Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Energy Sector Analysis

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies200
  • 7D1.4%
  • 3M17.1%
  • 1Y38.5%
  • YTD16.9%

Over the last 7 days, the Energy industry has risen 1.4%, driven by gains in Canadian Natural Resources and Cameco of 4.7% and 7.7%, respectively. In the last 12 months, the industry was up 38%. 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 Feb 2026CA$914.0bCA$364.6bCA$41.3b16.5x22.1x2.5x
Tue, 20 Jan 2026CA$816.3bCA$377.3bCA$39.4b15x20.7x2.2x
Thu, 18 Dec 2025CA$746.5bCA$378.3bCA$39.6b13.9x18.9x2x
Sat, 15 Nov 2025CA$772.0bCA$379.1bCA$38.7b14.3x19.9x2x
Mon, 13 Oct 2025CA$765.9bCA$411.0bCA$44.9b11.9x17.1x1.9x
Wed, 10 Sep 2025CA$746.9bCA$410.8bCA$44.9b11.4x16.6x1.8x
Fri, 08 Aug 2025CA$721.1bCA$411.3bCA$44.2b11.5x16.3x1.8x
Sun, 06 Jul 2025CA$697.9bCA$414.1bCA$43.8b12.1x15.9x1.7x
Tue, 03 Jun 2025CA$675.5bCA$414.2bCA$43.8b11.7x15.4x1.6x
Thu, 01 May 2025CA$656.0bCA$406.4bCA$39.8b9.9x16.5x1.6x
Sat, 29 Mar 2025CA$696.5bCA$406.9bCA$39.7b12.7x17.5x1.7x
Mon, 24 Feb 2025CA$671.9bCA$408.2bCA$40.9b10.9x16.4x1.6x
Wed, 22 Jan 2025CA$723.4bCA$408.1bCA$46.2b10.9x15.7x1.8x
Fri, 20 Dec 2024CA$668.0bCA$408.2bCA$46.2b10.2x14.5x1.6x
Sun, 17 Nov 2024CA$710.4bCA$407.8bCA$46.7b10.6x15.2x1.7x
Tue, 15 Oct 2024CA$712.8bCA$405.7bCA$44.9b10.6x15.9x1.8x
Thu, 12 Sep 2024CA$638.8bCA$405.9bCA$45.0b10.2x14.2x1.6x
Sat, 10 Aug 2024CA$662.2bCA$404.7bCA$45.4b10x14.6x1.6x
Mon, 08 Jul 2024CA$659.3bCA$394.4bCA$45.2b11x14.6x1.7x
Wed, 05 Jun 2024CA$670.0bCA$394.4bCA$45.2b10.6x14.8x1.7x
Fri, 03 May 2024CA$668.9bCA$397.4bCA$49.7b9.2x13.5x1.7x
Sun, 31 Mar 2024CA$665.0bCA$395.4bCA$49.9b9.8x13.3x1.7x
Tue, 27 Feb 2024CA$614.4bCA$394.9bCA$50.8b7.7x12.1x1.6x
Thu, 25 Jan 2024CA$609.3bCA$414.5bCA$49.0b6.8x12.4x1.5x
Sat, 23 Dec 2023CA$612.9bCA$414.0bCA$48.9b6.6x12.5x1.5x
Mon, 20 Nov 2023CA$637.0bCA$415.3bCA$49.1b6.8x13x1.5x
Wed, 18 Oct 2023CA$648.0bCA$428.5bCA$56.8b6.7x11.4x1.5x
Fri, 15 Sep 2023CA$637.9bCA$428.3bCA$56.7b6.7x11.2x1.5x
Sun, 13 Aug 2023CA$617.0bCA$432.4bCA$58.6b6.3x10.5x1.4x
Tue, 11 Jul 2023CA$568.6bCA$463.1bCA$68.6b5.5x8.3x1.2x
Thu, 08 Jun 2023CA$575.3bCA$463.3bCA$68.7b5.2x8.4x1.2x
Sat, 06 May 2023CA$575.9bCA$465.8bCA$69.2b5.3x8.3x1.2x
Mon, 03 Apr 2023CA$576.4bCA$474.1bCA$70.7b5.2x8.2x1.2x
Wed, 01 Mar 2023CA$596.1bCA$467.7bCA$73.0b5.6x8.2x1.3x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$596.1bTotal Earnings: CA$73.0bTotal Revenue: CA$467.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.9x202420252026
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 22.1x which is higher than its 3-year average PE of 17.9x.
  • 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 17% per year over the last three years,
  • Revenues have also declined 8.0% 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 Market1.50%
Energy1.35%
Energy Services1.75%
Oil and Gas1.35%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.1x.
    • Analysts are expecting annual earnings growth of 7.6%, which is higher than its past year's earnings growth of 0.07% 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 12.5x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 23% 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 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
CNQ Canadian Natural ResourcesCA$58.004.7%
+CA$5.4b		36.0%PE18.2x
CCO CamecoCA$165.867.7%
+CA$5.2b		168.1%PE122.5x
SES SECURE Waste InfrastructureCA$19.945.8%
+CA$4.6b		39.3%PE70.3x
CVE Cenovus EnergyCA$30.883.3%
+CA$1.4b		48.8%PE14.8x
IMO Imperial OilCA$164.961.0%
+CA$832.1m		66.2%PE24.4x

