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Canadian (TSX) Energy Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies203
  • 7D-2.0%
  • 3M13.6%
  • 1Y49.4%
  • YTD20.3%

Over the last 7 days, the Energy industry has dropped 2.0%, driven by pullbacks in Canadian Natural Resources and Enbridge of 3.6% and 2.8%, respectively. Over the past 12 months, the industry was up 49%. Looking forward, earnings are forecast to grow by 8.8% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026CA$935.9bCA$362.7bCA$42.1b16.5x22.2x2.6x
Fri, 20 Mar 2026CA$963.6bCA$363.0bCA$42.2b16.4x22.8x2.7x
Sun, 15 Feb 2026CA$897.7bCA$376.7bCA$40.2b16.6x22.4x2.4x
Tue, 13 Jan 2026CA$777.9bCA$377.3bCA$39.4b14x19.7x2.1x
Thu, 11 Dec 2025CA$781.0bCA$379.0bCA$39.6b14x19.7x2.1x
Sat, 08 Nov 2025CA$759.3bCA$383.1bCA$40.6b13.5x18.7x2x
Mon, 06 Oct 2025CA$784.6bCA$411.0bCA$44.9b12.4x17.5x1.9x
Wed, 03 Sep 2025CA$746.3bCA$410.8bCA$44.9b11.2x16.6x1.8x
Fri, 01 Aug 2025CA$723.9bCA$414.5bCA$44.2b11.5x16.4x1.7x
Sun, 29 Jun 2025CA$699.1bCA$414.2bCA$43.8b12.1x16x1.7x
Tue, 27 May 2025CA$679.8bCA$414.3bCA$43.9b11.5x15.5x1.6x
Thu, 24 Apr 2025CA$645.4bCA$406.5bCA$39.7b10x16.2x1.6x
Sat, 22 Mar 2025CA$691.9bCA$407.4bCA$38.9b12.5x17.8x1.7x
Mon, 17 Feb 2025CA$684.2bCA$411.0bCA$41.6b10.7x16.4x1.7x
Wed, 15 Jan 2025CA$708.4bCA$408.2bCA$46.2b10.8x15.3x1.7x
Fri, 13 Dec 2024CA$696.9bCA$408.0bCA$46.2b10.6x15.1x1.7x
Sun, 10 Nov 2024CA$702.7bCA$409.2bCA$46.4b10.6x15.1x1.7x
Tue, 08 Oct 2024CA$698.2bCA$405.6bCA$44.9b10.5x15.6x1.7x
Thu, 05 Sep 2024CA$665.5bCA$405.8bCA$45.0b10.3x14.8x1.6x
Sat, 03 Aug 2024CA$669.8bCA$402.0bCA$45.8b10.2x14.6x1.7x
Mon, 01 Jul 2024CA$659.8bCA$394.4bCA$45.2b10.8x14.6x1.7x
Wed, 29 May 2024CA$688.8bCA$396.4bCA$45.8b11.3x15x1.7x
Fri, 26 Apr 2024CA$688.5bCA$396.3bCA$50.1b9.4x13.7x1.7x
Sun, 24 Mar 2024CA$653.4bCA$391.0bCA$49.4b8.8x13.2x1.7x
Tue, 20 Feb 2024CA$619.7bCA$411.0bCA$54.2b7.1x11.4x1.5x
Thu, 18 Jan 2024CA$609.6bCA$414.5bCA$49.0b6.7x12.4x1.5x
Sat, 16 Dec 2023CA$613.4bCA$414.2bCA$48.9b6.5x12.5x1.5x
Mon, 13 Nov 2023CA$631.6bCA$415.4bCA$49.5b6.7x12.8x1.5x
Wed, 11 Oct 2023CA$632.8bCA$428.4bCA$56.8b6.7x11.1x1.5x
Fri, 08 Sep 2023CA$634.1bCA$428.6bCA$56.8b6.7x11.2x1.5x
Sun, 06 Aug 2023CA$602.6bCA$434.8bCA$59.3b6.5x10.2x1.4x
Tue, 04 Jul 2023CA$569.5bCA$463.1bCA$68.6b5.3x8.3x1.2x
Thu, 01 Jun 2023CA$556.3bCA$463.8bCA$68.9b4.7x8.1x1.2x
Sat, 29 Apr 2023CA$598.7bCA$470.8bCA$69.6b5.8x8.6x1.3x
Price to Earnings Ratio

8.6x


Total Market Cap: CA$598.7bTotal Earnings: CA$69.6bTotal Revenue: CA$470.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 18.7x202420252026
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 22.2x which is higher than its 3-year average PE of 18.7x.
  • The 3-year average PS ratio of 2.2x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 15% per year over the last three years,
  • Revenues have also declined 8.3% 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-1.08%
Energy-1.97%
Energy Services-0.74%
Oil and Gas-2.00%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 18.9x.
    • Analysts are expecting annual earnings growth of 8.4%, which is lower than the prior year's growth of 18.4% 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 12.5x.
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 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
ARX ARC ResourcesCA$25.652.7%
+CA$379.4m		-5.4%PE11.4x
EFR Energy FuelsCA$28.024.0%
+CA$263.4m		367.0%PS75.1x
ATH Athabasca OilCA$11.134.6%
+CA$237.1m		128.5%PE22x
OBE Obsidian EnergyCA$15.9921.3%
+CA$189.9m		145.6%PE30.7x
WCP Whitecap ResourcesCA$14.441.0%
+CA$182.1m		76.7%PE17.8x

