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Canadian (TSX) Energy Services Industry Analysis

UpdatedMay 02, 2026
DataAggregated Company Financials
Companies25
  • 7D1.2%
  • 3M21.6%
  • 1Y74.0%
  • YTD28.0%

Over the last 7 days, the Energy Services industry has risen 1.2%, driven by gains from Enerflex of 5.2%. In the last 12 months, the industry was up 74%. Looking forward, earnings are forecast to grow by 31% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 03 May 2026CA$20.9bCA$20.6bCA$832.0m13x25.1x1x
Tue, 31 Mar 2026CA$20.4bCA$20.7bCA$866.0m11.3x23.6x1x
Thu, 26 Feb 2026CA$18.7bCA$20.5bCA$913.2m12.7x20.5x0.9x
Sat, 24 Jan 2026CA$16.9bCA$20.3bCA$957.2m12.8x17.6x0.8x
Mon, 22 Dec 2025CA$15.6bCA$20.3bCA$958.6m10.8x16.3x0.8x
Wed, 19 Nov 2025CA$14.0bCA$21.1bCA$946.8m11.1x14.8x0.7x
Fri, 17 Oct 2025CA$14.1bCA$20.3bCA$986.9m10.8x14.3x0.7x
Sun, 14 Sep 2025CA$13.8bCA$20.2bCA$984.3m10.7x14x0.7x
Tue, 12 Aug 2025CA$13.6bCA$19.9bCA$1.0b9.5x13.6x0.7x
Thu, 10 Jul 2025CA$13.6bCA$19.9bCA$955.0m11.5x14.3x0.7x
Sat, 07 Jun 2025CA$12.8bCA$19.9bCA$955.1m9.1x13.4x0.6x
Mon, 05 May 2025CA$11.8bCA$19.6bCA$841.6m8.3x14x0.6x
Wed, 02 Apr 2025CA$12.5bCA$19.7bCA$882.2m8.9x14.2x0.6x
Fri, 28 Feb 2025CA$12.6bCA$19.8bCA$984.0m9.5x12.8x0.6x
Sun, 26 Jan 2025CA$14.5bCA$19.8bCA$1.1b10.4x12.8x0.7x
Tue, 24 Dec 2024CA$13.6bCA$19.8bCA$1.1b10.3x12x0.7x
Thu, 21 Nov 2024CA$13.9bCA$19.6bCA$1.1b10.3x12.5x0.7x
Sat, 19 Oct 2024CA$12.2bCA$19.4bCA$1.2b9.2x10.1x0.6x
Mon, 16 Sep 2024CA$11.9bCA$19.4bCA$1.2b8.2x9.8x0.6x
Wed, 14 Aug 2024CA$15.0bCA$29.3bCA$1.8b8.4x8.5x0.5x
Fri, 12 Jul 2024CA$15.3bCA$28.3bCA$1.8b8.3x8.4x0.5x
Sun, 09 Jun 2024CA$15.2bCA$28.4bCA$1.8b8.1x8.4x0.5x
Tue, 07 May 2024CA$14.9bCA$28.4bCA$1.9b8x8x0.5x
Thu, 04 Apr 2024CA$15.0bCA$27.5bCA$1.5b8.2x9.8x0.5x
Sat, 02 Mar 2024CA$13.9bCA$27.8bCA$1.3b7.3x10.7x0.5x
Mon, 29 Jan 2024CA$14.2bCA$28.1bCA$1.2b8x12x0.5x
Wed, 27 Dec 2023CA$12.8bCA$28.1bCA$1.2b7.2x10.8x0.5x
Fri, 24 Nov 2023CA$11.9bCA$28.1bCA$1.2b7.6x10x0.4x
Sun, 22 Oct 2023CA$12.3bCA$27.1bCA$1.2b7.7x10.2x0.5x
Tue, 19 Sep 2023CA$13.9bCA$27.1bCA$1.2b8.3x11.5x0.5x
Thu, 17 Aug 2023CA$13.0bCA$27.1bCA$1.2b7.8x10.8x0.5x
Sat, 15 Jul 2023CA$12.3bCA$26.3bCA$1.1b7.5x11.1x0.5x
Mon, 12 Jun 2023CA$11.2bCA$26.3bCA$1.1b7x10.1x0.4x
Wed, 10 May 2023CA$11.3bCA$25.7bCA$954.9m8.3x11.8x0.4x
Price to Earnings Ratio

11.8x


Total Market Cap: CA$11.3bTotal Earnings: CA$954.9mTotal Revenue: CA$25.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Services Industry Price to Earnings3Y Average 12.6x202420252026
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 25.1x which is higher than its 3-year average PE of 12.6x.
  • The 3-year average PS ratio of 0.61x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have declined 2.7% per year over the last three years,
  • Revenues have also declined 6.6% 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 industry?

