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Canadian (TSX) Energy Sector Analysis

UpdatedAug 23, 2026
DataAggregated Company Financials
Companies194
  • 7D2.2%
  • 3M-0.02%
  • 1Y41.2%
  • YTD30.6%

Over the last 7 days, the Energy industry has risen 2.2%, driven by gains from Canadian Natural Resources of 6.6%. In the last 12 months, the industry was up 41%. As for the next few years, earnings are expected to grow by 7.4% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 24 Aug 2026CA$1.0tCA$412.6bCA$48.7b18.4x20.8x2.5x
Wed, 22 Jul 2026CA$980.5bCA$368.0bCA$38.9b22.9x25.2x2.7x
Fri, 19 Jun 2026CA$960.7bCA$369.1bCA$38.9b21.1x24.7x2.6x
Sun, 17 May 2026CA$1.0tCA$368.8bCA$39.0b23.4x26.4x2.8x
Tue, 14 Apr 2026CA$976.1bCA$362.8bCA$42.1b17x23.2x2.7x
Thu, 12 Mar 2026CA$931.5bCA$363.9bCA$43.4b17.3x21.5x2.6x
Sat, 07 Feb 2026CA$846.9bCA$374.0bCA$38.8b15.9x21.8x2.3x
Mon, 05 Jan 2026CA$783.1bCA$377.2bCA$39.4b14.4x19.9x2.1x
Wed, 03 Dec 2025CA$782.8bCA$378.7bCA$39.5b13x19.8x2.1x
Fri, 31 Oct 2025CA$776.8bCA$412.0bCA$44.8b12.3x17.3x1.9x
Sun, 28 Sep 2025CA$790.7bCA$410.9bCA$44.9b12.4x17.6x1.9x
Tue, 26 Aug 2025CA$738.9bCA$410.9bCA$44.8b11.4x16.5x1.8x
Thu, 24 Jul 2025CA$706.0bCA$414.1bCA$43.8b11.8x16.1x1.7x
Sat, 21 Jun 2025CA$762.6bCA$414.3bCA$43.8b12.8x17.4x1.8x
Mon, 19 May 2025CA$677.9bCA$414.5bCA$43.9b11x15.4x1.6x
Wed, 16 Apr 2025CA$620.1bCA$406.5bCA$39.7b9.8x15.6x1.5x
Fri, 14 Mar 2025CA$661.1bCA$407.4bCA$39.3b10.9x16.8x1.6x
Sun, 09 Feb 2025CA$691.9bCA$408.2bCA$43.9b10.7x15.8x1.7x
Tue, 07 Jan 2025CA$705.6bCA$408.1bCA$46.2b10.7x15.3x1.7x
Thu, 05 Dec 2024CA$720.8bCA$407.9bCA$46.2b10.6x15.6x1.8x
Sat, 02 Nov 2024CA$689.3bCA$407.3bCA$44.6b10.6x15.4x1.7x
Mon, 30 Sep 2024CA$656.0bCA$405.8bCA$45.0b9.9x14.6x1.6x
Wed, 28 Aug 2024CA$691.3bCA$405.8bCA$45.0b10.3x15.4x1.7x
Fri, 26 Jul 2024CA$664.5bCA$394.7bCA$45.3b11x14.7x1.7x
Sun, 23 Jun 2024CA$644.1bCA$394.4bCA$45.2b10.3x14.2x1.6x
Tue, 21 May 2024CA$690.9bCA$396.1bCA$45.7b10.8x15.1x1.7x
Thu, 18 Apr 2024CA$670.9bCA$395.6bCA$50.0b9.4x13.4x1.7x
Sat, 16 Mar 2024CA$644.9bCA$390.9bCA$49.7b8.7x13x1.6x
Mon, 12 Feb 2024CA$600.9bCA$409.5bCA$51.1b7x11.8x1.5x
Wed, 10 Jan 2024CA$619.5bCA$414.3bCA$48.9b6.8x12.7x1.5x
Fri, 08 Dec 2023CA$202.0tCA$414.6bCA$49.0b6.5x4121.4x487.1x
Sun, 05 Nov 2023CA$648.6bCA$421.6bCA$51.3b6.9x12.6x1.5x
Tue, 03 Oct 2023CA$634.6bCA$428.5bCA$56.8b6.4x11.2x1.5x
Thu, 31 Aug 2023CA$624.7bCA$428.2bCA$56.7b6.9x11x1.5x
Price to Earnings Ratio

11x


Total Market Cap: CA$624.7bTotal Earnings: CA$56.7bTotal Revenue: CA$428.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 20.5x202420252026
Current Industry PE
  • Investors are relatively neutral on the Canadian Energy industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 20.5x.
  • The industry is trading close to its 3-year average PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 4.9% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Canadian Energy sector?

