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Canadian (TSX) Energy Sector Analysis

UpdatedApr 02, 2026
DataAggregated Company Financials
Companies202
  • 7D-1.8%
  • 3M28.0%
  • 1Y41.4%
  • YTD25.1%

The Energy industry is up 1.5% in the last week, with Cameco up 2.5%. This means that the industry has gained 46% over the past year. Looking forward, earnings are forecast to grow by 7.4% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Apr 2026CA$997.2bCA$362.9bCA$42.2b15.8x23.7x2.7x
Sat, 28 Feb 2026CA$910.5bCA$365.4bCA$41.4b17x22x2.5x
Mon, 26 Jan 2026CA$834.7bCA$377.2bCA$39.4b15.3x21.2x2.2x
Wed, 24 Dec 2025CA$755.4bCA$377.6bCA$39.5b13.6x19.1x2x
Fri, 21 Nov 2025CA$796.3bCA$378.9bCA$39.5b13.5x20.1x2.1x
Sun, 19 Oct 2025CA$750.3bCA$411.0bCA$44.9b11.9x16.7x1.8x
Tue, 16 Sep 2025CA$756.4bCA$410.8bCA$44.9b11.9x16.9x1.8x
Thu, 14 Aug 2025CA$718.8bCA$410.6bCA$45.4b11.4x15.8x1.8x
Sat, 12 Jul 2025CA$696.2bCA$414.2bCA$43.8b12.1x15.9x1.7x
Mon, 09 Jun 2025CA$737.8bCA$414.2bCA$43.8b12x16.8x1.8x
Wed, 07 May 2025CA$646.2bCA$406.5bCA$39.9b9.9x16.2x1.6x
Fri, 04 Apr 2025CA$704.6bCA$406.6bCA$39.7b11.7x17.7x1.7x
Sun, 02 Mar 2025CA$670.3bCA$406.1bCA$40.4b11.1x16.6x1.7x
Tue, 28 Jan 2025CA$714.7bCA$408.2bCA$46.2b10.9x15.5x1.8x
Thu, 26 Dec 2024CA$681.1bCA$408.2bCA$46.2b10.3x14.7x1.7x
Sat, 23 Nov 2024CA$736.4bCA$407.8bCA$46.8b11.2x15.7x1.8x
Mon, 21 Oct 2024CA$709.5bCA$405.7bCA$44.9b10.3x15.8x1.7x
Wed, 18 Sep 2024CA$649.0bCA$405.9bCA$45.0b10.1x14.4x1.6x
Fri, 16 Aug 2024CA$685.2bCA$405.9bCA$45.2b10.1x15.2x1.7x
Sun, 14 Jul 2024CA$669.5bCA$394.4bCA$45.2b10.9x14.8x1.7x
Tue, 11 Jun 2024CA$616.2bCA$394.4bCA$45.2b10.6x13.6x1.6x
Thu, 09 May 2024CA$687.4bCA$397.2bCA$47.9b9.3x14.4x1.7x
Sat, 06 Apr 2024CA$686.5bCA$395.4bCA$49.9b10x13.8x1.7x
Mon, 04 Mar 2024CA$634.1bCA$393.5bCA$50.9b7.9x12.5x1.6x
Wed, 31 Jan 2024CA$620.6bCA$414.3bCA$48.9b6.8x12.7x1.5x
Fri, 29 Dec 2023CA$617.3bCA$414.0bCA$48.8b6.7x12.6x1.5x
Sun, 26 Nov 2023CA$632.9bCA$414.7bCA$49.0b7.1x12.9x1.5x
Tue, 24 Oct 2023CA$634.6bCA$428.6bCA$56.8b6.5x11.2x1.5x
Thu, 21 Sep 2023CA$632.0bCA$428.2bCA$56.7b6.5x11.1x1.5x
Sat, 19 Aug 2023CA$607.3bCA$428.3bCA$56.7b6.2x10.7x1.4x
Mon, 17 Jul 2023CA$571.2bCA$463.0bCA$68.6b5.4x8.3x1.2x
Wed, 14 Jun 2023CA$573.9bCA$463.2bCA$68.7b5.1x8.4x1.2x
Fri, 12 May 2023CA$567.3bCA$465.8bCA$69.3b4.8x8.2x1.2x
Sun, 09 Apr 2023CA$591.8bCA$474.1bCA$70.7b5.4x8.4x1.2x
Price to Earnings Ratio

