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Canadian (TSX) Energy Sector Analysis

UpdatedFeb 05, 2026
DataAggregated Company Financials
Companies199
  • 7D0.8%
  • 3M14.5%
  • 1Y27.2%
  • YTD10.4%

Last week, the Energy industry hasn't moved much but Enbridge is up 4.2% in that time. The past year has been better, since the industry has gained 27% in that time. 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
Fri, 06 Feb 2026CA$851.8bCA$373.8bCA$38.9b15.8x21.9x2.3x
Sun, 04 Jan 2026CA$783.2bCA$377.2bCA$39.4b14.4x19.9x2.1x
Tue, 02 Dec 2025CA$791.5bCA$378.8bCA$39.5b13.2x20x2.1x
Thu, 30 Oct 2025CA$774.9bCA$411.9bCA$44.8b12.2x17.3x1.9x
Sat, 27 Sep 2025CA$791.1bCA$410.9bCA$44.9b12.4x17.6x1.9x
Mon, 25 Aug 2025CA$738.9bCA$410.9bCA$44.8b11.4x16.5x1.8x
Wed, 23 Jul 2025CA$701.2bCA$414.1bCA$43.8b12x16x1.7x
Fri, 20 Jun 2025CA$763.7bCA$414.2bCA$43.8b12.8x17.4x1.8x
Sun, 18 May 2025CA$677.9bCA$414.5bCA$43.9b11x15.4x1.6x
Tue, 15 Apr 2025CA$614.1bCA$406.4bCA$39.7b9.7x15.5x1.5x
Thu, 13 Mar 2025CA$653.4bCA$407.3bCA$39.3b11x16.6x1.6x
Sat, 08 Feb 2025CA$689.4bCA$408.2bCA$43.9b10.7x15.7x1.7x
Mon, 06 Jan 2025CA$705.6bCA$408.2bCA$46.2b10.8x15.3x1.7x
Wed, 04 Dec 2024CA$717.5bCA$407.9bCA$46.2b10.8x15.5x1.8x
Fri, 01 Nov 2024CA$693.2bCA$404.0bCA$44.3b10.6x15.7x1.7x
Sun, 29 Sep 2024CA$656.2bCA$405.8bCA$45.0b9.9x14.6x1.6x
Tue, 27 Aug 2024CA$683.6bCA$405.8bCA$45.0b10.3x15.2x1.7x
Thu, 25 Jul 2024CA$667.0bCA$394.7bCA$45.2b10.7x14.8x1.7x
Sat, 22 Jun 2024CA$649.8bCA$394.4bCA$45.2b10.3x14.4x1.6x
Mon, 20 May 2024CA$690.9bCA$396.1bCA$45.7b10.8x15.1x1.7x
Wed, 17 Apr 2024CA$673.2bCA$395.6bCA$49.9b9.4x13.5x1.7x
Fri, 15 Mar 2024CA$643.2bCA$390.8bCA$49.8b8.7x12.9x1.6x
Sun, 11 Feb 2024CA$600.9bCA$409.5bCA$51.1b7x11.8x1.5x
Tue, 09 Jan 2024CA$625.1bCA$414.2bCA$48.9b6.8x12.8x1.5x
Thu, 07 Dec 2023CA$608.7bCA$414.6bCA$49.0b6.5x12.4x1.5x
Sat, 04 Nov 2023CA$648.8bCA$421.6bCA$51.3b6.9x12.7x1.5x
Mon, 02 Oct 2023CA$634.6bCA$428.4bCA$56.8b6.6x11.2x1.5x
Wed, 30 Aug 2023CA$621.2bCA$428.3bCA$56.7b6.8x11x1.5x
Fri, 28 Jul 2023CA$592.0bCA$462.6bCA$68.2b5.7x8.7x1.3x
Sun, 25 Jun 2023CA$548.2bCA$464.3bCA$69.3b4.9x7.9x1.2x
Tue, 23 May 2023CA$567.2bCA$463.8bCA$69.0b5x8.2x1.2x
Thu, 20 Apr 2023CA$600.1bCA$474.1bCA$70.6b5.5x8.5x1.3x
Sat, 18 Mar 2023CA$543.2bCA$473.9bCA$70.5b5.4x7.7x1.1x
Mon, 13 Feb 2023CA$623.4bCA$462.0bCA$73.0b5.7x8.5x1.3x
Price to Earnings Ratio

8.5x


Total Market Cap: CA$623.4bTotal Earnings: CA$73.0bTotal Revenue: CA$462.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.7x202420252026
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 21.9x which is higher than its 3-year average PE of 17.7x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 20% per year over the last three years,
  • Revenues have also declined 6.8% 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-1.32%
Energy0.81%
Energy Services3.46%
Oil and Gas0.76%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 17.9x.
    • Analysts are expecting annual earnings growth of 8.2%, which is higher than its past year's earnings decline of 3.2% 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 13.0x.
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 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
ENB EnbridgeCA$68.544.2%
+CA$6.0b		8.8%PE26.8x
CNQ Canadian Natural ResourcesCA$52.654.8%
+CA$5.0b		18.2%PE16.5x
IMO Imperial OilCA$150.927.6%
+CA$3.3b		58.6%PE22.3x
TRP TC EnergyCA$81.022.8%
+CA$2.2b		20.2%PE21.8x
CVE Cenovus EnergyCA$27.693.0%
+CA$1.5b		28.3%PE16.7x

