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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedSep 20, 2026
DataAggregated Company Financials
Companies173
  • 7D0.5%
  • 3M3.7%
  • 1Y33.3%
  • YTD28.4%

The Oil and Gas industry has been flat over the last week, but Cameco has lost 4.4%. As for the the longer term, the industry is up 33% over the past 12 months. Looking forward, earnings are forecast to grow by 7.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 20 Sep 2026CA$958.4bCA$384.1bCA$46.5b21.1x20.6x2.5x
Tue, 18 Aug 2026CA$973.8bCA$392.6bCA$47.4b21.3x20.6x2.5x
Thu, 16 Jul 2026CA$958.9bCA$348.2bCA$38.2b23.8x25.1x2.8x
Sat, 13 Jun 2026CA$978.9bCA$348.2bCA$38.2b25.3x25.6x2.8x
Mon, 11 May 2026CA$958.7bCA$348.4bCA$39.9b21.5x24x2.8x
Wed, 08 Apr 2026CA$971.3bCA$342.2bCA$41.2b19.8x23.6x2.8x
Fri, 06 Mar 2026CA$913.4bCA$342.9bCA$38.4b17.7x23.8x2.7x
Sun, 01 Feb 2026CA$828.2bCA$355.1bCA$37.6b16.2x22x2.3x
Tue, 30 Dec 2025CA$747.0bCA$357.3bCA$38.5b14.2x19.4x2.1x
Thu, 27 Nov 2025CA$770.7bCA$357.7bCA$38.5b14.6x20x2.2x
Sat, 25 Oct 2025CA$749.2bCA$391.5bCA$43.8b12.4x17.1x1.9x
Mon, 22 Sep 2025CA$753.4bCA$390.6bCA$43.9b12.1x17.2x1.9x
Wed, 20 Aug 2025CA$704.4bCA$390.7bCA$43.8b11.8x16.1x1.8x
Fri, 18 Jul 2025CA$691.6bCA$394.4bCA$42.8b11.8x16.1x1.8x
Sun, 15 Jun 2025CA$752.3bCA$394.3bCA$42.8b13.1x17.6x1.9x
Tue, 13 May 2025CA$656.8bCA$398.2bCA$41.8b10.6x15.7x1.6x
Thu, 10 Apr 2025CA$581.6bCA$387.0bCA$38.8b11.2x15x1.5x
Sat, 08 Mar 2025CA$626.0bCA$384.3bCA$38.1b10.7x16.4x1.6x
Mon, 03 Feb 2025CA$676.5bCA$388.1bCA$44.9b10.7x15.1x1.7x
Wed, 01 Jan 2025CA$669.0bCA$388.3bCA$45.1b10.7x14.8x1.7x
Fri, 29 Nov 2024CA$701.5bCA$388.1bCA$45.1b10.9x15.6x1.8x
Sun, 27 Oct 2024CA$693.9bCA$386.3bCA$43.8b11.3x15.9x1.8x
Tue, 24 Sep 2024CA$644.2bCA$386.5bCA$43.8b11.7x14.7x1.7x
Thu, 22 Aug 2024CA$660.6bCA$376.5bCA$43.3b12x15.2x1.8x
Sat, 20 Jul 2024CA$652.6bCA$366.3bCA$43.4b11.5x15x1.8x
Mon, 17 Jun 2024CA$631.0bCA$366.1bCA$43.4b11.5x14.5x1.7x
Wed, 15 May 2024CA$673.3bCA$368.1bCA$44.4b10.7x15.2x1.8x
Fri, 12 Apr 2024CA$681.8bCA$368.0bCA$48.4b10.1x14.1x1.9x
Sun, 10 Mar 2024CA$618.8bCA$365.0bCA$48.6b8.5x12.7x1.7x
Tue, 06 Feb 2024CA$587.5bCA$384.5bCA$47.3b6.6x12.4x1.5x
Thu, 04 Jan 2024CA$613.4bCA$386.1bCA$47.7b6.6x12.9x1.6x
Sat, 02 Dec 2023CA$621.5bCA$386.3bCA$47.8b6.6x13x1.6x
Mon, 30 Oct 2023CA$618.3bCA$400.7bCA$55.0b6.4x11.2x1.5x
Wed, 27 Sep 2023CA$619.5bCA$401.2bCA$55.5b6.3x11.2x1.5x
Price to Earnings Ratio

11.2x


Total Market Cap: CA$619.5bTotal Earnings: CA$55.5bTotal Revenue: CA$401.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20.9x202420252026
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 20.9x.
  • The industry is trading close to its 3-year average PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 5.8% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Canadian Energy industry?

