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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedNov 14, 2025
DataAggregated Company Financials
Companies182
  • 7D2.8%
  • 3M11.6%
  • 1Y12.9%
  • YTD14.6%

Canadian Natural Resources is up 6.0%, leading the way for the Oil and Gas industry, which has gained 2.8%. Meanwhile, Cameco actually underperformed within the industry, shrinking 8.1% in the last week. In the last 12 months, the industry was up 13%. Earnings are forecast to grow by 8.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 16 Nov 2025CA$775.0bCA$361.9bCA$38.3b14.3x20.2x2.1x
Tue, 14 Oct 2025CA$752.0bCA$390.8bCA$43.9b11.9x17.1x1.9x
Thu, 11 Sep 2025CA$733.2bCA$390.6bCA$43.9b12.4x16.7x1.9x
Sat, 09 Aug 2025CA$704.6bCA$390.8bCA$44.2b12.3x16x1.8x
Mon, 07 Jul 2025CA$684.3bCA$394.3bCA$42.8b12.1x16x1.7x
Wed, 04 Jun 2025CA$671.3bCA$394.4bCA$42.8b12.2x15.7x1.7x
Fri, 02 May 2025CA$635.4bCA$386.9bCA$38.9b10.7x16.3x1.6x
Sun, 30 Mar 2025CA$678.4bCA$387.1bCA$38.8b13x17.5x1.8x
Tue, 25 Feb 2025CA$658.9bCA$388.4bCA$39.8b11.3x16.5x1.7x
Thu, 23 Jan 2025CA$706.2bCA$388.3bCA$45.1b11.3x15.7x1.8x
Sat, 21 Dec 2024CA$651.9bCA$388.3bCA$45.1b10.2x14.5x1.7x
Mon, 18 Nov 2024CA$696.6bCA$388.2bCA$45.6b10.8x15.3x1.8x
Wed, 16 Oct 2024CA$684.3bCA$386.3bCA$43.7b12x15.7x1.8x
Fri, 13 Sep 2024CA$626.9bCA$386.5bCA$43.8b11.7x14.3x1.6x
Sun, 11 Aug 2024CA$649.9bCA$375.6bCA$43.7b10.5x14.9x1.7x
Tue, 09 Jul 2024CA$643.7bCA$366.0bCA$43.4b11.6x14.8x1.8x
Thu, 06 Jun 2024CA$645.7bCA$366.1bCA$43.4b12.4x14.9x1.8x
Sat, 04 May 2024CA$659.3bCA$368.9bCA$47.0b9.2x14x1.8x
Mon, 01 Apr 2024CA$650.5bCA$367.9bCA$48.3b10.2x13.5x1.8x
Wed, 28 Feb 2024CA$600.6bCA$367.2bCA$49.5b8x12.1x1.6x
Fri, 26 Jan 2024CA$600.2bCA$386.3bCA$47.8b6.7x12.6x1.6x
Sun, 24 Dec 2023CA$600.2bCA$385.9bCA$47.7b6.3x12.6x1.6x
Tue, 21 Nov 2023CA$624.6bCA$386.8bCA$47.9b6.7x13x1.6x
Thu, 19 Oct 2023CA$635.6bCA$401.6bCA$55.6b6.6x11.4x1.6x
Sat, 16 Sep 2023CA$624.2bCA$401.2bCA$55.5b6.6x11.2x1.6x
Mon, 14 Aug 2023CA$603.9bCA$405.3bCA$57.4b6.3x10.5x1.5x
Wed, 12 Jul 2023CA$562.6bCA$436.7bCA$67.5b5.2x8.3x1.3x
Fri, 09 Jun 2023CA$567.7bCA$437.0bCA$67.6b4.7x8.4x1.3x
Sun, 07 May 2023CA$564.6bCA$440.6bCA$68.4b4.7x8.2x1.3x
Tue, 04 Apr 2023CA$587.3bCA$449.7bCA$70.0b4.2x8.4x1.3x
Thu, 02 Mar 2023CA$593.0bCA$444.9bCA$72.7b4.9x8.2x1.3x
Sat, 28 Jan 2023CA$620.0bCA$436.7bCA$74.7b5.4x8.3x1.4x
Mon, 26 Dec 2022CA$595.5bCA$437.3bCA$74.8b5.2x8x1.4x
Wed, 23 Nov 2022CA$642.1bCA$436.9bCA$74.5b5.6x8.6x1.5x
Price to Earnings Ratio

