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

UpdatedJul 11, 2026
DataAggregated Company Financials
Companies100
  • 7D2.8%
  • 3M-4.0%
  • 1Y31.7%
  • YTDn/a

Over the last 7 days, the Oil and Gas Exploration and Production industry has risen 4.2%, driven by gains from Canadian Natural Resources of 4.3%. In the last 12 months, the industry was up 34%. Earnings are forecast to grow by 9.6% 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
Sat, 11 Jul 2026CA$266.6bCA$82.3bCA$12.3b22x21.6x3.2x
Mon, 08 Jun 2026CA$286.9bCA$82.2bCA$12.4b22.2x23.2x3.5x
Wed, 06 May 2026CA$294.2bCA$82.3bCA$15.3b14.3x19.2x3.6x
Fri, 03 Apr 2026CA$279.5bCA$81.1bCA$15.2b13.5x18.4x3.4x
Sun, 01 Mar 2026CA$259.2bCA$83.7bCA$14.5b14x17.8x3.1x
Tue, 27 Jan 2026CA$229.9bCA$83.8bCA$14.6b12x15.7x2.7x
Thu, 25 Dec 2025CA$218.4bCA$84.7bCA$14.8b11x14.8x2.6x
Sat, 22 Nov 2025CA$226.4bCA$85.0bCA$14.8b11.7x15.3x2.7x
Mon, 20 Oct 2025CA$210.4bCA$87.8bCA$17.8b9.6x11.8x2.4x
Wed, 17 Sep 2025CA$214.7bCA$87.6bCA$17.8b10.1x12x2.4x
Fri, 15 Aug 2025CA$206.1bCA$87.8bCA$17.8b10.4x11.6x2.3x
Sun, 13 Jul 2025CA$213.2bCA$88.8bCA$16.8b10.1x12.7x2.4x
Tue, 10 Jun 2025CA$208.9bCA$88.8bCA$16.8b10.4x12.4x2.4x
Thu, 08 May 2025CA$187.9bCA$89.5bCA$13.8b8.2x13.6x2.1x
Sat, 05 Apr 2025CA$204.4bCA$89.3bCA$13.2b10.4x15.5x2.3x
Mon, 03 Mar 2025CA$201.5bCA$89.9bCA$14.0b10.5x14.4x2.2x
Wed, 29 Jan 2025CA$213.0bCA$89.8bCA$14.7b10.5x14.5x2.4x
Fri, 27 Dec 2024CA$210.2bCA$89.8bCA$14.7b9.9x14.3x2.3x
Sun, 24 Nov 2024CA$226.8bCA$89.6bCA$15.3b10.4x14.9x2.5x
Tue, 22 Oct 2024CA$218.1bCA$91.7bCA$14.4b10.1x15.2x2.4x
Thu, 19 Sep 2024CA$209.4bCA$91.9bCA$14.4b10x14.5x2.3x
Sat, 17 Aug 2024CA$230.8bCA$91.8bCA$14.5b10.2x15.9x2.5x
Mon, 15 Jul 2024CA$228.7bCA$89.1bCA$15.5b11.4x14.7x2.6x
Wed, 12 Jun 2024CA$231.3bCA$89.1bCA$15.6b11.4x14.8x2.6x
Fri, 10 May 2024CA$246.3bCA$90.6bCA$17.5b9.3x14.1x2.7x
Sun, 07 Apr 2024CA$252.1bCA$91.3bCA$19.7b9.2x12.8x2.8x
Tue, 05 Mar 2024CA$224.5bCA$88.4bCA$20.6b7.5x10.9x2.5x
Thu, 01 Feb 2024CA$223.2bCA$105.8bCA$24.9b5.7x9x2.1x
Sat, 30 Dec 2023CA$222.6bCA$105.5bCA$24.8b5.8x9x2.1x
Mon, 27 Nov 2023CA$236.3bCA$106.2bCA$24.9b6.3x9.5x2.2x
Wed, 25 Oct 2023CA$246.7bCA$110.5bCA$31.7b5.9x7.8x2.2x
Fri, 22 Sep 2023CA$228.9bCA$110.1bCA$31.6b5.9x7.2x2.1x
Sun, 20 Aug 2023CA$230.5bCA$110.1bCA$31.6b5.7x7.3x2.1x
Tue, 18 Jul 2023CA$209.8bCA$121.8bCA$38.8b4.1x5.4x1.7x
Price to Earnings Ratio

