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Canadian (TSX) Energy Sector Analysis

UpdatedJul 09, 2026
DataAggregated Company Financials
Companies193
  • 7D4.1%
  • 3M0.4%
  • 1Y43.5%
  • YTD24.6%

Suncor Energy is up 9.6%, leading the way for the Energy industry, which has gained 1.9%. During this same period, the Cameco underperformed, falling 7.1%. In the last 12 months, the industry was up 40%. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Jul 2026CA$952.0bCA$369.2bCA$38.9b22.2x24.5x2.6x
Sat, 06 Jun 2026CA$1.0tCA$369.0bCA$38.9b22.7x26.5x2.8x
Mon, 04 May 2026CA$1.0tCA$363.4bCA$42.1b17.9x23.9x2.8x
Wed, 01 Apr 2026CA$997.1bCA$363.0bCA$42.1b16.5x23.7x2.7x
Fri, 27 Feb 2026CA$907.7bCA$365.6bCA$41.3b16.6x22x2.5x
Sun, 25 Jan 2026CA$834.7bCA$377.2bCA$39.4b15.3x21.2x2.2x
Tue, 23 Dec 2025CA$750.8bCA$377.7bCA$39.5b13.9x19x2x
Thu, 20 Nov 2025CA$789.9bCA$378.9bCA$39.5b13.7x20x2.1x
Sat, 18 Oct 2025CA$756.9bCA$411.0bCA$44.9b11.9x16.9x1.8x
Mon, 15 Sep 2025CA$756.4bCA$410.8bCA$44.9b11.5x16.9x1.8x
Wed, 13 Aug 2025CA$716.6bCA$410.6bCA$45.4b10.8x15.8x1.7x
Fri, 11 Jul 2025CA$696.2bCA$414.2bCA$43.8b12.1x15.9x1.7x
Sun, 08 Jun 2025CA$737.8bCA$414.2bCA$43.8b12x16.8x1.8x
Tue, 06 May 2025CA$656.9bCA$407.2bCA$39.7b9.9x16.5x1.6x
Thu, 03 Apr 2025CA$698.7bCA$406.8bCA$39.7b12.9x17.6x1.7x
Sat, 01 Mar 2025CA$663.0bCA$406.1bCA$40.4b11.1x16.4x1.6x
Mon, 27 Jan 2025CA$715.8bCA$408.1bCA$46.2b10.7x15.5x1.8x
Wed, 25 Dec 2024CA$680.5bCA$408.2bCA$46.2b10.3x14.7x1.7x
Fri, 22 Nov 2024CA$722.5bCA$407.7bCA$46.8b11.1x15.5x1.8x
Sun, 20 Oct 2024CA$709.5bCA$405.7bCA$44.9b10.3x15.8x1.7x
Tue, 17 Sep 2024CA$644.5bCA$405.9bCA$45.0b9.7x14.3x1.6x
Thu, 15 Aug 2024CA$680.8bCA$405.4bCA$45.4b10.2x15x1.7x
Sat, 13 Jul 2024CA$669.5bCA$394.4bCA$45.2b10.9x14.8x1.7x
Mon, 10 Jun 2024CA$662.8bCA$394.4bCA$45.2b10.5x14.7x1.7x
Wed, 08 May 2024CA$688.3bCA$396.9bCA$48.6b9.4x14.2x1.7x
Fri, 05 Apr 2024CA$686.5bCA$395.4bCA$49.9b10x13.8x1.7x
Sun, 03 Mar 2024CA$634.1bCA$393.5bCA$50.9b7.9x12.5x1.6x
Tue, 30 Jan 2024CA$621.9bCA$414.3bCA$48.9b6.7x12.7x1.5x
Thu, 28 Dec 2023CA$617.2bCA$413.9bCA$48.8b6.7x12.6x1.5x
Sat, 25 Nov 2023CA$632.8bCA$414.7bCA$49.0b7.1x12.9x1.5x
Mon, 23 Oct 2023CA$640.2bCA$428.6bCA$56.8b6.5x11.3x1.5x
Wed, 20 Sep 2023CA$636.7bCA$428.1bCA$56.7b6.6x11.2x1.5x
Fri, 18 Aug 2023CA$600.9bCA$429.1bCA$56.7b6.1x10.6x1.4x
Sun, 16 Jul 2023CA$571.2bCA$463.0bCA$68.6b5.4x8.3x1.2x
Price to Earnings Ratio

8.3x


Total Market Cap: CA$571.2bTotal Earnings: CA$68.6bTotal Revenue: CA$463.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 19.9x202420252026
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 24.0x which is higher than its 3-year average PE of 19.9x.
  • The 3-year average PS ratio of 2.3x 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 7.3% 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 Market0.18%
Energy4.11%
Oil and Gas4.18%
Energy Services0.82%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 13.6x.
    • Analysts are expecting annual earnings growth of 32.3%, which is higher than its past year's earnings decline of 24.1% 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 20.1x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 32% over the next 5 years.
  • This is better than its past earnings decline of 24% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 10% 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$83.639.6%
+CA$8.7b		55.7%PE15.6x
CNQ Canadian Natural ResourcesCA$60.097.1%
+CA$8.3b		37.3%PE12.9x
IMO Imperial OilCA$171.747.8%
+CA$6.0b		57.0%PE28.4x
CVE Cenovus EnergyCA$37.757.3%
+CA$4.8b		90.6%PE15.3x
TRP TC EnergyCA$97.704.0%
+CA$3.9b		53.2%PE28.8x

