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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedMay 28, 2026
DataAggregated Company Financials
Companies175
  • 7D-3.5%
  • 3M9.5%
  • 1Y49.9%
  • YTD28.0%

Over the last 7 days, the Oil and Gas industry has dropped 2.9%, driven by Canadian Natural Resources declining 5.6%. Over the past 12 months, the industry was up 51%. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 28 May 2026CA$997.0bCA$348.3bCA$38.2b24x26.1x2.9x
Sat, 25 Apr 2026CA$945.2bCA$342.1bCA$41.2b19.7x22.9x2.8x
Mon, 23 Mar 2026CA$949.4bCA$342.3bCA$41.4b18.8x23x2.8x
Wed, 18 Feb 2026CA$879.5bCA$355.0bCA$39.3b17x22.4x2.5x
Fri, 16 Jan 2026CA$790.7bCA$357.0bCA$38.5b15.3x20.6x2.2x
Sun, 14 Dec 2025CA$759.7bCA$358.0bCA$38.6b15x19.7x2.1x
Tue, 11 Nov 2025CA$754.8bCA$361.9bCA$38.3b14x19.7x2.1x
Thu, 09 Oct 2025CA$775.0bCA$390.7bCA$43.9b12.7x17.6x2x
Sat, 06 Sep 2025CA$728.9bCA$390.6bCA$43.9b11.9x16.6x1.9x
Mon, 04 Aug 2025CA$700.0bCA$392.9bCA$43.8b12.4x16x1.8x
Wed, 02 Jul 2025CA$686.0bCA$394.3bCA$42.8b12.2x16x1.7x
Fri, 30 May 2025CA$669.1bCA$394.4bCA$42.9b11.9x15.6x1.7x
Sun, 27 Apr 2025CA$642.4bCA$386.9bCA$38.9b11.8x16.5x1.7x
Tue, 25 Mar 2025CA$679.1bCA$387.5bCA$38.1b13x17.8x1.8x
Thu, 20 Feb 2025CA$668.5bCA$389.7bCA$40.6b11x16.5x1.7x
Sat, 18 Jan 2025CA$689.7bCA$388.4bCA$45.0b11.2x15.3x1.8x
Mon, 16 Dec 2024CA$677.1bCA$388.3bCA$45.1b10.6x15x1.7x
Wed, 13 Nov 2024CA$692.4bCA$387.4bCA$45.2b10.7x15.3x1.8x
Fri, 11 Oct 2024CA$688.0bCA$386.3bCA$43.7b11.8x15.8x1.8x
Sun, 08 Sep 2024CA$634.8bCA$386.5bCA$43.8b11.3x14.5x1.6x
Tue, 06 Aug 2024CA$634.9bCA$375.4bCA$44.5b10.3x14.3x1.7x
Thu, 04 Jul 2024CA$650.9bCA$366.0bCA$43.3b12.1x15x1.8x
Sat, 01 Jun 2024CA$667.7bCA$366.0bCA$43.4b13x15.4x1.8x
Mon, 29 Apr 2024CA$673.8bCA$368.2bCA$48.2b9.6x14x1.8x
Wed, 27 Mar 2024CA$647.0bCA$363.8bCA$47.9b9.8x13.5x1.8x
Fri, 23 Feb 2024CA$616.0bCA$383.9bCA$52.5b8.3x11.7x1.6x
Sun, 21 Jan 2024CA$594.1bCA$386.2bCA$47.7b6.6x12.4x1.5x
Tue, 19 Dec 2023CA$589.4bCA$386.2bCA$47.7b6.4x12.3x1.5x
Thu, 16 Nov 2023CA$622.7bCA$387.0bCA$48.1b6.7x12.9x1.6x
Sat, 14 Oct 2023CA$631.0bCA$401.5bCA$55.6b6.2x11.3x1.6x
Mon, 11 Sep 2023CA$622.0bCA$401.4bCA$55.6b6.4x11.2x1.5x
Wed, 09 Aug 2023CA$594.6bCA$407.1bCA$58.1b6.1x10.2x1.5x
Fri, 07 Jul 2023CA$548.7bCA$437.0bCA$67.6b4.9x8.1x1.3x
Sun, 04 Jun 2023CA$561.7bCA$437.1bCA$67.6b4.4x8.3x1.3x
Price to Earnings Ratio

8.3x


Total Market Cap: CA$561.7bTotal Earnings: CA$67.6bTotal Revenue: CA$437.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 19.4x202420252026
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 26.1x which is higher than its 3-year average PE of 19.4x.
  • 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 Market0.67%
Energy-3.55%
Oil and Gas-3.55%
Coal and Fuels4.91%
Oil and Gas Storage and Transportation-1.62%
Oil and Gas Refining and Marketing-4.05%
Oil and Gas Exploration and Production-5.80%
Integrated Oil and Gas-6.05%
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
CCO CamecoCA$148.704.1%
+CA$2.5b		77.9%PE99.6x
EFR Energy FuelsCA$25.319.9%
+CA$569.7m		243.9%PS53.9x
NXE NexGen EnergyCA$15.405.8%
+CA$562.6m		73.0%PB6x
DML Denison MinesCA$4.687.8%
+CA$307.7m		97.5%PS911.1x
URE Ur-EnergyCA$2.2511.4%
+CA$91.4m		80.0%PS20.8x

Latest News

DML
CA$4.68
Denison Mines
7D
7.8%
1Y
97.5%
SU
CA$88.50
Suncor Energy
7D
-5.1%
1Y
81.1%
CNQ
CA$63.32
Canadian Natural Resources
7D
-5.6%
1Y
48.8%
SNM
CA$0.20
ShaMaran Petroleum
7D
8.1%
1Y
2.6%
IMO
CA$172.18
Imperial Oil
7D
-6.3%
1Y
73.3%
CVE
CA$39.00
Cenovus Energy
7D
-7.0%
1Y
109.8%
Narrative Update • May 25

CVE: Future Cash Returns And Project Execution Will Shape Risk Balance

Cenovus Energy's fair value estimate has shifted from CA$42.00 to CA$45.47 as analysts factor in higher price targets across the Street and updated assumptions around future revenue growth, profit margins, and a lower future P/E multiple. Analyst Commentary Bullish and cautious views around Cenovus Energy center on how effectively the company can translate future project ramp ups and commodity price trends into sustainable cash generation and whether the current valuation already embeds much of that potential.
ENB
CA$77.74
Enbridge
7D
-1.1%
1Y
23.3%
NXE
CA$15.40
NexGen Energy
7D
5.8%
1Y
73.0%
TRP
CA$94.29
TC Energy
7D
-2.2%
1Y
36.6%
EFR
CA$25.31
Energy Fuels
7D
9.9%
1Y
243.9%
EU
CA$2.14
enCore Energy
7D
12.0%
1Y
-27.2%
SCR
CA$43.47
Strathcona Resources
7D
-10.9%
1Y
49.9%
Narrative Update • May 21

SCR: Higher Fair Value And Buyback Plan Will Shape Heavy Oil Outlook

The updated fair value estimate for Strathcona Resources increases from CA$30.78 to CA$50.40. This reflects analysts' higher CA$54 and other revised price targets, along with updated views on revenue growth, margins and a lower future P/E multiple.
URE
CA$2.25
Ur-Energy
7D
11.4%
1Y
80.0%
TOU
CA$63.80
Tourmaline Oil
7D
-5.0%
1Y
0.3%
ISO
CA$15.52
IsoEnergy
7D
9.1%
1Y
43.6%
CCO
CA$148.70
Cameco
7D
4.1%
1Y
77.9%