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Canadian (TSX) Oil and Gas Services Industry Analysis

UpdatedMay 11, 2026
DataAggregated Company Financials
Companies17
  • 7D-3.3%
  • 3M9.6%
  • 1Y63.1%
  • YTDn/a

Over the last 7 days, the Oil and Gas Services industry has dropped 3.3%, driven by pullbacks in CES Energy Solutions and TerraVest Industries of 6.9% and 8.0%, respectively. Meanwhile, Enerflex actually outperformed within the industry, gaining 6.3% in the last week. Over the past 12 months, the industry was up 65%. Looking forward, earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

Has the Canadian Oil and Gas Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 11 May 2026CA$16.8bCA$15.5bCA$823.2m17.8x20.4x1.1x
Wed, 08 Apr 2026CA$15.7bCA$15.6bCA$841.2m13.6x18.7x1x
Fri, 06 Mar 2026CA$16.0bCA$15.4bCA$762.1m15.1x20.9x1x
Sun, 01 Feb 2026CA$14.2bCA$15.1bCA$849.7m14.4x16.8x0.9x
Tue, 30 Dec 2025CA$13.5bCA$15.1bCA$850.8m12.7x15.9x0.9x
Thu, 27 Nov 2025CA$12.3bCA$15.9bCA$841.1m12x14.6x0.8x
Sat, 25 Oct 2025CA$12.3bCA$15.0bCA$811.1m12.6x15.2x0.8x
Mon, 22 Sep 2025CA$11.7bCA$15.0bCA$808.4m11.8x14.4x0.8x
Wed, 20 Aug 2025CA$11.1bCA$15.0bCA$808.1m9.9x13.7x0.7x
Fri, 18 Jul 2025CA$11.4bCA$14.6bCA$737.1m13x15.5x0.8x
Sun, 15 Jun 2025CA$11.2bCA$14.5bCA$735.9m12.6x15.2x0.8x
Tue, 13 May 2025CA$10.1bCA$14.4bCA$703.2m10.2x14.3x0.7x
Thu, 10 Apr 2025CA$8.8bCA$14.3bCA$667.7m13x13.2x0.6x
Sat, 08 Mar 2025CA$9.3bCA$14.6bCA$759.7m11.3x12.3x0.6x
Mon, 03 Feb 2025CA$11.1bCA$14.5bCA$738.6m10.5x15.1x0.8x
Wed, 01 Jan 2025CA$11.3bCA$14.5bCA$739.8m10.9x15.3x0.8x
Fri, 29 Nov 2024CA$11.3bCA$14.4bCA$744.0m11x15.1x0.8x
Sun, 27 Oct 2024CA$9.7bCA$14.1bCA$845.8m9.5x11.4x0.7x
Tue, 24 Sep 2024CA$9.6bCA$14.0bCA$851.0m8.7x11.3x0.7x
Thu, 22 Aug 2024CA$12.6bCA$24.0bCA$1.4b8.3x8.9x0.5x
Sat, 20 Jul 2024CA$13.1bCA$23.0bCA$1.4b8.5x9.4x0.6x
Mon, 17 Jun 2024CA$12.4bCA$23.0bCA$1.4b8.2x8.8x0.5x
Wed, 15 May 2024CA$12.2bCA$22.9bCA$1.4b8x8.5x0.5x
Fri, 12 Apr 2024CA$12.7bCA$22.0bCA$1.1b8.6x11.7x0.6x
Sun, 10 Mar 2024CA$11.8bCA$22.4bCA$995.0m7.4x11.9x0.5x
Tue, 06 Feb 2024CA$10.9bCA$21.9bCA$848.2m8.2x12.8x0.5x
Thu, 04 Jan 2024CA$10.5bCA$22.6bCA$882.8m8.7x11.9x0.5x
Sat, 02 Dec 2023CA$9.8bCA$22.6bCA$886.0m8.3x11.1x0.4x
Mon, 30 Oct 2023CA$9.7bCA$21.7bCA$880.6m7.9x11x0.4x
Wed, 27 Sep 2023CA$10.5bCA$21.7bCA$878.5m8.3x11.9x0.5x
Fri, 25 Aug 2023CA$10.5bCA$21.7bCA$875.2m8.2x12x0.5x
Sun, 23 Jul 2023CA$10.6bCA$21.3bCA$850.9m8.2x12.5x0.5x
Tue, 20 Jun 2023CA$9.4bCA$21.3bCA$850.9m7.5x11.1x0.4x
Thu, 18 May 2023CA$9.3bCA$21.3bCA$841.4m7.4x11.1x0.4x
Price to Earnings Ratio

