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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies178
  • 7D-1.5%
  • 3M23.8%
  • 1Y60.6%
  • YTD25.3%

Over the last 7 days, the Oil and Gas industry has dropped 1.5%, driven by a pullback from Canadian Natural Resources of 3.8%. In the past year, the industry has gained 61%. 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
Tue, 14 Apr 2026CA$956.8bCA$342.1bCA$41.2b19.2x23.2x2.8x
Thu, 12 Mar 2026CA$912.1bCA$343.2bCA$42.6b17.5x21.4x2.7x
Sat, 07 Feb 2026CA$829.5bCA$353.7bCA$37.9b16.7x21.9x2.3x
Mon, 05 Jan 2026CA$767.0bCA$356.9bCA$38.5b15x19.9x2.1x
Wed, 03 Dec 2025CA$767.9bCA$357.6bCA$38.6b14.7x19.9x2.1x
Fri, 31 Oct 2025CA$762.4bCA$391.7bCA$43.9b12.3x17.4x1.9x
Sun, 28 Sep 2025CA$776.4bCA$390.7bCA$43.9b12.6x17.7x2x
Tue, 26 Aug 2025CA$725.2bCA$390.7bCA$43.8b12.3x16.6x1.9x
Thu, 24 Jul 2025CA$692.5bCA$394.3bCA$42.8b12x16.2x1.8x
Sat, 21 Jun 2025CA$749.1bCA$394.4bCA$42.8b13.2x17.5x1.9x
Mon, 19 May 2025CA$665.6bCA$394.5bCA$42.9b11.4x15.5x1.7x
Wed, 16 Apr 2025CA$609.1bCA$386.9bCA$38.8b11.1x15.7x1.6x
Fri, 14 Mar 2025CA$649.6bCA$387.5bCA$38.4b11.3x16.9x1.7x
Sun, 09 Feb 2025CA$678.3bCA$388.3bCA$42.8b10.9x15.9x1.7x
Tue, 07 Jan 2025CA$691.1bCA$388.3bCA$45.1b10.9x15.3x1.8x
Thu, 05 Dec 2024CA$706.7bCA$388.2bCA$45.1b10.6x15.7x1.8x
Sat, 02 Nov 2024CA$676.9bCA$387.8bCA$43.4b10.7x15.6x1.7x
Mon, 30 Sep 2024CA$644.0bCA$386.5bCA$43.7b11.4x14.7x1.7x
Wed, 28 Aug 2024CA$675.5bCA$376.5bCA$43.2b12.4x15.6x1.8x
Fri, 26 Jul 2024CA$649.1bCA$366.2bCA$43.5b11.2x14.9x1.8x
Sun, 23 Jun 2024CA$629.4bCA$366.0bCA$43.4b11.5x14.5x1.7x
Tue, 21 May 2024CA$675.8bCA$367.7bCA$43.9b12.6x15.4x1.8x
Thu, 18 Apr 2024CA$656.1bCA$368.1bCA$48.4b9.4x13.5x1.8x
Sat, 16 Mar 2024CA$630.8bCA$363.5bCA$48.2b9.7x13.1x1.7x
Mon, 12 Feb 2024CA$587.3bCA$382.1bCA$49.8b7.3x11.8x1.5x
Wed, 10 Jan 2024CA$606.8bCA$386.2bCA$47.7b6.7x12.7x1.6x
Fri, 08 Dec 2023CA$202.0tCA$386.5bCA$47.8b6.3x4223.7x522.5x
Sun, 05 Nov 2023CA$636.1bCA$394.4bCA$50.2b6.8x12.7x1.6x
Tue, 03 Oct 2023CA$621.5bCA$401.5bCA$55.6b6.3x11.2x1.5x
Thu, 31 Aug 2023CA$611.3bCA$401.2bCA$55.5b6.3x11x1.5x
Sat, 29 Jul 2023CA$573.4bCA$423.2bCA$61.2b5.7x9.4x1.4x
Mon, 26 Jun 2023CA$534.5bCA$436.6bCA$67.5b4.8x7.9x1.2x
Wed, 24 May 2023CA$560.5bCA$437.5bCA$67.9b4.8x8.3x1.3x
Fri, 21 Apr 2023CA$582.8bCA$449.9bCA$70.0b4.2x8.3x1.3x
Price to Earnings Ratio

8.3x


Total Market Cap: CA$582.8bTotal Earnings: CA$70.0bTotal Revenue: CA$449.9bTotal 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 23.2x 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 2.8x.
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 Market2.40%
Energy-1.46%
Oil and Gas-1.53%
Coal and Fuels4.34%
Oil and Gas Refining and Marketing3.72%
Oil and Gas Storage and Transportation-1.48%
Integrated Oil and Gas-2.01%
Oil and Gas Exploration and Production-3.11%
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 2.7% 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$160.804.6%
+CA$3.1b		180.6%PE118.8x
EFR Energy FuelsCA$26.717.5%
+CA$451.8m		352.7%PS71x
NXE NexGen EnergyCA$16.362.4%
+CA$251.3m		155.6%PB5.9x
TNZ Tenaz EnergyCA$65.609.4%
+CA$182.0m		451.3%PE6.7x
SES SECURE Waste InfrastructureCA$22.443.2%
+CA$152.6m		79.4%PE39.8x

Latest News

SES
CA$22.44
SECURE Waste Infrastructure
7D
3.2%
1Y
79.4%
TOU
CA$61.54
Tourmaline Oil
7D
-3.6%
1Y
1.3%
SU
CA$89.41
Suncor Energy
7D
-2.7%
1Y
92.4%

SU: Buybacks And Mixed Rating Revisions Will Shape Oils Margin Outlook

Analysts have lifted the fair value estimate for Suncor Energy by about CA$10 to CA$92.79, reflecting updated assumptions for modest revenue growth, a higher profit margin profile, and a lower future P/E multiple, supported by a series of recent price target increases across major Canadian and global banks. Analyst Commentary Recent research coverage on Suncor Energy has been active, with a cluster of price target changes and one rating upgrade contributing to a higher fair value estimate.
CCO
CA$160.80
Cameco
7D
4.6%
1Y
180.6%

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.
ARX
CA$25.96
ARC Resources
7D
-5.8%
1Y
2.2%

ARX: Future Cash Returns Will Depend On Steady Execution And Buybacks

ARC Resources' analyst price target has shifted modestly higher to CA$30.29 from CA$29.71 as analysts factor in updated fair value assumptions alongside recent mixed target changes and ratings moves across the Street. Analyst Commentary Recent Street research around ARC Resources shows a mix of optimism and caution, which feeds into the modest upward move in the consensus price target.
CNQ
CA$64.68
Canadian Natural Resources
7D
-3.8%
1Y
70.3%
TNZ
CA$65.60
Tenaz Energy
7D
9.4%
1Y
451.3%
SCR
CA$39.33
Strathcona Resources
7D
-7.3%
1Y
59.9%
CVE
CA$36.29
Cenovus Energy
7D
-2.9%
1Y
126.4%
IPCO
CA$37.41
International Petroleum
7D
1.9%
1Y
108.2%
TRP
CA$86.11
TC Energy
7D
-1.2%
1Y
29.3%

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.
ENB
CA$73.75
Enbridge
7D
-1.4%
1Y
20.8%
EFR
CA$26.71
Energy Fuels
7D
7.5%
1Y
352.7%
DML
CA$5.15
Denison Mines
7D
2.4%
1Y
184.5%
SNM
CA$0.21
ShaMaran Petroleum
7D
13.5%
1Y
10.5%
NXE
CA$16.36
NexGen Energy
7D
2.4%
1Y
155.6%