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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJun 18, 2026
DataAggregated Company Financials
Companies170
  • 7D-3.4%
  • 3M-1.9%
  • 1Y38.0%
  • YTD23.3%

Over the last 7 days, the Oil and Gas industry has dropped 1.2%, driven by pullbacks in Suncor Energy and Canadian Natural Resources of 8.4% and 6.0%, respectively. Meanwhile, Cameco actually outperformed within the industry, gaining 13% in the last week. In the past year, the industry has gained 39%. 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, 18 Jun 2026CA$954.3bCA$348.2bCA$38.2b24.5x25x2.7x
Sat, 16 May 2026CA$1.0tCA$347.9bCA$38.2b25.8x26.2x2.9x
Mon, 13 Apr 2026CA$956.8bCA$342.2bCA$41.2b18.7x23.2x2.8x
Wed, 11 Mar 2026CA$911.6bCA$342.9bCA$42.5b17.4x21.4x2.7x
Fri, 06 Feb 2026CA$838.1bCA$353.5bCA$38.0b16.2x22.1x2.4x
Sun, 04 Jan 2026CA$767.0bCA$356.9bCA$38.5b15x19.9x2.1x
Tue, 02 Dec 2025CA$776.6bCA$357.7bCA$38.6b14.9x20.1x2.2x
Thu, 30 Oct 2025CA$760.4bCA$391.7bCA$43.9b12.2x17.3x1.9x
Sat, 27 Sep 2025CA$776.8bCA$390.7bCA$43.9b12.6x17.7x2x
Mon, 25 Aug 2025CA$725.2bCA$390.7bCA$43.8b12.2x16.6x1.9x
Wed, 23 Jul 2025CA$687.7bCA$394.3bCA$42.8b12x16.1x1.7x
Fri, 20 Jun 2025CA$750.3bCA$394.4bCA$42.8b13.3x17.5x1.9x
Sun, 18 May 2025CA$665.6bCA$394.5bCA$42.9b11.4x15.5x1.7x
Tue, 15 Apr 2025CA$603.1bCA$386.8bCA$38.8b11.3x15.5x1.6x
Thu, 13 Mar 2025CA$642.0bCA$387.5bCA$38.4b11.5x16.7x1.7x
Sat, 08 Feb 2025CA$675.9bCA$388.3bCA$42.8b10.9x15.8x1.7x
Mon, 06 Jan 2025CA$691.1bCA$388.4bCA$45.1b10.9x15.3x1.8x
Wed, 04 Dec 2024CA$703.5bCA$388.2bCA$45.1b11x15.6x1.8x
Fri, 01 Nov 2024CA$681.3bCA$384.5bCA$43.0b11.1x15.8x1.8x
Sun, 29 Sep 2024CA$644.2bCA$386.5bCA$43.7b11.4x14.7x1.7x
Tue, 27 Aug 2024CA$668.0bCA$376.5bCA$43.2b12.7x15.5x1.8x
Thu, 25 Jul 2024CA$651.4bCA$366.3bCA$43.4b11.2x15x1.8x
Sat, 22 Jun 2024CA$634.8bCA$366.0bCA$43.4b11.5x14.6x1.7x
Mon, 20 May 2024CA$675.8bCA$367.7bCA$43.9b12.6x15.4x1.8x
Wed, 17 Apr 2024CA$658.0bCA$368.1bCA$48.4b9.5x13.6x1.8x
Fri, 15 Mar 2024CA$629.1bCA$363.4bCA$48.3b9x13x1.7x
Sun, 11 Feb 2024CA$587.3bCA$382.1bCA$49.8b7.3x11.8x1.5x
Tue, 09 Jan 2024CA$612.2bCA$386.1bCA$47.7b6.6x12.8x1.6x
Thu, 07 Dec 2023CA$596.9bCA$386.5bCA$47.8b6.2x12.5x1.5x
Sat, 04 Nov 2023CA$636.3bCA$394.4bCA$50.2b6.9x12.7x1.6x
Mon, 02 Oct 2023CA$621.5bCA$401.3bCA$55.6b6.5x11.2x1.5x
Wed, 30 Aug 2023CA$607.8bCA$401.2bCA$55.5b6.2x11x1.5x
Fri, 28 Jul 2023CA$578.9bCA$436.3bCA$67.1b5.3x8.6x1.3x
Sun, 25 Jun 2023CA$537.0bCA$437.9bCA$68.2b4.2x7.9x1.2x
Price to Earnings Ratio

