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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJun 25, 2026
DataAggregated Company Financials
Companies171
  • 7D-1.1%
  • 3M-3.7%
  • 1Y40.6%
  • YTD22.1%

Over the last 7 days, the Oil and Gas industry has dropped 1.1%, driven by a pullback from Canadian Natural Resources of 6.2%. This takes the industry's 12 month performance to a gain of 41%. 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
Fri, 26 Jun 2026CA$953.6bCA$348.3bCA$38.1b23.8x25x2.7x
Sun, 24 May 2026CA$1.0tCA$348.3bCA$38.2b26x26.6x2.9x
Tue, 21 Apr 2026CA$912.6bCA$342.0bCA$41.3b18.1x22.1x2.7x
Thu, 19 Mar 2026CA$943.8bCA$342.2bCA$41.3b19x22.8x2.8x
Sat, 14 Feb 2026CA$862.6bCA$353.4bCA$37.8b17.3x22.8x2.4x
Mon, 12 Jan 2026CA$756.6bCA$357.0bCA$38.5b14.7x19.7x2.1x
Wed, 10 Dec 2025CA$765.4bCA$358.0bCA$38.6b14.9x19.8x2.1x
Fri, 07 Nov 2025CA$748.5bCA$361.7bCA$40.8b13.5x18.3x2.1x
Sun, 05 Oct 2025CA$770.0bCA$390.7bCA$43.9b12.6x17.5x2x
Tue, 02 Sep 2025CA$732.6bCA$390.5bCA$43.9b12.2x16.7x1.9x
Thu, 31 Jul 2025CA$711.9bCA$394.1bCA$43.0b12.5x16.6x1.8x
Sat, 28 Jun 2025CA$688.1bCA$394.4bCA$42.8b12.3x16.1x1.7x
Mon, 26 May 2025CA$667.6bCA$394.4bCA$42.9b11.4x15.6x1.7x
Wed, 23 Apr 2025CA$622.7bCA$386.8bCA$38.8b11.7x16x1.6x
Fri, 21 Mar 2025CA$672.5bCA$387.5bCA$38.2b12.7x17.6x1.7x
Sun, 16 Feb 2025CA$671.0bCA$391.2bCA$40.6b10.9x16.5x1.7x
Tue, 14 Jan 2025CA$701.7bCA$388.3bCA$45.1b10.8x15.6x1.8x
Thu, 12 Dec 2024CA$686.4bCA$388.2bCA$45.1b10.6x15.2x1.8x
Sat, 09 Nov 2024CA$694.8bCA$390.4bCA$45.2b10.9x15.4x1.8x
Mon, 07 Oct 2024CA$685.8bCA$386.2bCA$43.7b12.1x15.7x1.8x
Wed, 04 Sep 2024CA$667.0bCA$386.5bCA$43.8b11.7x15.2x1.7x
Fri, 02 Aug 2024CA$665.9bCA$367.6bCA$42.9b10.7x15.5x1.8x
Sun, 30 Jun 2024CA$644.2bCA$366.1bCA$43.4b11.5x14.9x1.8x
Tue, 28 May 2024CA$672.4bCA$368.0bCA$44.0b12.5x15.3x1.8x
Thu, 25 Apr 2024CA$667.3bCA$368.1bCA$48.4b9.4x13.8x1.8x
Sat, 23 Mar 2024CA$639.2bCA$363.6bCA$47.9b9.9x13.4x1.8x
Mon, 19 Feb 2024CA$605.9bCA$382.8bCA$52.8b7.6x11.5x1.6x
Wed, 17 Jan 2024CA$616.8bCA$386.3bCA$47.8b6.6x12.9x1.6x
Fri, 15 Dec 2023CA$595.5bCA$386.2bCA$47.7b6.5x12.5x1.5x
Sun, 12 Nov 2023CA$615.7bCA$387.4bCA$48.2b6.6x12.8x1.6x
Tue, 10 Oct 2023CA$600.6bCA$401.5bCA$55.6b6.1x10.8x1.5x
Thu, 07 Sep 2023CA$620.5bCA$401.4bCA$55.6b6.4x11.2x1.5x
Sat, 05 Aug 2023CA$589.5bCA$408.7bCA$57.7b6x10.2x1.4x
Mon, 03 Jul 2023CA$557.7bCA$436.7bCA$67.5b5x8.3x1.3x
Price to Earnings Ratio

8.3x


Total Market Cap: CA$557.7bTotal 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 19.9x202420252026
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 25.0x which is higher than its 3-year average PE of 19.9x.
  • The 3-year average PS ratio of 2.3x 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 Market-1.81%
Energy-1.11%
Oil and Gas-1.13%
Oil and Gas Refining and Marketing5.69%
Oil and Gas Storage and Transportation2.36%
Coal and Fuels0.12%
Integrated Oil and Gas-1.89%
Oil and Gas Exploration and Production-5.21%
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 28.1%, 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 29% 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$79.733.4%
+CA$5.7b		29.6%PE27x
TRP TC EnergyCA$99.604.0%
+CA$4.0b		52.3%PE29.4x
PPL Pembina PipelineCA$66.892.6%
+CA$982.6m		29.4%PE25.1x
IMO Imperial OilCA$160.921.1%
+CA$851.1m		45.0%PE26.7x
KEY KeyeraCA$58.354.3%
+CA$783.6m		32.7%PE95.1x

