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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedAug 05, 2026
DataAggregated Company Financials
Companies170
  • 7D0.4%
  • 3M-0.1%
  • 1Y41.0%
  • YTD27.5%

Over the last 7 days, the Oil and Gas industry has remained flat, although notably Cameco gained 10%. As for the the longer term, the industry is up 41% over the past 12 months. As for the next few years, earnings are expected to grow by 9.4% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 06 Aug 2026CA$985.6bCA$378.4bCA$41.8b21.5x23.6x2.6x
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
Price to Earnings Ratio

10.5x


Total Market Cap: CA$603.9bTotal Earnings: CA$57.4bTotal Revenue: CA$405.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20.5x202420252026
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 23.6x which is higher than its 3-year average PE of 20.5x.
  • 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 10% per year over the last three years,
  • Revenues have also declined 2.3% 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 Market0.73%
Energy0.38%
Oil and Gas0.41%
Coal and Fuels6.90%
Oil and Gas Refining and Marketing4.97%
Oil and Gas Exploration and Production2.54%
Integrated Oil and Gas1.57%
Oil and Gas Storage and Transportation-3.52%
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 27.5%, 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 37% over the next 5 years.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings growth to stay flat 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$132.2011.3%
+CA$5.8b		25.6%PE162.2x
NXE NexGen EnergyCA$14.0712.3%
+CA$1.0b		44.3%PB5.1x
EFR Energy FuelsCA$17.4315.7%
+CA$589.8m		31.2%PS36.6x
DML Denison MinesCA$4.3314.2%
+CA$488.0m		39.7%PS841.7x
CVVY Cavvy EnergyCA$1.8920.4%
+CA$99.0m		302.1%PS2.4x

Latest News

URE
CA$1.80
Ur-Energy
7D
7.8%
1Y
4.7%
SU
CA$88.12
Suncor Energy
7D
-4.8%
1Y
63.5%
CVVY
CA$1.89
Cavvy Energy
7D
20.4%
1Y
302.1%
Narrative Update • Aug 05

CVVY: Forward Sulphur Contract And Prepayments Will Support Future Bullish Repricing

Cavvy Energy's analyst price target has shifted from CA$1.95 to CA$2.75, with analysts pointing to updated assumptions for revenue growth, profit margin and future P/E, as well as recent coverage initiation at CA$2 by ATB Cormark, as key drivers of the new view. What's in the News for Cavvy Energy Cavvy Energy agreed to a new one year fixed price sulphur forward sales agreement beginning January 1, 2027, covering 200,000 mt of sulphur at a fixed price of US$525/mt before transportation and handling deductions.
NXE
CA$14.07
NexGen Energy
7D
12.3%
1Y
44.3%
CCO
CA$132.20
Cameco
7D
11.3%
1Y
25.6%
Narrative Update • Aug 04

CCO: Uranium Bull Case And Cigar Lake Exposure Will Shape Future Returns

Analysts have revised their Cameco price target to CA$144.91 from CA$152.06. This reflects updates to their models that now assume different revenue growth, profit margin and future P/E expectations.
CNQ
CA$62.85
Canadian Natural Resources
7D
-3.8%
1Y
45.8%
Narrative Update • Aug 04

CNQ: Future Oilsands Expansion Will Test Market Optimism On Execution Risks

Analysts have adjusted their fair value estimate for Canadian Natural Resources to CA$60.00, reflecting updated views on its revenue outlook, profit margin profile and the P/E multiple they apply to the stock. Recent Street research has shown mixed moves in official price targets, including a reduction to CA$71.00 and earlier revisions between CA$70.00 and CA$74.00, alongside Sector Perform and Outperform ratings.
IMO
CA$175.72
Imperial Oil
7D
-2.9%
1Y
49.5%
Narrative Update • Aug 04

IMO: Future Cash Returns Will Reflect Mixed Oil Price And Buyback Expectations

Analysts now place Imperial Oil's fair value at CA$200.63. This shift is driven by mixed price target changes across the Street, with CA$159 at Scotiabank, CA$156 at TD Securities, and CA$138 at Morgan Stanley reflecting updated views on oil pricing and sector performance.
ENB
CA$72.71
Enbridge
7D
-6.3%
1Y
12.5%
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$89.47
TC Energy
7D
-5.4%
1Y
30.8%
PPL
CA$66.08
Pembina Pipeline
7D
-6.7%
1Y
30.5%
CVE
CA$38.82
Cenovus Energy
7D
-4.9%
1Y
90.4%
TOU
CA$59.14
Tourmaline Oil
7D
-8.3%
1Y
2.0%
EFR
CA$17.43
Energy Fuels
7D
15.7%
1Y
31.2%
DML
CA$4.33
Denison Mines
7D
14.2%
1Y
39.7%
ISO
CA$13.84
IsoEnergy
7D
5.7%
1Y
48.5%
SES
CA$24.09
SECURE Waste Infrastructure
7D
1.6%
1Y
57.5%