CA Market0.19%
Energy0.43%
Oil and Gas0.48%
Oil and Gas Refining and Marketing9.17%
Oil and Gas Storage and Transportation2.18%
Integrated Oil and Gas0.82%
Oil and Gas Exploration and Production-0.24%
Coal and Fuels-4.78%
Industry PE
  • Investors are most optimistic about the Oil and Gas Storage and Transportation industry which is trading above its 3-year average PE ratio of 23.5x.
    • Analysts are expecting annual earnings growth of 10.4%, which is higher than its past year's earnings decline of 6.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Refining and Marketing industry, expecting annual earnings growth of 56% over the next 5 years.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings decline by 5.0% 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
ENB EnbridgeCA$68.142.9%
+CA$4.6b		-0.3%PE26.8x
SU Suncor EnergyCA$97.091.9%
+CA$2.1b		69.5%PE12.7x
TRP TC EnergyCA$86.012.0%
+CA$1.8b		18.7%PE24.5x
IMO Imperial OilCA$181.830.8%
+CA$710.9m		43.6%PE21.1x
WCP Whitecap ResourcesCA$18.861.7%
+CA$389.1m		74.1%PE16.1x

Latest News

WCP
CA$18.86
Whitecap Resources
7D
1.7%
1Y
74.1%
ENB
CA$68.14
Enbridge
7D
2.9%
1Y
-0.3%
CVE
CA$45.62
Cenovus Energy
7D
-0.6%
1Y
94.9%
Narrative Update • Sep 18

CVE: Oil Sands Scale And Refining Margins Will Drive 2026 Re Rating

Analysts have lifted the fair value estimate for Cenovus Energy to CA$59.21 from CA$56.99, reflecting higher price targets across the Street. These targets point to what they see as supportive crude oil and refining margins, alongside an asset base they view as well placed within the sector.
TVE
CA$13.57
Tamarack Valley Energy
7D
2.1%
1Y
130.4%
Narrative Update • Sep 17

TVE: Clearwater Merger And Dividend Growth Will Drive Future Upside

Analysts have lifted the fair value estimate for Tamarack Valley Energy to CA$18.00 from CA$17.00, reflecting higher price targets tied to the planned Headwater Exploration acquisition, along with expectations for improved growth, margins, and a lower assumed future P/E multiple. Analyst Commentary Recent Street research on Tamarack Valley Energy has leaned positive, with several bullish analysts adjusting their views following the announced Headwater Exploration deal.
ATH
CA$10.40
Athabasca Oil
7D
-4.3%
1Y
60.0%
SU
CA$97.09
Suncor Energy
7D
1.9%
1Y
69.5%
Narrative Update • Sep 15

SU: Refining Leverage And Cash Returns Will Test Execution In Fairly Valued Shares

Analysts have raised the fair value estimate for Suncor Energy to CA$92 from CA$90, citing higher Street price targets clustered around CA$94 to CA$106 and a focus on the stock's refining exposure and projected free cash flow yield. Analyst Commentary Recent Street research on Suncor Energy points to a mix of optimism on refining exposure and free cash flow yield, alongside more cautious signals that highlight execution and valuation risks.
DML
CA$3.98
Denison Mines
7D
-5.0%
1Y
7.3%
TRP
CA$86.01
TC Energy
7D
2.0%
1Y
18.7%
IMO
CA$181.83
Imperial Oil
7D
0.8%
1Y
43.6%
NXE
CA$13.08
NexGen Energy
7D
-4.0%
1Y
7.8%
PPL
CA$66.51
Pembina Pipeline
7D
0.4%
1Y
20.6%
TOU
CA$60.85
Tourmaline Oil
7D
-0.8%
1Y
0.1%
CCO
CA$128.10
Cameco
7D
-4.4%
1Y
7.3%
SCR
CA$42.32
Strathcona Resources
7D
-4.3%
1Y
18.4%
EFR
CA$16.36
Energy Fuels
7D
-9.0%
1Y
-20.7%
GEI
CA$32.15
Gibson Energy
7D
4.8%
1Y
21.2%