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Canadian (TSX) Energy Sector Analysis

UpdatedApr 25, 2026
DataAggregated Company Financials
Companies203
  • 7D3.0%
  • 3M15.4%
  • 1Y50.9%
  • YTD23.2%

The Energy industry has gained 3.0% in the last week and Suncor Energy up 4.6%. This means that the industry has gained 51% over the past year. Looking forward, earnings are forecast to grow by 8.5% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 25 Apr 2026CA$965.6bCA$362.7bCA$42.1b16.5x22.9x2.7x
Mon, 23 Mar 2026CA$969.2bCA$363.0bCA$42.2b16.5x22.9x2.7x
Wed, 18 Feb 2026CA$897.7bCA$375.5bCA$40.2b16.2x22.3x2.4x
Fri, 16 Jan 2026CA$807.6bCA$377.4bCA$39.4b14.9x20.5x2.1x
Sun, 14 Dec 2025CA$775.9bCA$379.2bCA$39.6b14.1x19.6x2x
Tue, 11 Nov 2025CA$768.9bCA$382.9bCA$39.2b13.9x19.6x2x
Thu, 09 Oct 2025CA$789.6bCA$411.0bCA$44.9b12.6x17.6x1.9x
Sat, 06 Sep 2025CA$742.8bCA$410.8bCA$44.9b11.5x16.6x1.8x
Mon, 04 Aug 2025CA$713.5bCA$412.8bCA$44.7b11.4x16x1.7x
Wed, 02 Jul 2025CA$699.1bCA$414.2bCA$43.8b12x16x1.7x
Fri, 30 May 2025CA$681.6bCA$414.3bCA$43.9b11.8x15.5x1.6x
Sun, 27 Apr 2025CA$653.9bCA$406.5bCA$39.8b10.1x16.4x1.6x
Tue, 25 Mar 2025CA$691.7bCA$407.3bCA$38.9b12.8x17.8x1.7x
Thu, 20 Feb 2025CA$681.6bCA$409.4bCA$41.6b10.7x16.4x1.7x
Sat, 18 Jan 2025CA$704.1bCA$408.2bCA$46.2b11x15.2x1.7x
Mon, 16 Dec 2024CA$691.2bCA$408.1bCA$46.2b10.5x15x1.7x
Wed, 13 Nov 2024CA$706.2bCA$407.1bCA$46.3b10.4x15.2x1.7x
Fri, 11 Oct 2024CA$700.3bCA$405.7bCA$44.9b10.5x15.6x1.7x
Sun, 08 Sep 2024CA$646.8bCA$405.9bCA$45.0b10.3x14.4x1.6x
Tue, 06 Aug 2024CA$650.1bCA$404.6bCA$46.2b10.2x14.1x1.6x
Thu, 04 Jul 2024CA$666.5bCA$394.4bCA$45.2b11x14.8x1.7x
Sat, 01 Jun 2024CA$682.8bCA$394.4bCA$45.2b11.4x15.1x1.7x
Mon, 29 Apr 2024CA$689.1bCA$396.6bCA$50.0b9.4x13.8x1.7x
Wed, 27 Mar 2024CA$661.4bCA$391.2bCA$49.4b8.9x13.4x1.7x
Fri, 23 Feb 2024CA$629.8bCA$411.3bCA$53.8b7.5x11.7x1.5x
Sun, 21 Jan 2024CA$607.3bCA$414.3bCA$48.9b6.7x12.4x1.5x
Tue, 19 Dec 2023CA$601.8bCA$414.3bCA$48.9b6.7x12.3x1.5x
Thu, 16 Nov 2023CA$635.2bCA$415.1bCA$49.3b7x12.9x1.5x
Sat, 14 Oct 2023CA$643.5bCA$428.5bCA$56.8b6.5x11.3x1.5x
Mon, 11 Sep 2023CA$635.9bCA$428.5bCA$56.8b6.7x11.2x1.5x
Wed, 09 Aug 2023CA$607.9bCA$433.3bCA$59.3b6.6x10.3x1.4x
Fri, 07 Jul 2023CA$560.3bCA$463.3bCA$68.7b5.5x8.2x1.2x
Sun, 04 Jun 2023CA$573.1bCA$463.4bCA$68.7b5x8.3x1.2x
Tue, 02 May 2023CA$593.3bCA$470.9bCA$70.5b5.5x8.4x1.3x
Price to Earnings Ratio

8.4x


Total Market Cap: CA$593.3bTotal Earnings: CA$70.5bTotal Revenue: CA$470.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.8x202420252026
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 18.8x.
  • The 3-year average PS ratio of 2.2x 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 8.3% 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 Market-1.02%
Energy2.96%
Energy Services9.00%
Oil and Gas2.84%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 12.5x.
    • Analysts are expecting annual earnings growth of 26.1%, 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 18.9x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 26% 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 8.1% 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
SU Suncor EnergyCA$87.564.6%
+CA$4.6b		77.5%PE17.6x
CVE Cenovus EnergyCA$35.957.2%
+CA$4.5b		114.8%PE17.3x
CNQ Canadian Natural ResourcesCA$60.693.2%
+CA$3.9b		49.2%PE11.7x
TRP TC EnergyCA$84.792.3%
+CA$1.9b		23.1%PE24.4x
ENB EnbridgeCA$72.861.1%
+CA$1.7b		13.8%PE22.6x