7.9x


Total Market Cap: CA$537.0bTotal Earnings: CA$68.2bTotal Revenue: CA$437.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 19.8x202420252026
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 25.3x which is higher than its 3-year average PE of 19.8x.
  • 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 18% per year over the last three years,
  • Revenues have also declined 7.4% 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 Market2.79%
Energy-3.41%
Oil and Gas-3.40%
Coal and Fuels13.32%
Oil and Gas Storage and Transportation-2.17%
Oil and Gas Refining and Marketing-2.32%
Oil and Gas Exploration and Production-6.14%
Integrated Oil and Gas-7.07%
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 29% 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
CCO CamecoCA$149.3012.7%
+CA$7.3b		56.4%PE100x
NXE NexGen EnergyCA$14.8314.8%
+CA$1.3b		58.3%PB5.8x
DML Denison MinesCA$4.6919.0%
+CA$678.8m		87.6%PS913x
EFR Energy FuelsCA$21.6213.3%
+CA$634.7m		173.7%PS45.1x
ISO IsoEnergyCA$15.7521.1%
+CA$166.1m		60.7%PB2x

Latest News

DML
CA$4.69
Denison Mines
7D
19.0%
1Y
87.6%
ISO
CA$15.75
IsoEnergy
7D
21.1%
1Y
60.7%
TOU
CA$60.50
Tourmaline Oil
7D
-5.6%
1Y
-9.0%
Narrative Update • Jun 16

TOU: Production Guidance And Mixed Ratings Will Shape Bullish Multi Year Path

Analysts have nudged their fair value estimate for Tourmaline Oil stock slightly lower to CA$71.45 from CA$71.50. This reflects a blend of recent target cuts from BMO and Canaccord alongside higher price targets from Raymond James and Morgan Stanley, while leaving the overall earnings and discount rate assumptions effectively unchanged.
EU
CA$2.30
enCore Energy
7D
29.9%
1Y
-31.8%
SU
CA$79.39
Suncor Energy
7D
-8.4%
1Y
44.7%
Analysis Article • Jun 16

Suncor Energy (TSX:SU) Stock Could Be 15.9% Undervalued After Universal Shelf Filing

Why Suncor Energy Filed a Universal Shelf Registration Suncor Energy (TSX:SU) has filed an omnibus universal shelf registration that covers potential offerings of debt securities, common shares, preferred stock, warrants, units, share purchase contracts, and share purchase units. This filing does not commit Suncor Energy to an immediate capital raise. However, it gives the company flexibility to issue a variety of securities if it chooses to access markets in the future. See our latest...
CNQ
CA$59.77
Canadian Natural Resources
7D
-6.0%
1Y
29.9%
EFR
CA$21.62
Energy Fuels
7D
13.3%
1Y
173.7%
CCO
CA$149.30
Cameco
7D
12.7%
1Y
56.4%
NXE
CA$14.83
NexGen Energy
7D
14.8%
1Y
58.3%
CVE
CA$36.11
Cenovus Energy
7D
-8.9%
1Y
80.2%
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.
PPL
CA$65.32
Pembina Pipeline
7D
-4.3%
1Y
29.3%
ENB
CA$76.90
Enbridge
7D
-2.5%
1Y
24.7%
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.
IMO
CA$161.14
Imperial Oil
7D
-3.8%
1Y
45.3%
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.
SCR
CA$41.42
Strathcona Resources
7D
-11.9%
1Y
33.0%
Narrative Update • Jun 04

SCR: Fairly Valued Heavy Oil Story Balances Organic Plan And Buyback

Analysts have lifted their price targets on Strathcona Resources into the CA$35 to CA$56 range, citing what they see as underappreciated assets and an organic growth plan that is not fully reflected in the current share price. Analyst Commentary Recent Street research on Strathcona Resources has become more constructive, with several firms moving price targets into the mid CA$30s and, in some cases, into the mid CA$50s.
SASK
CA$1.09
Atha Energy
7D
21.1%
1Y
65.2%
URC
CA$4.27
Uranium Royalty
7D
10.1%
1Y
24.9%