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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedApr 16, 2026
DataAggregated Company Financials
Companies178
  • 7D-2.6%
  • 3M19.1%
  • 1Y54.6%
  • YTD22.5%

Over the last 7 days, the Oil and Gas industry has dropped 2.6%, driven by a pullback from Enbridge of 4.1%. This takes the industry's 12 month performance to a gain of 55%. As for the next few years, earnings are expected to grow by 7.6% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 17 Apr 2026CA$938.3bCA$342.1bCA$41.2b18.8x22.8x2.7x
Sun, 15 Mar 2026CA$933.6bCA$342.5bCA$42.5b17.7x21.9x2.7x
Tue, 10 Feb 2026CA$842.0bCA$353.7bCA$37.9b17.1x22.2x2.4x
Thu, 08 Jan 2026CA$743.0bCA$357.0bCA$38.5b14.2x19.3x2.1x
Sat, 06 Dec 2025CA$784.6bCA$357.5bCA$38.5b15.2x20.4x2.2x
Mon, 03 Nov 2025CA$758.0bCA$389.5bCA$43.0b12.4x17.6x1.9x
Wed, 01 Oct 2025CA$769.4bCA$390.6bCA$43.9b12.3x17.5x2x
Fri, 29 Aug 2025CA$728.0bCA$390.6bCA$43.8b12.5x16.6x1.9x
Sun, 27 Jul 2025CA$700.1bCA$394.7bCA$42.8b12.5x16.3x1.8x
Tue, 24 Jun 2025CA$728.4bCA$394.4bCA$42.8b12.5x17x1.8x
Thu, 22 May 2025CA$665.1bCA$394.4bCA$42.9b11.1x15.5x1.7x
Sat, 19 Apr 2025CA$630.3bCA$386.8bCA$38.8b12.2x16.2x1.6x
Mon, 17 Mar 2025CA$653.6bCA$387.5bCA$38.2b12.5x17.1x1.7x
Wed, 12 Feb 2025CA$688.1bCA$388.0bCA$42.7b11x16.1x1.8x
Fri, 10 Jan 2025CA$701.5bCA$388.3bCA$45.1b11.3x15.6x1.8x
Sun, 08 Dec 2024CA$694.6bCA$388.2bCA$45.1b10.6x15.4x1.8x
Tue, 05 Nov 2024CA$672.2bCA$387.7bCA$43.4b11x15.5x1.7x
Thu, 03 Oct 2024CA$653.2bCA$386.5bCA$43.7b12.1x14.9x1.7x
Sat, 31 Aug 2024CA$666.4bCA$376.5bCA$43.2b12x15.4x1.8x
Mon, 29 Jul 2024CA$654.0bCA$366.9bCA$43.4b11.1x15.1x1.8x
Wed, 26 Jun 2024CA$643.8bCA$366.0bCA$43.4b12x14.9x1.8x
Fri, 24 May 2024CA$672.2bCA$367.8bCA$44.0b12.4x15.3x1.8x
Sun, 21 Apr 2024CA$661.7bCA$368.1bCA$48.4b9.3x13.7x1.8x
Tue, 19 Mar 2024CA$634.3bCA$363.5bCA$48.2b9.7x13.2x1.7x
Thu, 15 Feb 2024CA$586.4bCA$381.9bCA$49.9b6.7x11.8x1.5x
Sat, 13 Jan 2024CA$612.1bCA$386.2bCA$47.7b6.8x12.8x1.6x
Mon, 11 Dec 2023CA$600.2bCA$386.5bCA$47.8b6.3x12.6x1.6x
Wed, 08 Nov 2023CA$630.3bCA$393.3bCA$49.0b6.4x12.9x1.6x
Fri, 06 Oct 2023CA$589.8bCA$401.6bCA$55.6b6x10.6x1.5x
Sun, 03 Sep 2023CA$621.9bCA$401.4bCA$55.6b6.5x11.2x1.5x
Tue, 01 Aug 2023CA$585.6bCA$420.5bCA$61.1b5.8x9.6x1.4x
Thu, 29 Jun 2023CA$548.8bCA$436.8bCA$67.5b4.8x8.1x1.3x
Sat, 27 May 2023CA$552.5bCA$437.6bCA$67.9b4.3x8.1x1.3x
Mon, 24 Apr 2023CA$582.9bCA$450.0bCA$70.0b4.2x8.3x1.3x
Price to Earnings Ratio

