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

Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJun 22, 2026
DataAggregated Company Financials
Companies170
  • 7D-2.9%
  • 3M-2.2%
  • 1Y39.5%
  • YTD22.8%

Over the last 7 days, the Oil and Gas industry has dropped 2.9%, driven by declines in Canadian Natural Resources and Suncor Energy of 7.5% and 8.9%, respectively. On the other hand Energy Fuels is actually up 11%. Over the past 12 months, the industry was up 40%. 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
Tue, 23 Jun 2026CA$938.2bCA$348.2bCA$38.1b24.5x24.6x2.7x
Thu, 21 May 2026CA$1.0tCA$348.2bCA$38.2b26x26.8x2.9x
Sat, 18 Apr 2026CA$938.7bCA$342.1bCA$41.3b17.9x22.8x2.7x
Mon, 16 Mar 2026CA$933.6bCA$342.4bCA$42.5b17.7x22x2.7x
Wed, 11 Feb 2026CA$848.8bCA$353.6bCA$37.8b16.9x22.4x2.4x
Fri, 09 Jan 2026CA$736.0bCA$357.0bCA$38.5b14.5x19.1x2.1x
Sun, 07 Dec 2025CA$775.9bCA$357.5bCA$38.5b15.2x20.1x2.2x
Tue, 04 Nov 2025CA$751.0bCA$361.8bCA$42.7b12.5x17.6x2.1x
Thu, 02 Oct 2025CA$766.6bCA$390.6bCA$43.9b12.3x17.5x2x
Sat, 30 Aug 2025CA$731.9bCA$390.6bCA$43.8b12.2x16.7x1.9x
Mon, 28 Jul 2025CA$700.1bCA$394.7bCA$42.8b12.5x16.3x1.8x
Wed, 25 Jun 2025CA$685.6bCA$394.4bCA$42.8b12.4x16x1.7x
Fri, 23 May 2025CA$662.1bCA$394.4bCA$42.9b11.4x15.4x1.7x
Sun, 20 Apr 2025CA$630.3bCA$386.8bCA$38.8b11.9x16.2x1.6x
Tue, 18 Mar 2025CA$653.6bCA$387.5bCA$38.2b12.6x17.1x1.7x
Thu, 13 Feb 2025CA$695.2bCA$388.0bCA$42.7b11.1x16.3x1.8x
Sat, 11 Jan 2025CA$701.2bCA$388.3bCA$45.1b11.7x15.6x1.8x
Mon, 09 Dec 2024CA$694.6bCA$388.2bCA$45.1b10.6x15.4x1.8x
Wed, 06 Nov 2024CA$676.7bCA$387.5bCA$43.3b11x15.6x1.7x
Fri, 04 Oct 2024CA$664.4bCA$386.2bCA$43.7b11.9x15.2x1.7x
Sun, 01 Sep 2024CA$664.1bCA$376.5bCA$43.2b12.2x15.4x1.8x
Tue, 30 Jul 2024CA$654.0bCA$366.9bCA$43.4b11x15.1x1.8x
Thu, 27 Jun 2024CA$641.4bCA$366.1bCA$43.4b11.9x14.8x1.8x
Sat, 25 May 2024CA$668.1bCA$367.8bCA$44.0b12.4x15.2x1.8x
Mon, 22 Apr 2024CA$661.7bCA$368.1bCA$48.4b9.3x13.7x1.8x
Wed, 20 Mar 2024CA$636.8bCA$363.6bCA$48.2b9.8x13.2x1.8x
Fri, 16 Feb 2024CA$584.6bCA$382.2bCA$50.0b7x11.7x1.5x
Sun, 14 Jan 2024CA$612.1bCA$386.2bCA$47.7b6.8x12.8x1.6x
Tue, 12 Dec 2023CA$596.0bCA$386.5bCA$47.8b6.3x12.5x1.5x
Thu, 09 Nov 2023CA$616.2bCA$394.5bCA$47.8b6.3x12.9x1.6x
Sat, 07 Oct 2023CA$600.7bCA$401.5bCA$55.6b6.1x10.8x1.5x
Mon, 04 Sep 2023CA$622.0bCA$401.4bCA$55.6b6.5x11.2x1.5x
Wed, 02 Aug 2023CA$586.2bCA$420.0bCA$61.0b5.7x9.6x1.4x
Fri, 30 Jun 2023CA$552.8bCA$436.7bCA$67.5b5x8.2x1.3x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$552.8bTotal Earnings: CA$67.5bTotal Revenue: CA$436.7bTotal 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 24.6x 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-1.03%
Energy-2.88%
Oil and Gas-2.89%
Coal and Fuels6.78%
Oil and Gas Refining and Marketing-0.82%
Oil and Gas Storage and Transportation-1.16%
Oil and Gas Exploration and Production-4.18%
Integrated Oil and Gas-7.11%
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 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$151.741.3%
+CA$853.6m		58.5%PE101.6x
EFR Energy FuelsCA$22.874.6%
+CA$252.4m		203.7%PS47.5x
TRP TC EnergyCA$96.910.08%
+CA$83.4m		49.5%PE28.6x
BIR Birchcliff EnergyCA$6.483.8%
+CA$65.8m		-13.4%PE25.7x
AAV Advantage EnergyCA$10.013.4%
+CA$55.3m		-17.3%PE15x

