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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedAug 07, 2026
DataAggregated Company Financials
Companies169
  • 7D-4.0%
  • 3M-1.1%
  • 1Y38.1%
  • YTD24.3%

Over the last 7 days, the Oil and Gas industry has dropped 4.0%, driven by pullbacks in Enbridge and Suncor Energy of 6.8% and 8.0%, respectively. Meanwhile, Cameco actually outperformed within the industry, gaining 6.3% in the last week. In the past year, the industry has gained 38%. Earnings are forecast to grow by 8.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 07 Aug 2026CA$943.0bCA$383.9bCA$44.6b21.1x21.2x2.5x
Sun, 05 Jul 2026CA$922.3bCA$348.3bCA$38.1b22.8x24.2x2.6x
Tue, 02 Jun 2026CA$962.2bCA$348.0bCA$38.2b24.2x25.2x2.8x
Thu, 30 Apr 2026CA$958.9bCA$342.6bCA$41.4b20.3x23.1x2.8x
Sat, 28 Mar 2026CA$965.1bCA$342.2bCA$41.3b20.7x23.4x2.8x
Mon, 23 Feb 2026CA$895.4bCA$344.1bCA$40.4b17.4x22.2x2.6x
Wed, 21 Jan 2026CA$801.1bCA$357.0bCA$38.5b15.3x20.8x2.2x
Fri, 19 Dec 2025CA$733.9bCA$358.0bCA$38.6b14.3x19x2.1x
Sun, 16 Nov 2025CA$771.5bCA$357.7bCA$38.6b14.7x20x2.2x
Tue, 14 Oct 2025CA$752.0bCA$390.8bCA$43.9b11.9x17.1x1.9x
Thu, 11 Sep 2025CA$733.2bCA$390.6bCA$43.9b12.4x16.7x1.9x
Sat, 09 Aug 2025CA$704.6bCA$390.8bCA$44.2b12.3x16x1.8x
Mon, 07 Jul 2025CA$684.3bCA$394.3bCA$42.8b12.1x16x1.7x
Wed, 04 Jun 2025CA$671.3bCA$394.4bCA$42.8b12.2x15.7x1.7x
Fri, 02 May 2025CA$635.4bCA$386.9bCA$38.9b10.7x16.3x1.6x
Sun, 30 Mar 2025CA$678.4bCA$387.1bCA$38.8b13x17.5x1.8x
Tue, 25 Feb 2025CA$658.9bCA$388.4bCA$39.8b11.3x16.5x1.7x
Thu, 23 Jan 2025CA$706.2bCA$388.3bCA$45.1b11.3x15.7x1.8x
Sat, 21 Dec 2024CA$651.9bCA$388.3bCA$45.1b10.2x14.5x1.7x
Mon, 18 Nov 2024CA$696.6bCA$388.2bCA$45.6b10.8x15.3x1.8x
Wed, 16 Oct 2024CA$684.3bCA$386.3bCA$43.7b12x15.7x1.8x
Fri, 13 Sep 2024CA$626.9bCA$386.5bCA$43.8b11.7x14.3x1.6x
Sun, 11 Aug 2024CA$649.9bCA$375.6bCA$43.7b10.5x14.9x1.7x
Tue, 09 Jul 2024CA$643.7bCA$366.0bCA$43.4b11.6x14.8x1.8x
Thu, 06 Jun 2024CA$645.7bCA$366.1bCA$43.4b12.4x14.9x1.8x
Sat, 04 May 2024CA$659.3bCA$368.9bCA$47.0b9.2x14x1.8x
Mon, 01 Apr 2024CA$650.5bCA$367.9bCA$48.3b10.2x13.5x1.8x
Wed, 28 Feb 2024CA$600.6bCA$367.2bCA$49.5b8x12.1x1.6x
Fri, 26 Jan 2024CA$600.2bCA$386.3bCA$47.8b6.7x12.6x1.6x
Sun, 24 Dec 2023CA$600.2bCA$385.9bCA$47.7b6.3x12.6x1.6x
Tue, 21 Nov 2023CA$624.6bCA$386.8bCA$47.9b6.7x13x1.6x
Thu, 19 Oct 2023CA$635.6bCA$401.6bCA$55.6b6.6x11.4x1.6x
Sat, 16 Sep 2023CA$624.2bCA$401.2bCA$55.5b6.6x11.2x1.6x
Mon, 14 Aug 2023CA$603.9bCA$405.3bCA$57.4b6.3x10.5x1.5x
Price to Earnings Ratio

