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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJun 07, 2026
DataAggregated Company Financials
Companies170
  • 7D1.9%
  • 3M7.3%
  • 1Y48.8%
  • YTD28.3%

The Oil and Gas industry is up 1.9% in the last week, with Enbridge up 3.8%. During this same period, the Cameco underperformed, falling 7.0%. In the last 12 months, the industry was up 49%. As for the next few years, earnings are expected to grow by 9.9% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 07 Jun 2026CA$980.1bCA$348.1bCA$38.2b25.5x25.7x2.8x
Tue, 05 May 2026CA$986.3bCA$342.8bCA$41.3b22.9x23.9x2.9x
Thu, 02 Apr 2026CA$977.5bCA$342.2bCA$41.3b18.6x23.7x2.9x
Sat, 28 Feb 2026CA$890.9bCA$344.7bCA$40.6b17.6x21.9x2.6x
Mon, 26 Jan 2026CA$818.0bCA$356.9bCA$38.5b15.6x21.3x2.3x
Wed, 24 Dec 2025CA$739.9bCA$357.3bCA$38.5b14.1x19.2x2.1x
Fri, 21 Nov 2025CA$781.9bCA$357.8bCA$38.6b15x20.3x2.2x
Sun, 19 Oct 2025CA$736.6bCA$390.8bCA$43.9b12x16.8x1.9x
Tue, 16 Sep 2025CA$742.6bCA$390.6bCA$43.9b12.4x16.9x1.9x
Thu, 14 Aug 2025CA$704.8bCA$390.7bCA$44.4b11.9x15.9x1.8x
Sat, 12 Jul 2025CA$682.5bCA$394.3bCA$42.8b12.1x15.9x1.7x
Mon, 09 Jun 2025CA$724.9bCA$394.4bCA$42.8b12.2x16.9x1.8x
Wed, 07 May 2025CA$634.6bCA$386.9bCA$39.0b10x16.3x1.6x
Fri, 04 Apr 2025CA$691.7bCA$386.9bCA$38.8b12.5x17.8x1.8x
Sun, 02 Mar 2025CA$658.0bCA$386.2bCA$39.4b11.2x16.7x1.7x
Tue, 28 Jan 2025CA$700.1bCA$388.3bCA$45.0b10.9x15.5x1.8x
Thu, 26 Dec 2024CA$667.2bCA$388.3bCA$45.1b10.3x14.8x1.7x
Sat, 23 Nov 2024CA$722.1bCA$388.1bCA$45.6b11.4x15.8x1.9x
Mon, 21 Oct 2024CA$697.3bCA$386.3bCA$43.7b11.6x16x1.8x
Wed, 18 Sep 2024CA$637.1bCA$386.5bCA$43.8b11.4x14.6x1.6x
Fri, 16 Aug 2024CA$669.8bCA$376.5bCA$43.4b12.1x15.4x1.8x
Sun, 14 Jul 2024CA$653.9bCA$366.0bCA$43.4b11.5x15.1x1.8x
Tue, 11 Jun 2024CA$601.0bCA$366.1bCA$43.4b11.9x13.8x1.6x
Thu, 09 May 2024CA$672.5bCA$368.9bCA$46.1b10x14.6x1.8x
Sat, 06 Apr 2024CA$671.2bCA$368.0bCA$48.4b10.8x13.9x1.8x
Mon, 04 Mar 2024CA$619.7bCA$365.7bCA$49.6b8x12.5x1.7x
Wed, 31 Jan 2024CA$606.6bCA$386.2bCA$47.7b6.6x12.7x1.6x
Fri, 29 Dec 2023CA$604.3bCA$385.9bCA$47.7b6.6x12.7x1.6x
Sun, 26 Nov 2023CA$620.8bCA$386.6bCA$47.8b6.9x13x1.6x
Tue, 24 Oct 2023CA$622.4bCA$401.5bCA$55.6b6.3x11.2x1.6x
Thu, 21 Sep 2023CA$618.3bCA$401.1bCA$55.5b6.4x11.1x1.5x
Sat, 19 Aug 2023CA$594.4bCA$401.2bCA$55.5b6.1x10.7x1.5x
Mon, 17 Jul 2023CA$558.9bCA$436.7bCA$67.5b5x8.3x1.3x
Wed, 14 Jun 2023CA$562.6bCA$436.9bCA$67.5b4.5x8.3x1.3x
Price to Earnings Ratio

