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Canadian (TSX) Energy Services Industry Analysis

UpdatedJun 03, 2026
DataAggregated Company Financials
Companies25
  • 7D-1.1%
  • 3M11.3%
  • 1Y65.8%
  • YTD31.3%

Over the last 7 days, the Energy Services industry has dropped 1.1%, driven by pullbacks in Enerflex and CES Energy Solutions of 2.9% and 3.0%, respectively. Meanwhile, Calfrac Well Services actually outperformed within the industry, gaining 16% in the last week. This takes the industry's 12 month performance to a gain of 66%. As for the next few years, earnings are expected to grow by 32% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 03 Jun 2026CA$21.2bCA$20.9bCA$744.3m17.7x28.5x1x
Fri, 01 May 2026CA$21.1bCA$20.6bCA$864.3m12.5x24.4x1x
Sun, 29 Mar 2026CA$20.4bCA$20.7bCA$865.7m11.5x23.6x1x
Tue, 24 Feb 2026CA$18.6bCA$20.5bCA$909.1m12.8x20.5x0.9x
Thu, 22 Jan 2026CA$16.6bCA$20.3bCA$959.1m13x17.3x0.8x
Sat, 20 Dec 2025CA$15.5bCA$20.3bCA$958.6m10.8x16.2x0.8x
Mon, 17 Nov 2025CA$14.3bCA$21.1bCA$948.0m11.8x15.1x0.7x
Wed, 15 Oct 2025CA$13.8bCA$20.3bCA$986.8m11.2x14x0.7x
Fri, 12 Sep 2025CA$13.8bCA$20.2bCA$984.1m10.5x14x0.7x
Sun, 10 Aug 2025CA$13.6bCA$19.9bCA$999.8m9.5x13.6x0.7x
Tue, 08 Jul 2025CA$13.6bCA$19.9bCA$954.9m10.8x14.2x0.7x
Thu, 05 Jun 2025CA$13.0bCA$19.9bCA$955.0m8.8x13.6x0.7x
Sat, 03 May 2025CA$11.4bCA$19.6bCA$891.2m7.5x12.8x0.6x
Mon, 31 Mar 2025CA$12.5bCA$19.8bCA$871.3m8.9x14.3x0.6x
Wed, 26 Feb 2025CA$12.9bCA$19.8bCA$1.0b9.2x12.9x0.7x
Fri, 24 Jan 2025CA$14.6bCA$19.8bCA$1.1b10.5x12.9x0.7x
Sun, 22 Dec 2024CA$13.6bCA$19.8bCA$1.1b10.3x12x0.7x
Tue, 19 Nov 2024CA$14.0bCA$19.6bCA$1.1b10.3x12.7x0.7x
Thu, 17 Oct 2024CA$12.3bCA$19.4bCA$1.2b9.4x10.1x0.6x
Sat, 14 Sep 2024CA$11.9bCA$19.4bCA$1.2b8.2x9.8x0.6x
Mon, 12 Aug 2024CA$14.9bCA$29.2bCA$1.8b8.4x8.5x0.5x
Wed, 10 Jul 2024CA$15.6bCA$28.3bCA$1.8b8.1x8.6x0.5x
Fri, 07 Jun 2024CA$15.0bCA$28.3bCA$1.8b7.9x8.3x0.5x
Sun, 05 May 2024CA$14.8bCA$28.4bCA$1.9b7.6x7.9x0.5x
Tue, 02 Apr 2024CA$14.5bCA$27.5bCA$1.5b7.8x9.4x0.5x
Thu, 29 Feb 2024CA$13.9bCA$27.7bCA$1.4b7x10.2x0.5x
Sat, 27 Jan 2024CA$13.9bCA$28.1bCA$1.2b8x11.8x0.5x
Mon, 25 Dec 2023CA$12.8bCA$28.1bCA$1.2b7.2x10.8x0.5x
Wed, 22 Nov 2023CA$12.3bCA$28.1bCA$1.2b7.8x10.3x0.4x
Fri, 20 Oct 2023CA$12.4bCA$27.1bCA$1.2b7.8x10.3x0.5x
Sun, 17 Sep 2023CA$13.8bCA$27.1bCA$1.2b8.3x11.4x0.5x
Tue, 15 Aug 2023CA$13.2bCA$27.1bCA$1.2b8x11x0.5x
Thu, 13 Jul 2023CA$12.2bCA$26.3bCA$1.1b7.4x11x0.5x
Sat, 10 Jun 2023CA$11.2bCA$26.3bCA$1.1b7x10.1x0.4x
Price to Earnings Ratio

