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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJun 13, 2026
DataAggregated Company Financials
Companies170
  • 7D-0.2%
  • 3M4.6%
  • 1Y42.5%
  • YTD28.2%

Over the last 7 days, the Oil and Gas industry has dropped 3.2%, driven by Cameco declining 2.1%. This takes the industry's 12 month performance to a gain of 44%. As for the next few years, earnings are expected to grow by 9.8% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Jun 2026CA$978.9bCA$348.2bCA$38.2b25.3x25.6x2.8x
Mon, 11 May 2026CA$958.7bCA$348.4bCA$39.9b21.5x24x2.8x
Wed, 08 Apr 2026CA$971.3bCA$342.2bCA$41.2b19.8x23.6x2.8x
Fri, 06 Mar 2026CA$913.4bCA$342.9bCA$38.4b17.7x23.8x2.7x
Sun, 01 Feb 2026CA$828.2bCA$355.1bCA$37.6b16.2x22x2.3x
Tue, 30 Dec 2025CA$747.0bCA$357.3bCA$38.5b14.2x19.4x2.1x
Thu, 27 Nov 2025CA$770.7bCA$357.7bCA$38.5b14.6x20x2.2x
Sat, 25 Oct 2025CA$749.2bCA$391.5bCA$43.8b12.4x17.1x1.9x
Mon, 22 Sep 2025CA$753.4bCA$390.6bCA$43.9b12.1x17.2x1.9x
Wed, 20 Aug 2025CA$704.4bCA$390.7bCA$43.8b11.8x16.1x1.8x
Fri, 18 Jul 2025CA$691.6bCA$394.4bCA$42.8b11.8x16.1x1.8x
Sun, 15 Jun 2025CA$752.3bCA$394.3bCA$42.8b13.1x17.6x1.9x
Tue, 13 May 2025CA$656.8bCA$398.2bCA$41.8b10.6x15.7x1.6x
Thu, 10 Apr 2025CA$581.6bCA$387.0bCA$38.8b11.2x15x1.5x
Sat, 08 Mar 2025CA$626.0bCA$384.3bCA$38.1b10.7x16.4x1.6x
Mon, 03 Feb 2025CA$676.5bCA$388.1bCA$44.9b10.7x15.1x1.7x
Wed, 01 Jan 2025CA$669.0bCA$388.3bCA$45.1b10.7x14.8x1.7x
Fri, 29 Nov 2024CA$701.5bCA$388.1bCA$45.1b10.9x15.6x1.8x
Sun, 27 Oct 2024CA$693.9bCA$386.3bCA$43.8b11.3x15.9x1.8x
Tue, 24 Sep 2024CA$644.2bCA$386.5bCA$43.8b11.7x14.7x1.7x
Thu, 22 Aug 2024CA$660.6bCA$376.5bCA$43.3b12x15.2x1.8x
Sat, 20 Jul 2024CA$652.6bCA$366.3bCA$43.4b11.5x15x1.8x
Mon, 17 Jun 2024CA$631.0bCA$366.1bCA$43.4b11.5x14.5x1.7x
Wed, 15 May 2024CA$673.3bCA$368.1bCA$44.4b10.7x15.2x1.8x
Fri, 12 Apr 2024CA$681.8bCA$368.0bCA$48.4b10.1x14.1x1.9x
Sun, 10 Mar 2024CA$618.8bCA$365.0bCA$48.6b8.5x12.7x1.7x
Tue, 06 Feb 2024CA$587.5bCA$384.5bCA$47.3b6.6x12.4x1.5x
Thu, 04 Jan 2024CA$613.4bCA$386.1bCA$47.7b6.6x12.9x1.6x
Sat, 02 Dec 2023CA$621.5bCA$386.3bCA$47.8b6.6x13x1.6x
Mon, 30 Oct 2023CA$618.3bCA$400.7bCA$55.0b6.4x11.2x1.5x
Wed, 27 Sep 2023CA$619.5bCA$401.2bCA$55.5b6.3x11.2x1.5x
Fri, 25 Aug 2023CA$586.3bCA$401.3bCA$55.5b6x10.6x1.5x
Sun, 23 Jul 2023CA$573.5bCA$436.6bCA$67.4b5.3x8.5x1.3x
Tue, 20 Jun 2023CA$555.2bCA$436.7bCA$67.5b4.4x8.2x1.3x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$555.2bTotal Earnings: CA$67.5bTotal Revenue: CA$436.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 19.7x202420252026
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 25.5x which is higher than its 3-year average PE of 19.7x.
  • 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 Market1.43%
Energy-0.18%
Oil and Gas-0.20%
Oil and Gas Refining and Marketing2.08%
Oil and Gas Storage and Transportation0.82%
Integrated Oil and Gas-0.28%
Oil and Gas Exploration and Production-0.86%
Coal and Fuels-1.92%
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
TRP TC EnergyCA$97.041.3%
+CA$1.3b		44.1%PE28.6x
ENB EnbridgeCA$78.980.6%
+CA$960.8m		24.6%PE26.7x
KEY KeyeraCA$59.012.6%
+CA$417.6m		38.6%PE92.5x
SOBO South BowCA$53.313.8%
+CA$404.7m		44.9%PE18.8x
CVE Cenovus EnergyCA$39.470.2%
+CA$112.3m		95.8%PE16x

