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Canadian (TSX) Energy Sector Analysis

UpdatedFeb 16, 2026
DataAggregated Company Financials
Companies199
  • 7D4.0%
  • 3M16.0%
  • 1Y34.7%
  • YTD15.3%

In the last week, the Energy industry is up 4.0%, with Enbridge up 6.8%. Meanwhile, Cameco actually underperformed within the industry, shrinking 5.9% in the last week. This takes the industry's 12 month performance to a gain of 35%. Earnings are forecast to grow by 7.8% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Feb 2026CA$897.7bCA$376.7bCA$40.2b16.6x22.4x2.4x
Wed, 14 Jan 2026CA$778.2bCA$377.4bCA$39.4b14.7x19.7x2.1x
Fri, 12 Dec 2025CA$778.8bCA$379.2bCA$39.6b14x19.7x2.1x
Sun, 09 Nov 2025CA$768.6bCA$383.0bCA$39.3b13.6x19.6x2x
Tue, 07 Oct 2025CA$784.5bCA$411.0bCA$44.9b12.4x17.5x1.9x
Thu, 04 Sep 2025CA$747.9bCA$410.8bCA$44.9b11x16.7x1.8x
Sat, 02 Aug 2025CA$718.4bCA$411.1bCA$44.4b11.4x16.2x1.7x
Mon, 30 Jun 2025CA$699.1bCA$414.2bCA$43.8b12.1x16x1.7x
Wed, 28 May 2025CA$684.8bCA$414.3bCA$43.9b11.6x15.6x1.7x
Fri, 25 Apr 2025CA$647.7bCA$406.5bCA$39.8b10.1x16.3x1.6x
Sun, 23 Mar 2025CA$691.7bCA$407.4bCA$38.9b12.5x17.8x1.7x
Tue, 18 Feb 2025CA$681.6bCA$409.4bCA$41.6b10.7x16.4x1.7x
Thu, 16 Jan 2025CA$708.4bCA$408.1bCA$46.2b11x15.3x1.7x
Sat, 14 Dec 2024CA$696.0bCA$408.0bCA$46.2b10.5x15.1x1.7x
Mon, 11 Nov 2024CA$702.6bCA$407.2bCA$46.3b10.6x15.2x1.7x
Wed, 09 Oct 2024CA$705.7bCA$405.6bCA$44.9b10.3x15.7x1.7x
Fri, 06 Sep 2024CA$659.5bCA$405.8bCA$45.0b10.2x14.7x1.6x
Sun, 04 Aug 2024CA$650.4bCA$404.4bCA$46.2b10.2x14.1x1.6x
Tue, 02 Jul 2024CA$659.9bCA$394.4bCA$45.2b10.8x14.6x1.7x
Thu, 30 May 2024CA$695.5bCA$396.4bCA$45.8b11.2x15.2x1.8x
Sat, 27 Apr 2024CA$689.1bCA$396.3bCA$50.1b9.4x13.8x1.7x
Mon, 25 Mar 2024CA$653.5bCA$391.0bCA$49.4b8.8x13.2x1.7x
Wed, 21 Feb 2024CA$616.8bCA$411.0bCA$54.2b6.9x11.4x1.5x
Fri, 19 Jan 2024CA$607.3bCA$414.4bCA$49.0b6.7x12.4x1.5x
Sun, 17 Dec 2023CA$613.4bCA$414.2bCA$48.9b6.5x12.5x1.5x
Tue, 14 Nov 2023CA$637.1bCA$415.2bCA$49.5b6.5x12.9x1.5x
Thu, 12 Oct 2023CA$634.2bCA$428.4bCA$56.8b6.3x11.2x1.5x
Sat, 09 Sep 2023CA$634.1bCA$428.5bCA$56.8b6.7x11.2x1.5x
Mon, 07 Aug 2023CA$602.6bCA$433.5bCA$59.3b6.5x10.2x1.4x
Wed, 05 Jul 2023CA$572.2bCA$463.0bCA$68.6b5.4x8.3x1.2x
Fri, 02 Jun 2023CA$557.6bCA$463.5bCA$68.8b4.9x8.1x1.2x
Sun, 30 Apr 2023CA$598.7bCA$470.8bCA$69.6b5.8x8.6x1.3x
Tue, 28 Mar 2023CA$559.2bCA$474.2bCA$70.6b5.3x7.9x1.2x
Thu, 23 Feb 2023CA$585.6bCA$466.4bCA$72.8b5.3x8x1.3x
Price to Earnings Ratio

