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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies174
  • 7D2.2%
  • 3M13.5%
  • 1Y27.2%
  • YTD10.8%

The Oil and Gas industry is up 2.2% in the last week, with Imperial Oil up 12%. During this same period, the Cameco underperformed, falling 7.9%. This takes the industry's 12 month performance to a gain of 27%. As for the next few years, earnings are expected to grow by 8.0% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026CA$829.5bCA$353.7bCA$37.9b16.7x21.9x2.3x
Mon, 05 Jan 2026CA$767.0bCA$356.9bCA$38.5b15x19.9x2.1x
Wed, 03 Dec 2025CA$767.9bCA$357.6bCA$38.6b14.7x19.9x2.1x
Fri, 31 Oct 2025CA$762.4bCA$391.7bCA$43.9b12.3x17.4x1.9x
Sun, 28 Sep 2025CA$776.4bCA$390.7bCA$43.9b12.6x17.7x2x
Tue, 26 Aug 2025CA$725.2bCA$390.7bCA$43.8b12.3x16.6x1.9x
Thu, 24 Jul 2025CA$692.5bCA$394.3bCA$42.8b12x16.2x1.8x
Sat, 21 Jun 2025CA$749.1bCA$394.4bCA$42.8b13.2x17.5x1.9x
Mon, 19 May 2025CA$665.6bCA$394.5bCA$42.9b11.4x15.5x1.7x
Wed, 16 Apr 2025CA$609.1bCA$386.9bCA$38.8b11.1x15.7x1.6x
Fri, 14 Mar 2025CA$649.6bCA$387.5bCA$38.4b11.3x16.9x1.7x
Sun, 09 Feb 2025CA$678.3bCA$388.3bCA$42.8b10.9x15.9x1.7x
Tue, 07 Jan 2025CA$691.1bCA$388.3bCA$45.1b10.9x15.3x1.8x
Thu, 05 Dec 2024CA$706.7bCA$388.2bCA$45.1b10.6x15.7x1.8x
Sat, 02 Nov 2024CA$676.9bCA$387.8bCA$43.4b10.7x15.6x1.7x
Mon, 30 Sep 2024CA$644.0bCA$386.5bCA$43.7b11.4x14.7x1.7x
Wed, 28 Aug 2024CA$675.5bCA$376.5bCA$43.2b12.4x15.6x1.8x
Fri, 26 Jul 2024CA$649.1bCA$366.2bCA$43.5b11.2x14.9x1.8x
Sun, 23 Jun 2024CA$629.4bCA$366.0bCA$43.4b11.5x14.5x1.7x
Tue, 21 May 2024CA$675.8bCA$367.7bCA$43.9b12.6x15.4x1.8x
Thu, 18 Apr 2024CA$656.1bCA$368.1bCA$48.4b9.4x13.5x1.8x
Sat, 16 Mar 2024CA$630.8bCA$363.5bCA$48.2b9.7x13.1x1.7x
Mon, 12 Feb 2024CA$587.3bCA$382.1bCA$49.8b7.3x11.8x1.5x
Wed, 10 Jan 2024CA$606.8bCA$386.2bCA$47.7b6.7x12.7x1.6x
Fri, 08 Dec 2023CA$202.0tCA$386.5bCA$47.8b6.3x4223.7x522.5x
Sun, 05 Nov 2023CA$636.1bCA$394.4bCA$50.2b6.8x12.7x1.6x
Tue, 03 Oct 2023CA$621.5bCA$401.5bCA$55.6b6.3x11.2x1.5x
Thu, 31 Aug 2023CA$611.3bCA$401.2bCA$55.5b6.3x11x1.5x
Sat, 29 Jul 2023CA$573.4bCA$423.2bCA$61.2b5.7x9.4x1.4x
Mon, 26 Jun 2023CA$534.5bCA$436.6bCA$67.5b4.8x7.9x1.2x
Wed, 24 May 2023CA$560.5bCA$437.5bCA$67.9b4.8x8.3x1.3x
Fri, 21 Apr 2023CA$582.8bCA$449.9bCA$70.0b4.2x8.3x1.3x
Sun, 19 Mar 2023CA$532.0bCA$449.7bCA$69.9b4.1x7.6x1.2x
Tue, 14 Feb 2023CA$610.3bCA$439.5bCA$72.7b5.2x8.4x1.4x
Price to Earnings Ratio

8.4x


Total Market Cap: CA$610.3bTotal Earnings: CA$72.7bTotal Revenue: CA$439.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 17.9x202420252026
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 21.9x which is higher than its 3-year average PE of 17.9x.
  • The industry is trading close to its 3-year average PS ratio of 2.2x.
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 7.0% 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 Market2.07%
Energy2.26%
Oil and Gas2.20%
Integrated Oil and Gas5.83%
Oil and Gas Refining and Marketing3.89%
Oil and Gas Storage and Transportation3.15%
Oil and Gas Exploration and Production2.46%
Coal and Fuels-8.39%
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 34.4%, 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 34% over the next 5 years.
  • This is better than its past earnings decline of 83% per year.
  • In contrast, the Oil and Gas Exploration and Production 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
IMO Imperial OilCA$153.6811.7%
+CA$7.8b		59.5%PE22.7x
CNQ Canadian Natural ResourcesCA$53.405.5%
+CA$5.8b		23.0%PE16.7x
ENB EnbridgeCA$68.743.4%
+CA$5.0b		8.2%PE26.9x
CVE Cenovus EnergyCA$28.114.6%
+CA$2.3b		32.9%PE17x
TRP TC EnergyCA$81.702.3%
+CA$1.9b		22.0%PE22x

