1bCA$56.7b6.2x10.6x1.4x
Sat, 15 Jul 2023CA$571.2bCA$463.0bCA$68.6b5.4x8.3x1.2x
Mon, 12 Jun 2023CA$577.6bCA$463.3bCA$68.7b5.1x8.4x1.2x
Wed, 10 May 2023CA$578.3bCA$464.9bCA$68.6b5.2x8.4x1.2x
Fri, 07 Apr 2023CA$591.8bCA$474.1bCA$70.7b5.4x8.4x1.2x
Sun, 05 Mar 2023CA$620.7bCA$471.7bCA$71.2b5.8x8.7x1.3x
Tue, 31 Jan 2023CA$623.8bCA$459.2bCA$75.0b5.9x8.3x1.4x
Thu, 29 Dec 2022CA$596.8bCA$459.6bCA$75.1b5.9x7.9x1.3x
Sat, 26 Nov 2022CA$655.2bCA$459.0bCA$74.9b6.2x8.7x1.4x
Mon, 24 Oct 2022CA$622.0bCA$425.9bCA$64.8b6.8x9.6x1.5x
Wed, 21 Sep 2022CA$610.3bCA$425.2bCA$64.7b6.8x9.4x1.4x
Price to Earnings Ratio

9.4x


Total Market Cap: CA$610.3bTotal Earnings: CA$64.7bTotal Revenue: CA$425.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 16.4x202320242025
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 16.4x.
  • 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 11% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Canadian Energy sector?

CA Market0.93%
Energy2.43%
Oil and Gas2.47%
Energy Services0.17%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry, which is trading close to its 3-year average PE ratio of 16.5x.
    • Analysts are expecting annual earnings growth of 3.7%, which is lower than the prior year's growth of 7.8% 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 11.7x.
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 17% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 3.7% 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
SU Suncor EnergyCA$57.754.2%
+CA$2.9b		16.6%PE12.4x
IMO Imperial OilCA$125.994.2%
+CA$2.6b		40.0%PE13.6x
ENB EnbridgeCA$67.981.7%
+CA$2.4b		22.8%PE23.8x
CNQ Canadian Natural ResourcesCA$43.212.7%
+CA$2.4b		-0.4%PE10.8x
CVE Cenovus EnergyCA$23.385.7%
+CA$2.3b		6.1%PE15.9x

Latest News

SU
CA$57.75
Suncor Energy
7D
4.2%
1Y
16.6%
CVE
CA$23.38
Cenovus Energy
7D
5.7%
1Y
6.1%
ENB
CA$67.98
Enbridge
7D
1.7%
1Y
22.8%

Strong North American Energy Demand Will Fuel Infrastructure Resilience

With both the discount rate and future P/E multiple remaining effectively unchanged, analysts made only a marginal upward revision to Enbridge’s fair value, increasing the consensus price target from CA$68.12 to CA$68.40. What's in the News Wells Fargo raised its Enbridge price target to C$62 from C$60 following a Q2 earnings beat, but maintained an Equal Weight (neutral) rating due to valuation (Periodicals).
CNQ
CA$43.21
Canadian Natural Resources
7D
2.7%
1Y
-0.4%
TVK
CA$137.61
TerraVest Industries
7D
-4.8%
1Y
39.4%

Is TerraVest Industries (TSE:TVK) A Risky Investment?

Sep 11
Is TerraVest Industries (TSE:TVK) A Risky Investment?
EU
CA$3.11
enCore Energy
7D
-4.6%
1Y
-39.5%
TAL
CA$0.63
PetroTal
7D
-4.5%
1Y
-1.6%
BIR
CA$6.04
Birchcliff Energy
7D
-2.4%
1Y
8.6%
PPL
CA$54.33
Pembina Pipeline
7D
3.3%
1Y
-3.2%
TOU
CA$60.06
Tourmaline Oil
7D
3.6%
1Y
1.6%
SCR
CA$37.47
Strathcona Resources
7D
-2.5%
1Y
31.3%
IMO
CA$125.99
Imperial Oil
7D
4.2%
1Y
40.0%

Kearl, Cold Lake And Strathcona Will Drive Future Operational Gains

Imperial Oil's fair value metrics, including consensus price target and future P/E ratio, remained essentially unchanged this period, with only marginal increases leading to a slight upward revision in the price target to CA$106.88. What's in the News Imperial Oil reported Q2 gross oil-equivalent production of 427,000 barrels per day, up from 404,000 barrels a year ago; net oil-equivalent production rose to 382,000 barrels per day from 340,000 barrels per day.
PXT
CA$17.00
Parex Resources
7D
-1.8%
1Y
43.1%
CCO
CA$108.14
Cameco
7D
2.9%
1Y
97.3%

Global Nuclear Demand Will Secure Long-Term Value

Cameco’s consensus revenue growth forecast has edged down from 2.8% to 2.6% per annum while net profit margin remains steady, resulting in a marginal increase in its analyst price target from CA$112.69 to CA$114.75. What's in the News Cameco and Orano Canada signed a 15-year, $500 million workforce transportation agreement with Indigenous-owned Rise Air to support northern Saskatchewan operations, marking the largest and longest partnership with the airline.
NXE
CA$10.54
NexGen Energy
7D
-2.1%
1Y
35.6%
ARX
CA$24.29
ARC Resources
7D
-5.1%
1Y
4.9%