5.4x


Total Market Cap: CA$209.8bTotal Earnings: CA$38.8bTotal Revenue: CA$121.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Exploration and Production Industry Price to Earnings3Y Average 13.5x202420252026
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 22.0x which is higher than its 3-year average PE of 13.5x.
  • The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas Exploration and Production industry have declined 32% 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 Market0.023%
Energy2.41%
Oil and Gas2.43%
Oil and Gas Exploration and Production2.76%
Integrated Oil and Gas6.01%
Oil and Gas Storage and Transportation0.90%
Oil and Gas Refining and Marketing0.17%
Coal and Fuels-2.32%
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$59.104.3%
+CA$5.0b		34.6%PE12.7x
ARX ARC ResourcesCA$31.094.2%
+CA$702.1m		12.6%PE12.1x
WCP Whitecap ResourcesCA$15.203.3%
+CA$583.4m		57.8%PE21.9x
SCR Strathcona ResourcesCA$38.713.7%
+CA$295.6m		17.9%PE32.9x
BTE Baytex EnergyCA$5.753.8%
+CA$149.6m		117.8%PS2.8x

Latest News

WCP
CA$15.20
Whitecap Resources
7D
3.3%
1Y
57.8%
Narrative Update • Jul 10

WCP: Higher Fair Value View Will Rely On Dividend And Buyback Execution

Analysts have lifted their fair value estimate for Whitecap Resources from CA$21.97 to CA$23.51, reflecting a series of recent price target increases across the Street, including CA$20 targets from firms such as RBC Capital, BMO Capital, TD Securities, Canaccord, and Scotiabank. Analyst Commentary Recent research updates on Whitecap Resources point to a cluster of price target lifts toward CA$20, which lines up with the higher fair value estimate used in this analysis.
PXT
CA$22.30
Parex Resources
7D
6.1%
1Y
52.8%
PEY
CA$23.70
Peyto Exploration & Development
7D
-1.8%
1Y
23.1%
BTE
CA$5.75
Baytex Energy
7D
3.8%
1Y
117.8%
TPZ
CA$31.00
Topaz Energy
7D
2.2%
1Y
21.7%
SCR
CA$38.71
Strathcona Resources
7D
3.7%
1Y
17.9%
ARX
CA$31.09
ARC Resources
7D
4.2%
1Y
12.6%
Narrative Update • Jul 09

ARX: Shell Offer And Proxy Support Will Shape Balanced Risk Outlook

Analysts have raised the implied fair value for ARC Resources to CA$31.00 from CA$25.00, citing expectations for less severe revenue declines, improved profit margins, and a slightly lower future P/E multiple, even with a modestly higher discount rate. Analyst Commentary Recent research on ARC Resources highlights a cautious shift in sentiment, with several bearish analysts reassessing the stock after recent corporate developments and sector news.
IPCO
CA$30.44
International Petroleum
7D
-0.8%
1Y
36.7%
Narrative Update • Jul 09

IPCO: Blackrod Progress And Strong Margins Will Support Future Upside

International Petroleum's analyst price target has been revised higher to CA$38 from CA$34, with analysts pointing to updated expectations around fair value, revenue growth, profit margins, and a lower projected future P/E multiple as key drivers of the change. Analyst Commentary Bullish analysts covering International Petroleum are highlighting the recent move in the price target to CA$38 from CA$34 as a sign of increased confidence in how the current valuation lines up with their assessment of fair value.
TVE
CA$12.78
Tamarack Valley Energy
7D
-0.5%
1Y
151.6%
CNQ
CA$59.10
Canadian Natural Resources
7D
4.3%
1Y
34.6%
Narrative Update • Jul 06

CNQ: Future Oilsands Expansion And Pipeline Timing Will Shape Balanced Outlook

Analysts have lifted their fair value estimate for Canadian Natural Resources from CA$43.00 to about CA$57.47, citing updated price targets from firms covering the stock and revised assumptions for revenue trends, margins and future P/E expectations. Analyst Commentary Recent Street research on Canadian Natural Resources reflects a mix of optimism on the company and pockets of caution around execution risks, future growth assumptions and how current trading levels line up with updated fair value views.
TOU
CA$59.71
Tourmaline Oil
7D
-0.2%
1Y
-4.1%
SDE
CA$11.22
Spartan Delta
7D
-2.9%
1Y
155.6%
PSK
CA$32.36
PrairieSky Royalty
7D
1.3%
1Y
38.6%
BIR
CA$6.23
Birchcliff Energy
7D
-1.7%
1Y
-10.0%
Analysis Article • Jun 20

Birchcliff Energy (TSX:BIR) Stock Could Be 38% Below Fair Value After Dividend And Production Growth

Birchcliff Energy (TSX:BIR) drew investor attention after announcing a Q2 2026 quarterly cash dividend of CA$0.03 per common share and reporting a 6% year over year increase in production. See our latest analysis for Birchcliff Energy. At a share price of CA$6.44, Birchcliff Energy has seen its share price return fall 6.12% over the past month and 15.60% over the past quarter. The 5 year total shareholder return of 67.91% contrasts with a 1 year total shareholder return decline of 15.95%,...
CJ
CA$10.54
Cardinal Energy
7D
-3.3%
1Y
52.1%
RECO
CA$0.99
Reconnaissance Energy Africa
7D
-11.6%
1Y
125.0%