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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedAug 01, 2026
DataAggregated Company Financials
Companies169
  • 7D-1.4%
  • 3M-0.1%
  • 1Y44.4%
  • YTD28.9%

Over the last 7 days, the Oil and Gas industry has dropped 1.4%, driven by a pullback from Enbridge of 4.9%. This takes the industry's 12 month performance to a gain of 44%. Looking forward, earnings are forecast to grow by 7.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 02 Aug 2026CA$989.6bCA$358.9bCA$41.7b22.4x23.8x2.8x
Tue, 30 Jun 2026CA$933.1bCA$348.3bCA$38.1b23.4x24.5x2.7x
Thu, 28 May 2026CA$997.0bCA$348.3bCA$38.2b24x26.1x2.9x
Sat, 25 Apr 2026CA$945.2bCA$342.1bCA$41.2b19.7x22.9x2.8x
Mon, 23 Mar 2026CA$949.4bCA$342.3bCA$41.4b18.8x23x2.8x
Wed, 18 Feb 2026CA$879.5bCA$355.0bCA$39.3b17x22.4x2.5x
Fri, 16 Jan 2026CA$790.7bCA$357.0bCA$38.5b15.3x20.6x2.2x
Sun, 14 Dec 2025CA$759.7bCA$358.0bCA$38.6b15x19.7x2.1x
Tue, 11 Nov 2025CA$754.8bCA$361.9bCA$38.3b14x19.7x2.1x
Thu, 09 Oct 2025CA$775.0bCA$390.7bCA$43.9b12.7x17.6x2x
Sat, 06 Sep 2025CA$728.9bCA$390.6bCA$43.9b11.9x16.6x1.9x
Mon, 04 Aug 2025CA$700.0bCA$392.9bCA$43.8b12.4x16x1.8x
Wed, 02 Jul 2025CA$686.0bCA$394.3bCA$42.8b12.2x16x1.7x
Fri, 30 May 2025CA$669.1bCA$394.4bCA$42.9b11.9x15.6x1.7x
Sun, 27 Apr 2025CA$642.4bCA$386.9bCA$38.9b11.8x16.5x1.7x
Tue, 25 Mar 2025CA$679.1bCA$387.5bCA$38.1b13x17.8x1.8x
Thu, 20 Feb 2025CA$668.5bCA$389.7bCA$40.6b11x16.5x1.7x
Sat, 18 Jan 2025CA$689.7bCA$388.4bCA$45.0b11.2x15.3x1.8x
Mon, 16 Dec 2024CA$677.1bCA$388.3bCA$45.1b10.6x15x1.7x
Wed, 13 Nov 2024CA$692.4bCA$387.4bCA$45.2b10.7x15.3x1.8x
Fri, 11 Oct 2024CA$688.0bCA$386.3bCA$43.7b11.8x15.8x1.8x
Sun, 08 Sep 2024CA$634.8bCA$386.5bCA$43.8b11.3x14.5x1.6x
Tue, 06 Aug 2024CA$634.9bCA$375.4bCA$44.5b10.3x14.3x1.7x
Thu, 04 Jul 2024CA$650.9bCA$366.0bCA$43.3b12.1x15x1.8x
Sat, 01 Jun 2024CA$667.7bCA$366.0bCA$43.4b13x15.4x1.8x
Mon, 29 Apr 2024CA$673.8bCA$368.2bCA$48.2b9.6x14x1.8x
Wed, 27 Mar 2024CA$647.0bCA$363.8bCA$47.9b9.8x13.5x1.8x
Fri, 23 Feb 2024CA$616.0bCA$383.9bCA$52.5b8.3x11.7x1.6x
Sun, 21 Jan 2024CA$594.1bCA$386.2bCA$47.7b6.6x12.4x1.5x
Tue, 19 Dec 2023CA$589.4bCA$386.2bCA$47.7b6.4x12.3x1.5x
Thu, 16 Nov 2023CA$622.7bCA$387.0bCA$48.1b6.7x12.9x1.6x
Sat, 14 Oct 2023CA$631.0bCA$401.5bCA$55.6b6.2x11.3x1.6x
Mon, 11 Sep 2023CA$622.0bCA$401.4bCA$55.6b6.4x11.2x1.5x
Wed, 09 Aug 2023CA$594.6bCA$407.1bCA$58.1b6.1x10.2x1.5x
Price to Earnings Ratio

