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Canadian (TSX) Energy Sector Analysis

UpdatedDec 10, 2025
DataAggregated Company Financials
Companies206
  • 7D-1.4%
  • 3M5.3%
  • 1Y13.0%
  • YTD13.8%

The Energy is pretty flat in the last 7 days, but Cameco has stood out, gaining 4.8%. As for the the longer term, the industry is up 14% over the past 12 months. Earnings are forecast to grow by 9.3% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Dec 2025CA$780.9bCA$379.1bCA$39.6b13.7x19.7x2.1x
Fri, 07 Nov 2025CA$762.7bCA$382.9bCA$41.8b12.9x18.2x2x
Sun, 05 Oct 2025CA$784.5bCA$411.0bCA$44.9b12.4x17.5x1.9x
Tue, 02 Sep 2025CA$746.3bCA$410.7bCA$44.9b11.1x16.6x1.8x
Thu, 31 Jul 2025CA$725.8bCA$414.0bCA$43.9b12.1x16.5x1.8x
Sat, 28 Jun 2025CA$701.3bCA$414.2bCA$43.8b12.1x16x1.7x
Mon, 26 May 2025CA$679.8bCA$414.2bCA$43.9b11.1x15.5x1.6x
Wed, 23 Apr 2025CA$633.7bCA$406.4bCA$39.7b10.1x16x1.6x
Fri, 21 Mar 2025CA$685.0bCA$407.3bCA$39.0b12.3x17.5x1.7x
Sun, 16 Feb 2025CA$684.2bCA$411.0bCA$41.6b10.7x16.4x1.7x
Tue, 14 Jan 2025CA$715.9bCA$408.2bCA$46.2b10.8x15.5x1.8x
Thu, 12 Dec 2024CA$700.6bCA$408.0bCA$46.2b10.7x15.2x1.7x
Sat, 09 Nov 2024CA$708.5bCA$410.0bCA$46.3b10.7x15.3x1.7x
Mon, 07 Oct 2024CA$698.3bCA$405.6bCA$44.9b10.4x15.6x1.7x
Wed, 04 Sep 2024CA$679.8bCA$405.8bCA$45.0b10.2x15.1x1.7x
Fri, 02 Aug 2024CA$682.0bCA$396.8bCA$44.7b10.5x15.3x1.7x
Sun, 30 Jun 2024CA$659.8bCA$394.4bCA$45.2b10.8x14.6x1.7x
Tue, 28 May 2024CA$687.4bCA$396.4bCA$45.8b11x15x1.7x
Thu, 25 Apr 2024CA$682.2bCA$395.5bCA$50.0b9.2x13.6x1.7x
Sat, 23 Mar 2024CA$653.4bCA$391.0bCA$49.4b8.8x13.2x1.7x
Mon, 19 Feb 2024CA$619.8bCA$410.3bCA$54.2b7.1x11.4x1.5x
Wed, 17 Jan 2024CA$629.9bCA$414.4bCA$49.0b6.8x12.9x1.5x
Fri, 15 Dec 2023CA$607.8bCA$414.3bCA$48.9b6.6x12.4x1.5x
Sun, 12 Nov 2023CA$628.1bCA$415.6bCA$49.5b6.7x12.7x1.5x
Tue, 10 Oct 2023CA$613.0bCA$428.5bCA$56.8b6.5x10.8x1.4x
Thu, 07 Sep 2023CA$634.2bCA$428.5bCA$56.8b6.6x11.2x1.5x
Sat, 05 Aug 2023CA$602.7bCA$434.8bCA$58.9b6.5x10.2x1.4x
Mon, 03 Jul 2023CA$569.5bCA$463.1bCA$68.6b5.3x8.3x1.2x
Wed, 31 May 2023CA$556.3bCA$463.8bCA$68.9b4.9x8.1x1.2x
Fri, 28 Apr 2023CA$586.9bCA$470.7bCA$69.8b5.4x8.4x1.2x
Sun, 26 Mar 2023CA$551.3bCA$474.4bCA$70.7b5.2x7.8x1.2x
Tue, 21 Feb 2023CA$596.9bCA$465.9bCA$72.8b5.3x8.2x1.3x
Thu, 19 Jan 2023CA$618.2bCA$459.4bCA$75.0b5.9x8.2x1.3x
Sat, 17 Dec 2022CA$586.8bCA$459.8bCA$75.1b5.6x7.8x1.3x
Price to Earnings Ratio

7.8x


Total Market Cap: CA$586.8bTotal Earnings: CA$75.1bTotal Revenue: CA$459.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Sector Price to Earnings3Y Average 17.1x202320242025
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 20.0x which is higher than its 3-year average PE of 17.1x.
  • The industry is trading close to its 3-year average PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 19% per year over the last three years,
  • Revenues have also declined 6.2% 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 Market0.24%
Energy-1.39%
Energy Services2.32%
Oil and Gas-1.46%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 17.3x.
    • Analysts are expecting annual earnings growth of 9.1%, which is higher than its past year's earnings growth of 0.5% 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 14.8x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 19% 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 9.1% 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$129.324.8%
+CA$2.6b		61.7%PE107.1x
ARX ARC ResourcesCA$26.774.8%
+CA$702.1m		7.6%PE11.1x
PPL Pembina PipelineCA$54.501.2%
+CA$383.5m		-1.4%PE19.4x
EFX EnerflexCA$21.1311.2%
+CA$258.2m		55.3%PE13.7x
NXE NexGen EnergyCA$13.043.0%
+CA$248.7m		15.2%PB9.3x

