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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies170
  • 7D-3.9%
  • 3M-4.1%
  • 1Y37.3%
  • YTD19.9%

The Oil and Gas industry is down 3.9% over the last week with Enbridge the worst performer, down 2.9%. Over the past 12 months, the industry was up 37%. 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
Wed, 01 Jul 2026CA$927.3bCA$348.3bCA$38.1b23x24.3x2.7x
Fri, 29 May 2026CA$978.2bCA$348.4bCA$38.2b24.4x25.6x2.8x
Sun, 26 Apr 2026CA$938.8bCA$342.1bCA$41.2b19.7x22.8x2.7x
Tue, 24 Mar 2026CA$949.4bCA$342.2bCA$41.4b18.3x23x2.8x
Thu, 19 Feb 2026CA$866.3bCA$355.0bCA$39.3b17.5x22x2.4x
Sat, 17 Jan 2026CA$791.7bCA$357.0bCA$38.5b15.3x20.6x2.2x
Mon, 15 Dec 2025CA$759.7bCA$358.0bCA$38.6b15x19.7x2.1x
Wed, 12 Nov 2025CA$764.9bCA$361.8bCA$38.3b14.4x20x2.1x
Fri, 10 Oct 2025CA$775.6bCA$390.8bCA$43.9b12.3x17.7x2x
Sun, 07 Sep 2025CA$728.9bCA$390.6bCA$43.9b11.9x16.6x1.9x
Tue, 05 Aug 2025CA$700.0bCA$392.9bCA$43.8b12.4x16x1.8x
Thu, 03 Jul 2025CA$685.1bCA$394.3bCA$42.8b12.1x16x1.7x
Sat, 31 May 2025CA$668.1bCA$394.4bCA$42.9b11.7x15.6x1.7x
Mon, 28 Apr 2025CA$642.4bCA$386.9bCA$38.9b11.8x16.5x1.7x
Wed, 26 Mar 2025CA$688.0bCA$387.7bCA$38.4b13.1x17.9x1.8x
Fri, 21 Feb 2025CA$672.2bCA$388.2bCA$39.9b11.3x16.9x1.7x
Sun, 19 Jan 2025CA$700.4bCA$388.4bCA$45.0b11.2x15.5x1.8x
Tue, 17 Dec 2024CA$676.5bCA$388.3bCA$45.1b10.4x15x1.7x
Thu, 14 Nov 2024CA$685.8bCA$388.1bCA$45.7b10.7x15x1.8x
Sat, 12 Oct 2024CA$696.7bCA$386.3bCA$43.7b12.1x16x1.8x
Mon, 09 Sep 2024CA$634.8bCA$386.5bCA$43.8b11.3x14.5x1.6x
Wed, 07 Aug 2024CA$634.9bCA$374.4bCA$44.4b10.9x14.3x1.7x
Fri, 05 Jul 2024CA$654.0bCA$366.0bCA$43.3b12x15.1x1.8x
Sun, 02 Jun 2024CA$676.2bCA$366.0bCA$43.4b13x15.6x1.8x
Tue, 30 Apr 2024CA$673.8bCA$368.2bCA$48.2b9.7x14x1.8x
Thu, 28 Mar 2024CA$645.8bCA$368.0bCA$48.5b9.9x13.3x1.8x
Sat, 24 Feb 2024CA$616.5bCA$382.6bCA$52.6b8.2x11.7x1.6x
Mon, 22 Jan 2024CA$592.5bCA$386.2bCA$47.7b6.6x12.4x1.5x
Wed, 20 Dec 2023CA$600.7bCA$386.1bCA$47.7b6.2x12.6x1.6x
Fri, 17 Nov 2023CA$610.6bCA$387.3bCA$47.9b6.6x12.7x1.6x
Sun, 15 Oct 2023CA$631.0bCA$401.5bCA$55.6b6.2x11.3x1.6x
Tue, 12 Sep 2023CA$614.2bCA$401.3bCA$55.6b6.5x11.1x1.5x
Thu, 10 Aug 2023CA$598.7bCA$407.1bCA$58.1b6.2x10.3x1.5x
Sat, 08 Jul 2023CA$556.5bCA$436.8bCA$67.5b5.1x8.2x1.3x
Price to Earnings Ratio

