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Canadian (TSX) Energy Services Industry Analysis

UpdatedJun 29, 2026
DataAggregated Company Financials
Companies25
  • 7D-0.9%
  • 3M-3.4%
  • 1Y47.5%
  • YTD17.3%

The Energy Services is pretty flat in the last 7 days, but CES Energy Solutions has stood out, gaining 8.1%. The past year has been better, since the industry has gained 47% in that time. Looking forward, 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
Mon, 29 Jun 2026CA$19.1bCA$21.0bCA$747.0m16.6x25.5x0.9x
Wed, 27 May 2026CA$21.1bCA$20.9bCA$744.0m18.2x28.4x1x
Fri, 24 Apr 2026CA$19.8bCA$20.7bCA$865.0m12.6x22.9x1x
Sun, 22 Mar 2026CA$19.7bCA$20.7bCA$876.4m11x22.5x1x
Tue, 17 Feb 2026CA$18.3bCA$20.5bCA$903.7m13.2x20.2x0.9x
Thu, 15 Jan 2026CA$16.8bCA$20.3bCA$959.8m11.9x17.5x0.8x
Sat, 13 Dec 2025CA$16.4bCA$21.2bCA$950.4m11.1x17.2x0.8x
Mon, 10 Nov 2025CA$14.1bCA$21.1bCA$946.4m11.4x14.9x0.7x
Wed, 08 Oct 2025CA$14.7bCA$20.3bCA$985.7m11.9x14.9x0.7x
Fri, 05 Sep 2025CA$13.7bCA$20.2bCA$984.0m10.1x13.9x0.7x
Sun, 03 Aug 2025CA$13.5bCA$19.9bCA$974.4m9.6x13.9x0.7x
Tue, 01 Jul 2025CA$13.1bCA$19.9bCA$954.5m9.6x13.7x0.7x
Thu, 29 May 2025CA$12.4bCA$19.9bCA$956.1m9.7x13x0.6x
Sat, 26 Apr 2025CA$11.4bCA$19.6bCA$891.3m7.8x12.8x0.6x
Mon, 24 Mar 2025CA$12.6bCA$19.8bCA$858.3m8.7x14.7x0.6x
Wed, 19 Feb 2025CA$13.2bCA$19.8bCA$1.0b10.2x13x0.7x
Fri, 17 Jan 2025CA$14.5bCA$19.8bCA$1.1b10.3x12.7x0.7x
Sun, 15 Dec 2024CA$14.0bCA$19.8bCA$1.1b10.5x12.3x0.7x
Tue, 12 Nov 2024CA$13.6bCA$19.6bCA$1.1b10.4x12x0.7x
Thu, 10 Oct 2024CA$12.3bCA$19.4bCA$1.2b9x10.1x0.6x
Sat, 07 Sep 2024CA$11.9bCA$19.4bCA$1.2b8.4x9.8x0.6x
Mon, 05 Aug 2024CA$15.2bCA$29.2bCA$1.8b9.4x8.7x0.5x
Wed, 03 Jul 2024CA$15.7bCA$28.3bCA$1.8b8.3x8.7x0.6x
Fri, 31 May 2024CA$15.1bCA$28.3bCA$1.8b7.7x8.3x0.5x
Sun, 28 Apr 2024CA$15.3bCA$28.3bCA$1.9b7.8x8.3x0.5x
Tue, 26 Mar 2024CA$14.3bCA$27.4bCA$1.5b7.6x9.2x0.5x
Thu, 22 Feb 2024CA$13.6bCA$27.4bCA$1.3b6.8x10.2x0.5x
Sat, 20 Jan 2024CA$13.2bCA$28.1bCA$1.2b7.4x11.1x0.5x
Mon, 18 Dec 2023CA$12.3bCA$28.1bCA$1.2b7.2x10.4x0.4x
Wed, 15 Nov 2023CA$12.5bCA$28.2bCA$1.3b8.2x9.9x0.4x
Fri, 13 Oct 2023CA$12.6bCA$27.1bCA$1.2b7.8x10.4x0.5x
Sun, 10 Sep 2023CA$13.9bCA$27.1bCA$1.2b8.3x11.5x0.5x
Tue, 08 Aug 2023CA$13.2bCA$26.2bCA$1.1b7.8x11.6x0.5x
Thu, 06 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 13.5x202420252026
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 25.5x which is higher than its 3-year average PE of 13.5x.
  • 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-0.35%
Energy-0.62%
Energy Services-0.93%
Oil and Gas Services0.34%
Oil and Gas Drilling-7.14%
Industry PE
  • Investors are most optimistic about the Oil and Gas Services industry which is trading above its 3-year average PE ratio of 13.9x.
    • Analysts are expecting annual earnings growth of 22.5%, 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 83% 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
CEU CES Energy SolutionsCA$16.658.1%
+CA$263.6m		151.1%PE16.6x
SDI Stampede DrillingCA$0.234.5%
+CA$2.0m		70.4%PE11x
SHLE Source Energy ServicesCA$13.620.8%
+CA$1.4m		3.3%PE28.8x
QST Questor TechnologyCA$0.2812.0%
+CA$833.2k		-30.0%PS1.6x
PSD Pulse SeismicCA$3.360.3%
+CA$507.1k		9.1%PE20.3x