Latest News

CCO
CA$151.74
Cameco
7D
1.3%
1Y
58.5%
EFR
CA$22.87
Energy Fuels
7D
4.6%
1Y
203.7%
BIR
CA$6.48
Birchcliff Energy
7D
3.8%
1Y
-13.4%
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%,...
ENB
CA$77.68
Enbridge
7D
-0.9%
1Y
25.9%
Analysis Article • Jun 20

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...
AAV
CA$10.01
Advantage Energy
7D
3.4%
1Y
-17.3%
CVE
CA$36.33
Cenovus Energy
7D
-4.3%
1Y
90.0%
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...
WCP
CA$15.58
Whitecap Resources
7D
-3.7%
1Y
69.5%
FEC
CA$16.67
Frontera Energy
7D
4.3%
1Y
148.1%
JEV
CA$0.24
Jericho Energy Ventures
7D
63.3%
1Y
75.0%
PPL
CA$65.77
Pembina Pipeline
7D
-1.6%
1Y
30.0%
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.
SU
CA$79.47
Suncor Energy
7D
-4.7%
1Y
48.5%
Analysis Article • Jun 16

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

Why Suncor Energy Filed a Universal Shelf Registration Suncor Energy (TSX:SU) has filed an omnibus universal shelf registration that covers potential offerings of debt securities, common shares, preferred stock, warrants, units, share purchase contracts, and share purchase units. This filing does not commit Suncor Energy to an immediate capital raise. However, it gives the company flexibility to issue a variety of securities if it chooses to access markets in the future. See our latest...
CNQ
CA$59.14
Canadian Natural Resources
7D
-4.1%
1Y
34.0%
LCFS
CA$12.31
Tidewater Renewables
7D
11.8%
1Y
364.5%
Narrative Update • Jun 14

LCFS: Rising Profitability Assumptions Will Support A Higher Future Earnings Multiple

Analysts have raised their fair value estimate for Tidewater Renewables from CA$7.94 to CA$12.81, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples that align with recent price target increases from major banks. Analyst Commentary Recent research reports have focused on Tidewater Renewables' valuation framework, with several price target adjustments reflecting updated views on discount rates, revenue expectations, margins and future P/E multiples.
TRP
CA$96.91
TC Energy
7D
0.08%
1Y
49.5%
Narrative Update • Jun 06

TRP: Q1 Execution And Appalachia Expansion Will Shape Forward Risk Reward Balance

TC Energy's analyst price target has been adjusted higher, with CA$ fair value moving from about CA$91.30 to CA$93.61 as analysts factor in updated Q1 models, slightly lower discount rates, modestly higher revenue growth assumptions, and a slightly higher future P/E multiple across recent research. Analyst Commentary Recent Street research on TC Energy has leaned more supportive, with a series of higher price targets and a few upgrades clustered around the Q1 reporting period.
IMO
CA$161.61
Imperial Oil
7D
-4.0%
1Y
48.9%
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.
SOBO
CA$50.76
South Bow
7D
-3.8%
1Y
39.2%