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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJul 11, 2026
DataAggregated Company Financials
Companies168
  • 7D2.4%
  • 3M-1.4%
  • 1Y40.1%
  • YTD23.5%

Over the last 7 days, the Oil and Gas industry has risen 2.4%, driven by gains from Suncor Energy of 7.3%. This takes the industry's 12 month performance to a gain of 40%. 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
Sat, 11 Jul 2026CA$945.6bCA$348.3bCA$38.1b23.2x24.8x2.7x
Mon, 08 Jun 2026CA$980.1bCA$348.1bCA$38.2b25.5x25.7x2.8x
Wed, 06 May 2026CA$992.8bCA$343.5bCA$40.9b19.5x24.3x2.9x
Fri, 03 Apr 2026CA$954.1bCA$342.2bCA$41.3b19.4x23.1x2.8x
Sun, 01 Mar 2026CA$899.3bCA$344.7bCA$40.6b17.6x22.2x2.6x
Tue, 27 Jan 2026CA$816.1bCA$356.4bCA$38.4b15.7x21.3x2.3x
Thu, 25 Dec 2025CA$742.9bCA$357.3bCA$38.5b14.1x19.3x2.1x
Sat, 22 Nov 2025CA$774.7bCA$357.7bCA$38.6b14.7x20.1x2.2x
Mon, 20 Oct 2025CA$736.6bCA$390.8bCA$43.9b12x16.8x1.9x
Wed, 17 Sep 2025CA$750.3bCA$390.5bCA$43.9b12.5x17.1x1.9x
Fri, 15 Aug 2025CA$705.1bCA$390.7bCA$43.7b12.2x16.1x1.8x
Sun, 13 Jul 2025CA$692.2bCA$394.3bCA$42.8b12.3x16.2x1.8x
Tue, 10 Jun 2025CA$728.8bCA$394.3bCA$42.8b12.2x17x1.8x
Thu, 08 May 2025CA$636.8bCA$386.7bCA$39.4b9.6x16.2x1.6x
Sat, 05 Apr 2025CA$659.6bCA$387.0bCA$38.8b11.6x17x1.7x
Mon, 03 Mar 2025CA$658.0bCA$386.2bCA$39.4b11.2x16.7x1.7x
Wed, 29 Jan 2025CA$685.4bCA$388.3bCA$45.0b10.9x15.2x1.8x
Fri, 27 Dec 2024CA$667.2bCA$388.3bCA$45.1b10.3x14.8x1.7x
Sun, 24 Nov 2024CA$721.7bCA$388.1bCA$45.6b11.4x15.8x1.9x
Tue, 22 Oct 2024CA$697.3bCA$386.3bCA$43.7b11.8x16x1.8x
Thu, 19 Sep 2024CA$640.5bCA$386.5bCA$43.8b11.5x14.6x1.7x
Sat, 17 Aug 2024CA$674.6bCA$376.4bCA$43.4b12x15.6x1.8x
Mon, 15 Jul 2024CA$653.9bCA$366.0bCA$43.4b11.5x15.1x1.8x
Wed, 12 Jun 2024CA$653.2bCA$366.1bCA$43.4b12.1x15x1.8x
Fri, 10 May 2024CA$676.0bCA$369.0bCA$45.6b10.6x14.8x1.8x
Sun, 07 Apr 2024CA$676.7bCA$368.0bCA$48.4b10.8x14x1.8x
Tue, 05 Mar 2024CA$614.5bCA$365.3bCA$49.6b8x12.4x1.7x
Thu, 01 Feb 2024CA$611.9bCA$386.2bCA$47.8b6.6x12.8x1.6x
Sat, 30 Dec 2023CA$596.1bCA$385.9bCA$47.7b6.6x12.5x1.5x
Mon, 27 Nov 2023CA$620.8bCA$386.6bCA$47.8b6.9x13x1.6x
Wed, 25 Oct 2023CA$622.4bCA$401.5bCA$55.6b6.3x11.2x1.6x
Fri, 22 Sep 2023CA$608.2bCA$401.1bCA$55.5b6.4x11x1.5x
Sun, 20 Aug 2023CA$599.0bCA$401.2bCA$55.5b6.1x10.8x1.5x
Tue, 18 Jul 2023CA$558.9bCA$436.6bCA$67.5b4.9x8.3x1.3x
Price to Earnings Ratio