Latest News

DML
CA$4.37
Denison Mines
7D
-7.4%
1Y
74.1%
EFR
CA$20.53
Energy Fuels
7D
-12.2%
1Y
155.0%
FEC
CA$8.40
Frontera Energy
7D
-47.7%
1Y
29.4%
KEY
CA$58.35
Keyera
7D
4.3%
1Y
32.7%
NXE
CA$13.69
NexGen Energy
7D
-9.0%
1Y
44.9%
TRP
CA$99.60
TC Energy
7D
4.0%
1Y
52.3%
Narrative Update • Jun 24

TRP: Q1 Execution And Fair Value Positioning Will Shape Forward Risk Reward

Analysts have modestly lifted their TC Energy price target to CA$103, with the change linked to updated sector models, Q1 guidance commentary, and a recent shift toward viewing the stock as closer to estimated intrinsic fair value. Analyst Commentary Recent research coverage on TC Energy has focused on how current valuation lines up with analysts’ estimates of intrinsic fair value, especially after the latest Q1 updates and sector model revisions.
IMO
CA$160.92
Imperial Oil
7D
1.1%
1Y
45.0%
Narrative Update • Jun 23

IMO: Future Returns Will Rely On Rich P/E Despite Mixed Price Signals

Imperial Oil's fair value estimate has been raised to CA$123 from CA$118 as analysts weigh a series of mixed price target revisions, including multiple upward resets alongside a modest cut from TD Securities, against slightly adjusted assumptions for the discount rate, revenue trends and profit margins. Analyst Commentary Recent Street research on Imperial Oil reflects a split view, with some firms lifting price targets while others trim expectations and highlight areas of concern.
SOBO
CA$51.90
South Bow
7D
2.6%
1Y
47.0%
CCO
CA$146.84
Cameco
7D
-2.4%
1Y
44.7%
Narrative Update • Jun 23

CCO: Long-Term Uranium Contracts Will Support Premium Future P E Multiple

Analysts have slightly increased their fair value estimate for Cameco, lifting the implied analyst price target by roughly CA$0.44. They cite updated assumptions around revenue growth, profit margins and future P/E expectations.
GEI
CA$30.28
Gibson Energy
7D
3.6%
1Y
25.2%
ENB
CA$79.73
Enbridge
7D
3.4%
1Y
29.6%
Narrative Update • Jun 22

ENB: Future Returns Will Reflect Regulated Assets And Approved Gas Expansion Project

Analysts have nudged their consolidated fair value estimate for Enbridge slightly higher, with the blended price target moving up by about CA$0.25 as updated sector models reflect modest tweaks to the discount rate and profit expectations following recent Q1 reviews and price target increases from several firms. Analyst Commentary Recent Street research on Enbridge points to a cluster of higher price targets, with several bullish analysts updating their models after Q1 results and sector reviews.
SES
CA$22.73
SECURE Waste Infrastructure
7D
6.2%
1Y
47.9%
CNQ
CA$56.19
Canadian Natural Resources
7D
-3.0%
1Y
29.0%
Narrative Update • Jun 22

CNQ: Future Buybacks And West Coast Pipeline Progress Will Drive Returns

Analysts have nudged their fair value estimate for Canadian Natural Resources slightly higher to CA$71.20, reflecting a series of recent price target increases, including moves to CA$74 and higher Outperform ratings following the stock's selloff. Analyst Commentary Recent Street research on Canadian Natural Resources has tilted positive, with several firms adjusting price targets higher and reaffirming favorable views after the stock's selloff.
CVE
CA$34.96
Cenovus Energy
7D
-1.6%
1Y
85.6%
Analysis Article • Jun 19

Cenovus Energy (TSX:CVE) Stock Could Be 22.6% Undervalued As Options Trading Surges

A surge in options trading around Cenovus Energy (TSX:CVE), combined with conflicting views on whether the stock looks expensive or cheap and upbeat earnings expectations, has pushed the company firmly into the market spotlight. See our latest analysis for Cenovus Energy. Cenovus Energy’s recent pullback, with the share price down 10.71% over seven days and 18.70% over 30 days from CA$35.53, contrasts with a stronger backdrop that includes a 47.73% year to date share price return and an...
PPL
CA$66.89
Pembina Pipeline
7D
2.6%
1Y
29.4%
Narrative Update • Jun 17

PPL: Ethane Supply Agreements And Dividend Increase Will Shape Future Outlook

Analysts have made a small upward adjustment to their price target for Pembina Pipeline, with fair value moving from about CA$67.11 to approximately CA$67.67. This reflects updated views on revenue growth, profit margins, and future P/E assumptions.
SU
CA$77.10
Suncor Energy
7D
-1.4%
1Y
49.0%
Analysis Article • Jun 16

Suncor Energy (TSX:SU) Stock Could Be 15.9% Undervalued After Universal Shelf Filing

Why Suncor Energy Filed a Universal Shelf Registration Suncor Energy (TSX:SU) has filed an omnibus universal shelf registration that covers potential offerings of debt securities, common shares, preferred stock, warrants, units, share purchase contracts, and share purchase units. This filing does not commit Suncor Energy to an immediate capital raise. However, it gives the company flexibility to issue a variety of securities if it chooses to access markets in the future. See our latest...