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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJun 04, 2026
DataAggregated Company Financials
Companies169
  • 7D2.9%
  • 3M9.8%
  • 1Y53.8%
  • YTD31.4%

The Oil and Gas industry is up 2.9% in the last week, with Canadian Natural Resources up 4.8%. In the last 12 months, the industry was up 54%. Looking forward, 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
Thu, 04 Jun 2026CA$1.0tCA$348.1bCA$38.2b26.1x26.3x2.9x
Sat, 02 May 2026CA$997.5bCA$342.8bCA$41.3b22.9x24.2x2.9x
Mon, 30 Mar 2026CA$981.8bCA$342.2bCA$41.3b20.7x23.8x2.9x
Wed, 25 Feb 2026CA$893.5bCA$344.8bCA$40.5b17.3x22.1x2.6x
Fri, 23 Jan 2026CA$811.2bCA$356.9bCA$38.5b15.4x21.1x2.3x
Sun, 21 Dec 2025CA$735.2bCA$357.4bCA$38.5b14.1x19.1x2.1x
Tue, 18 Nov 2025CA$771.5bCA$357.8bCA$38.6b14.8x20x2.2x
Thu, 16 Oct 2025CA$758.7bCA$390.8bCA$43.9b12.2x17.3x1.9x
Sat, 13 Sep 2025CA$742.4bCA$390.6bCA$43.9b12.4x16.9x1.9x
Mon, 11 Aug 2025CA$703.3bCA$390.2bCA$44.3b11.8x15.9x1.8x
Wed, 09 Jul 2025CA$680.8bCA$394.3bCA$42.8b12.2x15.9x1.7x
Fri, 06 Jun 2025CA$670.4bCA$394.3bCA$42.8b12.5x15.7x1.7x
Sun, 04 May 2025CA$645.1bCA$387.7bCA$39.2b10.2x16.4x1.7x
Tue, 01 Apr 2025CA$678.4bCA$387.1bCA$38.9b12.9x17.5x1.8x
Thu, 27 Feb 2025CA$649.3bCA$388.5bCA$39.5b10.9x16.5x1.7x
Sat, 25 Jan 2025CA$706.5bCA$388.3bCA$45.1b11.1x15.7x1.8x
Mon, 23 Dec 2024CA$654.3bCA$388.3bCA$45.1b10.2x14.5x1.7x
Wed, 20 Nov 2024CA$704.4bCA$388.1bCA$45.6b10.7x15.4x1.8x
Fri, 18 Oct 2024CA$689.1bCA$386.3bCA$43.7b11.9x15.8x1.8x
Sun, 15 Sep 2024CA$632.6bCA$386.5bCA$43.8b11.8x14.5x1.6x
Tue, 13 Aug 2024CA$649.9bCA$376.2bCA$43.6b11.3x14.9x1.7x
Thu, 11 Jul 2024CA$635.6bCA$366.0bCA$43.3b11.7x14.7x1.7x
Sat, 08 Jun 2024CA$654.5bCA$366.1bCA$43.4b12.2x15.1x1.8x
Mon, 06 May 2024CA$659.5bCA$368.9bCA$46.8b9.3x14.1x1.8x
Wed, 03 Apr 2024CA$658.3bCA$368.0bCA$48.4b10.3x13.6x1.8x
Fri, 01 Mar 2024CA$607.3bCA$366.5bCA$48.6b8.1x12.5x1.7x
Sun, 28 Jan 2024CA$607.7bCA$386.2bCA$47.8b6.7x12.7x1.6x
Tue, 26 Dec 2023CA$600.7bCA$385.9bCA$47.7b6.3x12.6x1.6x
Thu, 23 Nov 2023CA$626.0bCA$386.8bCA$47.9b6.8x13.1x1.6x
Sat, 21 Oct 2023CA$627.9bCA$401.6bCA$55.6b6.5x11.3x1.6x
Mon, 18 Sep 2023CA$633.5bCA$401.2bCA$55.5b6.7x11.4x1.6x
Wed, 16 Aug 2023CA$586.7bCA$402.0bCA$55.5b6x10.6x1.5x
Fri, 14 Jul 2023CA$568.6bCA$436.5bCA$67.4b5.1x8.4x1.3x
Sun, 11 Jun 2023CA$566.4bCA$437.0bCA$67.6b4.5x8.4x1.3x
Price to Earnings Ratio

