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Canadian (TSX) Energy Sector Analysis

UpdatedJan 31, 2026
DataAggregated Company Financials
Companies201
  • 7D1.6%
  • 3M12.0%
  • 1Y26.1%
  • YTD8.6%

The Energy industry has gained 1.6% in the last week and Suncor Energy up 3.4%. Meanwhile, Energy Fuels actually underperformed within the industry, shrinking 13% in the last week. This takes the industry's 12 month performance to a gain of 26%. Looking forward, earnings are forecast to grow by 8.6% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Feb 2026CA$859.8bCA$376.6bCA$39.3b15.4x21.9x2.3x
Tue, 30 Dec 2025CA$763.0bCA$377.6bCA$39.5b13.8x19.3x2x
Thu, 27 Nov 2025CA$785.3bCA$378.8bCA$39.5b14.1x19.9x2.1x
Sat, 25 Oct 2025CA$763.8bCA$411.7bCA$44.8b12.4x17.1x1.9x
Mon, 22 Sep 2025CA$767.2bCA$410.8bCA$44.9b11.7x17.1x1.9x
Wed, 20 Aug 2025CA$717.5bCA$410.9bCA$44.8b10.9x16x1.7x
Fri, 18 Jul 2025CA$705.1bCA$414.2bCA$43.8b11.8x16.1x1.7x
Sun, 15 Jun 2025CA$765.6bCA$414.1bCA$43.8b12.7x17.5x1.8x
Tue, 13 May 2025CA$668.8bCA$417.8bCA$42.7b10.1x15.7x1.6x
Thu, 10 Apr 2025CA$592.1bCA$406.6bCA$39.7b10.7x14.9x1.5x
Sat, 08 Mar 2025CA$637.4bCA$404.3bCA$39.1b10.6x16.3x1.6x
Mon, 03 Feb 2025CA$690.2bCA$408.0bCA$46.0b10.4x15x1.7x
Wed, 01 Jan 2025CA$682.9bCA$408.2bCA$46.2b10.6x14.8x1.7x
Fri, 29 Nov 2024CA$715.4bCA$407.8bCA$46.2b10.9x15.5x1.8x
Sun, 27 Oct 2024CA$706.1bCA$405.7bCA$45.0b10.8x15.7x1.7x
Tue, 24 Sep 2024CA$656.5bCA$405.9bCA$45.0b9.7x14.6x1.6x
Thu, 22 Aug 2024CA$675.9bCA$405.8bCA$45.1b10.1x15x1.7x
Sat, 20 Jul 2024CA$668.5bCA$394.7bCA$45.2b11x14.8x1.7x
Mon, 17 Jun 2024CA$645.9bCA$394.4bCA$45.2b10.4x14.3x1.6x
Wed, 15 May 2024CA$688.2bCA$396.4bCA$46.2b10.2x14.9x1.7x
Fri, 12 Apr 2024CA$697.4bCA$395.5bCA$49.9b9.7x14x1.8x
Sun, 10 Mar 2024CA$633.2bCA$392.8bCA$50.1b8.2x12.6x1.6x
Tue, 06 Feb 2024CA$600.8bCA$411.9bCA$48.4b6.7x12.4x1.5x
Thu, 04 Jan 2024CA$626.1bCA$414.2bCA$48.9b6.8x12.8x1.5x
Sat, 02 Dec 2023CA$633.6bCA$414.4bCA$49.0b7x12.9x1.5x
Mon, 30 Oct 2023CA$630.4bCA$427.7bCA$56.2b6.5x11.2x1.5x
Wed, 27 Sep 2023CA$632.7bCA$428.3bCA$56.7b6.4x11.2x1.5x
Fri, 25 Aug 2023CA$599.4bCA$428.3bCA$56.7b6.1x10.6x1.4x
Sun, 23 Jul 2023CA$586.4bCA$462.9bCA$68.5b5.6x8.6x1.3x
Tue, 20 Jun 2023CA$566.5bCA$463.0bCA$68.6b5.1x8.3x1.2x
Thu, 18 May 2023CA$559.7bCA$464.6bCA$69.0b4.8x8.1x1.2x
Sat, 15 Apr 2023CA$607.1bCA$473.8bCA$70.6b5.7x8.6x1.3x
Mon, 13 Mar 2023CA$597.4bCA$473.8bCA$71.0b5.5x8.4x1.3x
Wed, 08 Feb 2023CA$610.7bCA$461.7bCA$75.9b5.7x8x1.3x
Price to Earnings Ratio

