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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJun 10, 2026
DataAggregated Company Financials
Companies169
  • 7D-3.9%
  • 3M4.5%
  • 1Y45.9%
  • YTD26.5%

Over the last 7 days, the Oil and Gas industry has risen 1.1%, driven by gains from TC Energy of 1.0%. During this same period, the Cameco underperformed, falling 15%. In the last 12 months, the industry was up 49%. As for the next few years, earnings are expected to grow by 9.9% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Jun 2026CA$986.0bCA$348.1bCA$38.2b25.1x25.8x2.8x
Fri, 08 May 2026CA$996.5bCA$344.7bCA$41.8b17.6x23.9x2.9x
Sun, 05 Apr 2026CA$971.8bCA$342.3bCA$41.2b19.4x23.6x2.8x
Tue, 03 Mar 2026CA$899.3bCA$344.7bCA$40.6b17.6x22.2x2.6x
Thu, 29 Jan 2026CA$822.8bCA$356.3bCA$38.4b16.3x21.4x2.3x
Sat, 27 Dec 2025CA$742.9bCA$357.3bCA$38.5b14.1x19.3x2.1x
Mon, 24 Nov 2025CA$767.2bCA$357.7bCA$38.6b14.7x19.9x2.1x
Wed, 22 Oct 2025CA$739.6bCA$390.8bCA$43.9b12x16.8x1.9x
Fri, 19 Sep 2025CA$756.8bCA$390.6bCA$43.9b12.4x17.2x1.9x
Sun, 17 Aug 2025CA$706.0bCA$390.6bCA$43.8b12x16.1x1.8x
Tue, 15 Jul 2025CA$692.2bCA$394.4bCA$42.8b12.2x16.2x1.8x
Thu, 12 Jun 2025CA$729.9bCA$394.3bCA$42.8b12.7x17x1.9x
Sat, 10 May 2025CA$649.4bCA$398.2bCA$41.8b10.3x15.6x1.6x
Mon, 07 Apr 2025CA$615.3bCA$387.0bCA$38.8b11.6x15.8x1.6x
Wed, 05 Mar 2025CA$637.3bCA$385.7bCA$39.1b10.4x16.3x1.7x
Fri, 31 Jan 2025CA$688.1bCA$388.4bCA$45.0b10.9x15.3x1.8x
Sun, 29 Dec 2024CA$667.3bCA$388.3bCA$45.1b10.4x14.8x1.7x
Tue, 26 Nov 2024CA$722.6bCA$388.1bCA$45.1b11.4x16x1.9x
Thu, 24 Oct 2024CA$695.1bCA$386.4bCA$43.8b11x15.9x1.8x
Sat, 21 Sep 2024CA$642.8bCA$386.5bCA$43.7b11.7x14.7x1.7x
Mon, 19 Aug 2024CA$671.0bCA$376.5bCA$43.3b12x15.5x1.8x
Wed, 17 Jul 2024CA$660.3bCA$366.2bCA$43.4b11.5x15.2x1.8x
Fri, 14 Jun 2024CA$635.6bCA$366.1bCA$43.4b11.2x14.6x1.7x
Sun, 12 May 2024CA$675.1bCA$367.5bCA$44.9b10.6x15x1.8x
Tue, 09 Apr 2024CA$676.8bCA$368.0bCA$48.4b10.6x14x1.8x
Thu, 07 Mar 2024CA$618.7bCA$365.2bCA$49.4b8.2x12.5x1.7x
Sat, 03 Feb 2024CA$594.0bCA$385.1bCA$47.4b6.6x12.5x1.5x
Mon, 01 Jan 2024CA$597.4bCA$385.9bCA$47.7b6.6x12.5x1.5x
Wed, 29 Nov 2023CA$613.1bCA$386.5bCA$47.8b6.9x12.8x1.6x
Fri, 27 Oct 2023CA$623.0bCA$401.7bCA$55.5b6.4x11.2x1.6x
Sun, 24 Sep 2023CA$611.2bCA$401.1bCA$55.5b6.3x11x1.5x
Tue, 22 Aug 2023CA$599.1bCA$401.2bCA$55.5b6x10.8x1.5x
Thu, 20 Jul 2023CA$564.3bCA$436.5bCA$67.4b5x8.4x1.3x
Sat, 17 Jun 2023CA$555.5bCA$436.6bCA$67.5b4.5x8.2x1.3x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$555.5bTotal Earnings: CA$67.5bTotal Revenue: CA$436.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 19.6x202420252026
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 25.7x which is higher than its 3-year average PE of 19.6x.
  • The 3-year average PS ratio of 2.3x 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 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-2.46%
Energy-3.97%
Oil and Gas-3.92%
Oil and Gas Refining and Marketing4.21%
Oil and Gas Storage and Transportation-0.10%
Oil and Gas Exploration and Production-3.23%
Integrated Oil and Gas-4.73%
Coal and Fuels-16.51%
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 3.2% 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
TRP TC EnergyCA$95.131.0%
+CA$969.1m		40.3%PE28.1x
SES SECURE Waste InfrastructureCA$21.585.7%
+CA$255.1m		40.5%PE39.2x
SDE Spartan DeltaCA$12.542.5%
+CA$61.5m		256.3%PE41.8x
CVVY Cavvy EnergyCA$1.8410.2%
+CA$52.5m		390.7%PS2.3x
RBY Rubellite EnergyCA$3.7915.5%
+CA$47.8m		100.5%PE42.7x

Latest News

SDE
CA$12.54
Spartan Delta
7D
2.5%
1Y
256.3%
RBY
CA$3.79
Rubellite Energy
7D
15.5%
1Y
100.5%
CVE
CA$38.56
Cenovus Energy
7D
-4.8%
1Y
100.6%
Narrative Update • Jun 08