10.2x


Total Market Cap: CA$594.6bTotal Earnings: CA$58.1bTotal Revenue: CA$407.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20.4x202420252026
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 23.8x which is higher than its 3-year average PE of 20.4x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 11% per year over the last three years,
  • Revenues have also declined 4.1% 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-0.33%
Energy-1.44%
Oil and Gas-1.37%
Oil and Gas Refining and Marketing2.77%
Integrated Oil and Gas1.30%
Oil and Gas Exploration and Production0.48%
Coal and Fuels-2.08%
Oil and Gas Storage and Transportation-4.76%
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 28.1%, 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 30% over the next 5 years.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings decline 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
CNQ Canadian Natural ResourcesCA$66.782.0%
+CA$2.7b		56.3%PE14.3x
SU Suncor EnergyCA$94.141.4%
+CA$1.5b		74.8%PE17.6x
CVE Cenovus EnergyCA$42.272.3%
+CA$663.2m		106.9%PE11.7x
ARX ARC ResourcesCA$33.532.6%
+CA$475.9m		22.6%PE13.5x
IMO Imperial OilCA$181.750.3%
+CA$222.5m		58.2%PE30.1x

Latest News

IMO
CA$181.75
Imperial Oil
7D
0.3%
1Y
58.2%
ATH
CA$10.36
Athabasca Oil
7D
-5.5%
1Y
81.8%
BTE
CA$6.39
Baytex Energy
7D
4.9%
1Y
120.3%
CVE
CA$42.27
Cenovus Energy
7D
2.3%
1Y
106.9%
TRP
CA$94.40
TC Energy
7D
-5.2%
1Y
41.4%
TOU
CA$61.91
Tourmaline Oil
7D
-5.0%
1Y
7.5%
PPL
CA$68.54
Pembina Pipeline
7D
-5.4%
1Y
33.6%
CCO
CA$120.98
Cameco
7D
-2.3%
1Y
20.2%
ARX
CA$33.53
ARC Resources
7D
2.6%
1Y
22.6%
GEI
CA$32.09
Gibson Energy
7D
3.2%
1Y
27.6%
ENB
CA$76.28
Enbridge
7D
-4.9%
1Y
19.7%
SOBO
CA$51.98
South Bow
7D
-4.2%
1Y
43.0%
Narrative Update • Jul 24

SOBO: Keystone Cash Flow Support Will Likely Prove Fully Priced

South Bow's analyst fair value estimate has moved from CA$38.45 to CA$47.16 as analysts factor in updated price targets and expectations for steadier cash flow from core pipeline assets and key growth projects such as Keystone, Prairie Connector and the SBT project. Analyst Commentary Recent research on South Bow points to a cluster of updated price targets around its core pipeline and midstream assets, with analysts weighing the impact of projects such as Keystone, Prairie Connector and the SBT project on valuation and execution risk.
KEY
CA$59.56
Keyera
7D
-1.9%
1Y
36.4%
SU
CA$94.14
Suncor Energy
7D
1.4%
1Y
74.8%
Narrative Update • Jul 23

SU: Fair Outlook Balances Capital Returns With Commodity And Execution Risks

Analysts have lifted the fair value estimate for Suncor Energy to CA$90 from CA$72, reflecting updated sector pricing assumptions, a modestly higher discount rate, and revised expectations for revenue declines, profit margins, and future P/E multiples. Analyst Commentary Street research on Suncor Energy has been active, with several firms revisiting their price targets and ratings as they update sector assumptions and commodity price inputs.
CNQ
CA$66.78
Canadian Natural Resources
7D
2.0%
1Y
56.3%
Narrative Update • Jul 21

CNQ: Future Cash Returns Look Supported By Record Output And Carbon Capture

Analysts have raised their fair value estimate for Canadian Natural Resources from CA$75.00 to about CA$83.23, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple, along with recent shifts in Street price targets in the CA$71 to CA$74 range. Analyst Commentary Recent research on Canadian Natural Resources shows a range of views on valuation, but several bullish analysts are highlighting upside potential tied to execution and capital allocation.
SES
CA$24.16
SECURE Waste Infrastructure
7D
2.8%
1Y
58.0%