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Canadian (TSX) Energy Services Industry Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies25
  • 7D-2.5%
  • 3M10.3%
  • 1Y10.6%
  • YTD-4.1%

Over the last 7 days, the Energy Services industry has dropped 2.5%, driven by a pullback from CES Energy Solutions of 5.1%. Over the past 12 months, the industry was up 11%. Looking forward, earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

Has the Canadian Energy Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 08 Jan 2026CA$15.7bCA$20.3bCA$959.4m11.1x16.3x0.8x
Sat, 06 Dec 2025CA$15.3bCA$21.1bCA$944.6m11.9x16.2x0.7x
Mon, 03 Nov 2025CA$14.5bCA$20.3bCA$943.9m12x15.3x0.7x
Wed, 01 Oct 2025CA$14.3bCA$20.2bCA$985.1m10.6x14.5x0.7x
Fri, 29 Aug 2025CA$13.5bCA$20.2bCA$983.1m9.8x13.8x0.7x
Sun, 27 Jul 2025CA$13.6bCA$19.9bCA$964.0m9.4x14.1x0.7x
Tue, 24 Jun 2025CA$13.2bCA$19.9bCA$955.4m9.7x13.8x0.7x
Thu, 22 May 2025CA$12.1bCA$19.9bCA$955.4m8.5x12.7x0.6x
Sat, 19 Apr 2025CA$11.3bCA$19.6bCA$881.8m7.5x12.8x0.6x
Mon, 17 Mar 2025CA$11.6bCA$19.8bCA$871.2m8.5x13.4x0.6x
Wed, 12 Feb 2025CA$13.8bCA$19.8bCA$1.1b10.1x12.1x0.7x
Fri, 10 Jan 2025CA$14.2bCA$19.8bCA$1.1b10.2x12.6x0.7x
Sun, 08 Dec 2024CA$14.0bCA$19.7bCA$1.1b10.3x12.3x0.7x
Tue, 05 Nov 2024CA$12.4bCA$19.5bCA$1.2b9.4x10.1x0.6x
Thu, 03 Oct 2024CA$12.1bCA$19.3bCA$1.2b8.8x9.9x0.6x
Sat, 31 Aug 2024CA$15.8bCA$29.3bCA$1.8b8.8x8.9x0.5x
Mon, 29 Jul 2024CA$15.8bCA$28.4bCA$1.8b8.5x8.9x0.6x
Wed, 26 Jun 2024CA$15.2bCA$28.3bCA$1.8b8x8.4x0.5x
Fri, 24 May 2024CA$15.0bCA$28.4bCA$1.8b7.7x8.3x0.5x
Sun, 21 Apr 2024CA$14.8bCA$27.4bCA$1.5b7.9x9.6x0.5x
Tue, 19 Mar 2024CA$14.3bCA$27.4bCA$1.6b7.4x9.2x0.5x
Thu, 15 Feb 2024CA$13.5bCA$27.4bCA$1.3b6.7x10.4x0.5x
Sat, 13 Jan 2024CA$12.9bCA$28.1bCA$1.2b7.2x10.8x0.5x
Mon, 11 Dec 2023CA$12.0bCA$28.1bCA$1.2b7.2x10.1x0.4x
Wed, 08 Nov 2023CA$12.5bCA$27.2bCA$1.1b7.4x11x0.5x
Fri, 06 Oct 2023CA$12.3bCA$27.1bCA$1.2b7.4x10.2x0.5x
Sun, 03 Sep 2023CA$13.7bCA$27.1bCA$1.2b8.3x11.3x0.5x
Tue, 01 Aug 2023CA$13.6bCA$26.2bCA$1.1b8.2x12.3x0.5x
Thu, 29 Jun 2023CA$11.3bCA$26.3bCA$1.1b7x10.2x0.4x
Sat, 27 May 2023CA$11.2bCA$26.3bCA$1.1b6.9x10.2x0.4x
Mon, 24 Apr 2023CA$11.5bCA$24.3bCA$669.1m8.7x17.3x0.5x
Wed, 22 Mar 2023CA$11.5bCA$24.2bCA$661.4m8.8x17.4x0.5x
Fri, 17 Feb 2023CA$13.4bCA$22.5bCA$286.3m11.9x46.8x0.6x
Sun, 15 Jan 2023CA$14.0bCA$22.3bCA$253.5m13.9x55.4x0.6x
Price to Earnings Ratio

55.4x


Total Market Cap: CA$14.0bTotal Earnings: CA$253.5mTotal Revenue: CA$22.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Services Industry Price to Earnings3Y Average 13.9x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Energy Services industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 16.3x which is higher than its 3-year average PE of 13.9x.
  • The industry is trading close to its 3-year average PS ratio of 0.58x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have grown 56% per year over the last three years.
  • Meanwhile revenues for these companies have declined 3.0% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