Latest News

ESI
CA$3.24
Ensign Energy Services
7D
-9.2%
1Y
44.0%
Narrative Update • Jun 28

ESI: Recent Price Objective Revisions Will Support Higher Forward P/E Multiple

Analysts have lifted their fair value estimate for Ensign Energy Services to CA$5.00 from CA$3.50, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E, along with recent CA$0.25 price target increases from several firms. Analyst Commentary Recent research updates on Ensign Energy Services point to a cluster of price target moves, with several bullish analysts lifting their targets by CA$0.25.
PSI
CA$12.20
Pason Systems
7D
-3.3%
1Y
-0.7%
Narrative Update • Jun 25

PSI: Higher P/E Confidence And Buybacks Will Support Future Upside

Analysts have lifted their price target on Pason Systems by CA$2, citing updated assumptions on future P/E multiples and recent Street research that includes a target increase at BMO Capital and an upgrade at TD Securities. Analyst Commentary Recent research coverage on Pason Systems provides a mix of optimism and caution around the stock's valuation, its ability to execute on current plans, and the durability of its growth profile.
EFX
CA$35.36
Enerflex
7D
-3.4%
1Y
228.9%
PD
CA$110.18
Precision Drilling
7D
-7.6%
1Y
70.8%
Narrative Update • Jun 24

PD: Share Buybacks Will Support Higher Future Earnings Power

Analysts have kept their CA$175.00 price target for Precision Drilling unchanged, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E that still support this valuation level. What’s in the News for Precision Drilling Precision Drilling reported that from January 1, 2026 to March 31, 2026, it repurchased 36,874 shares for CA$4 million under its current share buyback program.
CEU
CA$16.65
CES Energy Solutions
7D
8.1%
1Y
151.1%
Narrative Update • Jun 24

CEU: Refinancing And Production Chemicals Expansion Will Support Move Toward CA$22

Analysts have nudged the consensus price target for CES Energy Solutions higher to CA$22, up from CA$21, citing improving oil market conditions into 2027 and multiple growth avenues across US onshore, Gulf of Mexico offshore, and Canadian SAGD operations. Analyst Commentary Recent research on CES Energy Solutions reflects a mix of optimism about the company's growth options and some caution around how much of that potential is already reflected in the share price.
TVK
CA$117.63
TerraVest Industries
7D
-3.3%
1Y
-30.4%
TOT
CA$21.36
Total Energy Services
7D
-5.2%
1Y
97.8%
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.
PHX
CA$10.22
PHX Energy Services
7D
-5.8%
1Y
27.0%
TCW
CA$6.63
Trican Well Service
7D
-6.1%
1Y
47.0%
HOH
CA$1.85
High Arctic Overseas Holdings
7D
1.1%
1Y
77.9%
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$3.36
Pulse Seismic
7D
0.3%
1Y
9.1%
SHLE
CA$13.62
Source Energy Services
7D
0.8%
1Y
3.3%
RFX
CA$0.12
Reeflex Solutions
7D
4.3%
1Y
-25.0%
QST
CA$0.28
Questor Technology
7D
12.0%
1Y
-30.0%
SDI
CA$0.23
Stampede Drilling
7D
4.5%
1Y
70.4%