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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedAug 29, 2025
DataAggregated Company Financials
Companies186
  • 7D2.4%
  • 3M10.4%
  • 1Y9.3%
  • YTD6.9%

In the last week, the Oil and Gas industry is up 2.4%, with Cenovus Energy leading the way with a 10% gain. This means that the industry has gained 9.3% over the past year. Earnings are forecast to grow by 3.6% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Wed, 22 Mar 2023CA$555.2bCA$449.7bCA$69.9b4.2x7.9x1.2x
Fri, 17 Feb 2023CA$598.0bCA$442.9bCA$71.3b5.1x8.4x1.4x
Sun, 15 Jan 2023CA$603.4bCA$436.9bCA$74.7b5.1x8.1x1.4x
Tue, 13 Dec 2022CA$590.0bCA$437.4bCA$74.8b4.8x7.9x1.3x
Thu, 10 Nov 2022CA$620.9bCA$426.9bCA$73.3b5.6x8.5x1.5x
Sat, 08 Oct 2022CA$602.6bCA$406.5bCA$65.0b6.4x9.3x1.5x
Mon, 05 Sep 2022CA$606.5bCA$405.3bCA$64.7b6.1x9.4x1.5x
Price to Earnings Ratio

9.4x


Total Market Cap: CA$606.5bTotal Earnings: CA$64.7bTotal Revenue: CA$405.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 16.4x202320242025
Current Industry PE
  • Investors are relatively neutral on the Canadian Oil and Gas industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 16.4x.
  • The industry is trading close to its 3-year average PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 12% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Canadian Energy industry?

CA Market1.44%
Energy2.42%
Oil and Gas2.43%
Coal and Fuels9.97%
Integrated Oil and Gas6.71%
Oil and Gas Exploration and Production1.97%
Oil and Gas Refining and Marketing1.02%
Oil and Gas Storage and Transportation-1.27%
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 23.9%, which is higher than its past year's earnings decline of 43.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Refining and Marketing industry, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings decline of 43% per year.
  • In contrast, the Oil and Gas Exploration and Production industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CVE Cenovus EnergyCA$23.3410.3%
+CA$3.9b		-8.7%PE15.9x
CCO CamecoCA$108.148.9%
+CA$3.9b		99.2%PE88.2x
SU Suncor EnergyCA$57.225.4%
+CA$3.6b		3.5%PE12.3x
IMO Imperial OilCA$124.345.9%
+CA$3.5b		20.8%PE13.5x
CNQ Canadian Natural ResourcesCA$43.333.3%
+CA$2.9b		-13.0%PE10.9x

Latest News

SCR
CA$38.41
Strathcona Resources
7D
-1.1%
1Y
23.4%
NXE
CA$10.20
NexGen Energy
7D
11.7%
1Y
27.0%
IMO
CA$124.34
Imperial Oil
7D
5.9%
1Y
20.8%
SU
CA$57.22
Suncor Energy
7D
5.4%
1Y
3.5%
WCP
CA$10.42
Whitecap Resources
7D
3.8%
1Y
-0.7%
CVE
CA$23.34
Cenovus Energy
7D
10.3%
1Y
-8.7%

Narrows Lake And West White Rose Will Secure Long-Life Production

Analysts have raised Cenovus Energy’s price target to CA$27.40, citing confidence in value creation from recent acquisitions—particularly the MEG Energy takeover—and execution on strategic priorities. Analyst Commentary Bullish analysts are raising price targets in recognition of Cenovus Energy’s value creation through its successful track record of upstream acquisitions.
EFR
CA$16.11
Energy Fuels
7D
23.4%
1Y
150.9%

Pinyon Plain Uranium And Rare Earth Production Will Unlock Value

Analysts have raised Energy Fuels’ price target to CA$17.12, citing strong near-term market sentiment and heightened volatility ahead of earnings, but concerns remain over relative underperformance to uranium peers and potential equity dilution from rare earth diversification. Analyst Commentary Bullish analysts point to unusually high call option volume and a low put/call ratio, reflecting strong near-term market sentiment ahead of earnings.
CNQ
CA$43.33
Canadian Natural Resources
7D
3.3%
1Y
-13.0%
TRP
CA$71.03
TC Energy
7D
-0.8%
1Y
15.2%
KEY
CA$44.35
Keyera
7D
-2.4%
1Y
10.5%
ENB
CA$65.78
Enbridge
7D
-1.4%
1Y
23.3%
ARX
CA$26.19
ARC Resources
7D
-2.8%
1Y
4.6%
PPL
CA$51.61
Pembina Pipeline
7D
-1.9%
1Y
-4.4%
CCO
CA$108.14
Cameco
7D
8.9%
1Y
99.2%
SNM
CA$0.21
ShaMaran Petroleum
7D
-6.5%
1Y
186.7%
PSK
CA$23.97
PrairieSky Royalty
7D
-1.0%
1Y
-13.9%