8.4x


Total Market Cap: CA$566.4bTotal Earnings: CA$67.6bTotal Revenue: CA$437.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 19.5x202420252026
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 26.3x which is higher than its 3-year average PE of 19.5x.
  • The 3-year average PS ratio of 2.3x is lower than the industry's current PS ratio of 2.9x.
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 Market0.85%
Energy2.85%
Oil and Gas2.86%
Coal and Fuels5.82%
Oil and Gas Exploration and Production4.81%
Integrated Oil and Gas3.30%
Oil and Gas Refining and Marketing0.29%
Oil and Gas Storage and Transportation0.14%
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 3.3% 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
CNQ Canadian Natural ResourcesCA$66.364.8%
+CA$6.3b		56.8%PE14.2x
CCO CamecoCA$159.527.3%
+CA$4.7b		94.5%PE106.8x
CVE Cenovus EnergyCA$41.005.1%
+CA$3.7b		130.5%PE16.6x
SU Suncor EnergyCA$91.163.0%
+CA$3.1b		83.4%PE17x
IMO Imperial OilCA$175.682.0%
+CA$1.7b		77.4%PE29.1x

Latest News

ENB
CA$77.58
Enbridge
7D
-0.2%
1Y
21.4%
PPL
CA$67.48
Pembina Pipeline
7D
2.6%
1Y
30.5%
Narrative Update • Jun 03

PPL: Heartland Project And Ethane Deals Will Shape Future Fair Value

Analysts have raised their price target on Pembina Pipeline to CA$67.11 from CA$63.61, citing updated assumptions around long term fair value and a slightly higher future P/E multiple, while keeping revenue growth, profit margin, and discount rate estimates broadly unchanged. What's in the News Pembina approved the CA$570m Heartland Extraction Plant project in Alberta, a 750 million cubic feet per day straddle plant that is planned to use the company’s liquids extraction rights on the Yellowhead Pipeline, according to recent company announcements and news reports.
CCO
CA$159.52
Cameco
7D
7.3%
1Y
94.5%
RGSI
CA$29.34
Rockpoint Gas Storage
7D
-1.3%
1Y
n/a
SOBO
CA$50.97
South Bow
7D
-1.2%
1Y
38.9%
TVE
CA$13.57
Tamarack Valley Energy
7D
12.3%
1Y
204.3%
IMO
CA$175.68
Imperial Oil
7D
2.0%
1Y
77.4%
CVE
CA$41.00
Cenovus Energy
7D
5.1%
1Y
130.5%
SU
CA$91.16
Suncor Energy
7D
3.0%
1Y
83.4%
WCP
CA$16.76
Whitecap Resources
7D
5.3%
1Y
93.8%
Narrative Update • May 27

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

Whitecap Resources' fair value estimate moves from CA$18.60 to CA$19.40 as analysts lift price targets toward CA$20 and highlight a materially higher profit margin outlook, along with a lower assumed future P/E multiple. Analyst Commentary Recent Street research has focused on higher price targets for Whitecap Resources, generally coalescing around the CA$20 level and reinforcing the updated fair value estimate.
MER
CA$2.27
Meren Energy
7D
-2.2%
1Y
26.8%
CNQ
CA$66.36
Canadian Natural Resources
7D
4.8%
1Y
56.8%
TRP
CA$94.24
TC Energy
7D
-0.05%
1Y
34.1%
EFR
CA$25.08
Energy Fuels
7D
-0.9%
1Y
220.7%
SGQ
CA$0.32
SouthGobi Resources
7D
-11.1%
1Y
-14.7%
GEI
CA$28.82
Gibson Energy
7D
-0.4%
1Y
23.5%
Narrative Update • May 19

GEI: Teine Acquisition And Richer Multiples Will Shape Balanced Forward Expectations

Narrative Update Analysts have lifted their average price targets on Gibson Energy into the CA$29 to CA$32 range, with the higher CA$32 target described as reflecting what they see as attractive risk adjusted returns, even as some firms temper their ratings on valuation grounds. Analyst Commentary Recent research shows a cluster of higher price targets on Gibson Energy, paired with mixed ratings that reflect a balance between confidence in the business and caution around where the stock is trading today.