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Canadian (TSX) Energy Sector Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies202
  • 7D0.6%
  • 3M18.3%
  • 1Y45.4%
  • YTD18.8%

The Energy is pretty flat in the last 7 days, but Canadian Natural Resources has stood out, gaining 3.9%. As for the the longer term, the industry is up 45% over the past 12 months. As for the next few years, earnings are expected to grow by 7.4% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026CA$924.6bCA$363.6bCA$43.3b17.1x21.3x2.5x
Thu, 05 Feb 2026CA$851.8bCA$373.8bCA$38.9b15.8x21.9x2.3x
Sat, 03 Jan 2026CA$765.5bCA$377.2bCA$39.4b14.4x19.4x2x
Mon, 01 Dec 2025CA$791.5bCA$378.7bCA$39.5b13.4x20x2.1x
Wed, 29 Oct 2025CA$766.2bCA$411.9bCA$44.8b12.4x17.1x1.9x
Fri, 26 Sep 2025CA$788.0bCA$410.9bCA$44.9b12.2x17.6x1.9x
Sun, 24 Aug 2025CA$738.9bCA$410.9bCA$44.8b11.4x16.5x1.8x
Tue, 22 Jul 2025CA$709.6bCA$414.2bCA$43.8b11.7x16.2x1.7x
Thu, 19 Jun 2025CA$769.8bCA$414.2bCA$43.8b12.8x17.6x1.9x
Sat, 17 May 2025CA$677.5bCA$414.4bCA$43.9b10.9x15.4x1.6x
Mon, 14 Apr 2025CA$614.1bCA$406.4bCA$39.7b9.8x15.5x1.5x
Wed, 12 Mar 2025CA$652.9bCA$407.4bCA$39.4b10.6x16.6x1.6x
Fri, 07 Feb 2025CA$695.7bCA$407.9bCA$44.0b10.7x15.8x1.7x
Sun, 05 Jan 2025CA$705.6bCA$408.2bCA$46.2b10.8x15.3x1.7x
Tue, 03 Dec 2024CA$721.7bCA$407.9bCA$46.2b10.9x15.6x1.8x
Thu, 31 Oct 2024CA$693.2bCA$405.7bCA$45.0b10.7x15.4x1.7x
Sat, 28 Sep 2024CA$650.2bCA$405.8bCA$45.0b9.9x14.5x1.6x
Mon, 26 Aug 2024CA$683.6bCA$405.8bCA$45.0b10.1x15.2x1.7x
Wed, 24 Jul 2024CA$673.5bCA$394.7bCA$45.2b10.7x14.9x1.7x
Fri, 21 Jun 2024CA$647.1bCA$394.4bCA$45.2b10.4x14.3x1.6x
Sun, 19 May 2024CA$690.9bCA$396.1bCA$45.7b10.8x15.1x1.7x
Tue, 16 Apr 2024CA$682.6bCA$395.6bCA$49.9b9.5x13.7x1.7x
Thu, 14 Mar 2024CA$638.4bCA$391.7bCA$50.1b8.3x12.7x1.6x
Sat, 10 Feb 2024CA$600.9bCA$411.6bCA$48.3b7x12.4x1.5x
Mon, 08 Jan 2024CA$625.1bCA$414.2bCA$48.9b6.9x12.8x1.5x
Wed, 06 Dec 2023CA$630.2bCA$414.6bCA$49.0b6.8x12.9x1.5x
Fri, 03 Nov 2023CA$641.9bCA$427.0bCA$53.4b6.8x12x1.5x
Sun, 01 Oct 2023CA$634.6bCA$428.4bCA$56.8b6.6x11.2x1.5x
Tue, 29 Aug 2023CA$606.7bCA$428.4bCA$56.7b6.5x10.7x1.4x
Thu, 27 Jul 2023CA$592.1bCA$462.7bCA$68.2b5.7x8.7x1.3x
Sat, 24 Jun 2023CA$546.9bCA$464.3bCA$69.3b4.9x7.9x1.2x
Mon, 22 May 2023CA$567.2bCA$463.8bCA$69.0b5.1x8.2x1.2x
Wed, 19 Apr 2023CA$602.7bCA$474.0bCA$70.6b5.6x8.5x1.3x
Fri, 17 Mar 2023CA$550.5bCA$473.7bCA$70.8b5x7.8x1.2x
Price to Earnings Ratio