10.5x


Total Market Cap: CA$603.9bTotal Earnings: CA$57.4bTotal Revenue: CA$405.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20.5x202420252026
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 20.5x.
  • 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 8.1% 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 Market1.14%
Energy-3.97%
Oil and Gas-4.03%
Coal and Fuels6.87%
Oil and Gas Refining and Marketing0.62%
Oil and Gas Exploration and Production-2.90%
Integrated Oil and Gas-5.76%
Oil and Gas Storage and Transportation-5.99%
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 27.7%, which is higher than its past year's earnings decline of 33.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 35% over the next 5 years.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings decline by 4.0% 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
CCO CamecoCA$131.366.3%
+CA$3.4b		25.1%PE161.2x
NXE NexGen EnergyCA$14.319.8%
+CA$858.2m		49.2%PB5.2x
EFR Energy FuelsCA$18.0510.3%
+CA$419.9m		36.8%PS30.4x
DML Denison MinesCA$4.377.1%
+CA$262.1m		41.9%PS849.4x
POU Paramount ResourcesCA$30.745.3%
+CA$226.2m		50.9%PE84.5x

Latest News

CNQ
CA$63.83
Canadian Natural Resources
7D
-3.6%
1Y
52.7%
PXT
CA$24.39
Parex Resources
7D
4.1%
1Y
49.4%
EFR
CA$18.05
Energy Fuels
7D
10.3%
1Y
36.8%
IPCO
CA$31.24
International Petroleum
7D
1.5%
1Y
32.7%
Narrative Update • Aug 06

IPCO: Free Cash Flow And Blackrod Progress Will Support Bullish Repricing

International Petroleum's updated fair value estimate points to a modestly lower implied analyst price target of about CA$33 from roughly CA$35, as analysts factor in slightly softer revenue growth assumptions along with firmer profit margin expectations and a reduced future P/E multiple. Analyst Commentary Recent Street research on International Petroleum has featured a mix of positive rating changes and tighter valuation work.
SU
CA$86.04
Suncor Energy
7D
-8.0%
1Y
60.5%
Narrative Update • Aug 06

SU: Refining Strength And Larger Buybacks Will Support Future Cash Returns

The analyst fair value estimate for Suncor Energy has been raised from CA$100.26 to CA$103.65 as analysts factor in updated price targets across the Street, including higher sector targets linked to rising refining crack spreads and refreshed commodity assumptions. Analyst Commentary Recent Street research on Suncor Energy shows a mix of optimism and caution, with several firms updating price targets and ratings through mid 2026.
CVVY
CA$1.92
Cavvy Energy
7D
15.0%
1Y
291.8%
Narrative Update • Aug 05

CVVY: Forward Sulphur Contract And Prepayments Will Support Future Bullish Repricing

Cavvy Energy's analyst price target has shifted from CA$1.95 to CA$2.75, with analysts pointing to updated assumptions for revenue growth, profit margin and future P/E, as well as recent coverage initiation at CA$2 by ATB Cormark, as key drivers of the new view. What's in the News for Cavvy Energy Cavvy Energy agreed to a new one year fixed price sulphur forward sales agreement beginning January 1, 2027, covering 200,000 mt of sulphur at a fixed price of US$525/mt before transportation and handling deductions.
NXE
CA$14.31
NexGen Energy
7D
9.8%
1Y
49.2%
CCO
CA$131.36
Cameco
7D
6.3%
1Y
25.1%
Narrative Update • Aug 04

CCO: Uranium Bull Case And Cigar Lake Exposure Will Shape Future Returns

Analysts have revised their Cameco price target to CA$144.91 from CA$152.06. This reflects updates to their models that now assume different revenue growth, profit margin and future P/E expectations.
IMO
CA$177.04
Imperial Oil
7D
-2.1%
1Y
51.6%
Narrative Update • Aug 04

IMO: Future Cash Returns Will Reflect Mixed Oil Price And Buyback Expectations

Analysts now place Imperial Oil's fair value at CA$200.63. This shift is driven by mixed price target changes across the Street, with CA$159 at Scotiabank, CA$156 at TD Securities, and CA$138 at Morgan Stanley reflecting updated views on oil pricing and sector performance.
ENB
CA$72.40
Enbridge
7D
-6.8%
1Y
11.8%
Narrative Update • Aug 04

ENB: Future Returns Will Reflect Regulated Assets And Sunrise Gas Expansion

Analysts have modestly raised the fair value estimate for Enbridge, lifting the price target from CA$78.48 to CA$80.14, as they factor in recent target changes across the Street and updated views on the company’s growth mix and valuation. Analyst Commentary Recent Street research on Enbridge shows a mix of optimism and caution as analysts reassess the stock's valuation, execution and growth profile following recent quarterly updates and management meetings.
TRP
CA$89.56
TC Energy
7D
-6.0%
1Y
31.1%
PPL
CA$67.37
Pembina Pipeline
7D
-4.5%
1Y
32.8%
CVE
CA$39.61
Cenovus Energy
7D
-6.8%
1Y
95.8%
TOU
CA$59.56
Tourmaline Oil
7D
-4.4%
1Y
2.3%
DML
CA$4.37
Denison Mines
7D
7.1%
1Y
41.9%
POU
CA$30.74
Paramount Resources
7D
5.3%
1Y
50.9%