Latest News

EFR
CA$27.77
Energy Fuels
7D
-1.0%
1Y
342.9%
TRP
CA$84.79
TC Energy
7D
2.3%
1Y
23.1%

TRP: Backlog Visibility And Dividend Policy Will Shape Future Risk Reward Balance

TC Energy's analyst price target has been revised higher by CA$0.87 to CA$88.52 as analysts factor in Q4 results, updated models, and continued interest in the company's natural gas and power growth pipeline. Analyst Commentary Recent research updates show a cluster of higher price targets for TC Energy alongside a few rating downgrades, giving you a mixed but useful picture of how the Street views valuation, execution risk, and growth plans after the latest results.
SU
CA$87.56
Suncor Energy
7D
4.6%
1Y
77.5%
EU
CA$2.63
enCore Energy
7D
-9.3%
1Y
21.8%
PEY
CA$24.31
Peyto Exploration & Development
7D
-1.0%
1Y
37.7%

PEY: Future Returns Will Depend On Sustained Margin Execution Over One Key Catalyst

Analysts have raised the blended 12 month price target for Peyto Exploration & Development to CA$31, up from CA$27, citing a series of Street target increases and modestly higher profit margin expectations, along with a slightly lower future P/E assumption. Analyst Commentary Street research on Peyto Exploration & Development points to a mix of optimism on execution and earnings power, alongside some caution on how much of that is already reflected in the share price.
NXE
CA$16.94
NexGen Energy
7D
-2.3%
1Y
140.3%
CNQ
CA$60.69
Canadian Natural Resources
7D
3.2%
1Y
49.2%

CNQ: Higher Dividend And Buybacks Will Shape Future Shareholder Returns

Analysts have lifted the fair value estimate for Canadian Natural Resources to CA$69.68 from CA$61.47, citing updated price targets across several firms, along with expectations for slightly positive revenue growth, a higher profit margin, and a modestly lower future P/E multiple. Analyst Commentary Recent Street research on Canadian Natural Resources shows a mix of optimism and caution, with several firms adjusting price targets and a few shifting ratings.
CVE
CA$35.95
Cenovus Energy
7D
7.2%
1Y
114.8%

CVE: Future Cash Returns And Buybacks Will Drive Risk Reward Balance

The analyst price target for Cenovus Energy has been raised by CA$4.50 to CA$41.56, with analysts pointing to updated views on revenue trends, margins, and future P/E assumptions as they respond to a series of recent target increases across the Street. Analyst Commentary Recent research on Cenovus Energy has been active, with several firms adjusting targets and views as they reassess valuation, cash flow potential, and the impact of recent corporate moves.
WCP
CA$14.77
Whitecap Resources
7D
6.0%
1Y
80.3%
IMO
CA$169.79
Imperial Oil
7D
1.6%
1Y
77.8%

IMO: Future Returns Will Depend On Stretch P/E Holding After Outperformance

Imperial Oil's fair value estimate has been raised to CA$118 from CA$98 as analysts update their price targets and P/E expectations in light of recent research that revisits the stock's valuation against company fundamentals. Analyst Commentary Recent research on Imperial Oil reflects a mixed picture, with several firms lifting their price targets while others highlight valuation risks and potential downside relative to peers.
ENB
CA$72.86
Enbridge
7D
1.1%
1Y
13.8%

ENB: Future Returns Will Hinge On Rich Pricing And Utility Execution

The updated analyst price target for Enbridge reflects a modest fair value shift to CA$75.99, with recent CA$1 to CA$5 target increases from firms such as Argus, Citi, BMO Capital, RBC Capital, CIBC and Scotiabank, partly balanced by valuation driven downgrades from TD Securities and Jefferies, as analysts factor in the company’s diversified pipelines and its growing utility exposure. Analyst Commentary Recent research on Enbridge shows a mix of optimism and caution, with several firms lifting price targets while others are more restrained given the share price move and valuation.
CCO
CA$167.02
Cameco
7D
1.1%
1Y
173.8%

CCO: Future Earnings Profile Will Reflect Premium Margins And Restrained P E Multiple

Analysts have lifted their CA$ price target for Cameco, citing slightly higher assumptions for revenue growth and profit margin, along with a modestly lower future P/E multiple in their updated models. Analyst Commentary Analysts have refreshed their models for Cameco and are using slightly revised assumptions for growth, profitability and valuation multiples to frame where the shares could trade over time.
SOBO
CA$43.77
South Bow
7D
-0.4%
1Y
26.8%
PLSR
CA$1.60
Pulsar Helium
7D
-13.5%
1Y
196.3%
GASX
CA$1.37
NG Energy International
7D
-6.8%
1Y
52.2%
DML
CA$5.20
Denison Mines
7D
-1.9%
1Y
168.0%