8.6x


Total Market Cap: CA$642.1bTotal Earnings: CA$74.5bTotal Revenue: CA$436.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 17x202320242025
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 20.2x which is higher than its 3-year average PE of 17.0x.
  • The industry is trading close to its 3-year average PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 20% per year over the last three years,
  • Revenues have also declined 6.1% 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 Market1.62%
Energy2.75%
Oil and Gas2.78%
Oil and Gas Exploration and Production4.76%
Integrated Oil and Gas4.66%
Oil and Gas Storage and Transportation2.64%
Oil and Gas Refining and Marketing2.30%
Coal and Fuels-6.64%
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 37.7%, which is higher than its past year's earnings decline of 82.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Refining and Marketing industry, expecting annual earnings growth of 38% over the next 5 years.
  • This is better than its past earnings decline of 83% per year.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CNQ Canadian Natural ResourcesCA$47.066.0%
+CA$5.5b		1.0%PE14.7x
CVE Cenovus EnergyCA$25.403.7%
+CA$5.2b		15.2%PE15.4x
TRP TC EnergyCA$77.455.7%
+CA$4.4b		12.2%PE21.6x
IMO Imperial OilCA$138.896.0%
+CA$3.9b		32.9%PE17.2x
SU Suncor EnergyCA$62.174.0%
+CA$2.9b		9.1%PE14.3x

Latest News

TAL
CA$0.42
PetroTal
7D
-35.6%
1Y
-34.6%
KSM
CA$3.90
Kirkstone Metals
7D
-41.8%
1Y
2,457.4%
EFR
CA$21.80
Energy Fuels
7D
-0.8%
1Y
133.7%

The Price Is Right For Energy Fuels Inc. (TSE:EFR) Even After Diving 41%

Nov 14
The Price Is Right For Energy Fuels Inc. (TSE:EFR) Even After Diving 41%
BTE
CA$4.43
Baytex Energy
7D
25.5%
1Y
7.0%

BTE: Focus on Canadian Core Assets Will Strengthen Balance Sheet and Capital Returns

Analysts have raised their price target for Baytex Energy from C$3.95 to approximately C$4.67. They cite the company's divestiture of its U.S. Eagle Ford assets and a sharpened focus on its Canadian heavy oil and Duvernay operations, which are expected to strengthen its balance sheet and support shareholder returns.
WCP
CA$11.01
Whitecap Resources
7D
4.9%
1Y
7.8%
CVE
CA$25.40
Cenovus Energy
7D
3.7%
1Y
15.2%
MEG
CA$30.67
MEG Energy
7D
3.2%
1Y
17.1%
SU
CA$62.17
Suncor Energy
7D
4.0%
1Y
9.1%
TRP
CA$77.45
TC Energy
7D
5.7%
1Y
12.2%

TRP: Medium-Term Execution Will Shape Outlook Amid Project Redeployment Plans

Analysts have raised their price target for TC Energy from C$75.48 to C$76.68. They cite stronger expected profit margins and renewed confidence in the company’s medium-term outlook.
PPL
CA$54.34
Pembina Pipeline
7D
4.4%
1Y
-7.4%

PPL: Upcoming Project Milestones and Improved Margins Will Shape Outlook

Analysts have raised their price target for Pembina Pipeline slightly, increasing it from $58.78 to $58.89. They cite modest improvements in revenue growth and profit margins as key factors behind the adjustment.
URE
CA$1.68
Ur-Energy
7D
-4.5%
1Y
-4.0%

Ur-Energy Inc.'s (TSE:URE) Share Price Is Still Matching Investor Opinion Despite 33% Slump

Nov 11
Ur-Energy Inc.'s (TSE:URE) Share Price Is Still Matching Investor Opinion Despite 33% Slump
CCO
CA$118.89
Cameco
7D
-8.1%
1Y
57.5%
DML
CA$3.49
Denison Mines
7D
-3.3%
1Y
19.1%
CNQ
CA$47.06
Canadian Natural Resources
7D
6.0%
1Y
1.0%

CNQ: Dividend Momentum Will Drive Shareholder Returns As Production Grows

Analysts have modestly raised their price target for Canadian Natural Resources, increasing it from $52.68 to $52.83. They cite ongoing strength in dividend growth and resilient energy equities despite softer demand indicators.
IMO
CA$138.89
Imperial Oil
7D
6.0%
1Y
32.9%

IMO: Profit Margins May Worsen as 20% Workforce Cuts Loom

Imperial Oil’s analyst price target has been raised modestly, with updates reflecting higher fair value estimates. Analysts point to balance sheet strength and shareholder returns as supporting factors.
NXE
CA$11.43
NexGen Energy
7D
-3.5%
1Y
9.8%