10.1x


Total Market Cap: CA$11.2bTotal Earnings: CA$1.1bTotal Revenue: CA$26.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Services Industry Price to Earnings3Y Average 13.1x202420252026
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 28.5x which is higher than its 3-year average PE of 13.1x.
  • The 3-year average PS ratio of 0.63x 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 13% per year over the last three years,
  • Revenues have also declined 7.4% 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 Market1.07%
Energy0.72%
Energy Services-1.11%
Oil and Gas Drilling0.49%
Oil and Gas Services-1.42%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 13.6x.
    • Analysts are expecting annual earnings growth of 22.3%, which is higher than its past year's earnings decline of 11.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 81% over the next 5 years.
  • This is better than its past earnings decline of 50% per year.
  • In contrast, the Oil and Gas Services industry is expected to see its earnings grow by 22% 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
CFW Calfrac Well ServicesCA$6.9516.4%
+CA$98.4m		94.1%PE13.2x
PSI Pason SystemsCA$14.792.0%
+CA$22.5m		17.5%PE24.8x
ACX ACT Energy TechnologiesCA$7.256.3%
+CA$16.6m		45.9%PE21.2x
PD Precision DrillingCA$129.040.8%
+CA$13.3m		100.3%PS0.9x
MATR MattrCA$12.991.1%
+CA$8.6m		32.1%PE104.6x

Latest News

CFW
CA$6.95
Calfrac Well Services
7D
16.4%
1Y
94.1%
TVK
CA$154.78
TerraVest Industries
7D
-1.8%
1Y
-9.6%
MATR
CA$12.99
Mattr
7D
1.1%
1Y
32.1%
TCW
CA$7.64
Trican Well Service
7D
-3.2%
1Y
70.9%
Narrative Update • Jun 02

TCW: Higher Price Range And Buybacks Will Support A Constructive Outlook

Analysts have raised their average price target for Trican Well Service to about CA$8.46 from roughly CA$7.79. They cite updated views on discount rates, revenue growth, profit margins, and future P/E multiples, along with recent price target increases from several firms clustered around CA$8 to CA$8.50.
TOT
CA$25.86
Total Energy Services
7D
-1.0%
1Y
146.5%
PSD
CA$3.42
Pulse Seismic
7D
3.3%
1Y
26.7%
ESI
CA$4.20
Ensign Energy Services
7D
-2.1%
1Y
97.2%
Narrative Update • May 30

ESI: Future Returns Will Depend On Earnings Power And P/E Reset

Analysts have nudged their fair value estimate for Ensign Energy Services higher, with the implied analyst price target moving from about CA$4.25 to roughly CA$4.29, supported by recent CA$0.25 target increases from several brokerages. Analyst Commentary Recent research updates on Ensign Energy Services have focused on modest price target adjustments, with several bullish analysts lifting their targets by CA$0.25 and one earlier move taking a target to CA$3.50 from CA$3.
SHLE
CA$13.95
Source Energy Services
7D
-3.7%
1Y
19.7%
PD
CA$129.04
Precision Drilling
7D
0.8%
1Y
100.3%
Narrative Update • May 27

PD: Share Buybacks And Higher Margin Assumptions Will Support Future Earnings Power

Analysts have adjusted their fair value estimate for Precision Drilling from CA$160.00 to CA$175.00, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple in their models. What's in the News Precision Drilling updated investors on its ongoing share buyback, covering activity from January 1, 2026 to March 31, 2026.
CEU
CA$17.67
CES Energy Solutions
7D
-3.0%
1Y
166.5%
PSI
CA$14.79
Pason Systems
7D
2.0%
1Y
17.5%
Narrative Update • May 26

PSI: Future Buybacks And Margin Delivery Will Support Bullish Return Potential

Analysts have lifted their CA$16.00 fair value estimate for Pason Systems to CA$16.60, citing recent target increases and upgrades that reflect updated assumptions for revenue growth, profit margins and a lower future P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts have raised formal price targets for Pason Systems several times, which aligns with the higher CA$16.60 fair value estimate and signals confidence in the valuation framework being used.
FLNT
CA$1.55
Flint
7D
4.7%
1Y
29.2%
NOA
CA$19.25
North American Construction Group
7D
-3.7%
1Y
-20.5%
SDI
CA$0.23
Stampede Drilling
7D
9.3%
1Y
74.1%
ACX
CA$7.25
ACT Energy Technologies
7D
6.3%
1Y
45.9%
EFX
CA$36.28
Enerflex
7D
-2.9%
1Y
253.3%