8x


Total Market Cap: CA$610.7bTotal Earnings: CA$75.9bTotal Revenue: CA$461.7bTotal 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 6.6% 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-3.80%
Energy1.62%
Oil and Gas1.62%
Energy Services1.52%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 17.8x.
    • Analysts are expecting annual earnings growth of 8.4%, which is higher than its past year's earnings decline of 3.6% 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 13.1x.
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 8.4% 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
SU Suncor EnergyCA$71.973.4%
+CA$2.8b		32.0%PE16.5x
TRP TC EnergyCA$79.843.5%
+CA$2.7b		21.9%PE21.5x
CNQ Canadian Natural ResourcesCA$50.632.3%
+CA$2.4b		14.7%PE15.8x
CVE Cenovus EnergyCA$26.874.5%
+CA$2.2b		27.8%PE16.2x
ENB EnbridgeCA$66.470.6%
+CA$916.9m		5.8%PE26x

Latest News

CNQ
CA$50.63
Canadian Natural Resources
7D
2.3%
1Y
14.7%
IMO
CA$137.57
Imperial Oil
7D
-0.7%
1Y
42.3%
EFR
CA$30.45
Energy Fuels
7D
-12.7%
1Y
297.0%
NXE
CA$17.10
NexGen Energy
7D
-0.9%
1Y
80.2%
ENB
CA$66.47
Enbridge
7D
0.6%
1Y
5.8%

Enbridge (TSE:ENB) Is Increasing Its Dividend To CA$0.97

Jan 29
Enbridge (TSE:ENB) Is Increasing Its Dividend To CA$0.97
PPL
CA$56.58
Pembina Pipeline
7D
2.0%
1Y
7.9%

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
WCP
CA$12.42
Whitecap Resources
7D
3.5%
1Y
29.8%
URE
CA$2.41
Ur-Energy
7D
-5.9%
1Y
51.6%
SU
CA$71.97
Suncor Energy
7D
3.4%
1Y
32.0%

SU: Free Cash Flow Yield And Investor Day Framing Future Repricing Balance

The updated fair value estimate for Suncor Energy edges higher to $68.05 from $67.15, reflecting analysts' mixed but generally constructive price target revisions and ongoing debate around revenue growth expectations, profit margins, and a future P/E near 15x. Analyst Commentary Recent research on Suncor Energy points to a mix of optimism on valuation and cash generation, alongside some caution about relative positioning within the broader energy group.
CCO
CA$168.41
Cameco
7D
-0.9%
1Y
134.3%

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$64.44
Tourmaline Oil
7D
3.1%
1Y
-2.7%

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$79.84
TC Energy
7D
3.5%
1Y
21.9%

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.
CVE
CA$26.87
Cenovus Energy
7D
4.5%
1Y
27.8%

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.
SCR
CA$26.00
Strathcona Resources
7D
-2.7%
1Y
-6.8%

SCR: Cenovus Deal Risk And Index Adds Will Shape Heavy Oil Outlook

Narrative Update The analyst price target for Strathcona Resources has been revised lower by about C$7.70 to C$31.11, as analysts factor in slightly softer assumptions for fair value, revenue growth, profit margin and future P/E. This comes even as recent research includes an upgrade to Outperform with a C$32 target and higher perceived deal risk around the Cenovus related transaction.
TVK
CA$141.06
TerraVest Industries
7D
-4.2%
1Y
6.0%
SES
CA$17.57
SECURE Waste Infrastructure
7D
-1.2%
1Y
17.0%

SECURE Waste Infrastructure (TSE:SES) Has A Somewhat Strained Balance Sheet

Jan 13
SECURE Waste Infrastructure (TSE:SES) Has A Somewhat Strained Balance Sheet