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Canadian (TSX) Oil and Gas Exploration and Production Industry Analysis

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies108
  • 7D3.6%
  • 3M15.7%
  • 1Y27.8%
  • YTDn/a

The Oil and Gas Exploration and Production industry is up 3.6% in the last week, with Canadian Natural Resources up 4.7%. This takes the industry's 12 month performance to a gain of 28%. Looking forward, earnings are expected to remain mostly flat in the next few years.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026CA$253.8bCA$82.9bCA$14.5b14x17.6x3.1x
Thu, 22 Jan 2026CA$223.7bCA$84.3bCA$14.7b12.1x15.2x2.7x
Sat, 20 Dec 2025CA$214.3bCA$84.7bCA$14.8b11.6x14.5x2.5x
Mon, 17 Nov 2025CA$222.4bCA$85.0bCA$14.8b11.4x15.1x2.6x
Wed, 15 Oct 2025CA$216.2bCA$87.8bCA$17.8b9.9x12.1x2.5x
Fri, 12 Sep 2025CA$212.8bCA$87.7bCA$17.8b9.3x11.9x2.4x
Sun, 10 Aug 2025CA$207.5bCA$87.1bCA$18.5b10.4x11.2x2.4x
Tue, 08 Jul 2025CA$211.4bCA$88.7bCA$16.8b9.8x12.6x2.4x
Thu, 05 Jun 2025CA$207.7bCA$88.8bCA$16.8b10.9x12.4x2.3x
Sat, 03 May 2025CA$188.5bCA$89.2bCA$13.3b9x14.2x2.1x
Mon, 31 Mar 2025CA$212.0bCA$89.3bCA$13.2b12.6x16.1x2.4x
Wed, 26 Feb 2025CA$206.4bCA$89.7bCA$14.0b10.2x14.8x2.3x
Fri, 24 Jan 2025CA$220.3bCA$89.8bCA$14.7b10.8x15x2.5x
Sun, 22 Dec 2024CA$202.6bCA$89.8bCA$14.7b9.5x13.8x2.3x
Tue, 19 Nov 2024CA$217.7bCA$89.7bCA$15.2b10x14.3x2.4x
Thu, 17 Oct 2024CA$217.8bCA$91.7bCA$14.4b10.1x15.1x2.4x
Sat, 14 Sep 2024CA$206.1bCA$91.9bCA$14.4b10.4x14.3x2.2x
Mon, 12 Aug 2024CA$217.4bCA$91.6bCA$14.7b9.8x14.8x2.4x
Wed, 10 Jul 2024CA$227.8bCA$89.1bCA$15.5b11.1x14.7x2.6x
Fri, 07 Jun 2024CA$228.7bCA$89.1bCA$15.6b11.7x14.7x2.6x
Sun, 05 May 2024CA$239.4bCA$90.9bCA$18.2b8.8x13.2x2.6x
Tue, 02 Apr 2024CA$238.6bCA$91.3bCA$19.7b8.7x12.1x2.6x
Thu, 29 Feb 2024CA$215.4bCA$89.0bCA$20.6b6.9x10.4x2.4x
Sat, 27 Jan 2024CA$224.0bCA$105.8bCA$24.9b5.9x9x2.1x
Mon, 25 Dec 2023CA$224.0bCA$105.5bCA$24.8b5.6x9x2.1x
Wed, 22 Nov 2023CA$238.8bCA$106.4bCA$25.1b6.2x9.5x2.2x
Fri, 20 Oct 2023CA$252.8bCA$110.5bCA$31.7b6x8x2.3x
Sun, 17 Sep 2023CA$240.4bCA$110.2bCA$31.6b6x7.6x2.2x
Tue, 15 Aug 2023CA$231.0bCA$109.9bCA$31.5b5.4x7.3x2.1x
Thu, 13 Jul 2023CA$213.8bCA$121.8bCA$38.8b4.2x5.5x1.8x
Sat, 10 Jun 2023CA$203.9bCA$122.1bCA$38.9b4x5.2x1.7x
Mon, 08 May 2023CA$204.7bCA$124.4bCA$38.7b3.9x5.3x1.6x
Wed, 05 Apr 2023CA$211.3bCA$126.3bCA$40.4b3.8x5.2x1.7x
Fri, 03 Mar 2023CA$215.6bCA$124.4bCA$43.2b3.9x5x1.7x
Price to Earnings Ratio

5x


Total Market Cap: CA$215.6bTotal Earnings: CA$43.2bTotal Revenue: CA$124.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 11.6x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Oil and Gas Exploration and Production industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 17.6x which is higher than its 3-year average PE of 11.6x.
  • The 3-year average PS ratio of 2.3x is lower than the industry's current PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 31% per year over the last three years,
  • Revenues have also declined 13% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Comparison

How does Canadian Oil and Gas Exploration and Production compare with similar industries?

