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

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies111
  • 7D-4.6%
  • 3M2.3%
  • 1Y-3.1%
  • YTDn/a

Over the last 7 days, the Oil and Gas Exploration and Production industry has dropped 4.6%, driven by a pullback from Canadian Natural Resources of 5.3%. In contrast, Tenaz Energy has gained 6.8%. The industry has fallen 3.1% in the last year. Looking forward, earnings are forecast to grow by 4.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026CA$209.8bCA$84.3bCA$14.7b11.4x14.3x2.5x
Tue, 09 Dec 2025CA$234.0bCA$85.3bCA$14.9b12.4x15.7x2.7x
Thu, 06 Nov 2025CA$217.8bCA$88.0bCA$17.1b10.5x12.8x2.5x
Sat, 04 Oct 2025CA$216.5bCA$87.8bCA$17.8b10.2x12.1x2.5x
Mon, 01 Sep 2025CA$213.5bCA$87.7bCA$17.8b10.3x12x2.4x
Wed, 30 Jul 2025CA$216.8bCA$89.1bCA$16.9b10.9x12.8x2.4x
Fri, 27 Jun 2025CA$211.2bCA$88.7bCA$16.8b11.1x12.6x2.4x
Sun, 25 May 2025CA$205.3bCA$88.8bCA$16.9b8.8x12.2x2.3x
Tue, 22 Apr 2025CA$193.4bCA$89.1bCA$13.2b9.1x14.6x2.2x
Thu, 20 Mar 2025CA$205.8bCA$89.6bCA$12.9b11.7x16x2.3x
Sat, 15 Feb 2025CA$211.2bCA$89.6bCA$14.5b10.3x14.5x2.4x
Mon, 13 Jan 2025CA$227.0bCA$89.9bCA$14.7b11.1x15.4x2.5x
Wed, 11 Dec 2024CA$213.7bCA$89.7bCA$14.7b9.9x14.5x2.4x
Fri, 08 Nov 2024CA$219.3bCA$90.4bCA$15.0b10x14.6x2.4x
Sun, 06 Oct 2024CA$223.3bCA$91.6bCA$14.4b10.4x15.6x2.4x
Tue, 03 Sep 2024CA$224.1bCA$91.8bCA$14.4b10.9x15.5x2.4x
Thu, 01 Aug 2024CA$227.4bCA$90.1bCA$15.6b10.7x14.6x2.5x
Sat, 29 Jun 2024CA$227.5bCA$89.1bCA$15.5b11.4x14.7x2.6x
Mon, 27 May 2024CA$243.9bCA$90.9bCA$16.1b11.9x15.1x2.7x
Wed, 24 Apr 2024CA$246.8bCA$91.4bCA$19.7b9.1x12.5x2.7x
Fri, 22 Mar 2024CA$231.8bCA$86.9bCA$19.3b8.6x12x2.7x
Sun, 18 Feb 2024CA$222.7bCA$104.2bCA$24.5b6x9.1x2.1x
Tue, 16 Jan 2024CA$227.4bCA$105.8bCA$24.9b5.9x9.1x2.1x
Thu, 14 Dec 2023CA$214.6bCA$105.9bCA$24.9b5.6x8.6x2x
Sat, 11 Nov 2023CA$235.9bCA$106.7bCA$25.4b6.3x9.3x2.2x
Mon, 09 Oct 2023CA$234.6bCA$110.4bCA$31.7b5.5x7.4x2.1x
Wed, 06 Sep 2023CA$241.1bCA$110.4bCA$31.7b5.7x7.6x2.2x
Fri, 04 Aug 2023CA$227.8bCA$112.6bCA$31.7b5.2x7.2x2x
Sun, 02 Jul 2023CA$203.3bCA$121.9bCA$38.8b4.1x5.2x1.7x
Tue, 30 May 2023CA$204.0bCA$122.7bCA$39.1b3.8x5.2x1.7x
Thu, 27 Apr 2023CA$208.8bCA$126.8bCA$40.4b3.8x5.2x1.6x
Sat, 25 Mar 2023CA$193.3bCA$126.7bCA$40.4b3.7x4.8x1.5x
Mon, 20 Feb 2023CA$206.1bCA$123.0bCA$43.2b3.9x4.8x1.7x
Wed, 18 Jan 2023CA$222.0bCA$123.5bCA$43.0b4.1x5.2x1.8x
Price to Earnings Ratio