CA Market-0.29%
Energy2.22%
Oil and Gas2.31%
Energy Services-2.15%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 14.2x.
    • Analysts are expecting annual earnings growth of 27.0%, which is higher than its past year's earnings decline of 6.0% per year.
  • Investors are most pessimistic about the Oil and Gas industry, which is trading close to its 3-year average of 20.6x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 27% over the next 5 years.
  • This is better than its past earnings decline of 6.0% 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
CNQ Canadian Natural ResourcesCA$70.816.6%
+CA$9.1b		64.4%PE12.4x
CVE Cenovus EnergyCA$45.395.3%
+CA$4.2b		100.1%PE12.6x
SU Suncor EnergyCA$94.253.1%
+CA$3.3b		70.5%PE12.3x
CCO CamecoCA$141.194.2%
+CA$2.5b		36.3%PE173.3x
IMO Imperial OilCA$190.002.6%
+CA$2.4b		57.3%PE22.1x

Latest News

EFX
CA$28.00
Enerflex
7D
-10.0%
1Y
105.3%
CCO
CA$141.19
Cameco
7D
4.2%
1Y
36.3%
Narrative Update • Aug 21

CCO: Fair Outlook Balances Uranium Upside With Production And Margin Risks

Analysts now place Cameco's fair value at CA$149.06, up from CA$144.91. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E expectations.
GEI
CA$31.10
Gibson Energy
7D
-2.9%
1Y
18.8%
CVE
CA$45.39
Cenovus Energy
7D
5.3%
1Y
100.1%
Narrative Update • Aug 21

CVE: Fair Value View Will Test 2026 Output And Refining Balance

Analysts have lifted the Cenovus Energy fair value estimate from CA$42.00 to about CA$42.84. They attribute the change to higher price targets across recent research that reference updated 2026 outlooks, current strip prices, and what they describe as robust recent earnings with a favorable guidance outlook.
IMO
CA$190.00
Imperial Oil
7D
2.6%
1Y
57.3%
Narrative Update • Aug 20

IMO: Future Returns Will Depend On 2026 Strip Prices Not Buybacks

Imperial Oil's analyst fair value has shifted from CA$153.19 to CA$157.12 as analysts factor in updated 2026 strip prices, mixed price target revisions between CA$138 and CA$159, a higher discount rate, modestly higher profit margin assumptions, and a slightly richer future P/E of about 17.7x. Analyst Commentary Recent research on Imperial Oil shows a mixed but fairly tight cluster of price targets, with most analysts anchoring their views between about CA$138 and CA$159.
WCP
CA$18.14
Whitecap Resources
7D
6.3%
1Y
77.8%
Narrative Update • Aug 20

WCP: Higher 2026 Production And Buybacks Will Support Balanced Upside Potential

Analysts raised their price target on Whitecap Resources to CA$20.00 from CA$18.00, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E multiples. What's in the News for Whitecap Resources Whitecap Resources reported second quarter 2026 production results, with crude oil and condensate volumes of 200,725 bbls/d, NGLs of 38,358 bbls/d, natural gas of 898,864 Mcf/d and total average daily production of 388,894 boe/d for the quarter.
PPL
CA$67.08
Pembina Pipeline
7D
-1.9%
1Y
27.4%
Narrative Update • Aug 19

PPL: Expanded Ethane Supply And Capital Discipline Will Support Balanced Outlook

Analysts have nudged their fair value estimate for Pembina Pipeline higher to CA$72.72 from CA$71.22, citing updated assumptions for the discount rate, revenue growth, profit margins and future P/E valuation. What's in the News for Pembina Pipeline Pembina Pipeline decided to proceed with the Heartland Extraction Plant and updated its ethane supply agreement with Dow, with plans to supply 22,500 barrels per day of ethane from Heartland by the end of 2030.
PSI
CA$13.80
Pason Systems
7D
-5.2%
1Y
14.8%
CNQ
CA$70.81
Canadian Natural Resources
7D
6.6%
1Y
64.4%
Narrative Update • Aug 18

CNQ: Future Oilsands Expansion Will Test Market Optimism On Policy Risks

Canadian Natural Resources' fair value estimate has been revised to CA$62 from CA$60 as analysts lift price targets to around CA$73 and CA$74, citing updated views on discount rates, revenue growth expectations, profit margins, and future P/E assumptions. Analyst Commentary Recent Street research on Canadian Natural Resources points to a mix of supportive views and caution.
TVK
CA$121.74
TerraVest Industries
7D
-6.2%
1Y
-15.6%
TOU
CA$62.28
Tourmaline Oil
7D
4.7%
1Y
8.5%
SU
CA$94.25
Suncor Energy
7D
3.1%
1Y
70.5%
BTE
CA$6.61
Baytex Energy
7D
9.4%
1Y
124.1%
Narrative Update • Aug 05

BTE: Raised Production Guidance And Strong Margins Will Support Future Upside Potential

Baytex Energy's fair value estimate has been lifted from CA$6.00 to CA$7.00, reflecting analysts' higher price targets in the CA$7.00 to CA$7.50 range, supported by updated expectations for revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research updates on Baytex Energy highlight a cluster of higher price targets in the CA$7.00 to CA$7.50 range, while ratings remain generally neutral or on hold.
ENB
CA$69.54
Enbridge
7D
-1.5%
1Y
4.8%
Narrative Update • Aug 04

ENB: Future Returns Will Reflect Regulated Assets And Sunrise Gas Expansion

Analysts have modestly raised the fair value estimate for Enbridge, lifting the price target from CA$78.48 to CA$80.14, as they factor in recent target changes across the Street and updated views on the company’s growth mix and valuation. Analyst Commentary Recent Street research on Enbridge shows a mix of optimism and caution as analysts reassess the stock's valuation, execution and growth profile following recent quarterly updates and management meetings.
TRP
CA$85.44
TC Energy
7D
-3.8%
1Y
20.7%
SES
CA$23.84
SECURE Waste Infrastructure
7D
-1.9%
1Y
43.6%