CA Market0.083%
Energy4.94%
Energy Services1.21%
Oil and Gas Services1.31%
Oil and Gas Drilling0.76%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry which is trading above its 3-year average PE ratio of 16.5x.
    • Analysts are expecting annual earnings growth of 70.7%, which is higher than its past year's earnings decline of 12.9% per year.
  • Investors are most pessimistic about the Oil and Gas Services industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 13.3x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 71% over the next 5 years.
  • This is better than its past earnings decline of 13% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 24% 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
EFX EnerflexCA$36.905.2%
+CA$223.3m		295.1%PE51.8x
CEU CES Energy SolutionsCA$19.240.9%
+CA$38.0m		207.8%PE19.8x
TOT Total Energy ServicesCA$24.304.3%
+CA$36.7m		165.0%PE12x
ESI Ensign Energy ServicesCA$3.953.1%
+CA$22.0m		111.2%PS0.4x
AKT.A AKITA DrillingCA$4.4512.9%
+CA$19.7m		174.7%PE12.3x

Latest News

WRG
CA$3.11
Western Energy Services
7D
-1.0%
1Y
51.7%
PSD
CA$3.89
Pulse Seismic
7D
-7.4%
1Y
53.8%
PD
CA$128.74
Precision Drilling
7D
-1.1%
1Y
115.8%
MATR
CA$9.53
Mattr
7D
-1.2%
1Y
-5.6%
EFX
CA$36.90
Enerflex
7D
5.2%
1Y
295.1%

EFX: Future Cash Returns Will Be Shaped By Mixed Outlook For Execution

Enerflex's updated analyst price target edges up to CA$39.36, with analysts pointing to adjustments in revenue growth, profit margin and P/E assumptions that align with recent target increases from firms such as TD Securities and CIBC, as well as a rating change at Raymond James. Analyst Commentary Recent street research on Enerflex has focused on how updated revenue, margin and P/E assumptions feed into higher price targets for the shares, alongside at least one more cautious stance.
CFW
CA$5.41
Calfrac Well Services
7D
-4.9%
1Y
63.0%

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.
TCW
CA$7.19
Trican Well Service
7D
1.0%
1Y
72.4%

TCW: Buybacks And Mixed Rating Changes Will Shape A Measured Outlook

Analysts have nudged their average price target on Trican Well Service higher, with the latest updates, including lifts to CA$7 and an increase of CA$1.25 in recent research, tied to refined views on discount rates, revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research on Trican Well Service reflects a mix of optimism around valuation support and execution, alongside fresh caution after a downgrade.
SHLE
CA$17.61
Source Energy Services
7D
8.4%
1Y
86.7%
ESI
CA$3.95
Ensign Energy Services
7D
3.1%
1Y
111.2%
TOT
CA$24.30
Total Energy Services
7D
4.3%
1Y
165.0%

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.
AKT.A
CA$4.45
AKITA Drilling
7D
12.9%
1Y
174.7%
CEU
CA$19.24
CES Energy Solutions
7D
0.9%
1Y
207.8%

CEU: Higher Dividend And Buybacks Will Support Move Toward CA$20

Analysts have nudged the fair value estimate for CES Energy Solutions higher to CA$20.69, reflecting recent price target increases to a range of CA$18 to CA$20 and updated views on valuation and P/E assumptions. Analyst Commentary Recent Street research on CES Energy Solutions points to a mix of optimism and caution, with multiple firms updating price targets and ratings as the share price has moved closer to their valuation frameworks.
TVK
CA$134.59
TerraVest Industries
7D
-2.4%
1Y
-16.7%

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?
MCB
CA$2.60
McCoy Global
7D
-1.5%
1Y
-17.5%
PSI
CA$13.74
Pason Systems
7D
1.2%
1Y
18.7%
BHCC
CA$0.005
Blue Horizon Global Capital
7D
-50.0%
1Y
0%