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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJul 20, 2026
DataAggregated Company Financials
Companies167
  • 7D0.04%
  • 3M4.3%
  • 1Y43.7%
  • YTD26.2%

Over the last 7 days, the Oil and Gas industry has risen 2.1%, and Canadian Natural Resources contributed the most with a gain of 3.9%. During this same period, the Cameco underperformed, falling 12%. In the last 12 months, the industry was up 42%. Looking forward, 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
Mon, 20 Jul 2026CA$964.8bCA$348.2bCA$38.2b23.7x25.3x2.8x
Wed, 17 Jun 2026CA$966.6bCA$348.2bCA$38.2b24.7x25.3x2.8x
Fri, 15 May 2026CA$989.7bCA$348.0bCA$38.2b26.1x25.9x2.8x
Sun, 12 Apr 2026CA$956.8bCA$342.2bCA$41.2b18.7x23.2x2.8x
Tue, 10 Mar 2026CA$905.6bCA$342.9bCA$42.5b17.7x21.3x2.6x
Thu, 05 Feb 2026CA$834.5bCA$353.5bCA$38.0b16.6x22x2.4x
Sat, 03 Jan 2026CA$749.6bCA$356.9bCA$38.5b15x19.5x2.1x
Mon, 01 Dec 2025CA$776.6bCA$357.6bCA$38.6b14.8x20.1x2.2x
Wed, 29 Oct 2025CA$751.6bCA$391.7bCA$43.9b12.4x17.1x1.9x
Fri, 26 Sep 2025CA$773.8bCA$390.7bCA$43.9b12.6x17.6x2x
Sun, 24 Aug 2025CA$725.2bCA$390.7bCA$43.8b12.2x16.6x1.9x
Tue, 22 Jul 2025CA$696.0bCA$394.3bCA$42.8b11.7x16.3x1.8x
Thu, 19 Jun 2025CA$756.3bCA$394.4bCA$42.8b13x17.7x1.9x
Sat, 17 May 2025CA$665.3bCA$394.5bCA$42.9b11.2x15.5x1.7x
Mon, 14 Apr 2025CA$603.1bCA$386.7bCA$38.8b10.5x15.5x1.6x
Wed, 12 Mar 2025CA$641.6bCA$387.5bCA$38.4b11x16.7x1.7x
Fri, 07 Feb 2025CA$682.0bCA$388.0bCA$42.9b10.7x15.9x1.8x
Sun, 05 Jan 2025CA$691.1bCA$388.4bCA$45.1b10.9x15.3x1.8x
Tue, 03 Dec 2024CA$707.7bCA$388.2bCA$45.1b10.9x15.7x1.8x
Thu, 31 Oct 2024CA$681.3bCA$386.3bCA$43.8b11.2x15.6x1.8x
Sat, 28 Sep 2024CA$638.3bCA$386.5bCA$43.7b11.4x14.6x1.7x
Mon, 26 Aug 2024CA$668.0bCA$376.5bCA$43.3b12.1x15.4x1.8x
Wed, 24 Jul 2024CA$657.8bCA$366.3bCA$43.4b11.6x15.2x1.8x
Fri, 21 Jun 2024CA$632.1bCA$366.0bCA$43.4b11.7x14.6x1.7x
Sun, 19 May 2024CA$675.8bCA$367.7bCA$43.9b12.6x15.4x1.8x
Tue, 16 Apr 2024CA$667.2bCA$368.1bCA$48.4b9.9x13.8x1.8x
Thu, 14 Mar 2024CA$624.2bCA$364.0bCA$48.7b9.1x12.8x1.7x
Sat, 10 Feb 2024CA$587.3bCA$384.2bCA$47.0b7.3x12.5x1.5x
Mon, 08 Jan 2024CA$612.2bCA$386.1bCA$47.7b6.7x12.8x1.6x
Wed, 06 Dec 2023CA$618.1bCA$386.5bCA$47.8b6.4x12.9x1.6x
Fri, 03 Nov 2023CA$629.6bCA$399.9bCA$52.3b6.7x12x1.6x
Sun, 01 Oct 2023CA$621.5bCA$401.3bCA$55.6b6.5x11.2x1.5x
Tue, 29 Aug 2023CA$593.6bCA$401.3bCA$55.5b6.1x10.7x1.5x
Thu, 27 Jul 2023CA$579.0bCA$436.4bCA$67.1b5.3x8.6x1.3x
Price to Earnings Ratio