Latest News

TVK
CA$114.35
TerraVest Industries
7D
-1.5%
1Y
-32.5%
EFR
CA$18.58
Energy Fuels
7D
-9.8%
1Y
142.9%
Narrative Update • Jul 08

EFR: Future Rare Earth Supply Chain Expansion Will Drive Bullish Reassessment

Analysts have revised their fair value estimate for Energy Fuels to CA$33.50 from CA$26.00, citing updated assumptions around future revenue growth, profit margins, discount rate, and a lower projected future P/E multiple. What’s in the News for Energy Fuels Energy Fuels agreed to acquire German magnetics company Vacuumschmelze GmbH & Co. KG in a cash and stock deal valued at about US$1.9b, aiming to build an integrated mine-to-magnet rare earth supply chain across North America, Europe, and Asia, according to recent news reports.
IMO
CA$171.74
Imperial Oil
7D
7.8%
1Y
57.0%
Narrative Update • Jul 08

IMO: Future Returns Will Hinge On Buybacks And Oil Price Sensitivity

Imperial Oil's analyst price target has been revised higher from CA$132.81 to CA$153.19, as analysts factor in updated oil price assumptions, modestly revised growth and margin expectations, and recent sector level targets in the CA$138 to CA$156 range. Analyst Commentary Recent Street research on Imperial Oil highlights a mix of optimism around upside potential and caution around execution and commodity risk, which helps explain the current cluster of price targets in the CA$138 to CA$156 range.
CCO
CA$134.26
Cameco
7D
-7.1%
1Y
37.1%
Narrative Update • Jul 07

CCO: Future Uranium Demand And Cigar Lake Exposure Will Shape Returns

Cameco's analyst price target has been revised from about CA$121.43 to about CA$152.06. Analysts point to updated assumptions around revenue growth, profit margins, the discount rate, and the expected future P/E multiple as key drivers of this change.
CNQ
CA$60.09
Canadian Natural Resources
7D
7.1%
1Y
37.3%
Narrative Update • Jul 06

CNQ: Future Oilsands Expansion And Pipeline Timing Will Shape Balanced Outlook

Analysts have lifted their fair value estimate for Canadian Natural Resources from CA$43.00 to about CA$57.47, citing updated price targets from firms covering the stock and revised assumptions for revenue trends, margins and future P/E expectations. Analyst Commentary Recent Street research on Canadian Natural Resources reflects a mix of optimism on the company and pockets of caution around execution risks, future growth assumptions and how current trading levels line up with updated fair value views.
TRP
CA$97.70
TC Energy
7D
4.0%
1Y
53.2%
PPL
CA$68.42
Pembina Pipeline
7D
4.3%
1Y
37.1%
ENB
CA$78.04
Enbridge
7D
1.5%
1Y
30.2%
EFX
CA$34.63
Enerflex
7D
-0.6%
1Y
223.0%
Narrative Update • Jul 02

EFX: Five-Year Margin Roadmap Will Drive Re-Rating Potential

Enerflex's updated analyst price target has moved from CA$26 to CA$42 as analysts respond to the company's recent investor update, which outlined plans for revenue growth, margin expansion, and long term value creation. Analyst Commentary Recent research on Enerflex has centered on the company’s virtual investor update, with analysts reacting to the outlined plans for growth, margin expansion, and long term value creation.
TOU
CA$62.17
Tourmaline Oil
7D
4.8%
1Y
-1.7%
CVE
CA$37.75
Cenovus Energy
7D
7.3%
1Y
90.6%
SU
CA$83.63
Suncor Energy
7D
9.6%
1Y
55.7%
Narrative Update • Jun 25

SU: Buybacks And Operational Momentum Will Drive Future Cash Return Expectations

The analyst price target for Suncor Energy has been adjusted slightly higher to CA$100.26 from CA$99.16, reflecting analysts' view that recent price target increases across several firms and a generally constructive stance on the company's operational progress are now more fully captured in the valuation. Analyst Commentary Recent research on Suncor Energy shows a mix of optimism and caution as analysts react to the company’s operational progress and current share valuation.
NXE
CA$13.00
NexGen Energy
7D
-2.4%
1Y
47.6%
URE
CA$1.84
Ur-Energy
7D
-4.2%
1Y
28.7%
NSE
CA$0.58
New Stratus Energy
7D
-20.5%
1Y
33.3%
URC
CA$3.76
Uranium Royalty
7D
-4.6%
1Y
18.6%