8.4x


Total Market Cap: CA$591.8bTotal Earnings: CA$70.7bTotal Revenue: CA$474.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.5x202420252026
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 23.7x which is higher than its 3-year average PE of 18.5x.
  • The 3-year average PS ratio of 2.1x 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 8.5% 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 Market1.56%
Energy-1.79%
Oil and Gas-1.71%
Energy Services-5.58%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.6x.
    • Analysts are expecting annual earnings growth of 7.1%, which is lower than the prior year's growth of 15.6% 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 12.4x.
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 7.1% 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
CCO CamecoCA$154.422.5%
+CA$1.7b		153.8%PE114.1x
SU Suncor EnergyCA$90.291.0%
+CA$1.0b		61.0%PE18.1x
SCR Strathcona ResourcesCA$40.337.6%
+CA$612.7m		43.5%PE23.6x
ATH Athabasca OilCA$10.325.6%
+CA$260.8m		86.3%PE20.2x
DML Denison MinesCA$5.072.8%
+CA$126.4m		169.7%PS930.9x

Latest News

CCO
CA$154.42
Cameco
7D
2.5%
1Y
153.8%
ENB
CA$74.54
Enbridge
7D
-1.0%
1Y
15.3%

ENB: Future Returns Will Depend On Utility Execution And Rich Market Pricing

Enbridge's fair value estimate nudged higher, supporting a modest lift in the implied CA$ price target. Analysts point to recent Street research that raised targets into the CA$72 to CA$77 range, citing the company's diversified pipeline and utility assets, minimal direct commodity exposure, and updated post earnings estimates.
SU
CA$90.29
Suncor Energy
7D
1.0%
1Y
61.0%

Integrated Operations And Efficiency Gains Will Support Stronger Long Term Cash Generation

Catalysts About Suncor Energy Suncor Energy is an integrated energy company involved in oil sands mining, upgrading, refining and marketing of refined products. What are the underlying business or industry changes driving this perspective?
LCX
CA$1.88
Lycos Energy
7D
2.2%
1Y
-18.3%
SCR
CA$40.33
Strathcona Resources
7D
7.6%
1Y
43.5%

SCR: Fair Value Reset Will Hinge On Execution And Capital Return

The analyst fair value estimate for Strathcona Resources has moved to CA$44 from CA$35, reflecting a cluster of higher Street price targets in the CA$35 to CA$40 range and analyst expectations for stronger revenue growth, wider profit margins and a lower future P/E profile. Analyst Commentary Bullish analysts have recently shifted price targets for Strathcona Resources into a higher C$32 to C$40 range, which aligns with the updated fair value estimate and reflects growing confidence in the company’s ability to execute on its plans.
ATH
CA$10.32
Athabasca Oil
7D
5.6%
1Y
86.3%
SOIL
CA$5.91
Saturn Oil & Gas
7D
8.2%
1Y
198.5%
CNQ
CA$64.64
Canadian Natural Resources
7D
-4.9%
1Y
43.5%
TOU
CA$63.80
Tourmaline Oil
7D
-6.9%
1Y
-9.7%

TOU: Asset Sale And Balance Sheet Moves Will Shape Multi Year Outlook

Tourmaline Oil's fair value estimate has inched higher from CA$70.34 to CA$70.64 as analysts adjust price targets in a tight CA$67 to CA$74 range, reflecting updated views on revenue growth, margins, and future P/E assumptions. Analyst Commentary Recent Street Research on Tourmaline Oil points to a relatively tight cluster of price targets between CA$67 and CA$74, with several firms updating their views in quick succession.
ARX
CA$27.12
ARC Resources
7D
-7.8%
1Y
-9.0%

ARX: Future Cash Returns Will Rely On Steady Execution And Balanced Capital Returns

ARC Resources' updated fair value estimate has shifted to CA$29.71 from CA$28.68, as analysts factor in recent price target cuts and downgrades while maintaining broadly similar assumptions for the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research on ARC Resources has leaned more cautious, with several firms adjusting price targets and ratings.
PPL
CA$60.76
Pembina Pipeline
7D
-3.6%
1Y
3.8%
TRP
CA$86.43
TC Energy
7D
-2.6%
1Y
23.6%

TRP: Backlog Certainty And Dividend Policy Will Shape Future Return Balance

Narrative Update The analyst price target for TC Energy has been revised from CA$86.00 to CA$87.32 as analysts update models for the Q4 report, reflect reiterated FY26 EBITDA guidance, and factor in a series of higher Street targets, which are partly tempered by recent share price appreciation. Analyst Commentary Recent research updates on TC Energy show a mix of optimism on growth and asset quality, balanced against concerns about valuation after the recent share price move.
SOBO
CA$45.05
South Bow
7D
-4.6%
1Y
21.7%
PEY
CA$25.79
Peyto Exploration & Development
7D
-8.5%
1Y
39.2%

PEY: Future Returns Will Reflect Balanced Price Views And Revised Earnings Assumptions

The updated fair value estimate for Peyto Exploration & Development has moved to CA$27.90 from CA$26.36. This reflects analysts' higher price targets in the CA$27 to CA$31 range as they factor in revised revenue growth assumptions, lower profit margin expectations, and a higher future P/E multiple.
DML
CA$5.07
Denison Mines
7D
2.8%
1Y
169.7%
FO
CA$0.38
Falcon Oil & Gas
7D
38.2%
1Y
245.5%