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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies180
  • 7D-1.4%
  • 3M-1.8%
  • 1Y14.0%
  • YTD10.2%

In the last week, the Oil and Gas industry is down 1.4% with Imperial Oil down the most at 5.4%. Over the past 12 months, the industry was up 14%. Earnings are forecast to grow by 8.2% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Dec 2025CA$735.2bCA$357.4bCA$38.5b14x19.1x2.1x
Thu, 20 Nov 2025CA$775.7bCA$357.7bCA$38.6b15.3x20.1x2.2x
Sat, 18 Oct 2025CA$743.1bCA$390.8bCA$43.9b12x16.9x1.9x
Mon, 15 Sep 2025CA$742.7bCA$390.6bCA$43.9b12.4x16.9x1.9x
Wed, 13 Aug 2025CA$702.9bCA$390.6bCA$44.4b11.8x15.8x1.8x
Fri, 11 Jul 2025CA$682.5bCA$394.3bCA$42.8b12.1x15.9x1.7x
Sun, 08 Jun 2025CA$724.9bCA$394.4bCA$42.8b12.2x16.9x1.8x
Tue, 06 May 2025CA$645.1bCA$387.6bCA$38.9b10.4x16.6x1.7x
Thu, 03 Apr 2025CA$686.0bCA$387.1bCA$38.8b13.2x17.7x1.8x
Sat, 01 Mar 2025CA$650.5bCA$386.2bCA$39.4b11.2x16.5x1.7x
Mon, 27 Jan 2025CA$701.3bCA$388.3bCA$45.1b11.1x15.6x1.8x
Wed, 25 Dec 2024CA$666.5bCA$388.3bCA$45.1b10.3x14.8x1.7x
Fri, 22 Nov 2024CA$708.4bCA$388.1bCA$45.6b11.2x15.5x1.8x
Sun, 20 Oct 2024CA$697.3bCA$386.3bCA$43.7b11.6x16x1.8x
Tue, 17 Sep 2024CA$632.6bCA$386.5bCA$43.8b11.3x14.5x1.6x
Thu, 15 Aug 2024CA$665.6bCA$376.2bCA$43.6b11.7x15.3x1.8x
Sat, 13 Jul 2024CA$654.0bCA$366.0bCA$43.4b11.5x15.1x1.8x
Mon, 10 Jun 2024CA$647.6bCA$366.1bCA$43.4b12.2x14.9x1.8x
Wed, 08 May 2024CA$673.4bCA$368.8bCA$46.7b9.6x14.4x1.8x
Fri, 05 Apr 2024CA$671.2bCA$368.0bCA$48.4b10.5x13.9x1.8x
Sun, 03 Mar 2024CA$619.7bCA$365.7bCA$49.6b8x12.5x1.7x
Tue, 30 Jan 2024CA$607.7bCA$386.2bCA$47.7b6.6x12.7x1.6x
Thu, 28 Dec 2023CA$604.3bCA$385.8bCA$47.6b6.3x12.7x1.6x
Sat, 25 Nov 2023CA$620.8bCA$386.6bCA$47.8b6.9x13x1.6x
Mon, 23 Oct 2023CA$627.9bCA$401.6bCA$55.6b6.4x11.3x1.6x
Wed, 20 Sep 2023CA$623.0bCA$401.1bCA$55.5b6.5x11.2x1.6x
Fri, 18 Aug 2023CA$587.9bCA$402.1bCA$55.5b6.1x10.6x1.5x
Sun, 16 Jul 2023CA$558.9bCA$436.7bCA$67.5b5x8.3x1.3x
Tue, 13 Jun 2023CA$557.8bCA$437.0bCA$67.6b4.4x8.3x1.3x
Thu, 11 May 2023CA$560.7bCA$440.1bCA$68.6b4.5x8.2x1.3x
Sat, 08 Apr 2023CA$580.4bCA$450.0bCA$70.0b4.2x8.3x1.3x
Mon, 06 Mar 2023CA$607.1bCA$447.5bCA$70.6b5.1x8.6x1.4x
Wed, 01 Feb 2023CA$614.6bCA$436.7bCA$74.7b5.2x8.2x1.4x
Fri, 30 Dec 2022CA$589.1bCA$437.2bCA$74.8b5x7.9x1.3x
Price to Earnings Ratio

7.9x


Total Market Cap: CA$589.1bTotal Earnings: CA$74.8bTotal Revenue: CA$437.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 17.4x202320242025
Current Industry PE
  • Investors are relatively neutral on the Canadian Oil and Gas industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 17.4x.
  • The industry is trading close to its 3-year average PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 20% per year over the last three years,
  • Revenues have also declined 6.5% 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 Market1.21%
Energy-1.42%
Oil and Gas-1.44%
Coal and Fuels3.13%
Oil and Gas Refining and Marketing2.18%
Oil and Gas Exploration and Production-0.97%
Oil and Gas Storage and Transportation-1.51%
Integrated Oil and Gas-3.86%
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 39.9%, which is higher than its past year's earnings decline of 82.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Refining and Marketing industry, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings decline of 83% per year.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CCO CamecoCA$126.162.1%
+CA$1.1b		65.2%PE104.4x
HMMC Hemlo MiningCA$5.4534.2%
+CA$616.1m		n/aPE28.7x
NXE NexGen EnergyCA$12.596.2%
+CA$478.5m		25.3%PB9x
EFR Energy FuelsCA$20.767.8%
+CA$355.9m		167.5%PS45.5x
DML Denison MinesCA$3.808.3%
+CA$260.2m		36.2%PS700.7x