8.6x


Total Market Cap: CA$579.0bTotal Earnings: CA$67.1bTotal Revenue: CA$436.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20.2x202420252026
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 25.3x which is higher than its 3-year average PE of 20.2x.
  • The 3-year average PS ratio of 2.4x 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 7.2% 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-0.15%
Energy0.02%
Oil and Gas0.041%
Oil and Gas Storage and Transportation1.82%
Oil and Gas Exploration and Production1.04%
Oil and Gas Refining and Marketing0.28%
Integrated Oil and Gas-0.16%
Coal and Fuels-10.33%
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 27.9%, 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 3.4% 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
ENB EnbridgeCA$79.421.9%
+CA$3.2b		30.2%PE26.9x
TRP TC EnergyCA$97.791.7%
+CA$1.7b		50.7%PE28.8x
CNQ Canadian Natural ResourcesCA$61.420.8%
+CA$977.8m		46.8%PE13.2x
PPL Pembina PipelineCA$71.812.2%
+CA$901.2m		42.9%PE26.9x
SU Suncor EnergyCA$87.530.9%
+CA$897.4m		65.2%PE16.3x

Latest News

KEY
CA$59.95
Keyera
7D
2.6%
1Y
37.1%
SCR
CA$39.50
Strathcona Resources
7D
-2.4%
1Y
21.3%
PPL
CA$71.81
Pembina Pipeline
7D
2.2%
1Y
42.9%
TRP
CA$97.79
TC Energy
7D
1.7%
1Y
50.7%
Narrative Update • Jul 16

TRP: Gas Pipeline Expansion And Nuclear Links Will Shape Forward Risk Reward

The analyst price target for TC Energy has shifted higher in recent weeks, with several firms moving their targets into the CA$100 to CA$103 range. These changes are being supported by updated commodity price assumptions, refreshed midstream group models, and the view that the stock is closer to intrinsic fair value after its recent performance.
IMO
CA$171.89
Imperial Oil
7D
-1.7%
1Y
53.2%
CCO
CA$119.93
Cameco
7D
-11.8%
1Y
10.7%
EFR
CA$16.12
Energy Fuels
7D
-12.8%
1Y
28.0%
ARX
CA$32.27
ARC Resources
7D
2.6%
1Y
19.7%
Narrative Update • Jul 09

ARX: Shell Offer And Proxy Support Will Shape Balanced Risk Outlook

Analysts have raised the implied fair value for ARC Resources to CA$31.00 from CA$25.00, citing expectations for less severe revenue declines, improved profit margins, and a slightly lower future P/E multiple, even with a modestly higher discount rate. Analyst Commentary Recent research on ARC Resources highlights a cautious shift in sentiment, with several bearish analysts reassessing the stock after recent corporate developments and sector news.
SU
CA$87.53
Suncor Energy
7D
0.9%
1Y
65.2%
Narrative Update • Jul 09

SU: Operational Turnaround And Capital Returns Will Drive Future Upside Potential

The analyst price target for Suncor Energy has been reset from CA$109.42 to CA$118.00, reflecting updated views on oil prices, refreshed earnings estimates, and mixed but constructive Street commentary that includes both recent target trims and new Outperform ratings. Analyst Commentary Recent Street commentary on Suncor Energy offers a mixed but constructive picture, with valuation views and oil price assumptions pulling in different directions.
CNQ
CA$61.42
Canadian Natural Resources
7D
0.8%
1Y
46.8%
Narrative Update • Jul 06

CNQ: Future Oilsands Expansion And Pipeline Timing Will Shape Balanced Outlook

Analysts have lifted their fair value estimate for Canadian Natural Resources from CA$43.00 to about CA$57.47, citing updated price targets from firms covering the stock and revised assumptions for revenue trends, margins and future P/E expectations. Analyst Commentary Recent Street research on Canadian Natural Resources reflects a mix of optimism on the company and pockets of caution around execution risks, future growth assumptions and how current trading levels line up with updated fair value views.
DML
CA$3.97
Denison Mines
7D
-7.7%
1Y
36.9%
ENB
CA$79.42
Enbridge
7D
1.9%
1Y
30.2%
TOU
CA$62.49
Tourmaline Oil
7D
1.9%
1Y
2.7%
NXE
CA$12.35
NexGen Energy
7D
-3.3%
1Y
31.2%
RGSI
CA$28.06
Rockpoint Gas Storage
7D
-7.7%
1Y
n/a
ATH
CA$10.76
Athabasca Oil
7D
-1.4%
1Y
93.9%