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

CA Market1.08%
Energy-1.81%
Energy Services-2.52%
Oil and Gas Drilling-0.96%
Oil and Gas Services-2.81%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 39.7%, which is higher than its past year's earnings decline of 34.7% per year.
  • Investors are most pessimistic about the Oil and Gas Services industry, which is trading close to its 3-year average of 14.1x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings decline of 35% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 14% 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
NOA North American Construction GroupCA$20.322.8%
+CA$15.8m		-30.5%PE15.4x
PSD Pulse SeismicCA$3.403.3%
+CA$5.6m		40.5%PE7.8x
SHLE Source Energy ServicesCA$15.522.2%
+CA$4.3m		4.0%PE8.6x
TOT Total Energy ServicesCA$14.970.5%
+CA$2.6m		26.6%PE9x
ESI Ensign Energy ServicesCA$2.550.4%
+CA$1.8m		-23.4%PS0.3x

Latest News

EFX
CA$20.42
Enerflex
7D
-3.5%
1Y
37.8%

EFX: Expanding Margins And Modular Power Will Support Future Cash Returns

Analysts have raised their price targets on Enerflex, with moves such as RBC Capital increasing its target to $17 from $15 and CIBC raising its target to $15.25 from $11.50. They cited strong recent quarters with EBITDA, free cash flow and EPS ahead of expectations, improving margins, exposure to supportive macro trends, expanding ROCE and financial metrics, and new opportunities in modular power.
PEC.H
CA$0.22
Peak Discovery Capital
7D
22.2%
1Y
n/a
PD
CA$97.60
Precision Drilling
7D
-0.9%
1Y
5.9%
CFW
CA$4.03
Calfrac Well Services
7D
-3.4%
1Y
6.9%

CFW: Equity Raise And Margin Outlook Will Shape Balanced Future Returns

Analysts have slightly reduced their price target on Calfrac Well Services to reflect updated assumptions on discount rates, profit margins and future P/E, while maintaining their fair value estimate at $4.00. What's in the News Completed a follow on equity offering of common shares, raising about C$35.0m through a rights offering of 13,011,152 shares at C$2.69 (Key Developments).
TCW
CA$5.78
Trican Well Service
7D
-2.7%
1Y
10.9%
TVK
CA$160.29
TerraVest Industries
7D
-2.6%
1Y
42.5%

TerraVest Industries Inc. (TSE:TVK) Shares Could Be 43% Below Their Intrinsic Value Estimate

Dec 30
TerraVest Industries Inc. (TSE:TVK) Shares Could Be 43% Below Their Intrinsic Value Estimate
MATR
CA$7.78
Mattr
7D
-2.5%
1Y
-36.8%

MATR: Earnings Acceleration And Buybacks Will Support A Gradual Re-Rating

Our updated narrative on Mattr reflects a reduced analyst price target to approximately C$12 from about C$17, as analysts moderate their assumptions for revenue growth and profitability despite a stable discount rate and slightly lower future valuation multiples. Analyst Commentary Recent Street research on Mattr presents a mixed but gradually improving outlook, with bullish analysts highlighting the company’s potential to execute through a challenging macro backdrop and sustain an attractive risk reward profile at current levels.
NOA
CA$20.32
North American Construction Group
7D
2.8%
1Y
-30.5%

NOA: Future Returns Will Benefit From Accretive IMC Acquisition And Share Repurchases

Analysts have raised their price target on North American Construction Group by $2 to $28, citing stronger anticipated revenue growth, modestly higher profit margins, and a slightly lower discount rate. Together, these factors support a marginally richer but still conservative future earnings multiple.
CEU
CA$11.65
CES Energy Solutions
7D
-5.1%
1Y
19.9%

CEU: Rising Price Outlook And Buybacks Will Support Future Earnings Power

We raise our CES Energy Solutions price target to C$13.75 from C$13.19, reflecting analysts' upward revisions to revenue growth assumptions and modestly higher future valuation multiples following a series of target increases across the Street, while acknowledging slightly lower projected profit margins. Analyst Commentary Bullish analysts highlight the recent cluster of target increases to the C$12 to C$13 range as evidence of growing confidence in CES Energy Solutions’ strategic execution and earnings durability, even as the sector backdrop remains mixed.
TOT
CA$14.97
Total Energy Services
7D
0.5%
1Y
26.6%
ESI
CA$2.55
Ensign Energy Services
7D
0.4%
1Y
-23.4%

ESI: Higher Long Term Multiple Will Support Returns Despite Flat Rig Demand

Analysts have modestly raised their price target on Ensign Energy Services to C$3.00 from C$2.50, citing a higher long term valuation multiple despite expectations for flat near term rig demand, as well as softer revenue growth and margins. Analyst Commentary Recent research updates reflect a more balanced view on Ensign Energy Services, as analysts adjust ratings while modestly increasing their valuation framework.
PSI
CA$11.57
Pason Systems
7D
-3.5%
1Y
-15.5%
SHLE
CA$15.52
Source Energy Services
7D
2.2%
1Y
4.0%

There's Reason For Concern Over Source Energy Services Ltd.'s (TSE:SHLE) Massive 38% Price Jump

Dec 07
There's Reason For Concern Over Source Energy Services Ltd.'s (TSE:SHLE) Massive 38% Price Jump
PSD
CA$3.40
Pulse Seismic
7D
3.3%
1Y
40.5%
CPS
CA$0.08
Canadian Premium Sand
7D
14.3%
1Y
-71.9%
CTEK
CA$0.46
Cleantek Industries
7D
3.4%
1Y
70.4%