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Canadian (TSX) Energy Sector Analysis

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies205
  • 7D1.6%
  • 3M28.9%
  • 1Y43.7%
  • YTD24.3%

The Energy industry is up 1.6% in the last week, with Suncor Energy up 6.9%. During this same period, the Cameco underperformed, falling 5.4%. This means that the industry has gained 44% over the past year. As for the next few years, earnings are expected to grow by 7.9% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Mar 2026CA$968.3bCA$363.0bCA$42.2b16.5x22.9x2.7x
Tue, 17 Feb 2026CA$897.7bCA$375.4bCA$40.2b16.3x22.3x2.4x
Thu, 15 Jan 2026CA$792.6bCA$377.4bCA$39.4b15x20.1x2.1x
Sat, 13 Dec 2025CA$775.7bCA$379.2bCA$39.6b14.1x19.6x2x
Mon, 10 Nov 2025CA$768.6bCA$383.0bCA$39.3b13.6x19.6x2x
Wed, 08 Oct 2025CA$788.8bCA$411.0bCA$44.9b12.4x17.6x1.9x
Fri, 05 Sep 2025CA$743.6bCA$410.8bCA$44.9b11.1x16.6x1.8x
Sun, 03 Aug 2025CA$713.5bCA$412.8bCA$44.7b11.4x16x1.7x
Tue, 01 Jul 2025CA$699.1bCA$414.2bCA$43.8b12x16x1.7x
Thu, 29 May 2025CA$686.0bCA$414.4bCA$43.8b11.7x15.6x1.7x
Sat, 26 Apr 2025CA$654.1bCA$406.5bCA$39.8b10.1x16.4x1.6x
Mon, 24 Mar 2025CA$693.2bCA$407.4bCA$38.9b12.5x17.8x1.7x
Wed, 19 Feb 2025CA$681.6bCA$409.4bCA$41.6b10.7x16.4x1.7x
Fri, 17 Jan 2025CA$711.3bCA$408.2bCA$46.2b11x15.4x1.7x
Sun, 15 Dec 2024CA$691.1bCA$408.0bCA$46.2b10.5x15x1.7x
Tue, 12 Nov 2024CA$702.6bCA$407.0bCA$46.3b10.6x15.2x1.7x
Thu, 10 Oct 2024CA$696.5bCA$405.7bCA$44.9b10.3x15.5x1.7x
Sat, 07 Sep 2024CA$646.8bCA$405.9bCA$45.0b10.3x14.4x1.6x
Mon, 05 Aug 2024CA$650.4bCA$404.6bCA$46.2b10.2x14.1x1.6x
Wed, 03 Jul 2024CA$659.9bCA$394.4bCA$45.2b11.1x14.6x1.7x
Fri, 31 May 2024CA$688.4bCA$396.4bCA$45.8b11.1x15x1.7x
Sun, 28 Apr 2024CA$689.1bCA$396.6bCA$50.0b9.4x13.8x1.7x
Tue, 26 Mar 2024CA$653.3bCA$391.0bCA$49.4b8.9x13.2x1.7x
Thu, 22 Feb 2024CA$616.8bCA$411.3bCA$54.2b7x11.4x1.5x
Sat, 20 Jan 2024CA$607.3bCA$414.3bCA$48.9b6.7x12.4x1.5x
Mon, 18 Dec 2023CA$601.7bCA$414.2bCA$48.9b6.5x12.3x1.5x
Wed, 15 Nov 2023CA$637.1bCA$415.2bCA$49.4b6.8x12.9x1.5x
Fri, 13 Oct 2023CA$634.3bCA$428.6bCA$56.8b6.1x11.2x1.5x
Sun, 10 Sep 2023CA$635.9bCA$428.5bCA$56.8b6.7x11.2x1.5x
Tue, 08 Aug 2023CA$602.6bCA$433.3bCA$59.3b6.5x10.2x1.4x
Thu, 06 Jul 2023CA$569.8bCA$463.1bCA$68.6b5.4x8.3x1.2x
Sat, 03 Jun 2023CA$573.1bCA$463.5bCA$68.7b5x8.3x1.2x
Mon, 01 May 2023CA$598.7bCA$470.8bCA$69.6b5.8x8.6x1.3x
Wed, 29 Mar 2023CA$564.2bCA$474.2bCA$70.8b4.8x8x1.2x
Price to Earnings Ratio

