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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedMay 07, 2026
DataAggregated Company Financials
Companies176
  • 7D-0.4%
  • 3M16.9%
  • 1Y54.9%
  • YTD27.8%

The Oil and Gas is pretty flat in the last 7 days, but Energy Fuels has stood out, gaining 8.5%. As for the the longer term, the industry is up 55% over the past 12 months. Earnings are forecast to grow by 8.9% annually.

Industry Valuation and Performance

Has the Canadian Oil and Gas Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 08 May 2026CA$996.5bCA$344.7bCA$41.8b17.6x23.9x2.9x
Sun, 05 Apr 2026CA$971.8bCA$342.3bCA$41.2b19.4x23.6x2.8x
Tue, 03 Mar 2026CA$899.3bCA$344.7bCA$40.6b17.6x22.2x2.6x
Thu, 29 Jan 2026CA$822.8bCA$356.3bCA$38.4b16.3x21.4x2.3x
Sat, 27 Dec 2025CA$742.9bCA$357.3bCA$38.5b14.1x19.3x2.1x
Mon, 24 Nov 2025CA$767.2bCA$357.7bCA$38.6b14.7x19.9x2.1x
Wed, 22 Oct 2025CA$739.6bCA$390.8bCA$43.9b12x16.8x1.9x
Fri, 19 Sep 2025CA$756.8bCA$390.6bCA$43.9b12.4x17.2x1.9x
Sun, 17 Aug 2025CA$706.0bCA$390.6bCA$43.8b12x16.1x1.8x
Tue, 15 Jul 2025CA$692.2bCA$394.4bCA$42.8b12.2x16.2x1.8x
Thu, 12 Jun 2025CA$729.9bCA$394.3bCA$42.8b12.7x17x1.9x
Sat, 10 May 2025CA$649.4bCA$398.2bCA$41.8b10.3x15.6x1.6x
Mon, 07 Apr 2025CA$615.3bCA$387.0bCA$38.8b11.6x15.8x1.6x
Wed, 05 Mar 2025CA$637.3bCA$385.7bCA$39.1b10.4x16.3x1.7x
Fri, 31 Jan 2025CA$688.1bCA$388.4bCA$45.0b10.9x15.3x1.8x
Sun, 29 Dec 2024CA$667.3bCA$388.3bCA$45.1b10.4x14.8x1.7x
Tue, 26 Nov 2024CA$722.6bCA$388.1bCA$45.1b11.4x16x1.9x
Thu, 24 Oct 2024CA$695.1bCA$386.4bCA$43.8b11x15.9x1.8x
Sat, 21 Sep 2024CA$642.8bCA$386.5bCA$43.7b11.7x14.7x1.7x
Mon, 19 Aug 2024CA$671.0bCA$376.5bCA$43.3b12x15.5x1.8x
Wed, 17 Jul 2024CA$660.3bCA$366.2bCA$43.4b11.5x15.2x1.8x
Fri, 14 Jun 2024CA$635.6bCA$366.1bCA$43.4b11.2x14.6x1.7x
Sun, 12 May 2024CA$675.1bCA$367.5bCA$44.9b10.6x15x1.8x
Tue, 09 Apr 2024CA$676.8bCA$368.0bCA$48.4b10.6x14x1.8x
Thu, 07 Mar 2024CA$618.7bCA$365.2bCA$49.4b8.2x12.5x1.7x
Sat, 03 Feb 2024CA$594.0bCA$385.1bCA$47.4b6.6x12.5x1.5x
Mon, 01 Jan 2024CA$597.4bCA$385.9bCA$47.7b6.6x12.5x1.5x
Wed, 29 Nov 2023CA$613.1bCA$386.5bCA$47.8b6.9x12.8x1.6x
Fri, 27 Oct 2023CA$623.0bCA$401.7bCA$55.5b6.4x11.2x1.6x
Sun, 24 Sep 2023CA$611.2bCA$401.1bCA$55.5b6.3x11x1.5x
Tue, 22 Aug 2023CA$599.1bCA$401.2bCA$55.5b6x10.8x1.5x
Thu, 20 Jul 2023CA$564.3bCA$436.5bCA$67.4b5x8.4x1.3x
Sat, 17 Jun 2023CA$555.5bCA$436.6bCA$67.5b4.5x8.2x1.3x
Mon, 15 May 2023CA$553.8bCA$440.4bCA$67.6b4.2x8.2x1.3x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$553.8bTotal Earnings: CA$67.6bTotal Revenue: CA$440.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 19.1x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Oil and Gas industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 23.9x which is higher than its 3-year average PE of 19.1x.
  • The 3-year average PS ratio of 2.3x is lower than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 15% per year over the last three years,
  • Revenues have also declined 7.8% 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 Market2.31%
Energy-0.47%
Oil and Gas-0.42%
Coal and Fuels8.78%
Oil and Gas Storage and Transportation1.08%
Integrated Oil and Gas-2.45%
Oil and Gas Exploration and Production-2.63%
Oil and Gas Refining and Marketing-7.33%
Industry PE
  • Investors are most optimistic about the Oil and Gas Refining and Marketing industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 28.5%, which is higher than its past year's earnings decline of 39.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 30% over the next 5 years.
  • However this is lower than its past earnings growth rate of 235% per year.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings grow by 4.2% 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
EFR Energy FuelsCA$31.858.5%
+CA$618.1m		382.6%PS68.2x
SOBO South BowCA$47.923.1%
+CA$296.2m		33.9%PE16.9x
JOY Journey EnergyCA$6.6314.9%
+CA$58.0m		357.2%PE17.3x
CVVY Cavvy EnergyCA$1.5111.0%
+CA$46.4m		350.7%PS2.1x
ISO IsoEnergyCA$16.752.9%
+CA$28.5m		84.9%PB2.1x