8.3x


Total Market Cap: CA$558.9bTotal Earnings: CA$67.5bTotal Revenue: CA$436.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20.1x202420252026
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 24.8x which is higher than its 3-year average PE of 20.1x.
  • The 3-year average PS ratio of 2.4x 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 Market0.023%
Energy2.41%
Oil and Gas2.43%
Integrated Oil and Gas6.01%
Oil and Gas Exploration and Production2.76%
Oil and Gas Storage and Transportation0.90%
Oil and Gas Refining and Marketing0.17%
Coal and Fuels-2.32%
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 31% over the next 5 years.
  • However this is lower than its past earnings growth rate of 307% per year.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings grow by 3.1% 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$83.827.3%
+CA$6.7b		52.8%PE15.6x
CNQ Canadian Natural ResourcesCA$59.104.3%
+CA$5.0b		34.6%PE12.7x
CVE Cenovus EnergyCA$37.366.0%
+CA$3.9b		86.2%PE15.1x
IMO Imperial OilCA$170.774.6%
+CA$3.6b		51.3%PE28.3x
ENB EnbridgeCA$77.340.8%
+CA$1.4b		26.8%PE26.2x

Latest News

WCP
CA$15.20
Whitecap Resources
7D
3.3%
1Y
57.8%
Narrative Update • Jul 10

WCP: Higher Fair Value View Will Rely On Dividend And Buyback Execution

Analysts have lifted their fair value estimate for Whitecap Resources from CA$21.97 to CA$23.51, reflecting a series of recent price target increases across the Street, including CA$20 targets from firms such as RBC Capital, BMO Capital, TD Securities, Canaccord, and Scotiabank. Analyst Commentary Recent research updates on Whitecap Resources point to a cluster of price target lifts toward CA$20, which lines up with the higher fair value estimate used in this analysis.
TRP
CA$95.37
TC Energy
7D
0.7%
1Y
47.2%
EFR
CA$19.23
Energy Fuels
7D
-3.2%
1Y
112.7%
PEY
CA$23.70
Peyto Exploration & Development
7D
-1.8%
1Y
23.1%
CVE
CA$37.36
Cenovus Energy
7D
6.0%
1Y
86.2%
Narrative Update • Jul 09

CVE: Fair Value View Balances Offshore Project Execution And Overvaluation Risk

The fair value estimate for Cenovus Energy has been raised from CA$25.00 to CA$40.00 as analysts point to higher targeted price levels around CA$47.00 and expectations for a shift to positive revenue growth despite more moderate margin and P/E assumptions. Analyst Commentary Recent Street research on Cenovus Energy centers on higher stated price targets and a focus on execution around key growth projects.
ARX
CA$31.09
ARC Resources
7D
4.2%
1Y
12.6%
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$83.82
Suncor Energy
7D
7.3%
1Y
52.8%
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.
IMO
CA$170.77
Imperial Oil
7D
4.6%
1Y
51.3%
Narrative Update • Jul 08

IMO: Future Returns Will Hinge On Buybacks And Oil Price Sensitivity

Imperial Oil's analyst price target has been revised higher from CA$132.81 to CA$153.19, as analysts factor in updated oil price assumptions, modestly revised growth and margin expectations, and recent sector level targets in the CA$138 to CA$156 range. Analyst Commentary Recent Street research on Imperial Oil highlights a mix of optimism around upside potential and caution around execution and commodity risk, which helps explain the current cluster of price targets in the CA$138 to CA$156 range.
CCO
CA$135.97
Cameco
7D
-2.6%
1Y
36.7%
Narrative Update • Jul 07

CCO: Future Uranium Demand And Cigar Lake Exposure Will Shape Returns

Cameco's analyst price target has been revised from about CA$121.43 to about CA$152.06. Analysts point to updated assumptions around revenue growth, profit margins, the discount rate, and the expected future P/E multiple as key drivers of this change.
CNQ
CA$59.10
Canadian Natural Resources
7D
4.3%
1Y
34.6%
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.
ENB
CA$77.34
Enbridge
7D
0.8%
1Y
26.8%
SDE
CA$11.22
Spartan Delta
7D
-2.9%
1Y
155.6%
NXE
CA$13.70
NexGen Energy
7D
-1.6%
1Y
51.2%
SES
CA$23.52
SECURE Waste Infrastructure
7D
-1.1%
1Y
47.1%
CJ
CA$10.54
Cardinal Energy
7D
-3.3%
1Y
52.1%
RECO
CA$0.99
Reconnaissance Energy Africa
7D
-11.6%
1Y
125.0%