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Canadian (TSX) Energy Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies205
  • 7D1.4%
  • 3M-2.3%
  • 1Y14.0%
  • YTD10.7%

In the last week, the Energy industry is up 2.3%, with Cameco up 8.9%. Meanwhile, Strathcona Resources actually underperformed within the industry, shrinking 31% in the last week. This means that the industry has gained 14% over the past year. Earnings are forecast to grow by 8.4% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025CA$758.6bCA$377.6bCA$39.5b13.6x19.2x2x
Sat, 22 Nov 2025CA$788.9bCA$378.9bCA$39.5b13.3x20x2.1x
Mon, 20 Oct 2025CA$750.3bCA$411.0bCA$44.9b11.9x16.7x1.8x
Wed, 17 Sep 2025CA$764.1bCA$410.8bCA$44.9b12x17x1.9x
Fri, 15 Aug 2025CA$718.8bCA$410.9bCA$44.7b11.5x16.1x1.7x
Sun, 13 Jul 2025CA$705.8bCA$414.2bCA$43.8b12.2x16.1x1.7x
Tue, 10 Jun 2025CA$741.6bCA$414.2bCA$43.8b12.2x16.9x1.8x
Thu, 08 May 2025CA$648.4bCA$406.4bCA$40.2b9.5x16.1x1.6x
Sat, 05 Apr 2025CA$671.7bCA$406.7bCA$39.7b10.6x16.9x1.7x
Mon, 03 Mar 2025CA$670.3bCA$406.1bCA$40.4b11.1x16.6x1.7x
Wed, 29 Jan 2025CA$699.3bCA$408.2bCA$46.2b10.8x15.1x1.7x
Fri, 27 Dec 2024CA$681.1bCA$408.2bCA$46.2b10.3x14.7x1.7x
Sun, 24 Nov 2024CA$736.1bCA$407.8bCA$46.8b11.2x15.7x1.8x
Tue, 22 Oct 2024CA$709.5bCA$405.8bCA$44.9b10.3x15.8x1.7x
Thu, 19 Sep 2024CA$652.6bCA$405.9bCA$45.0b9.9x14.5x1.6x
Sat, 17 Aug 2024CA$690.3bCA$405.7bCA$45.2b10.3x15.3x1.7x
Mon, 15 Jul 2024CA$669.5bCA$394.4bCA$45.2b10.9x14.8x1.7x
Wed, 12 Jun 2024CA$668.6bCA$394.4bCA$45.2b10.6x14.8x1.7x
Fri, 10 May 2024CA$690.8bCA$397.3bCA$47.4b9.4x14.6x1.7x
Sun, 07 Apr 2024CA$692.1bCA$395.4bCA$49.9b10x13.9x1.8x
Tue, 05 Mar 2024CA$628.9bCA$393.0bCA$50.9b7.9x12.4x1.6x
Thu, 01 Feb 2024CA$626.0bCA$414.4bCA$48.9b6.7x12.8x1.5x
Sat, 30 Dec 2023CA$608.8bCA$414.0bCA$48.9b6.7x12.5x1.5x
Mon, 27 Nov 2023CA$632.9bCA$414.7bCA$49.0b7.1x12.9x1.5x
Wed, 25 Oct 2023CA$634.6bCA$428.6bCA$56.8b6.5x11.2x1.5x
Fri, 22 Sep 2023CA$621.6bCA$428.2bCA$56.7b6.6x11x1.5x
Sun, 20 Aug 2023CA$612.0bCA$428.3bCA$56.7b6.3x10.8x1.4x
Tue, 18 Jul 2023CA$571.2bCA$463.0bCA$68.6b5.4x8.3x1.2x
Thu, 15 Jun 2023CA$568.3bCA$463.2bCA$68.7b5x8.3x1.2x
Sat, 13 May 2023CA$566.3bCA$466.7bCA$68.3b4.8x8.3x1.2x
Mon, 10 Apr 2023CA$591.8bCA$474.1bCA$70.7b5.4x8.4x1.2x
Wed, 08 Mar 2023CA$608.1bCA$472.5bCA$70.3b5.8x8.7x1.3x
Fri, 03 Feb 2023CA$603.9bCA$461.4bCA$75.8b5.6x8x1.3x
Sun, 01 Jan 2023CA$602.3bCA$459.5bCA$75.1b5.9x8x1.3x
Price to Earnings Ratio