Latest News

EFR
CA$31.85
Energy Fuels
7D
8.5%
1Y
382.6%
CVE
CA$38.84
Cenovus Energy
7D
-2.3%
1Y
118.4%
SU
CA$87.05
Suncor Energy
7D
-6.5%
1Y
82.5%
CCO
CA$162.16
Cameco
7D
-2.9%
1Y
136.6%
TRP
CA$88.77
TC Energy
7D
-2.5%
1Y
30.0%
IMO
CA$171.87
Imperial Oil
7D
-5.5%
1Y
77.8%
Narrative Update • May 06

IMO: Future Cash Returns Will Depend On Execution And Cash Discipline

Analysts have raised their fair value estimate for Imperial Oil by about CA$55 to CA$205.25, citing a higher assumed revenue growth rate, a slightly higher discount rate, a modestly lower profit margin, and a marginally reduced future P/E expectation. Analyst Commentary Recent Street research shows a cluster of higher price targets for Imperial Oil, with several bullish analysts adjusting their fair value assumptions upward in fairly quick succession.
JOY
CA$6.63
Journey Energy
7D
14.9%
1Y
357.2%
PPL
CA$61.32
Pembina Pipeline
7D
-3.0%
1Y
11.8%
Narrative Update • Apr 30

PPL: Stable Margins And Paused Buybacks Will Support Future Fair Value

Analysts now see Pembina Pipeline's fair value nudging up from about CA$62.89 to roughly CA$62.94, reflecting small tweaks to long term assumptions on revenue growth, profit margins, and future P/E levels. What's in the News Pembina Pipeline reported that from October 1, 2025 to December 31, 2025, it repurchased 0 shares for CAD 0 million under its existing buyback program (Key Developments).
ENB
CA$73.72
Enbridge
7D
-2.2%
1Y
15.6%
Narrative Update • Apr 29

ENB: Future Returns Will Reflect Rich Pricing And Regulated Utility Expansion

Analysts have slightly increased their fair value estimate for Enbridge, reflecting a somewhat higher CA$ price target supported by expectations for stronger revenue growth, a modestly lower future P/E and a stable but fractionally softer profit margin profile. Analyst Commentary Recent research on Enbridge has been active, with several price target revisions and a mix of more optimistic and more cautious views.
ISO
CA$16.75
IsoEnergy
7D
2.9%
1Y
84.9%
SASK
CA$1.17
Atha Energy
7D
6.4%
1Y
192.5%
CNQ
CA$60.96
Canadian Natural Resources
7D
-6.0%
1Y
45.8%
Narrative Update • Apr 20

CNQ: Higher Dividend And Buybacks Will Shape Future Shareholder Returns

Analysts have lifted the fair value estimate for Canadian Natural Resources to CA$69.68 from CA$61.47, citing updated price targets across several firms, along with expectations for slightly positive revenue growth, a higher profit margin, and a modestly lower future P/E multiple. Analyst Commentary Recent Street research on Canadian Natural Resources shows a mix of optimism and caution, with several firms adjusting price targets and a few shifting ratings.
TAL
CA$0.55
PetroTal
7D
5.8%
1Y
-1.8%
CVVY
CA$1.51
Cavvy Energy
7D
11.0%
1Y
350.7%
SOBO
CA$47.92
South Bow
7D
3.1%
1Y
33.9%
CEC
CA$0.32
CanAsia Energy
7D
146.2%
1Y
276.5%