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Canadian (TSX) Energy Services Industry Analysis

UpdatedJun 10, 2026
DataAggregated Company Financials
Companies25
  • 7D-6.5%
  • 3M2.8%
  • 1Y54.9%
  • YTD23.6%

Over the last 7 days, the Energy Services industry has dropped 5.3%, driven by TerraVest Industries declining 26%. This takes the industry's 12 month performance to a gain of 55%. Earnings are forecast to grow by 32% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Jun 2026CA$20.1bCA$20.9bCA$745.1m17.2x27x1x
Fri, 08 May 2026CA$21.1bCA$20.6bCA$825.6m15.9x25.6x1x
Sun, 05 Apr 2026CA$19.2bCA$20.7bCA$866.7m12.6x22.2x0.9x
Tue, 03 Mar 2026CA$19.1bCA$20.6bCA$786.3m12.9x24.3x0.9x
Thu, 29 Jan 2026CA$16.8bCA$20.3bCA$955.3m12.8x17.6x0.8x
Sat, 27 Dec 2025CA$15.7bCA$20.3bCA$956.9m11.3x16.4x0.8x
Mon, 24 Nov 2025CA$14.4bCA$21.1bCA$948.2m11.2x15.1x0.7x
Wed, 22 Oct 2025CA$13.9bCA$20.3bCA$986.5m11x14.1x0.7x
Fri, 19 Sep 2025CA$13.8bCA$20.2bCA$983.6m11.1x14.1x0.7x
Sun, 17 Aug 2025CA$13.0bCA$20.2bCA$982.5m9.3x13.2x0.6x
Tue, 15 Jul 2025CA$13.7bCA$19.9bCA$955.1m11.2x14.3x0.7x
Thu, 12 Jun 2025CA$13.2bCA$19.9bCA$954.9m9.5x13.8x0.7x
Sat, 10 May 2025CA$11.9bCA$19.7bCA$919.7m7.3x12.9x0.6x
Mon, 07 Apr 2025CA$11.0bCA$19.7bCA$881.9m7.5x12.5x0.6x
Wed, 05 Mar 2025CA$11.8bCA$19.9bCA$992.5m8.9x11.9x0.6x
Fri, 31 Jan 2025CA$14.0bCA$19.9bCA$1.1b10.1x12.3x0.7x
Sun, 29 Dec 2024CA$13.8bCA$19.9bCA$1.1b10.3x12.2x0.7x
Tue, 26 Nov 2024CA$14.4bCA$19.7bCA$1.1b10.7x12.7x0.7x
Thu, 24 Oct 2024CA$12.1bCA$19.4bCA$1.2b9.1x10x0.6x
Sat, 21 Sep 2024CA$12.3bCA$19.4bCA$1.2b8.6x10.1x0.6x
Mon, 19 Aug 2024CA$15.5bCA$29.3bCA$1.8b8.4x8.7x0.5x
Wed, 17 Jul 2024CA$15.8bCA$28.4bCA$1.8b8.2x8.8x0.6x
Fri, 14 Jun 2024CA$15.0bCA$28.4bCA$1.8b8.2x8.3x0.5x
Sun, 12 May 2024CA$14.8bCA$28.3bCA$1.8b7.8x8.2x0.5x
Tue, 09 Apr 2024CA$15.4bCA$27.5bCA$1.5b8.4x10.1x0.6x
Thu, 07 Mar 2024CA$14.2bCA$27.8bCA$1.3b7.1x10.7x0.5x
Sat, 03 Feb 2024CA$13.7bCA$28.1bCA$1.2b7.5x11.5x0.5x
Mon, 01 Jan 2024CA$12.8bCA$28.1bCA$1.2b7.3x10.8x0.5x
Wed, 29 Nov 2023CA$12.0bCA$28.1bCA$1.2b7.5x10.1x0.4x
Fri, 27 Oct 2023CA$12.0bCA$27.1bCA$1.2b7.4x10x0.4x
Sun, 24 Sep 2023CA$13.5bCA$27.1bCA$1.2b8.4x11.2x0.5x
Tue, 22 Aug 2023CA$13.0bCA$27.1bCA$1.2b7.9x10.8x0.5x
Thu, 20 Jul 2023CA$12.8bCA$26.3bCA$1.1b7.9x11.6x0.5x
Sat, 17 Jun 2023CA$11.3bCA$26.3bCA$1.1b7x10.1x0.4x
Price to Earnings Ratio

10.1x


Total Market Cap: CA$11.3bTotal Earnings: CA$1.1bTotal Revenue: CA$26.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Services Industry Price to Earnings3Y Average 13.2x202420252026
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 26.5x which is higher than its 3-year average PE of 13.2x.
  • The industry is trading close to its 3-year average PS ratio of 0.63x.
Past Earnings Growth
  • The earnings for companies in the Energy Services industry have declined 12% 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 Market-2.46%
Energy-3.97%
Energy Services-6.51%
Oil and Gas Drilling-0.29%
Oil and Gas Services-7.79%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 13.7x.
    • Analysts are expecting annual earnings growth of 22.4%, 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
PD Precision DrillingCA$131.251.7%
+CA$28.6m		93.4%PS0.9x
WRG Western Energy ServicesCA$3.279.0%
+CA$9.1m		55.7%PS0.5x
NOA North American Construction GroupCA$19.511.4%
+CA$7.2m		-20.1%PE16.2x
MATR MattrCA$13.100.8%
+CA$6.8m		22.2%PE105.5x
PHX PHX Energy ServicesCA$11.320.3%
+CA$1.4m		36.9%PE11.9x

