Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Oil and Gas Industry Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies179
  • 7D0.9%
  • 3M28.2%
  • 1Y41.5%
  • YTD24.4%

Last week, the Oil and Gas industry hasn't moved much but Suncor Energy is up 4.5% in that time. As for the the longer term, the industry is up 42% over the past 12 months. As for the next few years, earnings are expected to grow by 7.5% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026CA$949.4bCA$342.2bCA$41.4b18.3x23x2.8x
Thu, 19 Feb 2026CA$866.3bCA$355.0bCA$39.3b17.5x22x2.4x
Sat, 17 Jan 2026CA$791.7bCA$357.0bCA$38.5b15.3x20.6x2.2x
Mon, 15 Dec 2025CA$759.7bCA$358.0bCA$38.6b15x19.7x2.1x
Wed, 12 Nov 2025CA$764.9bCA$361.8bCA$38.3b14.4x20x2.1x
Fri, 10 Oct 2025CA$775.6bCA$390.8bCA$43.9b12.3x17.7x2x
Sun, 07 Sep 2025CA$728.9bCA$390.6bCA$43.9b11.9x16.6x1.9x
Tue, 05 Aug 2025CA$700.0bCA$392.9bCA$43.8b12.4x16x1.8x
Thu, 03 Jul 2025CA$685.1bCA$394.3bCA$42.8b12.1x16x1.7x
Sat, 31 May 2025CA$668.1bCA$394.4bCA$42.9b11.7x15.6x1.7x
Mon, 28 Apr 2025CA$642.4bCA$386.9bCA$38.9b11.8x16.5x1.7x
Wed, 26 Mar 2025CA$688.0bCA$387.7bCA$38.4b13.1x17.9x1.8x
Fri, 21 Feb 2025CA$672.2bCA$388.2bCA$39.9b11.3x16.9x1.7x
Sun, 19 Jan 2025CA$700.4bCA$388.4bCA$45.0b11.2x15.5x1.8x
Tue, 17 Dec 2024CA$676.5bCA$388.3bCA$45.1b10.4x15x1.7x
Thu, 14 Nov 2024CA$685.8bCA$388.1bCA$45.7b10.7x15x1.8x
Sat, 12 Oct 2024CA$696.7bCA$386.3bCA$43.7b12.1x16x1.8x
Mon, 09 Sep 2024CA$634.8bCA$386.5bCA$43.8b11.3x14.5x1.6x
Wed, 07 Aug 2024CA$634.9bCA$374.4bCA$44.4b10.9x14.3x1.7x
Fri, 05 Jul 2024CA$654.0bCA$366.0bCA$43.3b12x15.1x1.8x
Sun, 02 Jun 2024CA$676.2bCA$366.0bCA$43.4b13x15.6x1.8x
Tue, 30 Apr 2024CA$673.8bCA$368.2bCA$48.2b9.7x14x1.8x
Thu, 28 Mar 2024CA$645.8bCA$368.0bCA$48.5b9.9x13.3x1.8x
Sat, 24 Feb 2024CA$616.5bCA$382.6bCA$52.6b8.2x11.7x1.6x
Mon, 22 Jan 2024CA$592.5bCA$386.2bCA$47.7b6.6x12.4x1.5x
Wed, 20 Dec 2023CA$600.7bCA$386.1bCA$47.7b6.2x12.6x1.6x
Fri, 17 Nov 2023CA$610.6bCA$387.3bCA$47.9b6.6x12.7x1.6x
Sun, 15 Oct 2023CA$631.0bCA$401.5bCA$55.6b6.2x11.3x1.6x
Tue, 12 Sep 2023CA$614.2bCA$401.3bCA$55.6b6.5x11.1x1.5x
Thu, 10 Aug 2023CA$598.7bCA$407.1bCA$58.1b6.2x10.3x1.5x
Sat, 08 Jul 2023CA$556.5bCA$436.8bCA$67.5b5.1x8.2x1.3x
Mon, 05 Jun 2023CA$561.7bCA$437.1bCA$67.6b4.8x8.3x1.3x
Wed, 03 May 2023CA$560.5bCA$445.9bCA$69.4b4.4x8.1x1.3x
Fri, 31 Mar 2023CA$562.3bCA$449.6bCA$70.1b4.2x8x1.3x
Price to Earnings Ratio

8x


Total Market Cap: CA$562.3bTotal Earnings: CA$70.1bTotal Revenue: CA$449.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 18.5x202420252026
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 23.0x which is higher than its 3-year average PE of 18.5x.
  • The 3-year average PS ratio of 2.2x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 16% per year over the last three years,
  • Revenues have also declined 8.7% 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-2.96%
Energy0.96%
Oil and Gas0.91%
Oil and Gas Refining and Marketing5.52%
Integrated Oil and Gas4.43%
Oil and Gas Exploration and Production0.71%
Oil and Gas Storage and Transportation-0.17%
Coal and Fuels-4.38%
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 25.3%, which is higher than its past year's earnings decline of 78.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 28% over the next 5 years.
  • However this is lower than its past earnings growth rate of 275% per year.
  • In contrast, the Oil and Gas Exploration and Production industry is expected to see its earnings grow by 3.4% 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
SU Suncor EnergyCA$86.704.5%
+CA$4.5b		57.5%PE17.4x
CVE Cenovus EnergyCA$34.006.3%
+CA$3.8b		66.0%PE16.3x
IMO Imperial OilCA$173.902.9%
+CA$2.4b		66.5%PE25.7x
ARX ARC ResourcesCA$29.014.6%
+CA$730.4m		2.4%PE13x
PPL Pembina PipelineCA$61.971.7%
+CA$587.0m		7.7%PE23.2x