7.8x


Total Market Cap: CA$550.5bTotal Earnings: CA$70.8bTotal Revenue: CA$473.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.1x202420252026
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 21.3x which is higher than its 3-year average PE of 18.1x.
  • 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 15% per year over the last three years,
  • Revenues have also declined 8.4% 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 Market-3.75%
Energy0.63%
Oil and Gas0.66%
Energy Services-0.37%
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 23.8%, which is higher than its past year's earnings growth of 2.1% 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 18.3x.
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 growth rate of 2.1% 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$62.773.6%
+CA$4.7b		53.4%PE12.1x
SCR Strathcona ResourcesCA$35.1016.2%
+CA$1.0b		32.2%PE12.5x
ARX ARC ResourcesCA$26.695.4%
+CA$781.8m		6.7%PE11.9x
POU Paramount ResourcesCA$29.076.2%
+CA$243.4m		81.8%PE3.3x
TNZ Tenaz EnergyCA$52.8010.2%
+CA$156.7m		337.4%PE8.4x

Latest News

CCO
CA$157.75
Cameco
7D
-8.2%
1Y
168.7%
SCR
CA$35.10
Strathcona Resources
7D
16.2%
1Y
32.2%
CNQ
CA$62.77
Canadian Natural Resources
7D
3.6%
1Y
53.4%
IMO
CA$162.53
Imperial Oil
7D
0.2%
1Y
62.7%

IMO: Future Cash Returns Will Rely On Margins And Capital Discipline

The analyst price target for Imperial Oil has been updated from CA$131 to about CA$150. Analysts point to refined assumptions on profit margins, a higher future P/E, and a modestly higher discount rate that reflect recent price target moves such as TD Securities at CA$110, RBC Capital at CA$116, and a slight reduction from Morgan Stanley.
EFR
CA$26.94
Energy Fuels
7D
-15.6%
1Y
371.8%
NXE
CA$17.15
NexGen Energy
7D
-5.5%
1Y
160.6%
POU
CA$29.07
Paramount Resources
7D
6.2%
1Y
81.8%
PPL
CA$60.53
Pembina Pipeline
7D
-1.6%
1Y
8.8%

PPL: Long-Term LNG Capacity Agreement Will Support Steady Outlook And Fair Value

Analysts have lifted their fair value estimate for Pembina Pipeline from CA$58.78 to CA$60.39, reflecting updated assumptions for revenue growth, profit margins and future P/E expectations. What's in the News Pembina Pipeline and a subsidiary of Ovintiv Inc.
ENB
CA$73.30
Enbridge
7D
-0.6%
1Y
18.9%

ENB: Future Returns Will Depend On Gas Utility Delivery And Premium Valuation Risk

Analysts have lifted their Enbridge fair value estimate to CA$73.81 from CA$71.98, citing higher price targets across the Street and updated views on revenue growth, margins and future P/E assumptions. Analyst Commentary Recent Street research on Enbridge points to a mix of optimism on the company’s fundamentals and caution around where the shares are currently trading, which feeds directly into the updated fair value estimate.
SU
CA$78.06
Suncor Energy
7D
-1.3%
1Y
51.5%
DML
CA$5.19
Denison Mines
7D
-13.1%
1Y
176.1%
VLE
CA$12.24
Valeura Energy
7D
11.9%
1Y
74.4%

VLE: Future Production Guidance Will Support A Repricing Opportunity

Analysts have raised their CA$13.28 fair value estimate for Valeura Energy to CA$14.11, reflecting updated assumptions for softer revenue growth, a lower profit margin, and a higher future P/E multiple. What's in the News Valeura Energy issued new 2026 production guidance, with a full year oil production midpoint of 21,000 bbls/d, giving investors a reference point for expected output levels.
TRP
CA$86.06
TC Energy
7D
-3.3%
1Y
28.9%

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.
ARX
CA$26.69
ARC Resources
7D
5.4%
1Y
6.7%

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.
PEY
CA$26.92
Peyto Exploration & Development
7D
2.2%
1Y
76.5%

PEY: Future Returns Will Depend On Gas Prices And Balanced Valuation Risk

The analyst price target for Peyto Exploration & Development edges up from CA$25.64 to CA$26.00, reflecting a mix of higher targets from some firms and valuation-driven downgrades from others as analysts reassess expected profitability and P/E levels. Analyst Commentary Recent Street research on Peyto Exploration & Development shows a split view, with some bullish analysts lifting price targets and others stepping back on valuation grounds.
TNZ
CA$52.80
Tenaz Energy
7D
10.2%
1Y
337.4%