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Canadian (TSX) Energy Services Industry Analysis

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies25
  • 7D1.5%
  • 3M-4.3%
  • 1Y48.0%
  • YTD18.3%

Last week, the Energy Services industry hasn't moved much but Enerflex is up 8.8% in that time. The past year has been better, since the industry has gained 49% in that time. 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, 24 Jun 2026CA$19.5bCA$21.0bCA$747.3m15.9x26.1x0.9x
Fri, 22 May 2026CA$21.7bCA$20.9bCA$744.4m19x29.1x1x
Sun, 19 Apr 2026CA$19.0bCA$20.7bCA$865.0m12.1x21.9x0.9x
Tue, 17 Mar 2026CA$19.0bCA$20.8bCA$866.4m10.7x21.9x0.9x
Thu, 12 Feb 2026CA$17.8bCA$20.3bCA$955.5m13.4x18.7x0.9x
Sat, 10 Jan 2026CA$15.6bCA$20.4bCA$960.2m11.5x16.3x0.8x
Mon, 08 Dec 2025CA$15.4bCA$21.1bCA$944.6m11.9x16.3x0.7x
Wed, 05 Nov 2025CA$14.4bCA$20.3bCA$945.2m12.2x15.2x0.7x
Fri, 03 Oct 2025CA$14.6bCA$20.3bCA$985.8m10.8x14.8x0.7x
Sun, 31 Aug 2025CA$13.7bCA$20.2bCA$982.8m10x13.9x0.7x
Tue, 29 Jul 2025CA$13.6bCA$19.9bCA$964.2m9.6x14.1x0.7x
Thu, 26 Jun 2025CA$13.1bCA$19.9bCA$955.3m9.5x13.7x0.7x
Sat, 24 May 2025CA$11.8bCA$19.9bCA$955.3m8.6x12.4x0.6x
Mon, 21 Apr 2025CA$11.3bCA$19.6bCA$881.8m7.4x12.8x0.6x
Wed, 19 Mar 2025CA$12.1bCA$19.8bCA$871.0m8.4x13.9x0.6x
Fri, 14 Feb 2025CA$13.4bCA$19.8bCA$1.0b10.1x13.2x0.7x
Sun, 12 Jan 2025CA$14.2bCA$19.9bCA$1.1b10.3x12.5x0.7x
Tue, 10 Dec 2024CA$14.0bCA$19.7bCA$1.1b10.6x12.3x0.7x
Thu, 07 Nov 2024CA$13.0bCA$19.5bCA$1.2b9.9x10.7x0.7x
Sat, 05 Oct 2024CA$12.5bCA$19.4bCA$1.2b8.8x10.3x0.6x
Mon, 02 Sep 2024CA$15.8bCA$29.3bCA$1.8b8.8x8.9x0.5x
Wed, 31 Jul 2024CA$15.7bCA$28.4bCA$1.8b8.5x8.7x0.6x
Fri, 28 Jun 2024CA$15.3bCA$28.3bCA$1.8b8.4x8.5x0.5x
Sun, 26 May 2024CA$15.0bCA$28.3bCA$1.8b7.7x8.3x0.5x
Tue, 23 Apr 2024CA$14.8bCA$27.4bCA$1.5b7.9x9.6x0.5x
Thu, 21 Mar 2024CA$14.4bCA$27.4bCA$1.6b7.1x9.3x0.5x
Sat, 17 Feb 2024CA$13.8bCA$27.5bCA$1.3b6.9x10.5x0.5x
Mon, 15 Jan 2024CA$12.9bCA$28.1bCA$1.2b7.2x10.8x0.5x
Wed, 13 Dec 2023CA$11.9bCA$28.1bCA$1.2b6.7x10x0.4x
Fri, 10 Nov 2023CA$12.1bCA$27.2bCA$1.2b7.6x10.1x0.4x
Sun, 08 Oct 2023CA$12.4bCA$27.1bCA$1.2b7.5x10.3x0.5x
Tue, 05 Sep 2023CA$13.7bCA$27.1bCA$1.2b8.3x11.3x0.5x
Thu, 03 Aug 2023CA$12.9bCA$26.1bCA$1.1b7.5x11.8x0.5x
Sat, 01 Jul 2023CA$11.8bCA$26.3bCA$1.1b7.2x10.6x0.4x
Price to Earnings Ratio