Latest News

CNQ
CA$63.40
Canadian Natural Resources
7D
-0.6%
1Y
38.1%
SU
CA$86.01
Suncor Energy
7D
-1.0%
1Y
54.5%
CCO
CA$141.03
Cameco
7D
-2.1%
1Y
55.8%
NXE
CA$13.76
NexGen Energy
7D
-4.1%
1Y
52.9%
WCP
CA$16.34
Whitecap Resources
7D
-1.0%
1Y
74.0%
Narrative Update • Jun 10

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

Analysts have lifted the implied fair value for Whitecap Resources slightly to CA$19.47 from CA$19.40. This reflects a series of recent price target increases across the Street, including moves up to as high as CA$20.00 and several CA$1 to CA$2 target bumps from multiple firms.
CVE
CA$39.47
Cenovus Energy
7D
0.2%
1Y
95.8%
Narrative Update • Jun 08

CVE: Future Cash Returns Will Hinge On Volume And Free Cash Flow Inflection

Analysts have nudged the Cenovus Energy fair value estimate higher to CA$45.91 from CA$45.47, reflecting a series of recent price target increases to around CA$47. These increases are tied to expectations for a volume and free cash flow inflection as new projects come online and potential benefits from higher commodity prices.
TOU
CA$63.20
Tourmaline Oil
7D
-0.8%
1Y
-5.1%
KEY
CA$59.01
Keyera
7D
2.6%
1Y
38.6%
PPL
CA$67.59
Pembina Pipeline
7D
-0.7%
1Y
29.3%
CVVY
CA$1.87
Cavvy Energy
7D
15.4%
1Y
405.4%
TRP
CA$97.04
TC Energy
7D
1.3%
1Y
44.1%
Narrative Update • Jun 06

TRP: Q1 Execution And Appalachia Expansion Will Shape Forward Risk Reward Balance

TC Energy's analyst price target has been adjusted higher, with CA$ fair value moving from about CA$91.30 to CA$93.61 as analysts factor in updated Q1 models, slightly lower discount rates, modestly higher revenue growth assumptions, and a slightly higher future P/E multiple across recent research. Analyst Commentary Recent Street research on TC Energy has leaned more supportive, with a series of higher price targets and a few upgrades clustered around the Q1 reporting period.
ENB
CA$78.98
Enbridge
7D
0.6%
1Y
24.6%
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.
IMO
CA$169.77
Imperial Oil
7D
0.09%
1Y
52.7%
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.
SCR
CA$44.52
Strathcona Resources
7D
-6.6%
1Y
41.3%
Narrative Update • Jun 04

SCR: Fairly Valued Heavy Oil Story Balances Organic Plan And Buyback

Analysts have lifted their price targets on Strathcona Resources into the CA$35 to CA$56 range, citing what they see as underappreciated assets and an organic growth plan that is not fully reflected in the current share price. Analyst Commentary Recent Street research on Strathcona Resources has become more constructive, with several firms moving price targets into the mid CA$30s and, in some cases, into the mid CA$50s.
SOBO
CA$53.31
South Bow
7D
3.8%
1Y
44.9%
SES
CA$21.68
SECURE Waste Infrastructure
7D
1.6%
1Y
38.4%