CVE: Future Cash Returns Will Hinge On Volume And Free Cash Flow Inflection

Analysts have nudged the Cenovus Energy fair value estimate higher to CA$45.91 from CA$45.47, reflecting a series of recent price target increases to around CA$47. These increases are tied to expectations for a volume and free cash flow inflection as new projects come online and potential benefits from higher commodity prices.
EFR
CA$20.01
Energy Fuels
7D
-25.9%
1Y
171.9%
Narrative Update • Jun 08

EFR: Rare Earth Pilot Breakthroughs Will Drive Future Upside Potential

Analysts have kept their CA$41.63 price target for Energy Fuels unchanged, reflecting consistent assumptions around fair value, discount rate, revenue growth, profit margin, and a slightly lower future P/E multiple. What’s in the News Energy Fuels reported strong first quarter revenue growth primarily from uranium sales, while continuing to report near term losses due to higher operating costs, according to Zacks coverage.
NXE
CA$13.83
NexGen Energy
7D
-19.5%
1Y
59.1%
CCO
CA$142.51
Cameco
7D
-14.6%
1Y
63.2%
Narrative Update • Jun 07

CCO: Future Earnings Profile Will Reflect Uranium Contracting And Premium P E Multiple

Analysts have trimmed their CA$ fair value estimate for Cameco to about CA$178, a reduction of roughly CA$2. They cite updated assumptions around slightly higher revenue growth, a modestly stronger profit margin, and a lower future P/E multiple.
CVVY
CA$1.84
Cavvy Energy
7D
10.2%
1Y
390.7%
AAV
CA$10.07
Advantage Energy
7D
0.8%
1Y
-13.9%
Narrative Update • Jun 06

AAV: Higher Liquids Mix And Buybacks Will Support Richer Future P/E

Narrative Update: Advantage Energy Price Target Shift The analyst price target for Advantage Energy has been revised slightly lower to CA$16.83 from CA$17.03 as analysts weigh recent mixed research. One firm trimmed its outlook, while another lifted its target by CA$1.
TRP
CA$95.13
TC Energy
7D
1.0%
1Y
40.3%
Narrative Update • Jun 06

TRP: Q1 Execution And Appalachia Expansion Will Shape Forward Risk Reward Balance

TC Energy's analyst price target has been adjusted higher, with CA$ fair value moving from about CA$91.30 to CA$93.61 as analysts factor in updated Q1 models, slightly lower discount rates, modestly higher revenue growth assumptions, and a slightly higher future P/E multiple across recent research. Analyst Commentary Recent Street research on TC Energy has leaned more supportive, with a series of higher price targets and a few upgrades clustered around the Q1 reporting period.
ENB
CA$77.52
Enbridge
7D
-0.6%
1Y
23.6%
Narrative Update • Jun 06

ENB: Future Returns Will Reflect Regulated Assets AI Demand And Pipeline Expansion

Analysts have raised their Enbridge fair value estimate to CA$78.24 from CA$76.14, citing recent price target increases across the Street after Q1 updates and refreshed models in the energy infrastructure space. Analyst Commentary Street research on Enbridge has centered on refreshed models after Q1 updates, with several firms adjusting price targets while keeping a generally balanced stance on the stock.
GEI
CA$29.30
Gibson Energy
7D
0.5%
1Y
24.2%
Narrative Update • Jun 06

GEI: Infrastructure Growth And Dividend Yield Will Support Balanced Forward Expectations

Analysts have nudged Gibson Energy's implied fair value higher to about CA$30.46 from roughly CA$29.85 as price targets across the stock move up, supported by updated sector models, a more constructive view on Canadian energy infrastructure, and interest in midstream operators offering infrastructure growth and high dividend yields. Analyst Commentary Bullish analysts have been lifting their targets on Gibson Energy and shifting ratings more positively after refreshing models on the Canadian energy infrastructure space, with a focus on midstream operators that combine infrastructure growth with higher dividend yields.
SU
CA$85.32
Suncor Energy
7D
-5.6%
1Y
65.8%
Narrative Update • Jun 06

SU: Buybacks And Operational Momentum Will Shape Future Margin Expectations

Analysts have nudged the implied fair value for Suncor Energy higher to CA$99.16 from CA$97.05, citing a mix of higher price targets across several firms and updated assumptions around profitability, discount rates, and future P/E multiples that now more fully reflect the recent operational turnaround. Analyst Commentary Recent research shows a mix of optimism and caution around Suncor Energy, with several firms revising price targets and ratings as the operational turnaround becomes more embedded in current valuations.
CNQ
CA$62.38
Canadian Natural Resources
7D
-4.6%
1Y
41.7%
Narrative Update • Jun 05

CNQ: Future Buybacks And Pipeline Decisions Will Shape Shareholder Returns

The fair value estimate for Canadian Natural Resources has been adjusted from CA$69.75 to CA$71.05 as analysts incorporate a series of higher Street price targets and updated assumptions for revenue growth, margins, and future P/E multiples. Analyst Commentary Recent Street research on Canadian Natural Resources has been active, with multiple firms updating ratings and price targets.
IMO
CA$165.88
Imperial Oil
7D
-3.7%
1Y
61.2%
Narrative Update • Jun 05

IMO: Future Cash Returns Will Depend On Alberta Pipeline Execution

Imperial Oil's updated fair value estimate edges higher to CA$204.82 from CA$204.58. This reflects modest tweaks to revenue growth, profit margin and future P/E assumptions as analysts recalibrate their price targets, including a slight trim from CA$157 to CA$156 and several recent upward revisions from other firms.
PLSR
CA$1.67
Pulsar Helium
7D
9.2%
1Y
251.6%
SES
CA$21.58
SECURE Waste Infrastructure
7D
5.7%
1Y
40.5%