10.6x


Total Market Cap: CA$11.8bTotal Earnings: CA$1.1bTotal Revenue: CA$26.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Energy Services Industry Price to Earnings3Y Average 13.4x202420252026
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 25.8x which is higher than its 3-year average PE of 13.4x.
  • The industry is trading close to its 3-year average PS ratio of 0.64x.
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 7.3% 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-1.50%
Energy-0.15%
Energy Services1.52%
Oil and Gas Services2.39%
Oil and Gas Drilling-2.61%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 13.8x.
    • Analysts are expecting annual earnings growth of 22.6%, which is higher than its past year's earnings decline of 11.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Drilling industry, expecting annual earnings growth of 80% 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 23% 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$35.918.3%
+CA$336.9m		238.8%PE37.2x
TVK TerraVest IndustriesCA$117.191.7%
+CA$42.9m		-32.0%PE34.8x
TCW Trican Well ServiceCA$7.012.2%
+CA$31.5m		58.2%PE13.3x
CFW Calfrac Well ServicesCA$6.692.9%
+CA$19.1m		96.8%PE12.7x
CEU CES Energy SolutionsCA$15.870.5%
+CA$16.9m		142.7%PE15.9x

Latest News

CEU
CA$15.87
CES Energy Solutions
7D
0.5%
1Y
142.7%
TVK
CA$117.19
TerraVest Industries
7D
1.7%
1Y
-32.0%
FLNT
CA$1.41
Flint
7D
-15.6%
1Y
41.0%
NOA
CA$19.17
North American Construction Group
7D
1.4%
1Y
-16.6%
Narrative Update • Jun 22

NOA: Maintained 2026 Revenue Outlook Will Support Ongoing Share Repurchases

Analysts kept their CA$22.00 price target for North American Construction Group unchanged, citing updated assumptions that reflect slightly adjusted discount rate, revenue growth, profit margin, and future P/E expectations, without materially altering their overall valuation view. What’s in the News for North American Construction Group North American Construction Group maintained earnings guidance for 2026, indicating no change to its previously communicated outlook.
TOT
CA$21.95
Total Energy Services
7D
-1.2%
1Y
99.5%
Narrative Update • Jun 22

TOT: Future Returns Will Be Driven By Completed Share Repurchases

Analysts have kept their CA$32.00 price target for Total Energy Services unchanged, indicating that their latest update reflects largely stable assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News No recent company specific news for Total Energy Services was identified in the provided sources.
TCW
CA$7.01
Trican Well Service
7D
2.2%
1Y
58.2%
AKT.A
CA$3.51
AKITA Drilling
7D
-5.6%
1Y
59.5%
EFX
CA$35.91
Enerflex
7D
8.3%
1Y
238.8%
Narrative Update • Jun 18

EFX: Future Cash Returns Will Reflect Five-Year Margin Expansion Plan

Analysts have nudged their price target on Enerflex stock higher to CA$45, a CA$1 increase, citing greater confidence in the company’s multi year growth, margin expansion, and shareholder value plans outlined in its recent investor update. Analyst Commentary Recent Street research on Enerflex stock has tilted more positive, with several bullish analysts lifting their price targets following the company’s virtual investor update.
CFW
CA$6.69
Calfrac Well Services
7D
2.9%
1Y
96.8%
Narrative Update • Jun 17

CFW: Rating Upgrades And CFO Transition Will Support Future Earnings

Analysts have nudged their price target for Calfrac Well Services stock to CA$8.00 from CA$7.50, citing updated assumptions on discount rates and earnings multiples following recent research updates. Analyst Commentary Recent research on Calfrac Well Services stock points to a more constructive stance on valuation, with analysts revisiting their assumptions on discount rates and earnings multiples to support the new CA$8.00 price target.
PD
CA$118.65
Precision Drilling
7D
-3.2%
1Y
86.9%
ESI
CA$3.48
Ensign Energy Services
7D
-4.1%
1Y
51.3%
Narrative Update • Jun 14

ESI: Future Returns Will Reflect Execution Versus Modest P/E Repricing Expectations

Analysts have lifted their average price target on Ensign Energy Services by CA$0.25, reflecting updated views on the stock after recent research from several firms. Analyst Commentary Several bullish analysts have lifted their price targets on Ensign Energy Services by CA$0.25.
MATR
CA$12.30
Mattr
7D
0.5%
1Y
4.0%
PSI
CA$12.43
Pason Systems
7D
-5.2%
1Y
2.1%
Narrative Update • Jun 09

PSI: Higher Margin Confidence And Buybacks Will Support Future Upside Potential

Analysts have lifted their price target on Pason Systems by CA$2 to reflect updated assumptions for the discount rate, profit margin and future P/E, supported by recent research that includes a higher target from BMO Capital and an upgrade at TD Securities. Analyst Commentary Recent research points to a more constructive stance on Pason Systems, with the revised CA$2 higher price target and a fresh upgrade both tied to updated assumptions for discount rate, profit margin and future P/E.
ACX
CA$6.10
ACT Energy Technologies
7D
-2.1%
1Y
29.2%
HOH
CA$1.83
High Arctic Overseas Holdings
7D
-4.7%
1Y
72.6%
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.
PSD
CA$3.41
Pulse Seismic
7D
2.4%
1Y
15.2%