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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies167
  • 7D1.9%
  • 3M4.6%
  • 1Y44.8%
  • YTD27.9%

Over the last 7 days, the Oil and Gas industry has risen 1.9%, driven by gains from Canadian Natural Resources of 5.5%. This means that the industry has gained 45% over the past year. 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
Wed, 22 Jul 2026CA$962.3bCA$348.3bCA$38.2b24.5x25.2x2.8x
Fri, 19 Jun 2026CA$941.8bCA$348.2bCA$38.2b24.4x24.7x2.7x
Sun, 17 May 2026CA$1.0tCA$347.9bCA$38.2b25.8x26.4x2.9x
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
Price to Earnings Ratio

9.4x


Total Market Cap: CA$573.4bTotal Earnings: CA$61.2bTotal Revenue: CA$423.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20.3x202420252026
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 25.2x which is higher than its 3-year average PE of 20.3x.
  • The 3-year average PS ratio of 2.4x 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 15% per year over the last three years,
  • Revenues have also declined 6.3% 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 Market0.17%
Energy1.94%
Oil and Gas1.93%
Oil and Gas Exploration and Production4.00%
Integrated Oil and Gas3.81%
Oil and Gas Refining and Marketing0.63%
Oil and Gas Storage and Transportation0.073%
Coal and Fuels-3.10%
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 27.9%, 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 31% 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$63.315.5%
+CA$6.9b		49.2%PE13.6x
SU Suncor EnergyCA$89.844.6%
+CA$4.7b		68.9%PE16.8x
CVE Cenovus EnergyCA$40.604.8%
+CA$3.5b		108.6%PE16.4x
IMO Imperial OilCA$175.592.0%
+CA$1.7b		54.5%PE29.1x
TOU Tourmaline OilCA$63.664.1%
+CA$966.9m		5.5%PE34.9x

Latest News

SU
CA$89.84
Suncor Energy
7D
4.6%
1Y
68.9%
CNQ
CA$63.31
Canadian Natural Resources
7D
5.5%
1Y
49.2%
Narrative Update • Jul 21

CNQ: Future Cash Returns Look Supported By Record Output And Carbon Capture

Analysts have raised their fair value estimate for Canadian Natural Resources from CA$75.00 to about CA$83.23, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple, along with recent shifts in Street price targets in the CA$71 to CA$74 range. Analyst Commentary Recent research on Canadian Natural Resources shows a range of views on valuation, but several bullish analysts are highlighting upside potential tied to execution and capital allocation.
PPL
CA$71.08
Pembina Pipeline
7D
1.1%
1Y
40.4%
WCP
CA$16.27
Whitecap Resources
7D
4.7%
1Y
61.9%
RECO
CA$0.80
Reconnaissance Energy Africa
7D
-16.7%
1Y
81.8%
IMO
CA$175.59
Imperial Oil
7D
2.0%
1Y
54.5%
CCO
CA$125.09
Cameco
7D
-2.9%
1Y
18.0%
EFR
CA$17.41
Energy Fuels
7D
-6.4%
1Y
39.3%
CVE
CA$40.60
Cenovus Energy
7D
4.8%
1Y
108.6%
Narrative Update • Jul 09

CVE: Fair Value View Balances Offshore Project Execution And Overvaluation Risk

The fair value estimate for Cenovus Energy has been raised from CA$25.00 to CA$40.00 as analysts point to higher targeted price levels around CA$47.00 and expectations for a shift to positive revenue growth despite more moderate margin and P/E assumptions. Analyst Commentary Recent Street research on Cenovus Energy centers on higher stated price targets and a focus on execution around key growth projects.
ARX
CA$32.45
ARC Resources
7D
2.5%
1Y
21.4%
Narrative Update • Jul 09

ARX: Shell Offer And Proxy Support Will Shape Balanced Risk Outlook

Analysts have raised the implied fair value for ARC Resources to CA$31.00 from CA$25.00, citing expectations for less severe revenue declines, improved profit margins, and a slightly lower future P/E multiple, even with a modestly higher discount rate. Analyst Commentary Recent research on ARC Resources highlights a cautious shift in sentiment, with several bearish analysts reassessing the stock after recent corporate developments and sector news.
DML
CA$4.23
Denison Mines
7D
-5.2%
1Y
44.4%
ENB
CA$78.28
Enbridge
7D
-0.5%
1Y
27.3%
TOU
CA$63.66
Tourmaline Oil
7D
4.1%
1Y
5.5%
NXE
CA$12.90
NexGen Energy
7D
-2.0%
1Y
38.4%
RGSI
CA$27.46
Rockpoint Gas Storage
7D
-10.1%
1Y
n/a
ATH
CA$10.69
Athabasca Oil
7D
-2.2%
1Y
91.6%