Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Energy Services Industry Analysis

UpdatedMar 12, 2026
DataAggregated Company Financials
Companies26
  • 7D1.3%
  • 3M21.1%
  • 1Y68.9%
  • YTD19.5%

Over the last 7 days, the Energy Services industry has risen 2.2%, driven by gains from CES Energy Solutions of 6.7%. In the last 12 months, the industry was up 70%. As for the next few years, earnings are expected to grow by 26% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 12 Mar 2026CA$19.4bCA$20.7bCA$844.0m12x22.9x0.9x
Sat, 07 Feb 2026CA$17.4bCA$20.3bCA$956.7m13.1x18.2x0.9x
Mon, 05 Jan 2026CA$16.1bCA$20.3bCA$957.7m11.7x16.9x0.8x
Wed, 03 Dec 2025CA$14.9bCA$21.1bCA$946.7m11.3x15.8x0.7x
Fri, 31 Oct 2025CA$14.4bCA$20.3bCA$943.4m12.2x15.3x0.7x
Sun, 28 Sep 2025CA$14.3bCA$20.3bCA$985.4m10.6x14.5x0.7x
Tue, 26 Aug 2025CA$13.6bCA$20.2bCA$983.1m9.9x13.9x0.7x
Thu, 24 Jul 2025CA$13.5bCA$19.9bCA$962.6m9.5x14x0.7x
Sat, 21 Jun 2025CA$13.5bCA$19.9bCA$955.4m9.7x14.1x0.7x
Mon, 19 May 2025CA$12.3bCA$19.9bCA$959.8m7.8x12.8x0.6x
Wed, 16 Apr 2025CA$11.0bCA$19.6bCA$882.4m7.5x12.5x0.6x
Fri, 14 Mar 2025CA$11.5bCA$19.9bCA$904.3m8.7x12.7x0.6x
Sun, 09 Feb 2025CA$13.6bCA$19.8bCA$1.1b10x11.9x0.7x
Tue, 07 Jan 2025CA$14.4bCA$19.8bCA$1.1b10.3x12.7x0.7x
Thu, 05 Dec 2024CA$14.1bCA$19.7bCA$1.1b10.5x12.4x0.7x
Sat, 02 Nov 2024CA$12.4bCA$19.5bCA$1.2b9.2x10x0.6x
Mon, 30 Sep 2024CA$12.0bCA$19.3bCA$1.2b8.6x9.9x0.6x
Wed, 28 Aug 2024CA$15.9bCA$29.3bCA$1.8b8.9x8.9x0.5x
Fri, 26 Jul 2024CA$15.3bCA$28.4bCA$1.8b8.5x8.6x0.5x
Sun, 23 Jun 2024CA$14.7bCA$28.3bCA$1.8b7.7x8.1x0.5x
Tue, 21 May 2024CA$15.1bCA$28.3bCA$1.8b8x8.3x0.5x
Thu, 18 Apr 2024CA$14.9bCA$27.4bCA$1.5b7.9x9.6x0.5x
Sat, 16 Mar 2024CA$14.1bCA$27.4bCA$1.6b7.5x9.1x0.5x
Mon, 12 Feb 2024CA$13.6bCA$27.4bCA$1.3b6.9x10.5x0.5x
Wed, 10 Jan 2024CA$12.7bCA$28.1bCA$1.2b7x10.7x0.5x
Fri, 08 Dec 2023CA$11.8bCA$28.1bCA$1.2b7.1x10x0.4x
Sun, 05 Nov 2023CA$12.5bCA$27.2bCA$1.1b7.6x11x0.5x
Tue, 03 Oct 2023CA$13.1bCA$27.1bCA$1.2b7.9x10.9x0.5x
Thu, 31 Aug 2023CA$13.4bCA$27.1bCA$1.2b8.1x11.1x0.5x
Sat, 29 Jul 2023CA$13.3bCA$26.2bCA$1.1b8.3x12x0.5x
Mon, 26 Jun 2023CA$11.1bCA$26.3bCA$1.1b6.7x10x0.4x
Wed, 24 May 2023CA$11.4bCA$26.3bCA$1.1b7x10.3x0.4x
Fri, 21 Apr 2023CA$11.6bCA$24.3bCA$669.1m8.7x17.3x0.5x
Sun, 19 Mar 2023CA$11.1bCA$24.2bCA$647.8m8.6x17.2x0.5x
Price to Earnings Ratio