Latest News

SU
CA$85.73
Suncor Energy
7D
-2.1%
1Y
75.1%
OBE
CA$15.99
Obsidian Energy
7D
21.3%
1Y
145.6%
NXE
CA$16.64
NexGen Energy
7D
1.3%
1Y
160.8%
CNQ
CA$60.55
Canadian Natural Resources
7D
-3.6%
1Y
49.4%

CNQ: Higher Dividend And Buybacks Will Shape Future Shareholder Returns

Analysts have lifted the fair value estimate for Canadian Natural Resources to CA$69.68 from CA$61.47, citing updated price targets across several firms, along with expectations for slightly positive revenue growth, a higher profit margin, and a modestly lower future P/E multiple. Analyst Commentary Recent Street research on Canadian Natural Resources shows a mix of optimism and caution, with several firms adjusting price targets and a few shifting ratings.
CVE
CA$35.00
Cenovus Energy
7D
-1.3%
1Y
108.6%

CVE: Future Cash Returns And Buybacks Will Drive Risk Reward Balance

The analyst price target for Cenovus Energy has been raised by CA$4.50 to CA$41.56, with analysts pointing to updated views on revenue trends, margins, and future P/E assumptions as they respond to a series of recent target increases across the Street. Analyst Commentary Recent research on Cenovus Energy has been active, with several firms adjusting targets and views as they reassess valuation, cash flow potential, and the impact of recent corporate moves.
WCP
CA$14.44
Whitecap Resources
7D
1.0%
1Y
76.7%
IMO
CA$169.22
Imperial Oil
7D
-3.3%
1Y
79.8%

IMO: Future Returns Will Depend On Stretch P/E Holding After Outperformance

Imperial Oil's fair value estimate has been raised to CA$118 from CA$98 as analysts update their price targets and P/E expectations in light of recent research that revisits the stock's valuation against company fundamentals. Analyst Commentary Recent research on Imperial Oil reflects a mixed picture, with several firms lifting their price targets while others highlight valuation risks and potential downside relative to peers.
TVK
CA$136.05
TerraVest Industries
7D
4.4%
1Y
-0.2%

Is Now The Time To Put TerraVest Industries (TSE:TVK) On Your Watchlist?

Apr 18
Is Now The Time To Put TerraVest Industries (TSE:TVK) On Your Watchlist?
TVE
CA$11.38
Tamarack Valley Energy
7D
3.1%
1Y
205.1%
EFR
CA$28.02
Energy Fuels
7D
4.0%
1Y
367.0%

EFR: Uranium And Rare Earth Production Expansion Will Drive Future Upside

Analysts have raised their fair value estimate for Energy Fuels to CA$41.63 from CA$41.50, citing updated assumptions around long term profit margins and a slightly higher future P/E multiple. What's in the News Produced the first 1 kg of 99.9% pure terbium oxide at the White Mesa Mill using U.S. sourced monazite ore, following earlier pilot scale production of nearly 30 kg of 99.9% pure dysprosium oxide for rare earth permanent magnet applications (Key Developments).
PPL
CA$58.03
Pembina Pipeline
7D
-3.1%
1Y
9.7%

PPL: Stable Margins And No Buybacks Will Support Fair Value

Analysts have nudged their fair value estimate for Pembina Pipeline to CA$62.89 from CA$62.00, citing slightly higher assumed revenue growth, a modestly stronger profit margin profile, and a largely unchanged future P/E outlook. What's in the News The company reported that between October 1, 2025 and December 31, 2025, it repurchased 0 shares for a total of CA$0 million under its ongoing buyback program.
ARX
CA$25.65
ARC Resources
7D
2.7%
1Y
-5.4%
ENB
CA$70.98
Enbridge
7D
-2.8%
1Y
12.5%

ENB: Future Returns Will Hinge On Rich Pricing And Utility Execution

The updated analyst price target for Enbridge reflects a modest fair value shift to CA$75.99, with recent CA$1 to CA$5 target increases from firms such as Argus, Citi, BMO Capital, RBC Capital, CIBC and Scotiabank, partly balanced by valuation driven downgrades from TD Securities and Jefferies, as analysts factor in the company’s diversified pipelines and its growing utility exposure. Analyst Commentary Recent research on Enbridge shows a mix of optimism and caution, with several firms lifting price targets while others are more restrained given the share price move and valuation.
SOBO
CA$42.83
South Bow
7D
-4.7%
1Y
27.3%
ATH
CA$11.13
Athabasca Oil
7D
4.6%
1Y
128.5%
TRP
CA$82.21
TC Energy
7D
-2.9%
1Y
21.3%

TRP: Backlog Visibility And Dividend Policy Will Guide Measured Future Return Balance

The analyst price target for TC Energy has been raised slightly, with CA$ value revisions supported by updated models that reflect recent quarterly results, higher estimated revenue growth, modestly adjusted profit margins, and Street research highlighting the company's natural gas and power portfolio as well as its project backlog visibility. Analyst Commentary Recent Street research on TC Energy clusters around a higher value range, but opinions still differ on how much upside is left and how dependable the longer term growth story looks after the recent share price move.