5.2x


Total Market Cap: CA$222.0bTotal Earnings: CA$43.0bTotal Revenue: CA$123.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 11.2x202420252026
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 14.3x which is higher than its 3-year average PE of 11.2x.
  • The 3-year average PS ratio of 2.2x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 30% per year over the last three years,
  • Revenues have also declined 12% 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 Market1.91%
Energy-1.27%
Oil and Gas-1.27%
Oil and Gas Exploration and Production-4.57%
Coal and Fuels9.71%
Integrated Oil and Gas1.22%
Oil and Gas Refining and Marketing-3.41%
Oil and Gas Storage and Transportation-3.48%
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
TNZ Tenaz EnergyCA$28.036.8%
+CA$57.3m		102.2%PE4.4x
BTE Baytex EnergyCA$4.611.5%
+CA$53.8m		17.6%PE16.5x
PLSR Pulsar HeliumCA$1.1129.1%
+CA$41.8m		70.8%PE-18x
TPL Tethys PetroleumCA$1.4918.3%
+CA$26.4m		33.0%PS6.1x
TXP Touchstone ExplorationCA$0.2150.0%
+CA$22.7m		-52.8%PS1.3x

Latest News

TNZ
CA$28.03
Tenaz Energy
7D
6.8%
1Y
102.2%
PLSR
CA$1.11
Pulsar Helium
7D
29.1%
1Y
70.8%
PEY
CA$21.82
Peyto Exploration & Development
7D
-3.5%
1Y
27.1%

PEY: Future Returns Will Rely On Gas Prices And Execution Of Production Plan

Analysts have nudged their price target for Peyto Exploration & Development higher to $23.64 from $23.27, reflecting updated assumptions around fair value and future P/E while keeping other key model inputs broadly consistent. What's in the News Peyto Exploration & Development Corp.
ARX
CA$23.47
ARC Resources
7D
-9.7%
1Y
-14.2%

ARX: Higher Dividend And Buybacks Will Support Stronger Future Shareholder Returns

Narrative Update Analysts have trimmed their price target on ARC Resources to C$30 from C$32 as they reset expectations around revenue growth, profit margins, and future P/E assumptions. They still see support for a fair value estimate near $31.05.
POU
CA$22.72
Paramount Resources
7D
-5.7%
1Y
-28.1%
TXP
CA$0.21
Touchstone Exploration
7D
50.0%
1Y
-52.8%
ATH
CA$6.56
Athabasca Oil
7D
-8.1%
1Y
17.1%

There Is A Reason Athabasca Oil Corporation's (TSE:ATH) Price Is Undemanding

Jan 08
There Is A Reason Athabasca Oil Corporation's (TSE:ATH) Price Is Undemanding
BTE
CA$4.61
Baytex Energy
7D
1.5%
1Y
17.6%
SDE
CA$7.55
Spartan Delta
7D
1.1%
1Y
86.9%
TPL
CA$1.49
Tethys Petroleum
7D
18.3%
1Y
33.0%
WCP
CA$11.12
Whitecap Resources
7D
-4.9%
1Y
5.3%

WCP: Q3 Beat And 2026 Capital Efficiency Are Expected To Drive Upside

The analyst price target for Whitecap Resources edges slightly higher to about $13.63, as analysts cite recent target increases in the C$13 to C$15 range and highlight factors such as a Q3 beat, a more capital efficient 2026 budget and inclusion on preferred stock lists. Analyst Commentary Recent research activity around Whitecap Resources has been active, with several firms updating views and targets in a fairly tight C$13 to C$15 range.
SOIL
CA$2.55
Saturn Oil & Gas
7D
3.7%
1Y
9.4%

SOIL: Higher 2026 Production Guidance And Margins Will Support Bullish Outlook

Analysts have trimmed their price target for Saturn Oil & Gas from $5.83 to $5.50, reflecting updated assumptions that combine a lower discount rate with softer revenue growth expectations and higher projected profit margins supported by a reduced forward P/E multiple. What's in the News New 2026 production guidance targets average output of 39,000 to 41,000 boe/d, with approximately 81% liquids, giving investors a forward view on volume mix (Corporate guidance).
SCR
CA$26.50
Strathcona Resources
7D
-8.2%
1Y
-14.7%

SCR: Deal Risk And Heavy Oil Refocus Will Shape Future Performance

Strathcona Resources fair value estimate has been trimmed by C$2 to C$32 as analysts balance higher medium term growth and margin expectations with increased deal risk and a more conservative future earnings multiple. Analyst Commentary Bearish analysts highlight that while Strathcona Resources still screens attractively on certain growth metrics, the balance of risks around the pending transaction and execution of its expansion plans is weighing on sentiment and valuation support.
CNQ
CA$44.62
Canadian Natural Resources
7D
-5.3%
1Y
-5.6%

Returns Are Gaining Momentum At Canadian Natural Resources (TSE:CNQ)

Jan 04
Returns Are Gaining Momentum At Canadian Natural Resources (TSE:CNQ)
TOU
CA$59.53
Tourmaline Oil
7D
-3.0%
1Y
-13.1%

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.
FO
CA$0.24
Falcon Oil & Gas
7D
9.1%
1Y
140.0%