17.2x


Total Market Cap: CA$11.1bTotal Earnings: CA$647.8mTotal Revenue: CA$24.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Services Industry Price to Earnings3Y Average 12.3x202420252026
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 23.8x which is higher than its 3-year average PE of 12.3x.
  • The industry is trading close to its 3-year average PS ratio of 0.59x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have grown 7.5% per year over the last three years.
  • Meanwhile revenues for these companies have declined 5.2% 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 Market-2.39%
Energy0.82%
Energy Services1.29%
Oil and Gas Drilling4.73%
Oil and Gas Services0.60%
Industry PE
  • Investors are most optimistic about the Oil and Gas Drilling industry which is trading above its 3-year average PE ratio of 12.3x.
    • Analysts are expecting annual earnings growth of 59.0%, which is higher than its past year's earnings decline of 19.4% 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 13.2x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 59% over the next 5 years.
  • This is better than its past earnings decline of 19% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 18% 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
CEU CES Energy SolutionsCA$18.246.7%
+CA$244.6m		151.2%PE18.7x
PD Precision DrillingCA$127.145.8%
+CA$90.8m		98.9%PE892.6x
TCW Trican Well ServiceCA$6.995.3%
+CA$73.7m		55.3%PE13.1x
PHX PHX Energy ServicesCA$12.868.1%
+CA$43.6m		47.1%PE10.7x
PSD Pulse SeismicCA$4.9811.4%
+CA$25.9m		107.5%PE10.9x

Latest News

PSD
CA$4.98
Pulse Seismic
7D
11.4%
1Y
107.5%
TOT
CA$19.02
Total Energy Services
7D
2.0%
1Y
103.2%
CEU
CA$18.24
CES Energy Solutions
7D
6.7%
1Y
151.2%
MCB
CA$2.71
McCoy Global
7D
-14.0%
1Y
-7.5%
ACX
CA$6.94
ACT Energy Technologies
7D
5.5%
1Y
30.5%
MATR
CA$8.26
Mattr
7D
-1.0%
1Y
-13.3%

MATR: Q4 Outlook Will Reflect Stable Assumptions And Balanced Return Expectations

Analysts have modestly lifted their price target on Mattr, citing updated assumptions around discount rate, revenue growth, profit margin, and future P/E. Together, these factors support a slightly higher fair value estimate near CA$8.00 per share.
PD
CA$127.14
Precision Drilling
7D
5.8%
1Y
98.9%

PD: Share Repurchases Will Support Higher Future Earnings Power

Analysts have raised their CA$133.00 price target on Precision Drilling to CA$150.00, citing updated assumptions around revenue growth, profit margins, and a lower projected future P/E multiple. What's in the News Completed share repurchase of 256,580 shares, representing 1.95% of outstanding shares, between October 1, 2025 and December 31, 2025 (Key Developments).
CFW
CA$5.21
Calfrac Well Services
7D
-3.0%
1Y
43.1%
ESI
CA$3.47
Ensign Energy Services
7D
-3.6%
1Y
51.5%

ESI: Future Fair Value Will Depend On Margins And Discount Rate

Analysts have raised their fair value estimate for Ensign Energy Services to CA$3.63 from CA$3.25, reflecting updated assumptions around revenue growth, profit margins, discount rate, and a lower future P/E multiple. Valuation Changes Fair Value: Raised from CA$3.25 to CA$3.63 per share, a modest uplift in the central estimate.
PHX
CA$12.86
PHX Energy Services
7D
8.1%
1Y
47.1%
TCW
CA$6.99
Trican Well Service
7D
5.3%
1Y
55.3%
SHLE
CA$15.49
Source Energy Services
7D
-8.4%
1Y
66.9%
EFX
CA$29.51
Enerflex
7D
-4.5%
1Y
179.2%
WRG
CA$3.29
Western Energy Services
7D
29.0%
1Y
48.9%
NOA
CA$22.80
North American Construction Group
7D
-1.3%
1Y
-2.6%

NOA: Australian Mining Acquisition Will Drive Stronger Returns Over Time

Analysts have reiterated their CA$28.00 price target for North American Construction Group, citing updated assumptions that keep estimated fair value steady while modestly adjusting the discount rate, revenue growth, profit margin and future P/E inputs. What's in the News Chief Executive Officer Joe Lambert resigned to pursue other opportunities, and Chief Operating Officer Barry Palmer has stepped in as CEO on an interim basis while the company reviews internal and external candidates for the permanent role (Key Developments).
TVK
CA$142.17
TerraVest Industries
7D
-1.1%
1Y
32.0%