11.1x


Total Market Cap: CA$9.3bTotal Earnings: CA$841.4mTotal Revenue: CA$21.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Services Industry Price to Earnings3Y Average 13.4x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Oil and Gas Equipment and Services 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 13.4x.
  • The 3-year average PS ratio of 0.67x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Equipment and Services industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have declined 9.8% per year.
  • This means that the cost of doing business could be reducing since sales have declined but profits have remained steady.

Industry Comparison

How does Canadian Oil and Gas Services compare with similar industries?

CA Market1.07%
Energy-2.71%
Energy Services-3.79%
Oil and Gas Services-3.33%
Oil and Gas Drilling-6.06%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
EFX EnerflexCA$38.746.3%
+CA$279.4m		308.6%PE41.7x
PSI Pason SystemsCA$14.876.4%
+CA$69.7m		32.8%PE21.7x
FLNT FlintCA$1.7010.4%
+CA$17.6m		41.7%PE6.3x
MATR MattrCA$9.681.6%
+CA$9.2m		-6.5%PE12.3x
RFX Reeflex SolutionsCA$0.129.5%
+CA$464.0k		n/aPS0.5x

Latest News

MATR
CA$9.68
Mattr
7D
1.6%
1Y
-6.5%
Narrative Update • May 09

MATR: Fair P/E Repricing And 2026 Execution Will Shape Future Returns

Analysts have increased the average CA$ price target for Mattr by CA$0.25, with recent moves to CA$10 at RBC Capital and TD Securities and to CA$13 at Canaccord, reflecting updated views on its valuation inputs and P/E assumptions. Analyst Commentary Recent Street research on Mattr points to a cluster of upward price target revisions, with targets now spanning from CA$8.75 to CA$13.
PSI
CA$14.87
Pason Systems
7D
6.4%
1Y
32.8%
Narrative Update • May 09

PSI: Future Buybacks And Margin Assumptions Will Shape Balanced Return Potential

Analysts have lifted their CA$14.10 fair value estimate for Pason Systems to CA$16.00, citing updated assumptions for revenue growth, profit margins and future P/E that align with recent CA$2 and CA$1 price target increases from Street research. Analyst Commentary Bullish Takeaways Bullish analysts point to the recent CA$2 and CA$1 price target adjustments as validation that updated assumptions on revenue, margins and P/E are now better reflected in formal models.
EFX
CA$38.74
Enerflex
7D
6.3%
1Y
308.6%
CEU
CA$18.00
CES Energy Solutions
7D
-6.9%
1Y
192.7%
TCW
CA$6.89
Trican Well Service
7D
-4.4%
1Y
66.8%
FLNT
CA$1.70
Flint
7D
10.4%
1Y
41.7%
PSD
CA$3.59
Pulse Seismic
7D
-9.8%
1Y
40.2%
CFW
CA$5.18
Calfrac Well Services
7D
-3.2%
1Y
49.3%
Narrative Update • May 01

CFW: Higher Fair Value And Leadership Changes Will Shape Future Upside Potential

Analysts have increased their fair value estimate for Calfrac Well Services to CA$7.25 from CA$5.25, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E, in line with recent price target and rating changes from the Street. Analyst Commentary Recent Street research around Calfrac Well Services has centered on refreshed price targets and rating changes, which feed directly into how you might think about the balance between potential upside and execution risk.
SHLE
CA$16.55
Source Energy Services
7D
-7.2%
1Y
59.1%
TOT
CA$23.18
Total Energy Services
7D
-1.4%
1Y
149.8%
Narrative Update • Apr 28

TOT: Future Returns Will Depend On Ongoing Buybacks And Steady Fundamentals

Analysts have kept their fair value estimate for Total Energy Services steady at CA$24.00. They made only small tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions behind the unchanged price target.
NOA
CA$19.80
North American Construction Group
7D
-0.8%
1Y
-10.9%
TVK
CA$127.52
TerraVest Industries
7D
-8.0%
1Y
-23.6%
Analysis Article • Apr 18

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

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
RFX
CA$0.12
Reeflex Solutions
7D
9.5%
1Y
n/a