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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJun 20, 2026
DataAggregated Company Financials
Companies170
  • 7D-4.1%
  • 3M-1.2%
  • 1Y37.3%
  • YTD22.8%

Over the last 7 days, the Oil and Gas industry has dropped 4.1%, driven by declines in Canadian Natural Resources and Suncor Energy of 7.5% and 8.9%, respectively. Meanwhile, Cameco actually outperformed within the industry, gaining 7.1% in the last week. In the past year, the industry has gained 37%. Looking forward, earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 20 Jun 2026CA$933.5bCA$348.2bCA$38.1b24.5x24.5x2.7x
Mon, 18 May 2026CA$1.0tCA$347.9bCA$38.2b25.8x26.4x2.9x
Wed, 15 Apr 2026CA$956.4bCA$342.1bCA$41.2b18.7x23.2x2.8x
Fri, 13 Mar 2026CA$921.8bCA$342.4bCA$42.5b18.7x21.7x2.7x
Sun, 08 Feb 2026CA$842.0bCA$353.7bCA$37.9b16.8x22.2x2.4x
Tue, 06 Jan 2026CA$748.9bCA$356.9bCA$38.5b14.5x19.5x2.1x
Thu, 04 Dec 2025CA$769.0bCA$357.6bCA$38.6b14.9x19.9x2.2x
Sat, 01 Nov 2025CA$762.0bCA$391.5bCA$43.6b12.4x17.5x1.9x
Mon, 29 Sep 2025CA$776.4bCA$390.7bCA$43.9b12.6x17.7x2x
Wed, 27 Aug 2025CA$725.5bCA$390.6bCA$43.8b11.8x16.6x1.9x
Fri, 25 Jul 2025CA$698.2bCA$394.9bCA$42.9b12.2x16.3x1.8x
Sun, 22 Jun 2025CA$749.1bCA$394.4bCA$42.8b13.2x17.5x1.9x
Tue, 20 May 2025CA$665.6bCA$394.5bCA$42.9b11.5x15.5x1.7x
Thu, 17 Apr 2025CA$612.4bCA$386.8bCA$38.8b11.8x15.8x1.6x
Sat, 15 Mar 2025CA$646.5bCA$387.5bCA$38.2b12.5x16.9x1.7x
Mon, 10 Feb 2025CA$678.3bCA$388.3bCA$42.8b10.9x15.9x1.7x
Wed, 08 Jan 2025CA$692.4bCA$388.3bCA$45.1b11x15.4x1.8x
Fri, 06 Dec 2024CA$699.2bCA$388.2bCA$45.1b10.8x15.5x1.8x
Sun, 03 Nov 2024CA$672.4bCA$388.0bCA$43.4b10.7x15.5x1.7x
Tue, 01 Oct 2024CA$650.2bCA$386.5bCA$43.7b11.6x14.9x1.7x
Thu, 29 Aug 2024CA$666.1bCA$376.5bCA$43.2b11.8x15.4x1.8x
Sat, 27 Jul 2024CA$650.1bCA$366.8bCA$43.4b11.1x15x1.8x
Mon, 24 Jun 2024CA$629.4bCA$366.0bCA$43.4b11.5x14.5x1.7x
Wed, 22 May 2024CA$675.8bCA$367.8bCA$43.9b12.6x15.4x1.8x
Fri, 19 Apr 2024CA$656.1bCA$368.1bCA$48.4b9.4x13.5x1.8x
Sun, 17 Mar 2024CA$630.3bCA$363.5bCA$48.2b9.7x13.1x1.7x
Tue, 13 Feb 2024CA$592.5bCA$381.7bCA$49.8b7.4x11.9x1.6x
Thu, 11 Jan 2024CA$606.7bCA$386.1bCA$47.7b6.7x12.7x1.6x
Sat, 09 Dec 2023CA$593.0bCA$386.5bCA$47.8b6.3x12.4x1.5x
Mon, 06 Nov 2023CA$635.1bCA$394.4bCA$50.2b6.8x12.7x1.6x
Wed, 04 Oct 2023CA$605.7bCA$401.5bCA$55.6b6.1x10.9x1.5x
Fri, 01 Sep 2023CA$610.2bCA$401.1bCA$55.5b6.3x11x1.5x
Sun, 30 Jul 2023CA$573.4bCA$423.2bCA$61.2b5.7x9.4x1.4x
Tue, 27 Jun 2023CA$545.4bCA$436.6bCA$67.4b4.8x8.1x1.2x
Price to Earnings Ratio

8.1x


Total Market Cap: CA$545.4bTotal Earnings: CA$67.4bTotal Revenue: CA$436.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 19.8x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Oil and Gas industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 24.5x which is higher than its 3-year average PE of 19.8x.
  • The 3-year average PS ratio of 2.3x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 17% per year over the last three years,
  • Revenues have also declined 7.3% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

