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Canadian (TSX) Energy Services Industry Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies26
  • 7D0.06%
  • 3M20.4%
  • 1Y63.4%
  • YTD16.9%

Over the last 7 days, the Energy Services industry has remained flat, although notably CES Energy Solutions gained 7.7%. As for the the longer term, the industry is up 63% over the past 12 months. Looking forward, earnings are forecast to grow by 26% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Mar 2026CA$19.1bCA$20.8bCA$862.6m11x22.1x0.9x
Mon, 09 Feb 2026CA$18.0bCA$20.3bCA$956.7m13.1x18.8x0.9x
Wed, 07 Jan 2026CA$15.9bCA$20.3bCA$958.8m11.2x16.6x0.8x
Fri, 05 Dec 2025CA$15.2bCA$21.1bCA$946.4m11.5x16.1x0.7x
Sun, 02 Nov 2025CA$14.5bCA$20.3bCA$943.9m12x15.3x0.7x
Tue, 30 Sep 2025CA$14.3bCA$20.2bCA$985.2m10.8x14.5x0.7x
Thu, 28 Aug 2025CA$13.5bCA$20.2bCA$982.2m9.9x13.8x0.7x
Sat, 26 Jul 2025CA$13.7bCA$19.9bCA$964.0m9.4x14.2x0.7x
Mon, 23 Jun 2025CA$13.4bCA$19.9bCA$955.4m9.7x14x0.7x
Wed, 21 May 2025CA$12.3bCA$19.9bCA$959.3m7.8x12.8x0.6x
Fri, 18 Apr 2025CA$11.2bCA$19.6bCA$881.8m7.5x12.7x0.6x
Sun, 16 Mar 2025CA$11.6bCA$19.8bCA$871.2m8.5x13.4x0.6x
Tue, 11 Feb 2025CA$13.6bCA$19.8bCA$1.1b10.1x12x0.7x
Thu, 09 Jan 2025CA$14.4bCA$19.8bCA$1.1b10.3x12.7x0.7x
Sat, 07 Dec 2024CA$14.2bCA$19.7bCA$1.1b10.3x12.5x0.7x
Mon, 04 Nov 2024CA$12.4bCA$19.5bCA$1.2b9.2x10.1x0.6x
Wed, 02 Oct 2024CA$12.1bCA$19.3bCA$1.2b8.8x9.9x0.6x
Fri, 30 Aug 2024CA$15.6bCA$29.3bCA$1.8b8.9x8.8x0.5x
Sun, 28 Jul 2024CA$15.8bCA$28.4bCA$1.8b8.5x8.9x0.6x
Tue, 25 Jun 2024CA$14.7bCA$28.3bCA$1.8b8.1x8.1x0.5x
Thu, 23 May 2024CA$15.1bCA$28.3bCA$1.8b7.7x8.3x0.5x
Sat, 20 Apr 2024CA$14.7bCA$27.4bCA$1.5b7.8x9.5x0.5x
Mon, 18 Mar 2024CA$14.2bCA$27.4bCA$1.6b7.5x9.1x0.5x
Wed, 14 Feb 2024CA$13.5bCA$27.4bCA$1.3b6.8x10.4x0.5x
Fri, 12 Jan 2024CA$12.8bCA$28.1bCA$1.2b7.2x10.8x0.5x
Sun, 10 Dec 2023CA$12.0bCA$28.1bCA$1.2b7.2x10.1x0.4x
Tue, 07 Nov 2023CA$12.5bCA$27.2bCA$1.1b7.6x11x0.5x
Thu, 05 Oct 2023CA$12.5bCA$27.1bCA$1.2b7.5x10.4x0.5x
Sat, 02 Sep 2023CA$13.7bCA$27.1bCA$1.2b8.3x11.3x0.5x
Mon, 31 Jul 2023CA$13.6bCA$26.2bCA$1.1b8.3x12.3x0.5x
Wed, 28 Jun 2023CA$11.2bCA$26.3bCA$1.1b6.9x10.1x0.4x
Fri, 26 May 2023CA$11.4bCA$26.3bCA$1.1b7.1x10.3x0.4x
Sun, 23 Apr 2023CA$11.5bCA$24.3bCA$669.1m8.7x17.3x0.5x
Tue, 21 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 12.4x202420252026
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 22.1x which is higher than its 3-year average PE of 12.4x.
  • 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 10% per year over the last three years.
  • Meanwhile revenues for these companies have declined 4.9% 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-1.77%
Energy2.99%
Energy Services0.059%
Oil and Gas Drilling2.99%
Oil and Gas Services-0.56%
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 56.7%, 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 57% 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$18.277.7%
+CA$278.1m		153.4%PE18.7x
PD Precision DrillingCA$126.874.0%
+CA$65.3m		97.9%PE891.6x
TOT Total Energy ServicesCA$20.318.9%
+CA$60.5m		117.2%PE10x
MATR MattrCA$8.868.2%
+CA$41.1m		-18.4%PE11.3x
ACX ACT Energy TechnologiesCA$7.3011.3%
+CA$25.8m		38.0%PE9.3x

