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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies177
  • 7D2.4%
  • 3M30.4%
  • 1Y43.7%
  • YTD23.7%

Over the last 7 days, the Oil and Gas industry has risen 3.4%, driven by gains in Suncor Energy and Canadian Natural Resources of 7.6% and 5.2%, respectively. This means that the industry has gained 46% over the past year. Looking forward, earnings are forecast to grow by 7.6% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Wed, 31 May 2023CA$545.2bCA$437.5bCA$67.8b4.4x8x1.2x
Fri, 28 Apr 2023CA$575.6bCA$446.2bCA$69.0b4.3x8.3x1.3x
Sun, 26 Mar 2023CA$540.1bCA$450.2bCA$70.0b4.1x7.7x1.2x
Price to Earnings Ratio

7.7x


Total Market Cap: CA$540.1bTotal Earnings: CA$70.0bTotal Revenue: CA$450.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 18.4x202420252026
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 22.1x which is higher than its 3-year average PE of 18.4x.
  • The 3-year average PS ratio of 2.2x 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 15% 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 Market-2.57%
Energy2.34%
Oil and Gas2.37%
Integrated Oil and Gas5.55%
Oil and Gas Exploration and Production4.16%
Oil and Gas Refining and Marketing1.23%
Oil and Gas Storage and Transportation0.71%
Coal and Fuels-4.80%
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 25.3%, 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 2.9% 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
SU Suncor EnergyCA$85.137.6%
+CA$7.2b		58.6%PE17.1x
CNQ Canadian Natural ResourcesCA$67.495.2%
+CA$6.9b		53.4%PE13x
IMO Imperial OilCA$172.395.6%
+CA$4.5b		71.4%PE25.5x
TRP TC EnergyCA$87.602.2%
+CA$1.9b		26.6%PE25.2x
CVE Cenovus EnergyCA$32.882.2%
+CA$1.3b		65.4%PE15.7x

Latest News

WCP
CA$14.62
Whitecap Resources
7D
4.4%
1Y
57.5%
ARX
CA$27.96
ARC Resources
7D
3.6%
1Y
1.1%
FRU
CA$17.57
Freehold Royalties
7D
-2.2%
1Y
37.1%
TOU
CA$67.09
Tourmaline Oil
7D
3.2%
1Y
0.2%
CNQ
CA$67.49
Canadian Natural Resources
7D
5.2%
1Y
53.4%
CVE
CA$32.88
Cenovus Energy
7D
2.2%
1Y
65.4%
SU
CA$85.13
Suncor Energy
7D
7.6%
1Y
58.6%

SU: Investor Day And Buybacks Will Shape Oil Sands Resource Reassessment

The analyst fair value estimate for Suncor Energy has been lifted from CA$75.45 to CA$77.50, reflecting higher Street price targets and updated analyst views on sector conditions and relative valuation. Analyst Commentary Recent Street research on Suncor Energy shows a mix of optimism and caution, with several firms adjusting their price targets and ratings in response to sector conditions and company specific factors.
CCO
CA$150.23
Cameco
7D
-4.2%
1Y
137.4%

CCO: Future Earnings Profile Will Reflect Premium Margins And Elevated P E Expectations

Analysts have slightly increased their fair value estimate for Cameco, raising the target from about CA$172.56 to around CA$174.59 as they refine assumptions on long term revenue growth, profit margins, discount rate, and future P/E. Analyst Commentary Analysts adjusting their models for Cameco are fine tuning expectations around long term growth, profitability, and the appropriate valuation multiple.
URE
CA$1.89
Ur-Energy
7D
-10.0%
1Y
53.7%
DML
CA$5.00
Denison Mines
7D
-7.7%
1Y
137.0%
TRP
CA$87.60
TC Energy
7D
2.2%
1Y
26.6%
HWX
CA$12.54
Headwater Exploration
7D
-2.3%
1Y
97.2%
IMO
CA$172.39
Imperial Oil
7D
5.6%
1Y
71.4%

IMO: Future Cash Returns Will Rely On Margins And Capital Discipline

The analyst price target for Imperial Oil has been updated from CA$131 to about CA$150. Analysts point to refined assumptions on profit margins, a higher future P/E, and a modestly higher discount rate that reflect recent price target moves such as TD Securities at CA$110, RBC Capital at CA$116, and a slight reduction from Morgan Stanley.
EFR
CA$25.63
Energy Fuels
7D
-6.1%
1Y
318.1%
NXE
CA$16.12
NexGen Energy
7D
-6.1%
1Y
127.4%
PPL
CA$60.12
Pembina Pipeline
7D
-0.6%
1Y
6.3%

PPL: Long-Term LNG Capacity Agreement Will Support Steady Outlook And Fair Value

Analysts have lifted their fair value estimate for Pembina Pipeline from CA$58.78 to CA$60.39, reflecting updated assumptions for revenue growth, profit margins and future P/E expectations. What's in the News Pembina Pipeline and a subsidiary of Ovintiv Inc.