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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedDec 09, 2025
DataAggregated Company Financials
Companies180
  • 7D-1.0%
  • 3M7.4%
  • 1Y14.4%
  • YTD14.8%

Over the last 7 days, the Oil and Gas industry has dropped 1.0%, driven by Imperial Oil declining 8.6%. This takes the industry's 12 month performance to a gain of 14%. As for the next few years, earnings are expected to grow by 9.1% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 09 Dec 2025CA$775.9bCA$358.0bCA$38.6b15x20.1x2.2x
Thu, 06 Nov 2025CA$740.3bCA$361.5bCA$42.5b12.5x17.4x2x
Sat, 04 Oct 2025CA$761.7bCA$390.7bCA$43.9b12.6x17.3x1.9x
Mon, 01 Sep 2025CA$732.6bCA$390.6bCA$43.9b12.3x16.7x1.9x
Wed, 30 Jul 2025CA$706.3bCA$394.0bCA$42.9b12.7x16.4x1.8x
Fri, 27 Jun 2025CA$681.5bCA$394.3bCA$42.8b12.3x15.9x1.7x
Sun, 25 May 2025CA$667.6bCA$394.4bCA$42.9b11.4x15.6x1.7x
Tue, 22 Apr 2025CA$630.3bCA$386.8bCA$38.8b11.6x16.2x1.6x
Thu, 20 Mar 2025CA$661.9bCA$387.5bCA$38.2b12.8x17.3x1.7x
Sat, 15 Feb 2025CA$687.1bCA$391.2bCA$40.6b10.9x16.9x1.8x
Mon, 13 Jan 2025CA$701.7bCA$388.3bCA$45.1b11.7x15.6x1.8x
Wed, 11 Dec 2024CA$689.3bCA$388.2bCA$45.1b10.6x15.3x1.8x
Fri, 08 Nov 2024CA$687.3bCA$388.0bCA$43.6b11.1x15.8x1.8x
Sun, 06 Oct 2024CA$685.8bCA$386.2bCA$43.7b12.1x15.7x1.8x
Tue, 03 Sep 2024CA$664.1bCA$376.5bCA$43.2b12.2x15.4x1.8x
Thu, 01 Aug 2024CA$665.9bCA$367.8bCA$43.5b11.1x15.3x1.8x
Sat, 29 Jun 2024CA$647.5bCA$366.1bCA$43.4b11.5x14.9x1.8x
Mon, 27 May 2024CA$672.3bCA$367.9bCA$44.0b12.4x15.3x1.8x
Wed, 24 Apr 2024CA$667.2bCA$368.1bCA$48.4b9.4x13.8x1.8x
Fri, 22 Mar 2024CA$636.4bCA$363.6bCA$48.1b9.9x13.2x1.8x
Sun, 18 Feb 2024CA$605.9bCA$382.8bCA$52.8b7.6x11.5x1.6x
Tue, 16 Jan 2024CA$617.0bCA$386.2bCA$47.7b6.8x12.9x1.6x
Thu, 14 Dec 2023CA$587.4bCA$386.3bCA$47.8b6.3x12.3x1.5x
Sat, 11 Nov 2023CA$613.2bCA$387.4bCA$48.2b6.6x12.7x1.6x
Mon, 09 Oct 2023CA$600.6bCA$401.5bCA$55.6b6.1x10.8x1.5x
Wed, 06 Sep 2023CA$623.8bCA$401.4bCA$55.6b6.5x11.2x1.6x
Fri, 04 Aug 2023CA$585.9bCA$414.4bCA$56.4b5.9x10.4x1.4x
Sun, 02 Jul 2023CA$557.7bCA$436.7bCA$67.5b5x8.3x1.3x
Tue, 30 May 2023CA$555.2bCA$437.5bCA$67.8b4.5x8.2x1.3x
Thu, 27 Apr 2023CA$573.2bCA$450.3bCA$70.0b4.3x8.2x1.3x
Sat, 25 Mar 2023CA$540.1bCA$450.2bCA$70.0b4.1x7.7x1.2x
Mon, 20 Feb 2023CA$583.8bCA$443.3bCA$72.5b4.9x8.1x1.3x
Wed, 18 Jan 2023CA$609.1bCA$436.9bCA$74.7b5.2x8.2x1.4x
Fri, 16 Dec 2022CA$586.6bCA$437.4bCA$74.9b5x7.8x1.3x
Price to Earnings Ratio

7.8x


Total Market Cap: CA$586.6bTotal Earnings: CA$74.9bTotal Revenue: CA$437.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 17.2x202320242025
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 20.1x which is higher than its 3-year average PE of 17.2x.
  • 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 6.5% 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-0.18%
Energy-0.97%
Oil and Gas-1.03%
Coal and Fuels3.55%
Oil and Gas Exploration and Production0.71%
Oil and Gas Storage and Transportation-1.36%
Oil and Gas Refining and Marketing-2.44%
Integrated Oil and Gas-4.36%
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 36.9%, 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 37% 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
CCO CamecoCA$126.012.8%
+CA$1.5b		54.5%PE104.3x
ARX ARC ResourcesCA$27.147.1%
+CA$1.0b		10.3%PE11.3x
EFR Energy FuelsCA$21.489.3%
+CA$431.9m		137.3%PS46.7x
NXE NexGen EnergyCA$12.954.2%
+CA$340.4m		14.5%PB9.2x
POU Paramount ResourcesCA$26.609.2%
+CA$322.3m		-13.0%PE2.8x

