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Canadian (TSX) Energy Sector Analysis

UpdatedMar 12, 2026
DataAggregated Company Financials
Companies202
  • 7D0.8%
  • 3M21.7%
  • 1Y45.7%
  • YTD20.7%

The Energy is pretty flat in the last 7 days, but Canadian Natural Resources has stood out, gaining 6.8%. As for the the longer term, the industry is up 46% over the past 12 months. Earnings are forecast to grow by 7.8% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Mar 2026CA$931.5bCA$363.9bCA$43.4b17.3x21.5x2.6x
Sun, 08 Feb 2026CA$860.0bCA$374.0bCA$38.8b15.9x22.2x2.3x
Tue, 06 Jan 2026CA$764.8bCA$377.2bCA$39.4b13.9x19.4x2x
Thu, 04 Dec 2025CA$784.0bCA$378.7bCA$39.5b13.1x19.8x2.1x
Sat, 01 Nov 2025CA$776.3bCA$411.8bCA$44.6b12.3x17.4x1.9x
Mon, 29 Sep 2025CA$790.7bCA$410.9bCA$44.9b12.4x17.6x1.9x
Wed, 27 Aug 2025CA$739.0bCA$410.9bCA$44.8b11.1x16.5x1.8x
Fri, 25 Jul 2025CA$711.9bCA$414.8bCA$43.8b11.9x16.2x1.7x
Sun, 22 Jun 2025CA$762.6bCA$414.3bCA$43.8b12.8x17.4x1.8x
Tue, 20 May 2025CA$677.9bCA$414.5bCA$43.9b11x15.4x1.6x
Thu, 17 Apr 2025CA$623.6bCA$406.4bCA$39.7b10.3x15.7x1.5x
Sat, 15 Mar 2025CA$657.9bCA$407.3bCA$39.1b11.4x16.8x1.6x
Mon, 10 Feb 2025CA$691.9bCA$408.2bCA$43.9b10.7x15.8x1.7x
Wed, 08 Jan 2025CA$706.7bCA$408.2bCA$46.2b10.9x15.3x1.7x
Fri, 06 Dec 2024CA$713.3bCA$407.9bCA$46.2b10.7x15.4x1.7x
Sun, 03 Nov 2024CA$684.9bCA$407.5bCA$44.7b10.6x15.3x1.7x
Tue, 01 Oct 2024CA$662.2bCA$405.8bCA$45.0b10.2x14.7x1.6x
Thu, 29 Aug 2024CA$681.7bCA$405.8bCA$45.0b10x15.2x1.7x
Sat, 27 Jul 2024CA$665.6bCA$395.2bCA$45.2b10.8x14.7x1.7x
Mon, 24 Jun 2024CA$644.1bCA$394.4bCA$45.2b10.3x14.2x1.6x
Wed, 22 May 2024CA$690.9bCA$396.1bCA$45.7b10.7x15.1x1.7x
Fri, 19 Apr 2024CA$670.8bCA$395.6bCA$50.0b9.2x13.4x1.7x
Sun, 17 Mar 2024CA$644.5bCA$390.9bCA$49.7b8.7x13x1.6x
Tue, 13 Feb 2024CA$606.2bCA$409.1bCA$51.1b7.1x11.9x1.5x
Thu, 11 Jan 2024CA$619.4bCA$414.2bCA$48.9b6.8x12.7x1.5x
Sat, 09 Dec 2023CA$604.8bCA$414.6bCA$49.0b6.5x12.3x1.5x
Mon, 06 Nov 2023CA$647.7bCA$421.6bCA$51.3b6.9x12.6x1.5x
Wed, 04 Oct 2023CA$618.2bCA$428.5bCA$56.8b6.3x10.9x1.4x
Fri, 01 Sep 2023CA$623.6bCA$428.2bCA$56.7b7x11x1.5x
Sun, 30 Jul 2023CA$586.8bCA$449.3bCA$62.3b6x9.4x1.3x
Tue, 27 Jun 2023CA$556.5bCA$462.9bCA$68.5b5.1x8.1x1.2x
Thu, 25 May 2023CA$570.7bCA$464.0bCA$69.1b5.1x8.3x1.2x
Sat, 22 Apr 2023CA$594.4bCA$474.3bCA$70.7b5.3x8.4x1.3x
Mon, 20 Mar 2023CA$543.2bCA$473.9bCA$70.5b5.4x7.7x1.1x
Price to Earnings Ratio