Latest News

CEU
CA$18.27
CES Energy Solutions
7D
7.7%
1Y
153.4%
MATR
CA$8.86
Mattr
7D
8.2%
1Y
-18.4%
TOT
CA$20.31
Total Energy Services
7D
8.9%
1Y
117.2%

TOT: Higher Dividend And Refined Assumptions Will Support Measured Future Upside

Analysts have lifted their price target on Total Energy Services from CA$20 to CA$24, citing updated fair value estimates, a slightly lower discount rate, modest tweaks to revenue growth and profit margin assumptions, and a revised forward P/E of 8.95x. What's in the News Total Energy Services approved a 20% increase to its quarterly dividend to $0.12 per common share, beginning with the quarter ended March 31, 2026 (Key Developments).
NOA
CA$17.59
North American Construction Group
7D
-21.8%
1Y
-27.0%

NOA: Australian Mining Deal And Buybacks Will Support Stronger Future Returns

Analysts have left their CA$28.00 price target for North American Construction Group unchanged, pointing to steady expectations around fair value. Modest adjustments to revenue growth, profit margin and future P/E assumptions refine their outlook.
PD
CA$126.87
Precision Drilling
7D
4.0%
1Y
97.9%
PSD
CA$4.65
Pulse Seismic
7D
2.6%
1Y
92.9%
EFX
CA$28.72
Enerflex
7D
-2.4%
1Y
167.7%

EFX: Higher Fair Value Assumptions Will Support Future Earnings And Cash Returns

Enerflex's updated analyst price target has shifted from about CA$27 to roughly CA$37, with analysts pointing to revised assumptions for fair value, revenue growth, profit margins, and future P/E to support the change. Analyst Commentary Recent Street research on Enerflex has sent mixed signals, with some analysts lifting price targets while others are turning more cautious.
TCW
CA$6.87
Trican Well Service
7D
0.3%
1Y
52.7%

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.
ACX
CA$7.30
ACT Energy Technologies
7D
11.3%
1Y
38.0%
CFW
CA$4.95
Calfrac Well Services
7D
-6.1%
1Y
34.1%
ESI
CA$3.50
Ensign Energy Services
7D
1.7%
1Y
52.8%

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.
PSI
CA$12.54
Pason Systems
7D
-0.7%
1Y
-1.8%
SHLE
CA$15.76
Source Energy Services
7D
-6.9%
1Y
68.6%
WRG
CA$3.12
Western Energy Services
7D
-4.3%
1Y
41.2%
TVK
CA$132.91
TerraVest Industries
7D
-6.3%
1Y
22.3%
CTEK
CA$0.66
Cleantek Industries
7D
-12.0%
1Y
85.9%

Does Cleantek Industries (CVE:CTEK) Have A Healthy Balance Sheet?

Jan 23
Does Cleantek Industries (CVE:CTEK) Have A Healthy Balance Sheet?