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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJul 04, 2026
DataAggregated Company Financials
Companies169
  • 7D-1.2%
  • 3M-5.3%
  • 1Y38.3%
  • YTD20.7%

Over the last 7 days, the Oil and Gas industry has dropped 2.1%, driven by a pullback from Enbridge of 3.9%. Over the past 12 months, the industry was up 37%. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 04 Jul 2026CA$915.2bCA$348.3bCA$38.1b22.8x24x2.6x
Mon, 01 Jun 2026CA$962.2bCA$348.0bCA$38.2b24.2x25.2x2.8x
Wed, 29 Apr 2026CA$947.4bCA$342.1bCA$41.2b19.9x23x2.8x
Fri, 27 Mar 2026CA$971.1bCA$342.3bCA$41.4b18.9x23.5x2.8x
Sun, 22 Feb 2026CA$895.4bCA$344.1bCA$40.4b17.4x22.2x2.6x
Tue, 20 Jan 2026CA$799.6bCA$357.0bCA$38.5b15.3x20.8x2.2x
Thu, 18 Dec 2025CA$730.9bCA$358.0bCA$38.6b14.4x18.9x2x
Sat, 15 Nov 2025CA$758.3bCA$357.9bCA$37.8b14.7x20.1x2.1x
Mon, 13 Oct 2025CA$752.0bCA$390.8bCA$43.9b11.9x17.1x1.9x
Wed, 10 Sep 2025CA$733.2bCA$390.6bCA$43.9b12.1x16.7x1.9x
Fri, 08 Aug 2025CA$707.7bCA$391.3bCA$43.3b12.3x16.4x1.8x
Sun, 06 Jul 2025CA$684.3bCA$394.3bCA$42.8b12.1x16x1.7x
Tue, 03 Jun 2025CA$662.9bCA$394.4bCA$42.8b11.9x15.5x1.7x
Thu, 01 May 2025CA$644.6bCA$386.8bCA$38.9b10.2x16.6x1.7x
Sat, 29 Mar 2025CA$683.8bCA$387.1bCA$38.8b13x17.6x1.8x
Mon, 24 Feb 2025CA$658.9bCA$388.4bCA$39.9b11.1x16.5x1.7x
Wed, 22 Jan 2025CA$708.8bCA$388.3bCA$45.1b11.3x15.7x1.8x
Fri, 20 Dec 2024CA$654.3bCA$388.3bCA$45.1b10.2x14.5x1.7x
Sun, 17 Nov 2024CA$696.6bCA$388.2bCA$45.6b10.8x15.3x1.8x
Tue, 15 Oct 2024CA$700.2bCA$386.3bCA$43.7b12.1x16x1.8x
Thu, 12 Sep 2024CA$626.9bCA$386.5bCA$43.8b11.5x14.3x1.6x
Sat, 10 Aug 2024CA$647.2bCA$375.5bCA$43.6b11x14.8x1.7x
Mon, 08 Jul 2024CA$643.7bCA$366.0bCA$43.4b11.9x14.8x1.8x
Wed, 05 Jun 2024CA$655.0bCA$366.1bCA$43.4b12.3x15.1x1.8x
Fri, 03 May 2024CA$654.1bCA$369.0bCA$47.9b9.3x13.7x1.8x
Sun, 31 Mar 2024CA$650.5bCA$367.9bCA$48.3b10.2x13.5x1.8x
Tue, 27 Feb 2024CA$600.7bCA$367.1bCA$49.4b8x12.1x1.6x
Thu, 25 Jan 2024CA$595.7bCA$386.4bCA$47.8b6.6x12.5x1.5x
Sat, 23 Dec 2023CA$600.2bCA$385.9bCA$47.7b6.3x12.6x1.6x
Mon, 20 Nov 2023CA$624.7bCA$387.2bCA$47.9b6.7x13x1.6x
Wed, 18 Oct 2023CA$635.4bCA$401.4bCA$55.6b6.6x11.4x1.6x
Fri, 15 Sep 2023CA$624.2bCA$401.2bCA$55.5b6.6x11.2x1.6x
Sun, 13 Aug 2023CA$603.9bCA$405.3bCA$57.4b6.3x10.5x1.5x
Tue, 11 Jul 2023CA$556.6bCA$436.8bCA$67.5b5.1x8.2x1.3x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$556.6bTotal Earnings: CA$67.5bTotal Revenue: CA$436.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20x202420252026
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 24.0x which is higher than its 3-year average PE of 20.0x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 2.6x.
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 Market0.96%
Energy-1.17%
Oil and Gas-1.17%
Oil and Gas Refining and Marketing5.37%
Integrated Oil and Gas1.42%
Oil and Gas Exploration and Production0.49%
Oil and Gas Storage and Transportation-3.51%
Coal and Fuels-3.99%
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 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 30% over the next 5 years.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings grow by 3.3% 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
SU Suncor EnergyCA$78.112.2%
+CA$2.0b		50.9%PE14.6x
CNQ Canadian Natural ResourcesCA$56.681.2%
+CA$1.4b		29.5%PE12.1x
IMO Imperial OilCA$163.291.5%
+CA$1.2b		47.8%PE27x
SES SECURE Waste InfrastructureCA$23.776.4%
+CA$309.6m		52.5%PE43.2x
TVE Tamarack Valley EnergyCA$12.853.8%
+CA$224.7m		163.3%PS4.5x