8.3x


Total Market Cap: CA$582.9bTotal Earnings: CA$70.0bTotal Revenue: CA$450.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 18.8x202420252026
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 22.8x which is higher than its 3-year average PE of 18.8x.
  • The 3-year average PS ratio of 2.2x 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 16% per year over the last three years,
  • Revenues have also declined 8.7% 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 Market1.73%
Energy-2.54%
Oil and Gas-2.58%
Oil and Gas Refining and Marketing3.85%
Coal and Fuels3.83%
Oil and Gas Exploration and Production-1.52%
Integrated Oil and Gas-3.59%
Oil and Gas Storage and Transportation-4.60%
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 26.1%, which is higher than its past year's earnings decline of 78.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 28% over the next 5 years.
  • However this is lower than its past earnings growth rate of 275% per year.
  • In contrast, the Oil and Gas Exploration and Production industry is expected to see its earnings grow by 2.9% 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
CCO CamecoCA$164.963.3%
+CA$2.3b		189.4%PE121.9x
NXE NexGen EnergyCA$17.399.4%
+CA$992.2m		165.1%PB6.3x
EFR Energy FuelsCA$28.6913.3%
+CA$811.8m		320.1%PS76.7x
CNQ Canadian Natural ResourcesCA$63.470.5%
+CA$688.7m		59.2%PE12.2x
ATH Athabasca OilCA$11.2510.2%
+CA$503.2m		125.9%PE22.2x

Latest News

TVE
CA$11.22
Tamarack Valley Energy
7D
5.1%
1Y
189.2%
NXE
CA$17.39
NexGen Energy
7D
9.4%
1Y
165.1%
IMO
CA$172.07
Imperial Oil
7D
-3.0%
1Y
94.7%
ENB
CA$71.99
Enbridge
7D
-4.5%
1Y
14.6%

ENB: Future Returns Will Hinge On Rich Pricing And Utility Execution

The updated analyst price target for Enbridge reflects a modest fair value shift to CA$75.99, with recent CA$1 to CA$5 target increases from firms such as Argus, Citi, BMO Capital, RBC Capital, CIBC and Scotiabank, partly balanced by valuation driven downgrades from TD Securities and Jefferies, as analysts factor in the company’s diversified pipelines and its growing utility exposure. Analyst Commentary Recent research on Enbridge shows a mix of optimism and caution, with several firms lifting price targets while others are more restrained given the share price move and valuation.
SU
CA$87.37
Suncor Energy
7D
-0.3%
1Y
82.8%

High Utilization And Capital Demands Will Pressure Margins And Earnings Quality

Catalysts About Suncor Energy Suncor Energy is an integrated energy company focused on Canadian oil sands production, upgrading, refining and refined product sales. What are the underlying business or industry changes driving this perspective?
SES
CA$22.65
SECURE Waste Infrastructure
7D
6.4%
1Y
76.0%
PPL
CA$59.25
Pembina Pipeline
7D
-4.0%
1Y
12.7%
CCO
CA$164.96
Cameco
7D
3.3%
1Y
189.4%

CCO: Future Earnings Profile Will Reflect Premium Margins And Restrained P E Multiple

Analysts have lifted their CA$ price target for Cameco, citing slightly higher assumptions for revenue growth and profit margin, along with a modestly lower future P/E multiple in their updated models. Analyst Commentary Analysts have refreshed their models for Cameco and are using slightly revised assumptions for growth, profitability and valuation multiples to frame where the shares could trade over time.
GEI
CA$27.48
Gibson Energy
7D
-5.7%
1Y
27.7%
CNQ
CA$63.47
Canadian Natural Resources
7D
0.5%
1Y
59.2%
SOBO
CA$44.31
South Bow
7D
-4.2%
1Y
30.2%
ATH
CA$11.25
Athabasca Oil
7D
10.2%
1Y
125.9%
KEY
CA$49.25
Keyera
7D
-4.8%
1Y
17.3%

KEY: Balance Sheet Capacity And Execution Risk Will Guide Future Fairly Valued Returns

Narrative Update on Keyera The updated analyst price target for Keyera edges higher to CA$54.69 from CA$54.46, reflecting recent target increases across several firms, as analysts point to what they see as underappreciated balance sheet capacity and adjust their P/E and growth assumptions. Analyst Commentary Recent Street research on Keyera clusters around higher price targets, with several firms adjusting their models and only a few trimming expectations.
TRP
CA$82.77
TC Energy
7D
-6.6%
1Y
20.9%

TRP: Backlog Visibility And Dividend Policy Will Guide Measured Future Return Balance

The analyst price target for TC Energy has been raised slightly, with CA$ value revisions supported by updated models that reflect recent quarterly results, higher estimated revenue growth, modestly adjusted profit margins, and Street research highlighting the company's natural gas and power portfolio as well as its project backlog visibility. Analyst Commentary Recent Street research on TC Energy clusters around a higher value range, but opinions still differ on how much upside is left and how dependable the longer term growth story looks after the recent share price move.
EFR
CA$28.69
Energy Fuels
7D
13.3%
1Y
320.1%
DML
CA$5.39
Denison Mines
7D
10.5%
1Y
185.2%