CA Market1.52%
Energy1.61%
Oil and Gas1.61%
Oil and Gas Exploration and Production3.62%
Coal and Fuels5.66%
Oil and Gas Refining and Marketing2.90%
Integrated Oil and Gas1.08%
Oil and Gas Storage and Transportation-0.88%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
CNQ Canadian Natural ResourcesCA$58.024.7%
+CA$5.5b		38.5%PE18.2x
WCP Whitecap ResourcesCA$13.764.6%
+CA$728.3m		38.8%PE18.3x
TOU Tourmaline OilCA$62.741.5%
+CA$363.9m		-9.5%PE18.3x
BTE Baytex EnergyCA$5.117.6%
+CA$276.6m		51.2%PE18.3x
TPZ Topaz EnergyCA$30.215.5%
+CA$244.3m		18.5%PE83.1x

Latest News

BTE
CA$5.11
Baytex Energy
7D
7.6%
1Y
51.2%
ATH
CA$8.54
Athabasca Oil
7D
-1.0%
1Y
77.9%
CNQ
CA$58.02
Canadian Natural Resources
7D
4.7%
1Y
38.5%
IPCO
CA$30.87
International Petroleum
7D
4.7%
1Y
47.4%
WCP
CA$13.76
Whitecap Resources
7D
4.6%
1Y
38.8%
SDE
CA$10.48
Spartan Delta
7D
8.3%
1Y
213.8%
PLSR
CA$1.54
Pulsar Helium
7D
-19.4%
1Y
196.2%
PEY
CA$25.76
Peyto Exploration & Development
7D
-1.1%
1Y
54.3%

PEY: Future Returns Will Depend On Gas Prices And Balanced Valuation Risk

The analyst price target for Peyto Exploration & Development edges up from CA$25.64 to CA$26.00, reflecting a mix of higher targets from some firms and valuation-driven downgrades from others as analysts reassess expected profitability and P/E levels. Analyst Commentary Recent Street research on Peyto Exploration & Development shows a split view, with some bullish analysts lifting price targets and others stepping back on valuation grounds.
AAV
CA$10.33
Advantage Energy
7D
-4.2%
1Y
6.7%

AAV: Long Term Cash Flow Strength Will Support Upside As P/E Outlook Tightens

Analysts have raised their price target on Advantage Energy to CA$18.23 from CA$18.22, citing updated assumptions around the discount rate, revenue growth, profit margin, and a lower future P/E multiple, along with recent bullish research that includes an upgrade in rating. Analyst Commentary Recent research points to a more constructive tone around Advantage Energy, with bullish analysts tightening their valuation work and expressing increased confidence in the company’s setup after revisiting key inputs such as discount rates, revenue assumptions, margin expectations, and future P/E levels.
MER
CA$2.31
Meren Energy
7D
-2.9%
1Y
20.9%
SCR
CA$29.04
Strathcona Resources
7D
2.7%
1Y
6.2%

SCR: Outperform Upgrade And Index Additions Will Support Stronger Share Performance

Analysts have revised their fair value estimate for Strathcona Resources to CA$35.00 from CA$41.00. They point to the recent upgrade to Outperform and the CA$32.00 price target as support for a more balanced view of the stock’s potential.
BIR
CA$6.71
Birchcliff Energy
7D
-3.0%
1Y
15.5%

Birchcliff Energy's (TSE:BIR) Dividend Will Be CA$0.03

Feb 12
Birchcliff Energy's (TSE:BIR) Dividend Will Be CA$0.03
TOU
CA$62.74
Tourmaline Oil
7D
1.5%
1Y
-9.5%

TOU: Gas Export Ramp Will Support Multi Year Portfolio Streamlining Plan

Analysts have inched their fair value estimate for Tourmaline Oil up to about CA$70.22 from CA$70.09, citing updated discount rate assumptions, a slightly higher future P/E multiple, and refreshed Street targets that include recent price target trims and a downgrade. Analyst Commentary Bullish Takeaways Bullish analysts are still anchoring on a P/E framework that supports a fair value close to the current CA$70 range, which suggests they see the business as capable of supporting that earnings multiple over time.
PNE
CA$0.69
Pine Cliff Energy
7D
-2.8%
1Y
-17.9%

Pine Cliff Energy (TSE:PNE) Has Announced A Dividend Of CA$0.0013

Feb 09
Pine Cliff Energy (TSE:PNE) Has Announced A Dividend Of CA$0.0013
TPZ
CA$30.21
Topaz Energy
7D
5.5%
1Y
18.5%
CWV
CA$0.21
Crown Point Energy
7D
-20.8%
1Y
-10.6%