Latest News

CCO
CA$126.16
Cameco
7D
2.1%
1Y
65.2%

CCO: Shareholder Value Will Rise On Takeover Momentum And Completed Asset Sales

Analysts have nudged their price target on Cameco modestly higher to reflect a slightly faster projected revenue growth rate and only marginally lower long term margin and valuation assumptions, which together support a fair value estimate of about $150.81 per share. Analyst Commentary Recent research updates reflect a generally constructive stance on Cameco, with analysts modestly increasing their price targets as they recalibrate assumptions for revenue growth, long term margins, and the broader uranium cycle.
EFR
CA$20.76
Energy Fuels
7D
7.8%
1Y
167.5%

EFR: Western Rare Earth Trade Realignment Will Drive Future Upside

Analysts have modestly increased their price target on Energy Fuels, citing slightly stronger long term revenue growth expectations and a marginally higher future earnings multiple, while maintaining their fair value estimate near $33.63 per share. What's in the News The G7 and EU are considering price floors for rare earths and potential taxes on some Chinese exports to incentivize new non Chinese production, moves that could support pricing and investment for Western producers such as Energy Fuels (Reuters).
HMMC
CA$5.45
Hemlo Mining
7D
34.2%
1Y
n/a
SES
CA$17.51
SECURE Waste Infrastructure
7D
2.3%
1Y
10.5%

SECURE Waste Infrastructure (TSE:SES) Has Affirmed Its Dividend Of CA$0.10

Dec 19
SECURE Waste Infrastructure (TSE:SES) Has Affirmed Its Dividend Of CA$0.10
SCR
CA$39.16
Strathcona Resources
7D
-6.3%
1Y
36.2%

SCR: Deal Risk And Regulatory Complaints Will Shape Balanced Heavy Oil Outlook

Analysts have nudged their average price target on Strathcona Resources modestly higher, reflecting a slightly richer profit margin outlook and support from recent target increases to about C$40, even as some remain cautious on deal risk and temper future valuation multiples. Analyst Commentary Recent Street commentary highlights a mix of optimism on Strathcona Resources valuation upside and caution around deal execution risk, leading to a more balanced, wait and see stance across the analyst community.
ENB
CA$64.40
Enbridge
7D
-1.9%
1Y
7.2%

ENB: Future Returns Will Depend On U.S. Investment Shift And Dividend Durability

Enbridge's fair value estimate has nudged higher to approximately C$71.07 from about C$70.45, as analysts gradually lift price targets across the midstream peer group while factoring in slightly softer revenue growth, broadly stable margins, and a modestly higher future P/E multiple. Analyst Commentary Recent Street research on Enbridge reflects a generally constructive but still balanced stance, with incremental price target increases clustered in the mid C$60s to around C$70 and rating language that largely reinforces a hold or market perform view.
NXE
CA$12.59
NexGen Energy
7D
6.2%
1Y
25.3%
IMO
CA$117.19
Imperial Oil
7D
-5.4%
1Y
30.7%
CVE
CA$23.01
Cenovus Energy
7D
-5.3%
1Y
9.1%

CVE: MEG Integration And Buybacks Will Drive Future Margin And Cash Flow

We are raising our fair value estimate for Cenovus Energy slightly to $29.68 from $29.35, as analysts lift price targets across the sector, citing updated 2025 guidance, early 2026 outlook commentary, and improved profitability expectations following the MEG acquisition. Analyst Commentary Street research activity around Cenovus has been active, with a series of target price revisions and rating changes reflecting shifting views on the company’s post MEG-acquisition profile, capital allocation, and risk-reward balance.
CNQ
CA$44.48
Canadian Natural Resources
7D
-0.4%
1Y
3.0%
TOU
CA$60.51
Tourmaline Oil
7D
-3.2%
1Y
-3.3%

TOU: LNG Exports Will Drive Long Term Gas Volume Upside

Analysts have nudged their fair value estimate for Tourmaline Oil slightly higher to about C$73 from roughly C$72.71, citing a combination of modestly stronger long term revenue growth and margin assumptions that offsets recent mixed target revisions across the Street. Analyst Commentary Street research on Tourmaline Oil has turned more nuanced, with recent target trims balancing out fresh positive initiations and leaving a mixed but generally constructive outlook on the shares.
SU
CA$59.06
Suncor Energy
7D
-1.7%
1Y
17.3%
TRP
CA$75.48
TC Energy
7D
0.2%
1Y
13.7%

TRP: Extended 2028 Outlook And Project Execution Will Shape Future Performance

Analysts have nudged their fair value estimate for TC Energy up by C$0.50 to C$78.00, citing higher price targets and increased confidence in the company’s long term growth opportunities and project execution. Analyst Commentary Recent Street research reflects a generally constructive stance on TC Energy, with multiple firms lifting ratings and price targets in response to the company’s latest operating and financial updates.
PPL
CA$50.99
Pembina Pipeline
7D
-3.8%
1Y
-3.0%

PPL: Long Term Projects And Stable Margins Will Guide Balanced Future Outlook

Analysts have modestly raised their price target on Pembina Pipeline to approximately $59.06, citing stable long term revenue growth expectations and resilient profit margins that support maintaining a similar valuation multiple. What's in the News Pembina and PETRONAS signed a 20 year agreement for 1.0 mtpa of liquefaction capacity at the USD 4 billion Cedar LNG project, which remains on time and on budget with an expected in service date in late 2028 (company news release).
URE
CA$1.97
Ur-Energy
7D
8.8%
1Y
19.4%
DML
CA$3.80
Denison Mines
7D
8.3%
1Y
36.2%