8x


Total Market Cap: CA$602.3bTotal Earnings: CA$75.1bTotal Revenue: CA$459.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.3x202320242025
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 19.1x which is higher than its 3-year average PE of 17.3x.
  • 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 19% per year over the last three years,
  • Revenues have also declined 6.3% 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 Market2.21%
Energy1.39%
Energy Services1.54%
Oil and Gas1.39%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 17.4x.
    • Analysts are expecting annual earnings growth of 8.2%, which is higher than its past year's earnings decline of 2.9% 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 14.4x.
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 10% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 8.2% 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
CCO CamecoCA$127.488.9%
+CA$4.6b		68.5%PE105.5x
CNQ Canadian Natural ResourcesCA$45.072.5%
+CA$2.3b		3.7%PE14.1x
TRP TC EnergyCA$76.312.5%
+CA$1.9b		14.7%PE20.5x
NXE NexGen EnergyCA$12.9314.4%
+CA$1.1b		29.9%PB9.2x
EFR Energy FuelsCA$20.6611.3%
+CA$498.3m		169.4%PS45.5x

Latest News

TRP
CA$76.31
TC Energy
7D
2.5%
1Y
14.7%
SCR
CA$29.15
Strathcona Resources
7D
-31.0%
1Y
-2.5%

The Market Doesn't Like What It Sees From Strathcona Resources Ltd.'s (TSE:SCR) Earnings Yet As Shares Tumble 32%

Dec 24
The Market Doesn't Like What It Sees From Strathcona Resources Ltd.'s (TSE:SCR) Earnings Yet As Shares Tumble 32%
CEU
CA$12.19
CES Energy Solutions
7D
-1.1%
1Y
25.2%
CCO
CA$127.48
Cameco
7D
8.9%
1Y
68.5%

CCO: Shareholder Value Will Rise On Takeover Momentum And Completed Asset Sales

Analysts have nudged their price target on Cameco modestly higher to reflect a slightly faster projected revenue growth rate and only marginally lower long term margin and valuation assumptions, which together support a fair value estimate of about $150.81 per share. Analyst Commentary Recent research updates reflect a generally constructive stance on Cameco, with analysts modestly increasing their price targets as they recalibrate assumptions for revenue growth, long term margins, and the broader uranium cycle.
EFX
CA$20.82
Enerflex
7D
-3.6%
1Y
46.8%

EFX: Expanding Margins And Modular Power Will Drive Future Cash Returns

The analyst price target for Enerflex has increased from approximately $23.08 to $24.64 per share, as analysts point to stronger than expected EBITDA, margins, and free cash flow, an improved profit outlook, and a more disciplined capital allocation strategy that supports higher long term valuation multiples. Analyst Commentary Bullish analysts continue to highlight Enerflex's ability to outperform expectations on EBITDA, free cash flow, and earnings, reinforcing confidence in the company's execution and earnings quality.
EFR
CA$20.66
Energy Fuels
7D
11.3%
1Y
169.4%

EFR: Western Rare Earth Trade Realignment Will Drive Future Upside

Analysts have modestly increased their price target on Energy Fuels, citing slightly stronger long term revenue growth expectations and a marginally higher future earnings multiple, while maintaining their fair value estimate near $33.63 per share. What's in the News The G7 and EU are considering price floors for rare earths and potential taxes on some Chinese exports to incentivize new non Chinese production, moves that could support pricing and investment for Western producers such as Energy Fuels (Reuters).
HMMC
CA$5.40
Hemlo Mining
7D
13.7%
1Y
n/a
ENB
CA$64.88
Enbridge
7D
0.3%
1Y
8.0%

ENB: Future Returns Will Depend On U.S. Investment Shift And Dividend Durability

Enbridge's fair value estimate has nudged higher to approximately C$71.07 from about C$70.45, as analysts gradually lift price targets across the midstream peer group while factoring in slightly softer revenue growth, broadly stable margins, and a modestly higher future P/E multiple. Analyst Commentary Recent Street research on Enbridge reflects a generally constructive but still balanced stance, with incremental price target increases clustered in the mid C$60s to around C$70 and rating language that largely reinforces a hold or market perform view.
NXE
CA$12.93
NexGen Energy
7D
14.4%
1Y
29.9%
RECO
CA$0.85
Reconnaissance Energy Africa
7D
-9.0%
1Y
-17.0%
CVE
CA$22.88
Cenovus Energy
7D
-2.3%
1Y
8.4%

CVE: MEG Integration And Buybacks Will Drive Future Margin And Cash Flow

We are raising our fair value estimate for Cenovus Energy slightly to $29.68 from $29.35, as analysts lift price targets across the sector, citing updated 2025 guidance, early 2026 outlook commentary, and improved profitability expectations following the MEG acquisition. Analyst Commentary Street research activity around Cenovus has been active, with a series of target price revisions and rating changes reflecting shifting views on the company’s post MEG-acquisition profile, capital allocation, and risk-reward balance.
CNQ
CA$45.07
Canadian Natural Resources
7D
2.5%
1Y
3.7%
EOG
CA$0.39
Eco (Atlantic) Oil & Gas
7D
-18.8%
1Y
100.0%
KSM
CA$9.27
Kirkstone Metals
7D
-19.3%
1Y
5,352.9%
NVA
CA$17.77
NuVista Energy
7D
-1.1%
1Y
35.2%
DML
CA$3.78
Denison Mines
7D
10.5%
1Y
38.5%