Latest News

ENB
CA$68.54
Enbridge
7D
4.2%
1Y
8.8%

ENB: Future Returns Will Depend On Gas Utility Execution And Dividend Growth

Analysts have trimmed their fair value estimate for Enbridge by about $0.24, as a slightly higher discount rate and softer revenue outlook are being weighed against a small improvement in expected profit margins and a steady future P/E. Recent price target changes reflect mixed views across the Street.
EFR
CA$29.33
Energy Fuels
7D
-12.7%
1Y
304.0%

EFR: Rare Earth Export Controls Will Support Future Heavy Element Upside

Analysts have lifted their price target on Energy Fuels from US$37.50 to US$40.75, citing updated assumptions around revenue growth, profit margins, fair value, and a revised future P/E multiple. What's in the News China's Ministry of Commerce is designing a new rare earth export license system that aims to speed up shipments while keeping earlier export controls in place.
IMO
CA$150.92
Imperial Oil
7D
7.6%
1Y
58.6%

Imperial Oil (TSE:IMO) Is Increasing Its Dividend To CA$0.87

Feb 03
Imperial Oil (TSE:IMO) Is Increasing Its Dividend To CA$0.87
DML
CA$5.03
Denison Mines
7D
-13.7%
1Y
89.1%
NXE
CA$15.88
NexGen Energy
7D
-15.7%
1Y
69.1%
CNQ
CA$52.65
Canadian Natural Resources
7D
4.8%
1Y
18.2%
KEY
CA$47.21
Keyera
7D
3.3%
1Y
14.9%
PPL
CA$57.73
Pembina Pipeline
7D
2.2%
1Y
10.3%

We Think Pembina Pipeline (TSE:PPL) Can Stay On Top Of Its Debt

Jan 29
We Think Pembina Pipeline (TSE:PPL) Can Stay On Top Of Its Debt
ISO
CA$14.99
IsoEnergy
7D
-15.7%
1Y
27.9%
CCO
CA$156.82
Cameco
7D
-13.7%
1Y
117.7%

CCO: Future Shareholder Value Will Be Shaped By Sector-Aligned Expectations

Analysts have raised their price target on Cameco from $151.63 to $156.12, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E that are broadly in line with recent Street research trends on target revisions elsewhere in the sector. Analyst Commentary Recent Street research across related names, including a price target adjustment for Clear Channel Outdoor, lines up with how analysts are thinking about Cameco.
TOU
CA$62.62
Tourmaline Oil
7D
-1.6%
1Y
-5.9%

TOU: LNG Export Ramp Will Support Multi Year Gas Production Plan

Analysts have trimmed their average fair value estimate for Tourmaline Oil to about $70 from roughly $71.60, reflecting recent target cuts and slightly softer assumptions for margins and growth, partly offset by a modestly higher future P/E multiple. Analyst Commentary Recent research updates show a cluster of modest price target reductions on Tourmaline Oil, with analysts adjusting their models to reflect updated guidance and new assumptions for the next few years.
TRP
CA$81.02
TC Energy
7D
2.8%
1Y
20.2%

TRP: Extended 2028 Outlook And Project Execution Will Shape Medium Term Returns

Our analyst price target for TC Energy edges up by about C$0.40 to roughly C$79.20, reflecting Street analysts' higher targets in the C$78 to C$84 range and their view that the company has a solid pipeline of projects and medium term opportunities. Analyst Commentary Bullish Takeaways Bullish analysts see the recent upgrade and higher price targets, in the C$78 to C$84 range, as aligned with TC Energy's current project backlog and medium term plan.
ARX
CA$26.41
ARC Resources
7D
3.9%
1Y
5.5%

ARX: Higher Dividend And Buybacks Will Support Future Cash Return Potential

Analysts have trimmed their average price target on ARC Resources by about C$1 to C$2 to reflect slightly lower fair value estimates and modestly reduced future P/E assumptions, while still incorporating relatively stable views on growth, margins and discount rates. Analyst Commentary Recent Street research on ARC Resources points to a slightly more cautious tone on valuation, with price targets trimmed by C$1 to C$2 while ratings remain supportive.
URC
CA$5.65
Uranium Royalty
7D
-23.5%
1Y
61.4%

Subdued Growth No Barrier To Uranium Royalty Corp. (TSE:URC) With Shares Advancing 27%

Jan 22
Subdued Growth No Barrier To Uranium Royalty Corp. (TSE:URC) With Shares Advancing 27%
CVE
CA$27.69
Cenovus Energy
7D
3.0%
1Y
28.3%

CVE: MEG Integration And New Buybacks Will Support Future Cash Returns

Narrative Update The updated analyst price target for Cenovus Energy reflects a small fair value adjustment to $29.21, alongside a mixed set of Street moves, with several firms lifting targets into the C$30 to C$32 range and one trimming to C$32, as analysts factor in refreshed 2025 guidance, early 2026 commentary, and the MEG Energy acquisition. Analyst Commentary Recent research updates around Cenovus Energy remain largely constructive, with most firms adjusting their price targets in a narrow C$30 to C$32 range and reacting to both refreshed guidance and the pending MEG Energy acquisition.
EU
CA$3.87
enCore Energy
7D
-20.5%
1Y
-14.4%