7.7x


Total Market Cap: CA$543.2bTotal Earnings: CA$70.5bTotal Revenue: CA$473.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.2x202420252026
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 21.5x which is higher than its 3-year average PE of 18.2x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.6x.
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-2.39%
Energy0.82%
Energy Services1.29%
Oil and Gas0.81%
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 24.8%, which is higher than its past year's earnings growth of 7.1% 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 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 7.5% 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
CNQ Canadian Natural ResourcesCA$66.176.8%
+CA$8.8b		59.9%PE12.8x
SU Suncor EnergyCA$81.463.5%
+CA$3.2b		57.5%PE16.3x
TOU Tourmaline OilCA$66.657.7%
+CA$1.8b		1.8%PE98.2x
SCR Strathcona ResourcesCA$39.5120.7%
+CA$1.5b		46.9%PE23.1x
IMO Imperial OilCA$165.591.8%
+CA$1.4b		72.4%PE24.5x

Latest News

SCR
CA$39.51
Strathcona Resources
7D
20.7%
1Y
46.9%
NOA
CA$16.50
North American Construction Group
7D
-28.6%
1Y
-28.6%
SOBO
CA$45.07
South Bow
7D
-1.1%
1Y
21.9%
FRU
CA$17.08
Freehold Royalties
7D
-4.8%
1Y
38.9%
TRP
CA$86.09
TC Energy
7D
-1.3%
1Y
27.9%
CNQ
CA$66.17
Canadian Natural Resources
7D
6.8%
1Y
59.9%
EFX
CA$28.71
Enerflex
7D
-3.6%
1Y
176.6%

EFX: Higher Fair Value Assumptions Will Support Future Earnings And Cash Returns

Enerflex's updated analyst price target has shifted from about CA$27 to roughly CA$37, with analysts pointing to revised assumptions for fair value, revenue growth, profit margins, and future P/E to support the change. Analyst Commentary Recent Street research on Enerflex has sent mixed signals, with some analysts lifting price targets while others are turning more cautious.
TOU
CA$66.65
Tourmaline Oil
7D
7.7%
1Y
1.8%
ARX
CA$27.73
ARC Resources
7D
7.0%
1Y
7.0%

ARX: Future Cash Returns Will Depend On Execution Amid Cautious Bank Downgrades

Analysts have trimmed their average price target on ARC Resources by a few Canadian dollars to reflect a slightly lower fair value estimate of about CA$28.68, citing a series of recent downgrades and target cuts from major Canadian banks. Analyst Commentary Recent research on ARC Resources has shifted toward a more cautious stance, with several firms trimming price targets and some moving to more neutral or bearish ratings.
CVE
CA$32.20
Cenovus Energy
7D
1.1%
1Y
70.8%
IMO
CA$165.59
Imperial Oil
7D
1.8%
1Y
72.4%

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$26.99
Energy Fuels
7D
-2.9%
1Y
348.3%
WCP
CA$14.31
Whitecap Resources
7D
3.5%
1Y
69.5%

WCP: Higher Profitability Expectations Will Support Bullish Long Term Outlook

The analyst fair value estimate for Whitecap Resources has moved from CA$14.03 to CA$15.09, with the shift supported by higher Street price targets clustered around CA$15 to CA$16 and analyst commentary pointing to improved profitability expectations on steady discount rate assumptions. Analyst Commentary Recent research is broadly constructive on Whitecap Resources, with several bullish analysts lifting their price targets into a CA$15 to CA$16 range and highlighting both operational execution and cost control.
ENB
CA$73.12
Enbridge
7D
-0.7%
1Y
19.0%

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$81.46
Suncor Energy
7D
3.5%
1Y
57.5%
TVK
CA$137.28
TerraVest Industries
7D
-7.3%
1Y
27.9%