8x


Total Market Cap: CA$564.2bTotal Earnings: CA$70.8bTotal Revenue: CA$474.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.3x202420252026
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 22.9x which is higher than its 3-year average PE of 18.3x.
  • 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 Market-3.67%
Energy1.62%
Energy Services3.81%
Oil and Gas1.58%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.5x.
    • Analysts are expecting annual earnings growth of 7.6%, which is lower than the prior year's growth of 14.5% 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 12.4x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 25% 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 7.6% 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$87.496.9%
+CA$6.7b		62.9%PE17.5x
CVE Cenovus EnergyCA$34.488.3%
+CA$4.9b		69.7%PE16.5x
IMO Imperial OilCA$173.284.7%
+CA$3.7b		69.5%PE25.6x
CNQ Canadian Natural ResourcesCA$67.391.3%
+CA$1.8b		55.0%PE13x
TOU Tourmaline OilCA$69.523.6%
+CA$940.9m		1.8%PE102.5x

Latest News

CNQ
CA$67.39
Canadian Natural Resources
7D
1.3%
1Y
55.0%

CNQ: Elevated Capital Spending Will Constrain Cash Returns Despite Rising Street Optimism

Analysts have raised the fair value estimate for Canadian Natural Resources from CA$54.90 to CA$58.60, citing updated price targets across the Street, as well as support from slightly higher margin assumptions and modestly better revenue trends, even as views on future P/E and ratings remain mixed. Analyst Commentary Recent research views on Canadian Natural Resources are mixed, with several bullish analysts lifting price targets while a smaller group has turned more cautious on execution and capital allocation.
CVE
CA$34.48
Cenovus Energy
7D
8.3%
1Y
69.7%

CVE: Cash Returns And Portfolio Integration Will Shape Future Risk Reward Balance

Cenovus Energy's analyst fair value estimate has been revised higher from CA$32.12 to CA$33.19, reflecting a series of recent target price increases from multiple firms as analysts factor in updated views on revenue, profit margins and sector conditions. Analyst Commentary Recent Street research on Cenovus Energy points to an active debate around upside potential versus execution and commodity related risks, with several firms adjusting their price targets and ratings in quick succession.
WCP
CA$14.93
Whitecap Resources
7D
4.3%
1Y
60.0%
ARX
CA$29.12
ARC Resources
7D
5.6%
1Y
3.7%
PEY
CA$28.54
Peyto Exploration & Development
7D
-1.5%
1Y
63.9%
VET
CA$19.07
Vermilion Energy
7D
18.0%
1Y
61.3%
EFR
CA$23.09
Energy Fuels
7D
-9.9%
1Y
271.2%

EFR: Uranium Production Ramp And Rare Earth Oxides Will Drive Upside

Analysts have kept their CA$41.50 price target on Energy Fuels steady, citing unchanged assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E as support for this view. What's in the News Leadership transition planned, with President Ross Bhappu expected to become President and CEO on April 15, 2026, as current CEO Mark Chalmers retires and moves into a two year consulting role to support growth initiatives (Executive Changes).
ENB
CA$73.32
Enbridge
7D
-1.3%
1Y
16.5%

ENB: Future Returns Will Rely On Utility Execution And Rich Market Pricing

Analysts have nudged the fair value estimate for Enbridge higher, with the implied price target moving roughly CA$1.48 to CA$75.29. This change is supported by a slightly lower discount rate, steady revenue growth and margin assumptions, and a modestly higher future P/E multiple after a series of recent CA$72 to CA$77 Street price target revisions.
TOU
CA$69.52
Tourmaline Oil
7D
3.6%
1Y
1.8%
SU
CA$87.49
Suncor Energy
7D
6.9%
1Y
62.9%

SU: Investor Day And Buybacks Will Shape Oil Sands Resource Reassessment

The analyst fair value estimate for Suncor Energy has been lifted from CA$75.45 to CA$77.50, reflecting higher Street price targets and updated analyst views on sector conditions and relative valuation. Analyst Commentary Recent Street research on Suncor Energy shows a mix of optimism and caution, with several firms adjusting their price targets and ratings in response to sector conditions and company specific factors.
CCO
CA$140.14
Cameco
7D
-5.4%
1Y
119.3%

CCO: Future Earnings Profile Will Reflect Premium Margins And Elevated P E Expectations

Analysts have slightly increased their fair value estimate for Cameco, raising the target from about CA$172.56 to around CA$174.59 as they refine assumptions on long term revenue growth, profit margins, discount rate, and future P/E. Analyst Commentary Analysts adjusting their models for Cameco are fine tuning expectations around long term growth, profitability, and the appropriate valuation multiple.
URC
CA$4.55
Uranium Royalty
7D
-12.7%
1Y
64.9%
DML
CA$4.59
Denison Mines
7D
-12.6%
1Y
113.5%
TRP
CA$86.90
TC Energy
7D
-0.7%
1Y
25.0%
IMO
CA$173.28
Imperial Oil
7D
4.7%
1Y
69.5%

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.
NXE
CA$15.21
NexGen Energy
7D
-8.2%
1Y
115.4%