Latest News

SU
CA$60.64
Suncor Energy
7D
-1.3%
1Y
13.0%

SU: Free Cash Flow Yield And Refining Strength Will Support Future Returns

The analyst price target for Suncor Energy has been modestly raised to approximately $66.50 from about $65.55, as analysts factor in updated multi year guidance, resilient refining margins, and an increasingly compelling sustaining free cash flow yield across a still cautious energy backdrop. Analyst Commentary Recent Street research on Suncor Energy has tilted more constructive, with several bullish analysts citing a combination of higher sustained free cash flow, supportive refining dynamics, and improved capital return visibility as reasons to raise price targets.
KEY
CA$44.25
Keyera
7D
-1.6%
1Y
-0.9%
PPL
CA$54.50
Pembina Pipeline
7D
1.2%
1Y
-1.4%
NXE
CA$13.04
NexGen Energy
7D
3.0%
1Y
15.2%
CCO
CA$129.32
Cameco
7D
4.8%
1Y
61.7%

CCO: Shareholder Value Will Rise On Takeover Momentum And Asset Sale Progress

Analysts have trimmed their price target on Cameco slightly to about $150.81 from $151.75, reflecting expectations for stronger long term revenue growth, but a modestly lower profit margin and still elevated valuation multiples. Analyst Commentary Analysts covering Cameco have been reassessing their views in light of the recent price target trim, balancing the company’s strong long term growth drivers against execution and valuation risks.
EFX
CA$21.13
Enerflex
7D
11.2%
1Y
55.3%

EFX: Expanding Margins And Modular Power Will Drive Future Shareholder Returns

Analysts modestly increased their price targets on Enerflex, with recent moves such as RBC's lift to $17 from $15 and CIBC's to $15.25 from $11.50. These changes reflect stronger than expected EBITDA, free cash flow, and margins, as well as confidence in positive macro tailwinds and new modular power opportunities.
RECO
CA$0.85
Reconnaissance Energy Africa
7D
77.1%
1Y
-22.7%
CNQ
CA$46.67
Canadian Natural Resources
7D
-0.6%
1Y
2.5%

CNQ: Dividend Returns And Volume Gains Will Support Resilient Future Performance

Analysts have nudged our price target for Canadian Natural Resources modestly higher to reflect a tighter spread between valuation inputs and rising Street targets in the mid C$50s. This is supported by expectations for resilient oil pricing, stronger crack spreads, and ongoing prioritization of dividend growth and capital returns despite a broadly cautious view on the energy sector.
ENB
CA$65.87
Enbridge
7D
-2.1%
1Y
9.8%
SCR
CA$41.90
Strathcona Resources
7D
-2.4%
1Y
40.7%

SCR: Deal Risk And Regulatory Complaints Will Drive Near-Term Downside Risk

Analysts have nudged their average price target on Strathcona Resources modestly higher, from about C$38.38 to roughly C$38.78, as they balance increased deal risk highlighted in recent sector commentary with still supportive views reflected in updated C$38 to C$40 target ranges and a richer expected future earnings multiple. Analyst Commentary Analyst views on Strathcona Resources have become more nuanced, with price targets drifting higher even as deal execution risk and sector volatility temper enthusiasm.
TOU
CA$63.58
Tourmaline Oil
7D
0.6%
1Y
3.1%
MEG
CA$30.67
MEG Energy
7D
3.2%
1Y
17.1%

MEG: Acquisition Approval and Deal Risks Will Determine Share Performance Ahead

Analysts have increased their price target for MEG Energy to C$30.00, citing recent developments in the proposed Cenovus acquisition and an updated assessment of deal-related risks. Analyst Commentary Recent street research reflects a divided sentiment among analysts regarding MEG Energy following updates on its pending acquisition and shareholder developments.
ARX
CA$26.77
ARC Resources
7D
4.8%
1Y
7.6%

ARX: Dividend Boost And Share Buybacks Will Drive Upside Momentum

Analysts have lowered their price target for ARC Resources from approximately C$31.58 to C$30.94. This change reflects recent downward adjustments due to expectations of lower profit margins and moderated revenue growth.
TRP
CA$74.96
TC Energy
7D
-0.4%
1Y
12.1%

TRP: Multi-Year Outlook And Project Execution Will Guide Performance Through 2028

TC Energy's analyst price target has been raised modestly from C$76.68 to C$77.50. This change reflects analysts' increased confidence in the company's multi-year outlook and execution, following supportive recent earnings and guidance updates.
IMO
CA$125.70
Imperial Oil
7D
-5.3%
1Y
21.9%

IMO: Workforce Will Face 20% Cuts Amid Challenging Operating Environment

Imperial Oil’s analyst price target has risen modestly, increasing from C$112.06 to C$112.94. Analysts cite updated guidance, improving profit margin expectations, and resilient capital management as key supporting factors.
DML
CA$3.82
Denison Mines
7D
5.5%
1Y
21.3%