Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Oil and Gas Industry Analysis

UpdatedAug 25, 2026
DataAggregated Company Financials
Companies170
  • 7D0.8%
  • 3M-0.04%
  • 1Y40.7%
  • YTD30.4%

In the last week, the Oil and Gas industry is up 1.3%, with Canadian Natural Resources up 2.8%. This means that the industry has gained 41% over the past year. As for the next few years, earnings are expected to grow by 7.1% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 25 Aug 2026CA$996.4bCA$392.6bCA$48.0b21.2x20.8x2.5x
Thu, 23 Jul 2026CA$977.4bCA$348.3bCA$38.2b24.9x25.6x2.8x
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
Price to Earnings Ratio

11x


Total Market Cap: CA$610.2bTotal Earnings: CA$55.5bTotal Revenue: CA$401.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20.7x202420252026
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 20.7x.
  • 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 4.7% 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 Market-0.021%
Energy0.74%
Oil and Gas0.84%
Coal and Fuels3.59%
Oil and Gas Exploration and Production2.29%
Integrated Oil and Gas0.75%
Oil and Gas Refining and Marketing-0.89%
Oil and Gas Storage and Transportation-1.11%
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 32.8%, 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 36% over the next 5 years.
  • This is better than its past earnings decline of 33% per year.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings decline by 5.2% 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$70.272.8%
+CA$3.9b		63.3%PE12.3x
CCO CamecoCA$141.603.6%
+CA$2.1b		36.2%PE173.8x
IMO Imperial OilCA$189.811.4%
+CA$1.3b		56.0%PE22.1x
SU Suncor EnergyCA$93.300.8%
+CA$830.4m		66.7%PE12.2x
TOU Tourmaline OilCA$62.163.4%
+CA$804.4m		7.9%PE64x

Latest News

CNQ
CA$70.27
Canadian Natural Resources
7D
2.8%
1Y
63.3%
CCO
CA$141.60
Cameco
7D
3.6%
1Y
36.2%
Narrative Update • Aug 21

CCO: Fair Outlook Balances Uranium Upside With Production And Margin Risks

Analysts now place Cameco's fair value at CA$149.06, up from CA$144.91. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E expectations.
GEI
CA$31.03
Gibson Energy
7D
-2.8%
1Y
19.0%
DML
CA$4.89
Denison Mines
7D
10.9%
1Y
69.8%
IMO
CA$189.81
Imperial Oil
7D
1.4%
1Y
56.0%
Narrative Update • Aug 20

IMO: Future Returns Will Depend On 2026 Strip Prices Not Buybacks

Imperial Oil's analyst fair value has shifted from CA$153.19 to CA$157.12 as analysts factor in updated 2026 strip prices, mixed price target revisions between CA$138 and CA$159, a higher discount rate, modestly higher profit margin assumptions, and a slightly richer future P/E of about 17.7x. Analyst Commentary Recent research on Imperial Oil shows a mixed but fairly tight cluster of price targets, with most analysts anchoring their views between about CA$138 and CA$159.
WCP
CA$18.03
Whitecap Resources
7D
2.9%
1Y
77.1%
Narrative Update • Aug 20

WCP: Higher 2026 Production And Buybacks Will Support Balanced Upside Potential

Analysts raised their price target on Whitecap Resources to CA$20.00 from CA$18.00, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E multiples. What's in the News for Whitecap Resources Whitecap Resources reported second quarter 2026 production results, with crude oil and condensate volumes of 200,725 bbls/d, NGLs of 38,358 bbls/d, natural gas of 898,864 Mcf/d and total average daily production of 388,894 boe/d for the quarter.
LCFS
CA$19.09
Tidewater Renewables
7D
-8.8%
1Y
436.2%
TWM
CA$20.59
Tidewater Midstream and Infrastructure
7D
-10.7%
1Y
368.0%
Narrative Update • Aug 20

TWM: Stable Operations And Renewables Catalysts Will Support Forward Returns

Tidewater Midstream and Infrastructure's updated analyst fair value estimate has shifted to CA$30.00 from CA$25.00, reflecting higher Street price targets and analyst expectations that a more stable business profile, along with possible catalysts at its deconsolidated operations and majority-owned Tidewater Renewables, support a lower assumed discount rate, higher profit margins and a reduced future P/E multiple. Analyst Commentary Recent research updates on Tidewater Midstream and Infrastructure point to a more constructive tone from bullish analysts, with several revisions to price targets and ratings over the past few months.
LGN
CA$1.09
Logan Energy
7D
-4.4%
1Y
41.6%
TOU
CA$62.16
Tourmaline Oil
7D
3.4%
1Y
7.9%
SU
CA$93.30
Suncor Energy
7D
0.8%
1Y
66.7%
SCR
CA$43.44
Strathcona Resources
7D
-1.2%
1Y
16.1%
KEY
CA$60.08
Keyera
7D
2.1%
1Y
32.4%
ENB
CA$69.36
Enbridge
7D
-1.2%
1Y
5.1%
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$86.00
TC Energy
7D
-2.1%
1Y
22.2%
ATH
CA$10.78
Athabasca Oil
7D
-1.3%
1Y
75.9%