8.2x


Total Market Cap: CA$556.5bTotal Earnings: CA$67.5bTotal Revenue: CA$436.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20x202420252026
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 24.3x which is higher than its 3-year average PE of 20.0x.
  • The 3-year average PS ratio of 2.4x 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 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-0.59%
Energy-3.86%
Oil and Gas-3.92%
Oil and Gas Refining and Marketing1.39%
Oil and Gas Storage and Transportation-3.35%
Integrated Oil and Gas-3.78%
Oil and Gas Exploration and Production-3.85%
Coal and Fuels-6.92%
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
SES SECURE Waste InfrastructureCA$22.161.7%
+CA$80.7m		42.3%PE40.3x
RGSI Rockpoint Gas StorageCA$29.372.2%
+CA$34.0m		n/aPE5.3x
EOG Eco (Atlantic) Oil & GasCA$0.979.0%
+CA$27.9m		438.9%PB12.8x
AAV Advantage EnergyCA$10.311.6%
+CA$26.8m		-12.8%PE15.5x
SDE Spartan DeltaCA$11.450.8%
+CA$18.4m		200.5%PE38.1x

Latest News

ENB
CA$76.91
Enbridge
7D
-2.9%
1Y
24.6%
SDE
CA$11.45
Spartan Delta
7D
0.8%
1Y
200.5%
CCO
CA$144.56
Cameco
7D
-6.5%
1Y
42.9%
CVE
CA$35.19
Cenovus Energy
7D
-3.8%
1Y
89.9%
AAV
CA$10.31
Advantage Energy
7D
1.6%
1Y
-12.8%
WCP
CA$14.73
Whitecap Resources
7D
-6.2%
1Y
61.0%
Narrative Update • Jun 26

WCP: Higher Earnings Sensitivity And Buybacks Will Shape Future Returns

The analyst price target for Whitecap Resources has been raised from CA$14.00 to CA$16.00, with analysts citing updated assumptions on revenue growth, profit margins, and future P/E as key drivers of the change. Analyst Commentary Recent Street research on Whitecap Resources points to a cluster of higher stated price targets, including a move to C$20 from C$18 at RBC Capital, alongside several other upward revisions of between C$1 and C$2.
SU
CA$76.30
Suncor Energy
7D
-5.0%
1Y
49.6%
Narrative Update • Jun 25

SU: Buybacks And Operational Momentum Will Drive Future Cash Return Expectations

The analyst price target for Suncor Energy has been adjusted slightly higher to CA$100.26 from CA$99.16, reflecting analysts' view that recent price target increases across several firms and a generally constructive stance on the company's operational progress are now more fully captured in the valuation. Analyst Commentary Recent research on Suncor Energy shows a mix of optimism and caution as analysts react to the company’s operational progress and current share valuation.
TRP
CA$93.92
TC Energy
7D
-4.9%
1Y
41.3%
Narrative Update • Jun 24

TRP: Q1 Execution And Fair Value Positioning Will Shape Forward Risk Reward

Analysts have modestly lifted their TC Energy price target to CA$103, with the change linked to updated sector models, Q1 guidance commentary, and a recent shift toward viewing the stock as closer to estimated intrinsic fair value. Analyst Commentary Recent research coverage on TC Energy has focused on how current valuation lines up with analysts’ estimates of intrinsic fair value, especially after the latest Q1 updates and sector model revisions.
IMO
CA$159.26
Imperial Oil
7D
-2.3%
1Y
47.2%
Narrative Update • Jun 23

IMO: Future Returns Will Rely On Rich P/E Despite Mixed Price Signals

Imperial Oil's fair value estimate has been raised to CA$123 from CA$118 as analysts weigh a series of mixed price target revisions, including multiple upward resets alongside a modest cut from TD Securities, against slightly adjusted assumptions for the discount rate, revenue trends and profit margins. Analyst Commentary Recent Street research on Imperial Oil reflects a split view, with some firms lifting price targets while others trim expectations and highlight areas of concern.
PLSR
CA$1.56
Pulsar Helium
7D
4.0%
1Y
218.4%
SES
CA$22.16
SECURE Waste Infrastructure
7D
1.7%
1Y
42.3%
CNQ
CA$56.12
Canadian Natural Resources
7D
-3.6%
1Y
31.1%
Narrative Update • Jun 22

CNQ: Future Buybacks And West Coast Pipeline Progress Will Drive Returns

Analysts have nudged their fair value estimate for Canadian Natural Resources slightly higher to CA$71.20, reflecting a series of recent price target increases, including moves to CA$74 and higher Outperform ratings following the stock's selloff. Analyst Commentary Recent Street research on Canadian Natural Resources has tilted positive, with several firms adjusting price targets higher and reaffirming favorable views after the stock's selloff.
GIII
CA$0.20
ReGen III
7D
33.3%
1Y
0%
CDR
CA$2.80
Condor Energies
7D
6.1%
1Y
52.2%
RGSI
CA$29.37
Rockpoint Gas Storage
7D
2.2%
1Y
n/a
EOG
CA$0.97
Eco (Atlantic) Oil & Gas
7D
9.0%
1Y
438.9%