Latest News

NXE
CA$12.95
NexGen Energy
7D
4.2%
1Y
14.5%
CVE
CA$24.86
Cenovus Energy
7D
-0.8%
1Y
15.5%
CCO
CA$126.01
Cameco
7D
2.8%
1Y
54.5%

CCO: Shareholder Value Will Rise On Takeover Momentum And Asset Sale Progress

Analysts have trimmed their price target on Cameco slightly to about $150.81 from $151.75, reflecting expectations for stronger long term revenue growth, but a modestly lower profit margin and still elevated valuation multiples. Analyst Commentary Analysts covering Cameco have been reassessing their views in light of the recent price target trim, balancing the company’s strong long term growth drivers against execution and valuation risks.
EFR
CA$21.48
Energy Fuels
7D
9.3%
1Y
137.3%

EFR: Western Rare Earth Supply Chain Realignment Will Drive Future Upside

Analysts have modestly raised their price target on Energy Fuels to 87.29 dollars from 85.65 dollars, citing slightly improved expectations for long term earnings multiples despite unchanged fair value, discount rate, revenue growth, and profit margin assumptions. What's in the News Global efforts to build non Chinese supply chains for high strength rare earth magnets are constrained by shortages of heavy elements like dysprosium and terbium, spotlighting producers such as Energy Fuels that can help diversify supply (Reuters) China is advancing new export control frameworks for rare earths, including a validated end user system and tighter license reviews, which could limit flows to U.S. military linked companies and add friction to Western supply chains that rely on firms like Energy Fuels (Wall Street Journal, Reuters) China has introduced new and expanded restrictions on rare earth materials and magnet exports, requiring licenses and approvals for products with even small China sourced rare earth content, raising strategic urgency for alternative Western producers, including Energy Fuels (Wall Street Journal, Bloomberg) India plans to almost triple incentives for domestic rare earth magnet manufacturing to about 788 million dollars, reinforcing global competition for rare earth feedstock that companies such as Energy Fuels aim to supply (Bloomberg) G7 members and the EU are weighing price floors and possible taxes on some Chinese rare earth exports to spur new non Chinese production, a policy backdrop that could affect Western focused miners and processors like Energy Fuils (Reuters) Valuation Changes Fair Value remains unchanged at CA$33.63 per share, indicating no revision to the core intrinsic value estimate.
CNQ
CA$47.21
Canadian Natural Resources
7D
-1.0%
1Y
2.9%

CNQ: Dividend Returns And Volume Gains Will Support Resilient Future Performance

Analysts have nudged our price target for Canadian Natural Resources modestly higher to reflect a tighter spread between valuation inputs and rising Street targets in the mid C$50s. This is supported by expectations for resilient oil pricing, stronger crack spreads, and ongoing prioritization of dividend growth and capital returns despite a broadly cautious view on the energy sector.
PSK
CA$27.74
PrairieSky Royalty
7D
2.7%
1Y
-5.2%
ENB
CA$66.81
Enbridge
7D
-2.4%
1Y
11.3%
POU
CA$26.60
Paramount Resources
7D
9.2%
1Y
-13.0%
TOU
CA$65.05
Tourmaline Oil
7D
1.1%
1Y
4.3%
MEG
CA$30.67
MEG Energy
7D
3.2%
1Y
17.1%

MEG: Acquisition Approval and Deal Risks Will Determine Share Performance Ahead

Analysts have increased their price target for MEG Energy to C$30.00, citing recent developments in the proposed Cenovus acquisition and an updated assessment of deal-related risks. Analyst Commentary Recent street research reflects a divided sentiment among analysts regarding MEG Energy following updates on its pending acquisition and shareholder developments.
ARX
CA$27.14
ARC Resources
7D
7.1%
1Y
10.3%

ARX: Dividend Boost And Share Buybacks Will Drive Upside Momentum

Analysts have lowered their price target for ARC Resources from approximately C$31.58 to C$30.94. This change reflects recent downward adjustments due to expectations of lower profit margins and moderated revenue growth.
TRP
CA$75.74
TC Energy
7D
-0.2%
1Y
12.9%

TRP: Multi-Year Outlook And Project Execution Will Guide Performance Through 2028

TC Energy's analyst price target has been raised modestly from C$76.68 to C$77.50. This change reflects analysts' increased confidence in the company's multi-year outlook and execution, following supportive recent earnings and guidance updates.
SU
CA$61.03
Suncor Energy
7D
-2.7%
1Y
12.7%
IMO
CA$125.63
Imperial Oil
7D
-8.6%
1Y
22.6%

IMO: Workforce Will Face 20% Cuts Amid Challenging Operating Environment

Imperial Oil’s analyst price target has risen modestly, increasing from C$112.06 to C$112.94. Analysts cite updated guidance, improving profit margin expectations, and resilient capital management as key supporting factors.
SOBO
CA$37.96
South Bow
7D
-1.9%
1Y
11.9%
DML
CA$3.79
Denison Mines
7D
7.1%
1Y
22.7%