Latest News

CVE
CA$30.88
Cenovus Energy
7D
3.3%
1Y
48.8%
SES
CA$19.94
SECURE Waste Infrastructure
7D
5.8%
1Y
39.3%
ENB
CA$70.55
Enbridge
7D
-3.8%
1Y
18.7%
TCW
CA$6.52
Trican Well Service
7D
-10.1%
1Y
37.6%
WCP
CA$13.59
Whitecap Resources
7D
3.3%
1Y
36.2%

WCP: Updated Fair Value And P/E Will Support Balanced Long Term Outlook

Analysts have nudged their price target on Whitecap Resources slightly higher to CA$14.03 from CA$13.94. This reflects updated assumptions around fair value, discount rate and future P/E, while keeping revenue growth and profit margin expectations broadly consistent.
RGSI
CA$27.88
Rockpoint Gas Storage
7D
-3.1%
1Y
n/a
PPL
CA$59.72
Pembina Pipeline
7D
-1.2%
1Y
16.0%

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

Analysts have inched up their price target on Pembina Pipeline to CA$58.78 from CA$58.72, reflecting updated views on fair value, discount rates, expected revenue growth, profit margins, and future P/E assumptions. What's in the News Pembina Pipeline and Ovintiv Inc.
CNQ
CA$58.00
Canadian Natural Resources
7D
4.7%
1Y
36.0%

CNQ: Capital Program And Asset Deal Will Shape Future Cash Returns

Analysts have trimmed their average price target on Canadian Natural Resources by about CA$1. This reflects updated views on fair value, a slightly higher discount rate, softer expected revenue trends, lower projected profit margins, and a higher assumed future P/E multiple in light of planned capital spending and its potential impact on near term cash returns.
MER
CA$2.28
Meren Energy
7D
-4.2%
1Y
21.3%
TRP
CA$85.34
TC Energy
7D
-1.4%
1Y
33.4%
CCO
CA$165.86
Cameco
7D
7.7%
1Y
168.1%
KEY
CA$51.04
Keyera
7D
-1.6%
1Y
20.6%
CEU
CA$16.14
CES Energy Solutions
7D
-1.9%
1Y
92.4%
TOU
CA$63.02
Tourmaline Oil
7D
2.0%
1Y
-9.6%

TOU: Gas Export Ramp Will Support Multi Year Portfolio Streamlining Plan

Analysts have inched their fair value estimate for Tourmaline Oil up to about CA$70.22 from CA$70.09, citing updated discount rate assumptions, a slightly higher future P/E multiple, and refreshed Street targets that include recent price target trims and a downgrade. Analyst Commentary Bullish Takeaways Bullish analysts are still anchoring on a P/E framework that supports a fair value close to the current CA$70 range, which suggests they see the business as capable of supporting that earnings multiple over time.
IMO
CA$164.96
Imperial Oil
7D
1.0%
1Y
66.2%

IMO: Future Returns Will Likely Weaken Versus C$115 Fair Value Estimate

Narrative Update Analysts have nudged their fair value estimate for Imperial Oil up from C$113 to about C$115.41. This reflects recent adjustments to sector price targets that factor in updated 2025 guidance and early 2026 commentary, while continuing to see gas as relatively more attractive than oil.
NXE
CA$16.94
NexGen Energy
7D
7.1%
1Y
112.8%