8x


Total Market Cap: CA$585.6bTotal Earnings: CA$72.8bTotal Revenue: CA$466.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.9x202420252026
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 22.4x which is higher than its 3-year average PE of 17.9x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 18% per year over the last three years,
  • Revenues have also declined 6.9% 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 Market1.92%
Energy3.99%
Oil and Gas4.04%
Energy Services1.54%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.0x.
    • Analysts are expecting annual earnings growth of 7.4%, which is higher than its past year's earnings decline of 3.8% 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 12.6x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 24% 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 7.4% 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$73.306.8%
+CA$10.1b		20.0%PE22.7x
TRP TC EnergyCA$86.525.9%
+CA$5.0b		32.8%PE24.9x
CNQ Canadian Natural ResourcesCA$55.394.3%
+CA$4.7b		29.8%PE17.3x
IMO Imperial OilCA$163.255.5%
+CA$4.1b		66.2%PE24.2x
CVE Cenovus EnergyCA$29.904.9%
+CA$2.6b		37.9%PE18.1x

Latest News

ENB
CA$73.30
Enbridge
7D
6.8%
1Y
20.0%

Industry Analysts Just Made A Meaningful Upgrade To Their Enbridge Inc. (TSE:ENB) Revenue Forecasts

Feb 16
Industry Analysts Just Made A Meaningful Upgrade To Their Enbridge Inc. (TSE:ENB) Revenue Forecasts
CCO
CA$153.94
Cameco
7D
-5.9%
1Y
130.2%
TRP
CA$86.52
TC Energy
7D
5.9%
1Y
32.8%
TVK
CA$139.65
TerraVest Industries
7D
-12.6%
1Y
17.1%
CVE
CA$29.90
Cenovus Energy
7D
4.9%
1Y
37.9%
ARX
CA$24.43
ARC Resources
7D
6.2%
1Y
-8.2%
PSK
CA$29.82
PrairieSky Royalty
7D
-1.6%
1Y
10.0%
EFR
CA$28.25
Energy Fuels
7D
-9.8%
1Y
314.8%
BTE
CA$4.75
Baytex Energy
7D
-2.5%
1Y
36.1%

BTE: Eagle Ford Exit And Buybacks Will Guide Balanced Post Sale Outlook

Analysts have nudged their average Baytex Energy price target slightly higher to about CA$5.09. This reflects a mix of views that balance a more cautious stance on recent share gains with support for the Eagle Ford sale and the shift toward a debt free, buyback focused model.
SU
CA$76.25
Suncor Energy
7D
2.9%
1Y
36.0%

SU: Investor Day And P/E Repricing Will Frame Fairly Balanced Outlook

Analysts have raised their CA$68.05 fair value estimate for Suncor Energy to CA$74.40, citing recent price target increases from several firms, updated assumptions for a higher future P/E of about 19x, and revised expectations for revenue trends and profit margins. Analyst Commentary Recent research updates show a mix of optimism and caution around Suncor Energy, with several price target changes and refreshed views on valuation and execution.
IPCO
CA$29.49
International Petroleum
7D
-3.4%
1Y
52.6%
VET
CA$13.65
Vermilion Energy
7D
-3.1%
1Y
6.9%

VET: Repositioned Global Gas Portfolio And Outlook Day Will Shape Balanced View

Analysts have lifted their price target for Vermilion Energy to $13.0 from $12.5, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E that modestly reshape their view of the company’s risk and earnings potential. What's in the News Vermilion Energy scheduled an Analyst/Investor Day to provide insight into its repositioned global gas portfolio, highlighting how the business mix is now structured around gas assets (Key Developments).
IMO
CA$163.25
Imperial Oil
7D
5.5%
1Y
66.2%

IMO: Future Returns Will Likely Weaken Versus C$115 Fair Value Estimate

Narrative Update Analysts have nudged their fair value estimate for Imperial Oil up from C$113 to about C$115.41. This reflects recent adjustments to sector price targets that factor in updated 2025 guidance and early 2026 commentary, while continuing to see gas as relatively more attractive than oil.
CNQ
CA$55.39
Canadian Natural Resources
7D
4.3%
1Y
29.8%
DML
CA$5.16
Denison Mines
7D
-4.1%
1Y
122.4%
PPL
CA$60.43
Pembina Pipeline
7D
3.3%
1Y
17.7%

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