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Canadian (TSX) Oil and Gas Services Industry Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies18
  • 7D2.3%
  • 3M22.7%
  • 1Y55.7%
  • YTDn/a

The Oil and Gas Services industry is up 1.6% in the last week, with Calfrac Well Services up 23%. This takes the industry's 12 month performance to a gain of 52%. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026CA$16.3bCA$15.5bCA$840.1m12.6x19.5x1.1x
Sat, 21 Feb 2026CA$15.7bCA$15.3bCA$859.5m14.2x18.3x1x
Mon, 19 Jan 2026CA$14.1bCA$15.2bCA$853.8m13.3x16.5x0.9x
Wed, 17 Dec 2025CA$13.8bCA$16.0bCA$843.8m12.4x16.4x0.9x
Fri, 14 Nov 2025CA$12.1bCA$15.9bCA$841.1m11.4x14.4x0.8x
Sun, 12 Oct 2025CA$11.7bCA$15.0bCA$811.1m12.3x14.4x0.8x
Tue, 09 Sep 2025CA$11.6bCA$15.0bCA$808.6m11.8x14.4x0.8x
Thu, 07 Aug 2025CA$11.3bCA$14.6bCA$759.1m11.1x14.9x0.8x
Sat, 05 Jul 2025CA$11.5bCA$14.5bCA$736.1m13.4x15.6x0.8x
Mon, 02 Jun 2025CA$10.6bCA$14.6bCA$736.9m11.5x14.4x0.7x
Wed, 30 Apr 2025CA$9.5bCA$14.3bCA$678.7m10.4x14x0.7x
Fri, 28 Mar 2025CA$10.5bCA$14.4bCA$657.5m14.6x15.9x0.7x
Sun, 23 Feb 2025CA$10.6bCA$14.5bCA$743.6m9.6x14.2x0.7x
Tue, 21 Jan 2025CA$11.6bCA$14.5bCA$740.3m10.5x15.7x0.8x
Thu, 19 Dec 2024CA$11.5bCA$14.5bCA$739.4m10.4x15.5x0.8x
Sat, 16 Nov 2024CA$11.1bCA$14.3bCA$706.0m10.6x15.8x0.8x
Mon, 14 Oct 2024CA$9.9bCA$14.1bCA$849.0m9.2x11.6x0.7x
Wed, 11 Sep 2024CA$9.4bCA$14.0bCA$850.6m8.5x11.1x0.7x
Fri, 09 Aug 2024CA$12.1bCA$23.9bCA$1.4b10x8.8x0.5x
Sun, 07 Jul 2024CA$12.9bCA$22.9bCA$1.4b8.4x9.1x0.6x
Tue, 04 Jun 2024CA$12.6bCA$22.9bCA$1.4b8.2x8.9x0.5x
Thu, 02 May 2024CA$12.3bCA$22.9bCA$1.5b7.9x8.5x0.5x
Sat, 30 Mar 2024CA$11.8bCA$22.0bCA$1.1b7.8x11x0.5x
Mon, 26 Feb 2024CA$11.2bCA$21.9bCA$888.1m7.1x12.6x0.5x
Wed, 24 Jan 2024CA$11.1bCA$22.6bCA$882.8m8.4x12.5x0.5x
Fri, 22 Dec 2023CA$10.3bCA$22.6bCA$882.8m8.7x11.7x0.5x
Sun, 19 Nov 2023CA$9.7bCA$22.6bCA$900.3m8.2x10.8x0.4x
Tue, 17 Oct 2023CA$9.9bCA$21.7bCA$878.5m8x11.3x0.5x
Thu, 14 Sep 2023CA$10.9bCA$21.7bCA$878.5m8.6x12.4x0.5x
Sat, 12 Aug 2023CA$10.6bCA$21.7bCA$875.2m8.2x12.1x0.5x
Mon, 10 Jul 2023CA$10.1bCA$21.3bCA$850.9m7.4x11.8x0.5x
Wed, 07 Jun 2023CA$9.4bCA$21.3bCA$850.9m7.5x11x0.4x
Fri, 05 May 2023CA$8.9bCA$20.0bCA$627.4m8.4x14.2x0.4x
Sun, 02 Apr 2023CA$9.3bCA$19.8bCA$590.3m9x15.7x0.5x
Price to Earnings Ratio

15.7x


Total Market Cap: CA$9.3bTotal Earnings: CA$590.3mTotal Revenue: CA$19.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Services Industry Price to Earnings3Y Average 13.2x202420252026
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 19.3x which is higher than its 3-year average PE of 13.2x.
  • The 3-year average PS ratio of 0.65x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Equipment and Services industry have grown 12% per year over the last three years.
  • Meanwhile revenues for these companies have declined 7.8% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Comparison

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

CA Market0.31%
Energy2.76%
Energy Services2.53%
Oil and Gas Services2.26%
Oil and Gas Drilling3.73%
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
CFW Calfrac Well ServicesCA$6.5025.7%
+CA$132.8m		71.1%PE15.5x
EFX EnerflexCA$29.952.1%
+CA$75.5m		169.1%PE41.3x
TOT Total Energy ServicesCA$23.548.9%
+CA$70.0m		144.4%PE11.6x
FLNT FlintCA$1.7528.7%
+CA$42.9m		75.0%PE6.5x
CEU CES Energy SolutionsCA$18.34-0.05%
CA$37.2m		148.8%PE19x

Latest News

CFW
CA$6.50
Calfrac Well Services
7D
25.7%
1Y
71.1%
TVK
CA$140.69
TerraVest Industries
7D
0.6%
1Y
-0.8%
CEU
CA$18.34
CES Energy Solutions
7D
-0.05%
1Y
148.8%

CEU: Higher Dividend And Buybacks Will Test Sustainability Of Elevated P/E

CES Energy Solutions' updated fair value estimate has moved from CA$15.84 to CA$19.94, as analysts lift price targets toward CA$20. They cite higher assumed revenue growth, slightly stronger profit margins, and a modestly higher future P/E multiple, despite some valuation driven rating downgrades.
FLNT
CA$1.75
Flint
7D
28.7%
1Y
75.0%
NOA
CA$19.76
North American Construction Group
7D
6.6%
1Y
-18.7%
TOT
CA$23.54
Total Energy Services
7D
8.9%
1Y
144.4%
EFX
CA$29.95
Enerflex
7D
2.1%
1Y
169.1%
SHLE
CA$15.34
Source Energy Services
7D
-7.0%
1Y
49.7%

SHLE: Higher C$19 Outlook And Buybacks Will Support Future Upside

Analysts have raised their price target on Source Energy Services to CA$19 from CA$16, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples. Analyst Commentary Even with the price target moved to CA$19, some bearish analysts are still sounding cautious.
PSD
CA$4.29
Pulse Seismic
7D
-9.7%
1Y
65.0%
TCW
CA$7.32
Trican Well Service
7D
1.4%
1Y
56.1%

TCW: Refreshed Price Views And Buybacks Will Support Balanced Future Outlook

Analysts have raised their price target on Trican Well Service to CA$7.00 from CA$6.50. This reflects updated assumptions on fair value, discount rate, profit margin, revenue growth, and future P/E multiples.
HWO
CA$0.85
High Arctic Energy Services
7D
-1.2%
1Y
-22.7%
CPS
CA$0.07
Canadian Premium Sand
7D
-12.5%
1Y
-68.2%
RFX
CA$0.08
Reeflex Solutions
7D
-27.3%
1Y
n/a