8.3x


Total Market Cap: CA$562.6bTotal Earnings: CA$67.5bTotal Revenue: CA$436.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 19.6x202420252026
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 25.7x which is higher than its 3-year average PE of 19.6x.
  • 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-0.95%
Energy1.74%
Oil and Gas1.89%
Oil and Gas Storage and Transportation4.03%
Oil and Gas Refining and Marketing3.94%
Integrated Oil and Gas2.48%
Oil and Gas Exploration and Production2.22%
Coal and Fuels-8.32%
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 30% over the next 5 years.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings grow by 3.2% 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$78.543.8%
+CA$6.3b		23.3%PE26.6x
TRP TC EnergyCA$95.834.3%
+CA$4.1b		37.9%PE28.3x
IMO Imperial OilCA$169.623.7%
+CA$2.9b		68.3%PE28.1x
CVE Cenovus EnergyCA$39.413.5%
+CA$2.5b		112.6%PE15.9x
CNQ Canadian Natural ResourcesCA$63.761.7%
+CA$2.2b		47.4%PE13.7x

Latest News

NXE
CA$14.35
NexGen Energy
7D
-9.8%
1Y
64.0%
CVE
CA$39.41
Cenovus Energy
7D
3.5%
1Y
112.6%
ENB
CA$78.54
Enbridge
7D
3.8%
1Y
23.3%
Narrative Update • Jun 06

ENB: Future Returns Will Reflect Regulated Assets AI Demand And Pipeline Expansion

Analysts have raised their Enbridge fair value estimate to CA$78.24 from CA$76.14, citing recent price target increases across the Street after Q1 updates and refreshed models in the energy infrastructure space. Analyst Commentary Street research on Enbridge has centered on refreshed models after Q1 updates, with several firms adjusting price targets while keeping a generally balanced stance on the stock.
SU
CA$86.85
Suncor Energy
7D
0.8%
1Y
72.5%
Narrative Update • Jun 06

SU: Buybacks And Operational Momentum Will Shape Future Margin Expectations

Analysts have nudged the implied fair value for Suncor Energy higher to CA$99.16 from CA$97.05, citing a mix of higher price targets across several firms and updated assumptions around profitability, discount rates, and future P/E multiples that now more fully reflect the recent operational turnaround. Analyst Commentary Recent research shows a mix of optimism and caution around Suncor Energy, with several firms revising price targets and ratings as the operational turnaround becomes more embedded in current valuations.
CNQ
CA$63.76
Canadian Natural Resources
7D
1.7%
1Y
47.4%
Narrative Update • Jun 05

CNQ: Future Buybacks And Pipeline Decisions Will Shape Shareholder Returns

The fair value estimate for Canadian Natural Resources has been adjusted from CA$69.75 to CA$71.05 as analysts incorporate a series of higher Street price targets and updated assumptions for revenue growth, margins, and future P/E multiples. Analyst Commentary Recent Street research on Canadian Natural Resources has been active, with multiple firms updating ratings and price targets.
IMO
CA$169.62
Imperial Oil
7D
3.7%
1Y
68.3%
Narrative Update • Jun 05

IMO: Future Cash Returns Will Depend On Alberta Pipeline Execution

Imperial Oil's updated fair value estimate edges higher to CA$204.82 from CA$204.58. This reflects modest tweaks to revenue growth, profit margin and future P/E assumptions as analysts recalibrate their price targets, including a slight trim from CA$157 to CA$156 and several recent upward revisions from other firms.
CCO
CA$144.09
Cameco
7D
-7.0%
1Y
74.1%
ISO
CA$14.18
IsoEnergy
7D
-11.8%
1Y
35.0%
BTE
CA$6.64
Baytex Energy
7D
-1.5%
1Y
172.1%
PPL
CA$68.07
Pembina Pipeline
7D
5.8%
1Y
32.3%
Narrative Update • Jun 03

PPL: Heartland Project And Ethane Deals Will Shape Future Fair Value

Analysts have raised their price target on Pembina Pipeline to CA$67.11 from CA$63.61, citing updated assumptions around long term fair value and a slightly higher future P/E multiple, while keeping revenue growth, profit margin, and discount rate estimates broadly unchanged. What's in the News Pembina approved the CA$570m Heartland Extraction Plant project in Alberta, a 750 million cubic feet per day straddle plant that is planned to use the company’s liquids extraction rights on the Yellowhead Pipeline, according to recent company announcements and news reports.
DML
CA$4.23
Denison Mines
7D
-12.1%
1Y
85.5%
WCP
CA$16.51
Whitecap Resources
7D
4.2%
1Y
90.0%
Narrative Update • May 27

WCP: Higher Margins And Buybacks Will Support Stronger Execution-Driven Upside

Whitecap Resources' fair value estimate moves from CA$18.60 to CA$19.40 as analysts lift price targets toward CA$20 and highlight a materially higher profit margin outlook, along with a lower assumed future P/E multiple. Analyst Commentary Recent Street research has focused on higher price targets for Whitecap Resources, generally coalescing around the CA$20 level and reinforcing the updated fair value estimate.
TRP
CA$95.83
TC Energy
7D
4.3%
1Y
37.9%
EFR
CA$20.79
Energy Fuels
7D
-17.2%
1Y
177.9%
SASK
CA$0.93
Atha Energy
7D
-19.8%
1Y
75.5%
URC
CA$4.34
Uranium Royalty
7D
-10.9%
1Y
35.6%