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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJun 01, 2026
DataAggregated Company Financials
Companies171
  • 7D-3.9%
  • 3M4.6%
  • 1Y47.1%
  • YTD26.0%

Over the last 7 days, the Oil and Gas industry has dropped 3.9%, driven by Enbridge declining 4.6%. In contrast, Cameco has gained 5.5%. Over the past 12 months, the industry was up 47%. 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
Wed, 03 Jun 2026CA$962.2bCA$348.0bCA$38.2b24.2x25.2x2.8x
Fri, 01 May 2026CA$975.8bCA$342.8bCA$41.3b21.9x23.6x2.8x
Sun, 29 Mar 2026CA$981.8bCA$342.2bCA$41.3b20.7x23.8x2.9x
Tue, 24 Feb 2026CA$891.1bCA$344.2bCA$40.4b17.8x22x2.6x
Thu, 22 Jan 2026CA$792.9bCA$357.0bCA$38.5b15.8x20.6x2.2x
Sat, 20 Dec 2025CA$728.1bCA$357.4bCA$38.5b14.1x18.9x2x
Mon, 17 Nov 2025CA$771.5bCA$357.7bCA$38.6b14.7x20x2.2x
Wed, 15 Oct 2025CA$752.1bCA$390.8bCA$43.9b12.2x17.1x1.9x
Fri, 12 Sep 2025CA$743.5bCA$390.6bCA$43.9b12.4x16.9x1.9x
Sun, 10 Aug 2025CA$703.3bCA$390.2bCA$44.3b11.8x15.9x1.8x
Tue, 08 Jul 2025CA$684.3bCA$394.3bCA$42.8b11.9x16x1.7x
Thu, 05 Jun 2025CA$678.8bCA$394.3bCA$42.8b11.9x15.8x1.7x
Sat, 03 May 2025CA$639.5bCA$387.1bCA$39.0b10.6x16.4x1.7x
Mon, 31 Mar 2025CA$678.4bCA$387.1bCA$38.8b13x17.5x1.8x
Wed, 26 Feb 2025CA$654.0bCA$388.5bCA$39.5b11.1x16.6x1.7x
Fri, 24 Jan 2025CA$706.4bCA$388.3bCA$45.1b11.2x15.7x1.8x
Sun, 22 Dec 2024CA$654.3bCA$388.3bCA$45.1b10.2x14.5x1.7x
Tue, 19 Nov 2024CA$701.7bCA$388.2bCA$45.6b11.1x15.4x1.8x
Thu, 17 Oct 2024CA$684.2bCA$386.3bCA$43.7b11.8x15.7x1.8x
Sat, 14 Sep 2024CA$632.2bCA$386.5bCA$43.8b11.8x14.4x1.6x
Mon, 12 Aug 2024CA$649.9bCA$376.2bCA$43.6b10.5x14.9x1.7x
Wed, 10 Jul 2024CA$641.8bCA$366.0bCA$43.4b11.5x14.8x1.8x
Fri, 07 Jun 2024CA$649.5bCA$366.1bCA$43.4b12.5x15x1.8x
Sun, 05 May 2024CA$659.4bCA$368.9bCA$46.8b9.3x14.1x1.8x
Tue, 02 Apr 2024CA$650.5bCA$368.0bCA$48.4b10.2x13.5x1.8x
Thu, 29 Feb 2024CA$603.8bCA$367.2bCA$49.5b8.1x12.2x1.6x
Sat, 27 Jan 2024CA$605.2bCA$386.2bCA$47.8b6.7x12.7x1.6x
Mon, 25 Dec 2023CA$600.7bCA$385.9bCA$47.7b6.3x12.6x1.6x
Wed, 22 Nov 2023CA$624.6bCA$386.8bCA$47.9b6.7x13x1.6x
Fri, 20 Oct 2023CA$636.3bCA$401.6bCA$55.6b6.6x11.4x1.6x
Sun, 17 Sep 2023CA$633.1bCA$401.2bCA$55.5b6.7x11.4x1.6x
Tue, 15 Aug 2023CA$598.7bCA$405.4bCA$57.4b6.1x10.4x1.5x
Thu, 13 Jul 2023CA$564.0bCA$436.6bCA$67.5b5.2x8.4x1.3x
Sat, 10 Jun 2023CA$566.4bCA$437.0bCA$67.6b4.5x8.4x1.3x
Price to Earnings Ratio

8.4x


Total Market Cap: CA$566.4bTotal Earnings: CA$67.6bTotal Revenue: CA$437.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 19.5x202420252026
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 25.2x which is higher than its 3-year average PE of 19.5x.
  • The 3-year average PS ratio of 2.3x 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 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-0.35%
Energy-3.84%
Oil and Gas-3.89%
Coal and Fuels6.17%
Oil and Gas Exploration and Production-2.94%
Oil and Gas Storage and Transportation-4.94%
Oil and Gas Refining and Marketing-5.01%
Integrated Oil and Gas-6.83%
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
CCO CamecoCA$166.8611.6%
+CA$7.6b		103.8%PE111.7x
CNQ Canadian Natural ResourcesCA$65.401.0%
+CA$1.4b		51.6%PE14x
NXE NexGen EnergyCA$17.1813.2%
+CA$1.3b		96.6%PB6.7x
CVE Cenovus EnergyCA$40.501.4%
+CA$1.0b		117.3%PE16.4x
PPL Pembina PipelineCA$67.491.2%
+CA$465.1m		29.5%PE25.3x

Latest News

ARX
CA$32.00
ARC Resources
7D
2.3%
1Y
8.0%
CCO
CA$166.86
Cameco
7D
11.6%
1Y
103.8%
POU
CA$31.04
Paramount Resources
7D
-2.0%
1Y
55.8%
SOBO
CA$50.90
South Bow
7D
-1.9%
1Y
39.4%
NXE
CA$17.18
NexGen Energy
7D
13.2%
1Y
96.6%
IMO
CA$172.18
Imperial Oil
7D
-3.4%
1Y
70.5%
SES
CA$20.41
SECURE Waste Infrastructure
7D
-4.1%
1Y
33.5%
CVE
CA$40.50
Cenovus Energy
7D
1.4%
1Y
117.3%
DML
CA$5.05
Denison Mines
7D
9.1%
1Y
118.6%
SU
CA$90.37
Suncor Energy
7D
-0.2%
1Y
78.4%
CNQ
CA$65.40
Canadian Natural Resources
7D
1.0%
1Y
51.6%
PPL
CA$67.49
Pembina Pipeline
7D
1.2%
1Y
29.5%
ENB
CA$77.96
Enbridge
7D
-1.0%
1Y
20.7%
TRP
CA$94.20
TC Energy
7D
-2.0%
1Y
33.9%
EFR
CA$26.99
Energy Fuels
7D
6.1%
1Y
253.3%
IPCO
CA$35.86
International Petroleum
7D
-2.2%
1Y
74.2%
Narrative Update • May 20

IPCO: Fair Outlook Tied To 2026 Output And Refined Earnings Assumptions

International Petroleum's analyst price target has been updated to CA$40.71 from CA$38.44, with analysts pointing to revised fair value estimates, adjusted discount rates, and refreshed assumptions for revenue growth, profit margins, and future P/E to support the change, in line with recent target increases and rating moves from major brokers. Analyst Commentary Recent research updates on International Petroleum have focused on revised price targets and rating changes tied to refreshed assumptions for growth, profitability, and valuation multiples.