Latest News

PSI
CA$13.85
Pason Systems
7D
-6.4%
1Y
7.9%
MATR
CA$13.10
Mattr
7D
0.8%
1Y
22.2%
Narrative Update • Jun 08

MATR: Raised 2026 Guidance And Flexpipe Order Will Support Gradual Rerating

The analyst price target for Mattr in this framework has been raised from CA$13.00 to CA$15.25. This reflects a series of Street target hikes and rating upgrades that reference strong recent results, updated 2026 guidance and analyst views that the stock still looks inexpensive on their assumptions.
TCW
CA$7.35
Trican Well Service
7D
-3.8%
1Y
61.5%
TOT
CA$24.87
Total Energy Services
7D
-3.8%
1Y
136.0%
Narrative Update • Jun 07

TOT: Future Returns Will Be Driven By Completed Share Repurchases

Analysts have kept their fair value estimate for Total Energy Services steady at CA$32.00. A slightly higher assumed future P/E multiple helps explain the unchanged price target, despite minor tweaks to discount rate and margin inputs.
PHX
CA$11.32
PHX Energy Services
7D
0.3%
1Y
36.9%
CEU
CA$17.25
CES Energy Solutions
7D
-2.4%
1Y
154.8%
Narrative Update • Jun 05

CEU: Refinancing And Capital Returns Will Support Move Toward CA$21

CES Energy Solutions' analyst price target remains aligned around CA$20, as several firms nudged targets higher while others shifted to more neutral ratings. Analysts cited valuation as the key factor behind the updated stance.
CFW
CA$6.19
Calfrac Well Services
7D
-10.9%
1Y
84.2%
TVK
CA$115.22
TerraVest Industries
7D
-25.6%
1Y
-31.5%
NOA
CA$19.51
North American Construction Group
7D
1.4%
1Y
-20.1%
Narrative Update • Jun 04

NOA: Higher Revenue Outlook For 2026 Will Support Stronger Share Repurchases

Analysts have lifted their price target on North American Construction Group to CA$22.00 from CA$19.00, citing updated assumptions that include revised revenue growth expectations, a slightly adjusted discount rate, a refined profit margin outlook, and a lower future P/E multiple. What's in the News Company maintained earnings guidance for 2026, with combined revenue targeted in the range of $1.5b to $1.7b.
HOH
CA$1.83
High Arctic Overseas Holdings
7D
0.5%
1Y
71.0%
Narrative Update • Jun 04

High Arctic Overseas Holdings Will Shine with recomence of drilling

*A PNG energy services monopoly trading at a 38% discount to audited book value, with drilling just restarted and a $14B LNG catalyst on the horizon ## The Setup High Arctic Overseas is the sole provider of specialist helicopter-portable drilling services in Papua New Guinea — a market with no real competition. After two years of near-zero drilling activity, three confirmed catalysts have landed in the last 30 days: - **Rig 103 reactivation notice received** — mobilisation July 2026, first well Q4 2026, 4 approved wells with option for more - **Atlas Copco exclusive distribution agreement** — sole PNG distributor for Power Technique products (generators, compressors, lighting) - **Santos approved $400M Agogo FID** — backfill drilling for existing PNG LNG, HOH's core customer The company carries **zero debt**, $11M USD cash, $16.9M USD working capital, and a book value of $2.09 USD per share — against a current price of CAD $1.79 ## The Big Catalyst: Papua LNG FID TotalEnergies (37.5%), ExxonMobil (37%), Santos (22.8%) are targeting FID in H2 2026 on a $14B LNG project.
EFX
CA$34.43
Enerflex
7D
-5.1%
1Y
225.7%
Narrative Update • Jun 04

EFX: Future Cash Returns Will Reflect LNG And Data Center Demand Tailwinds

Enerflex's analyst price target has been updated from CA$39.36 to CA$44.50, as analysts factor in recent research that highlights the company's plans to drive growth, expand margins, and create shareholder value outlined in its virtual investor update. Analyst Commentary Recent Street research on Enerflex has been broadly constructive, with several bullish analysts lifting their price targets following the virtual investor update.
ESI
CA$4.08
Ensign Energy Services
7D
-2.9%
1Y
72.2%
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.
PD
CA$131.25
Precision Drilling
7D
1.7%
1Y
93.4%
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.
WRG
CA$3.27
Western Energy Services
7D
9.0%
1Y
55.7%
CPS
CA$0.10
Canadian Premium Sand
7D
5.3%
1Y
-58.3%