CA Market-0.37%
Energy-4.08%
Oil and Gas-4.11%
Coal and Fuels7.72%
Oil and Gas Refining and Marketing-1.05%
Oil and Gas Storage and Transportation-1.91%
Oil and Gas Exploration and Production-6.39%
Integrated Oil and Gas-8.46%
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 28.0%, which is higher than its past year's earnings decline of 39.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 29% over the next 5 years.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings grow by 3.2% 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$151.077.1%
+CA$4.4b		61.0%PE101.1x
NXE NexGen EnergyCA$14.928.4%
+CA$767.8m		64.7%PB5.8x
EFR Energy FuelsCA$23.4211.3%
+CA$592.2m		214.8%PS48.6x
DML Denison MinesCA$4.7410.7%
+CA$416.3m		100.0%PS922.7x
ISO IsoEnergyCA$16.9218.1%
+CA$157.0m		73.5%PB2.1x

Latest News

ENB
CA$77.47
Enbridge
7D
-1.9%
1Y
25.9%
Analysis Article • 21h

Enbridge (TSX:ENB) Stock Could Be 65% Overvalued Based On A Popular Fair Value View

Recent Performance Snapshot for Enbridge Stock With no single headline event driving attention today, interest in Enbridge (TSX:ENB) is being shaped by its recent share performance and current fundamentals rather than a fresh catalyst. The stock closed at CA$77.47, with a gain of 0.5% over the past day and a decline of about 1.9% over the past week. Over the past month, Enbridge is down roughly 1.4%, while the past 3 months show a gain of about 5.7%. Looking over a longer horizon, Enbridge’s...
EFR
CA$23.42
Energy Fuels
7D
11.3%
1Y
214.8%
Analysis Article • Jun 19

Energy Fuels (TSX:EFR) Stock Could Be 44% Undervalued After $725 Million US Loan Backing

Energy Fuels (TSX:EFR) is back in focus after securing a conditional commitment for a $725 million, 20 year loan from the U.S. Office of Strategic Capital to expand its rare earths and critical minerals processing footprint. See our latest analysis for Energy Fuels. The conditional U.S. government loan news has landed on top of already strong momentum for Energy Fuels, with a 7 day share price return of 11.26% and a 1 year total shareholder return of 214.78% suggesting sentiment has shifted...
CVE
CA$35.66
Cenovus Energy
7D
-9.7%
1Y
77.4%
Analysis Article • Jun 19

Cenovus Energy (TSX:CVE) Stock Could Be 22.6% Undervalued As Options Trading Surges

A surge in options trading around Cenovus Energy (TSX:CVE), combined with conflicting views on whether the stock looks expensive or cheap and upbeat earnings expectations, has pushed the company firmly into the market spotlight. See our latest analysis for Cenovus Energy. Cenovus Energy’s recent pullback, with the share price down 10.71% over seven days and 18.70% over 30 days from CA$35.53, contrasts with a stronger backdrop that includes a 47.73% year to date share price return and an...
ARX
CA$29.84
ARC Resources
7D
-6.0%
1Y
-3.1%
EU
CA$2.27
enCore Energy
7D
18.2%
1Y
-31.8%
DML
CA$4.74
Denison Mines
7D
10.7%
1Y
100.0%
PPL
CA$65.50
Pembina Pipeline
7D
-3.1%
1Y
27.1%
Narrative Update • Jun 17

PPL: Ethane Supply Agreements And Dividend Increase Will Shape Future Outlook

Analysts have made a small upward adjustment to their price target for Pembina Pipeline, with fair value moving from about CA$67.11 to approximately CA$67.67. This reflects updated views on revenue growth, profit margins, and future P/E assumptions.
ISO
CA$16.92
IsoEnergy
7D
18.1%
1Y
73.5%
TOU
CA$60.69
Tourmaline Oil
7D
-4.0%
1Y
-9.7%
Narrative Update • Jun 16

TOU: Production Guidance And Mixed Ratings Will Shape Bullish Multi Year Path

Analysts have nudged their fair value estimate for Tourmaline Oil stock slightly lower to CA$71.45 from CA$71.50. This reflects a blend of recent target cuts from BMO and Canaccord alongside higher price targets from Raymond James and Morgan Stanley, while leaving the overall earnings and discount rate assumptions effectively unchanged.
SU
CA$78.32
Suncor Energy
7D
-8.9%
1Y
41.9%
Analysis Article • Jun 16

Suncor Energy (TSX:SU) Stock Could Be 15.9% Undervalued After Universal Shelf Filing

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CNQ
CA$58.66
Canadian Natural Resources
7D
-7.5%
1Y
27.5%
FSY
CA$0.50
Forsys Metals
7D
51.5%
1Y
-20.6%
CCO
CA$151.07
Cameco
7D
7.1%
1Y
61.0%
NXE
CA$14.92
NexGen Energy
7D
8.4%
1Y
64.7%
IMO
CA$158.20
Imperial Oil
7D
-6.8%
1Y
41.5%
Narrative Update • Jun 05

IMO: Future Cash Returns Will Depend On Alberta Pipeline Execution

Imperial Oil's updated fair value estimate edges higher to CA$204.82 from CA$204.58. This reflects modest tweaks to revenue growth, profit margin and future P/E assumptions as analysts recalibrate their price targets, including a slight trim from CA$157 to CA$156 and several recent upward revisions from other firms.
TNZ
CA$51.49
Tenaz Energy
7D
2.3%
1Y
169.6%