Latest News

CCO
CA$139.59
Cameco
7D
-5.7%
1Y
40.2%
DML
CA$4.54
Denison Mines
7D
3.4%
1Y
86.1%
SCR
CA$37.33
Strathcona Resources
7D
-3.0%
1Y
24.9%
Narrative Update • Jul 02

SCR: Future Re Rating Will Depend On Organic Growth Execution

Strathcona Resources' analyst price targets have moved higher, with recent updates such as Jefferies lifting its target to CA$56 from CA$45 and Scotiabank raising its target to CA$54 from CA$46, as analysts highlight the company's asset base and organic growth plan as not fully reflected in the current share price. Analyst Commentary Recent research on Strathcona Resources points to a more constructive tone, with several bullish analysts adjusting their views and price targets as they reassess the company’s asset base and growth plans.
WCP
CA$14.72
Whitecap Resources
7D
-1.7%
1Y
58.1%
ENB
CA$76.70
Enbridge
7D
-3.9%
1Y
26.0%
CNQ
CA$56.68
Canadian Natural Resources
7D
1.2%
1Y
29.5%
IMO
CA$163.29
Imperial Oil
7D
1.5%
1Y
47.8%
SOBO
CA$49.31
South Bow
7D
-4.9%
1Y
39.6%
KEY
CA$56.80
Keyera
7D
-2.8%
1Y
32.2%
Narrative Update • Jun 30

KEY: KAPS Ownership And Rail Terminal Partnership Will Shape Balanced Forward Outlook

Keyera's fair value estimate has been revised modestly higher to CA$62.93, supported by a series of analyst price target increases into the low to high CA$60s. These reflect updated models, recent equity and acquisition activity around the Key Access Pipeline System, and views that recent results and marketing conditions are constructive for the company.
TVE
CA$12.85
Tamarack Valley Energy
7D
3.8%
1Y
163.3%
CVE
CA$35.26
Cenovus Energy
7D
0.3%
1Y
84.0%
ARX
CA$29.85
ARC Resources
7D
0.7%
1Y
7.9%
Narrative Update • Jun 25

ARX: Future Returns Will Hinge On Shell Deal Approval And Integration

ARC Resources' analyst price target has been adjusted slightly lower to about CA$33.18 from approximately CA$33.24, as analysts factor in updated fair value estimates while keeping key assumptions such as discount rate, revenue growth, profit margin, and future P/E essentially unchanged. Analyst Commentary Recent research around ARC Resources points to a divided view on the stock, with some analysts adjusting price targets higher and others moving to more cautious stances, including a series of downgrades.
SU
CA$78.11
Suncor Energy
7D
2.2%
1Y
50.9%
Narrative Update • Jun 25

SU: Buybacks And Operational Momentum Will Drive Future Cash Return Expectations

The analyst price target for Suncor Energy has been adjusted slightly higher to CA$100.26 from CA$99.16, reflecting analysts' view that recent price target increases across several firms and a generally constructive stance on the company's operational progress are now more fully captured in the valuation. Analyst Commentary Recent research on Suncor Energy shows a mix of optimism and caution as analysts react to the company’s operational progress and current share valuation.
TRP
CA$94.71
TC Energy
7D
-4.2%
1Y
44.8%
Narrative Update • Jun 24

TRP: Q1 Execution And Fair Value Positioning Will Shape Forward Risk Reward

Analysts have modestly lifted their TC Energy price target to CA$103, with the change linked to updated sector models, Q1 guidance commentary, and a recent shift toward viewing the stock as closer to estimated intrinsic fair value. Analyst Commentary Recent research coverage on TC Energy has focused on how current valuation lines up with analysts’ estimates of intrinsic fair value, especially after the latest Q1 updates and sector model revisions.
GEI
CA$29.06
Gibson Energy
7D
-3.3%
1Y
22.2%
SES
CA$23.77
SECURE Waste Infrastructure
7D
6.4%
1Y
52.5%