Latest News

TRP
CA$87.61
TC Energy
7D
-0.4%
1Y
24.2%
PEY
CA$27.62
Peyto Exploration & Development
7D
-3.8%
1Y
53.1%

PEY: Future Returns Will Reflect Balanced Price Views And Revised Earnings Assumptions

The updated fair value estimate for Peyto Exploration & Development has moved to CA$27.90 from CA$26.36. This reflects analysts' higher price targets in the CA$27 to CA$31 range as they factor in revised revenue growth assumptions, lower profit margin expectations, and a higher future P/E multiple.
EFR
CA$24.48
Energy Fuels
7D
-7.2%
1Y
299.3%
IMO
CA$173.90
Imperial Oil
7D
2.9%
1Y
66.5%

IMO: Limited Margin For Error Will Pressure Returns After Outperformance

Analysts have raised the fair value estimate for Imperial Oil by CA$6 to CA$98, citing recent target moves around CA$110 to CA$116, a shift to an Underperform view from some firms, updated assumptions for a higher discount rate, softer revenue growth, improved profit margin, and a slightly lower future P/E. Analyst Commentary Recent research on Imperial Oil highlights a mix of higher price targets and more cautious ratings, with some firms flagging valuation and return risks even as target prices cluster in the CA$110 to CA$116 range.
CNQ
CA$66.49
Canadian Natural Resources
7D
-0.4%
1Y
50.8%

CNQ: Elevated Capital Spending Will Constrain Cash Returns Despite Rising Street Optimism

Analysts have raised the fair value estimate for Canadian Natural Resources from CA$54.90 to CA$58.60, citing updated price targets across the Street, as well as support from slightly higher margin assumptions and modestly better revenue trends, even as views on future P/E and ratings remain mixed. Analyst Commentary Recent research views on Canadian Natural Resources are mixed, with several bullish analysts lifting price targets while a smaller group has turned more cautious on execution and capital allocation.
CVE
CA$34.00
Cenovus Energy
7D
6.3%
1Y
66.0%

CVE: Cash Returns And Portfolio Integration Will Shape Future Risk Reward Balance

Cenovus Energy's analyst fair value estimate has been revised higher from CA$32.12 to CA$33.19, reflecting a series of recent target price increases from multiple firms as analysts factor in updated views on revenue, profit margins and sector conditions. Analyst Commentary Recent Street research on Cenovus Energy points to an active debate around upside potential versus execution and commodity related risks, with several firms adjusting their price targets and ratings in quick succession.
WCP
CA$14.56
Whitecap Resources
7D
1.5%
1Y
55.7%
ARX
CA$29.01
ARC Resources
7D
4.6%
1Y
2.4%
SES
CA$22.14
SECURE Waste Infrastructure
7D
5.9%
1Y
39.2%
PPL
CA$61.97
Pembina Pipeline
7D
1.7%
1Y
7.7%

PPL: Stable Margins And Higher P/E Assumptions Will Support Fair Value

Analysts have raised their price target on Pembina Pipeline to CA$61.44 from CA$60.39. This reflects updated fair value estimates and modest adjustments to long term profit margin and P/E assumptions.
ENB
CA$74.35
Enbridge
7D
-0.4%
1Y
17.3%

ENB: Future Returns Will Rely On Utility Execution And Rich Market Pricing

Analysts have nudged the fair value estimate for Enbridge higher, with the implied price target moving roughly CA$1.48 to CA$75.29. This change is supported by a slightly lower discount rate, steady revenue growth and margin assumptions, and a modestly higher future P/E multiple after a series of recent CA$72 to CA$77 Street price target revisions.
TOU
CA$68.05
Tourmaline Oil
7D
2.1%
1Y
-1.4%
SU
CA$86.70
Suncor Energy
7D
4.5%
1Y
57.5%

SU: Investor Day And Buybacks Will Shape Oil Sands Resource Reassessment

The analyst fair value estimate for Suncor Energy has been lifted from CA$75.45 to CA$77.50, reflecting higher Street price targets and updated analyst views on sector conditions and relative valuation. Analyst Commentary Recent Street research on Suncor Energy shows a mix of optimism and caution, with several firms adjusting their price targets and ratings in response to sector conditions and company specific factors.
CCO
CA$145.00
Cameco
7D
-3.9%
1Y
121.3%

CCO: Future Earnings Profile Will Reflect Premium Margins And Elevated P E Expectations

Analysts have slightly increased their fair value estimate for Cameco, raising the target from about CA$172.56 to around CA$174.59 as they refine assumptions on long term revenue growth, profit margins, discount rate, and future P/E. Analyst Commentary Analysts adjusting their models for Cameco are fine tuning expectations around long term growth, profitability, and the appropriate valuation multiple.
DML
CA$4.72
Denison Mines
7D
-6.3%
1Y
117.5%
NXE
CA$15.62
NexGen Energy
7D
-2.7%
1Y
111.4%