Latest News

SU
CA$73.46
Suncor Energy
7D
2.1%
1Y
32.7%
ARX
CA$22.83
ARC Resources
7D
-9.7%
1Y
-11.9%
CNQ
CA$53.40
Canadian Natural Resources
7D
5.5%
1Y
23.0%
CCO
CA$155.18
Cameco
7D
-7.9%
1Y
117.6%

Future U S Nuclear Spending And Supply Discipline Will Constrain Long Term Upside

Catalysts About Cameco Cameco produces and supplies uranium and related fuel services for nuclear power generation and holds a significant ownership stake in Westinghouse. What are the underlying business or industry changes driving this perspective?
DML
CA$5.05
Denison Mines
7D
-6.1%
1Y
95.7%
CVE
CA$28.11
Cenovus Energy
7D
4.6%
1Y
32.9%

CVE: MEG Integration And Buybacks Will Shape Future Cash And Production

Narrative Update The average analyst price target for Cenovus Energy has been trimmed slightly, by about $0.15. Analysts are factoring in mixed recent target moves along with updated views on revenue trends, margin expectations and future P/E levels following the MEG Energy acquisition developments.
ENB
CA$68.74
Enbridge
7D
3.4%
1Y
8.2%

ENB: Future Returns Will Depend On Gas Utility Execution And Dividend Growth

Analysts have trimmed their fair value estimate for Enbridge by about $0.24, as a slightly higher discount rate and softer revenue outlook are being weighed against a small improvement in expected profit margins and a steady future P/E. Recent price target changes reflect mixed views across the Street.
EFR
CA$29.00
Energy Fuels
7D
-4.8%
1Y
291.9%

EFR: Rare Earth Export Controls Will Support Future Heavy Element Upside

Analysts have lifted their price target on Energy Fuels from US$37.50 to US$40.75, citing updated assumptions around revenue growth, profit margins, fair value, and a revised future P/E multiple. What's in the News China's Ministry of Commerce is designing a new rare earth export license system that aims to speed up shipments while keeping earlier export controls in place.
IMO
CA$153.68
Imperial Oil
7D
11.7%
1Y
59.5%

Imperial Oil (TSE:IMO) Is Increasing Its Dividend To CA$0.87

Feb 03
Imperial Oil (TSE:IMO) Is Increasing Its Dividend To CA$0.87
NXE
CA$15.04
NexGen Energy
7D
-12.0%
1Y
61.2%
KEY
CA$49.17
Keyera
7D
6.6%
1Y
17.1%
PPL
CA$58.26
Pembina Pipeline
7D
3.0%
1Y
11.2%

We Think Pembina Pipeline (TSE:PPL) Can Stay On Top Of Its Debt

Jan 29
We Think Pembina Pipeline (TSE:PPL) Can Stay On Top Of Its Debt
ISO
CA$13.70
IsoEnergy
7D
-13.6%
1Y
25.5%
TOU
CA$62.66
Tourmaline Oil
7D
-2.8%
1Y
-6.9%

TOU: LNG Export Ramp Will Support Multi Year Gas Production Plan

Analysts have trimmed their average fair value estimate for Tourmaline Oil to about $70 from roughly $71.60, reflecting recent target cuts and slightly softer assumptions for margins and growth, partly offset by a modestly higher future P/E multiple. Analyst Commentary Recent research updates show a cluster of modest price target reductions on Tourmaline Oil, with analysts adjusting their models to reflect updated guidance and new assumptions for the next few years.
TRP
CA$81.70
TC Energy
7D
2.3%
1Y
22.0%

TRP: Extended 2028 Outlook And Project Execution Will Shape Medium Term Returns

Our analyst price target for TC Energy edges up by about C$0.40 to roughly C$79.20, reflecting Street analysts' higher targets in the C$78 to C$84 range and their view that the company has a solid pipeline of projects and medium term opportunities. Analyst Commentary Bullish Takeaways Bullish analysts see the recent upgrade and higher price targets, in the C$78 to C$84 range, as aligned with TC Energy's current project backlog and medium term plan.
URC
CA$5.39
Uranium Royalty
7D
-14.3%
1Y
53.1%

Subdued Growth No Barrier To Uranium Royalty Corp. (TSE:URC) With Shares Advancing 27%

Jan 22
Subdued Growth No Barrier To Uranium Royalty Corp. (TSE:URC) With Shares Advancing 27%