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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedAug 31, 2026
DataAggregated Company Financials
Companies172
  • 7D-1.5%
  • 3M-2.2%
  • 1Y37.2%
  • YTD28.4%

Over the last 7 days, the Oil and Gas industry has dropped 1.5%, driven by declines in Canadian Natural Resources and Imperial Oil of 3.0% and 4.5%, respectively. Over the past 12 months, the industry was up 37%. As for the next few years, earnings are expected to grow by 7.3% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 01 Sep 2026CA$978.4bCA$392.7bCA$48.0b19.5x20.4x2.5x
Thu, 30 Jul 2026CA$967.5bCA$350.6bCA$38.4b24.4x25.2x2.8x
Sat, 27 Jun 2026CA$934.4bCA$348.3bCA$38.1b23.3x24.5x2.7x
Mon, 25 May 2026CA$1.0tCA$348.3bCA$38.2b26x26.6x2.9x
Wed, 22 Apr 2026CA$916.7bCA$342.1bCA$41.2b18.4x22.2x2.7x
Fri, 20 Mar 2026CA$944.0bCA$342.3bCA$41.4b18.8x22.8x2.8x
Sun, 15 Feb 2026CA$879.4bCA$356.3bCA$39.3b17.3x22.4x2.5x
Tue, 13 Jan 2026CA$761.6bCA$357.0bCA$38.5b14.7x19.8x2.1x
Thu, 11 Dec 2025CA$765.5bCA$358.0bCA$38.6b14.9x19.8x2.1x
Sat, 08 Nov 2025CA$745.1bCA$361.9bCA$39.6b13.9x18.8x2.1x
Mon, 06 Oct 2025CA$770.0bCA$390.7bCA$43.9b12.6x17.5x2x
Wed, 03 Sep 2025CA$732.6bCA$390.5bCA$43.9b12.4x16.7x1.9x
Fri, 01 Aug 2025CA$710.0bCA$394.6bCA$43.3b12.1x16.4x1.8x
Sun, 29 Jun 2025CA$686.0bCA$394.4bCA$42.8b12.3x16x1.7x
Tue, 27 May 2025CA$667.6bCA$394.4bCA$42.9b11.8x15.6x1.7x
Thu, 24 Apr 2025CA$634.2bCA$386.8bCA$38.8b11.3x16.3x1.6x
Sat, 22 Mar 2025CA$679.3bCA$387.6bCA$38.1b13.1x17.8x1.8x
Mon, 17 Feb 2025CA$671.0bCA$391.2bCA$40.6b10.9x16.5x1.7x
Wed, 15 Jan 2025CA$693.9bCA$388.3bCA$45.1b11.4x15.4x1.8x
Fri, 13 Dec 2024CA$682.5bCA$388.3bCA$45.1b10.5x15.1x1.8x
Sun, 10 Nov 2024CA$689.0bCA$389.6bCA$45.3b10.8x15.2x1.8x
Tue, 08 Oct 2024CA$685.7bCA$386.2bCA$43.7b12.3x15.7x1.8x
Thu, 05 Sep 2024CA$653.2bCA$386.5bCA$43.8b11.6x14.9x1.7x
Sat, 03 Aug 2024CA$653.9bCA$372.7bCA$44.0b10.4x14.9x1.8x
Mon, 01 Jul 2024CA$644.2bCA$366.1bCA$43.4b11.5x14.9x1.8x
Wed, 29 May 2024CA$673.8bCA$368.0bCA$44.0b12.6x15.3x1.8x
Fri, 26 Apr 2024CA$673.5bCA$367.9bCA$48.2b9.6x14x1.8x
Sun, 24 Mar 2024CA$639.2bCA$363.6bCA$47.8b9.7x13.4x1.8x
Tue, 20 Feb 2024CA$605.8bCA$383.5bCA$52.9b7.6x11.5x1.6x
Thu, 18 Jan 2024CA$596.5bCA$386.4bCA$47.8b6.6x12.5x1.5x
Sat, 16 Dec 2023CA$601.0bCA$386.1bCA$47.7b6.3x12.6x1.6x
Mon, 13 Nov 2023CA$619.1bCA$387.2bCA$48.2b6.6x12.8x1.6x
Wed, 11 Oct 2023CA$620.1bCA$401.3bCA$55.6b6.3x11.2x1.5x
Fri, 08 Sep 2023CA$620.3bCA$401.5bCA$55.6b6.4x11.2x1.5x
Price to Earnings Ratio

11.2x


Total Market Cap: CA$620.3bTotal Earnings: CA$55.6bTotal Revenue: CA$401.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the Canadian Oil and Gas industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 20.7x.
  • The industry is trading close to its 3-year average PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 4.8% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Canadian Energy industry?

CA Market-0.49%
Energy-1.44%
Oil and Gas-1.46%
Oil and Gas Refining and Marketing1.94%
Oil and Gas Storage and Transportation0.072%
Oil and Gas Exploration and Production-1.79%
Coal and Fuels-1.96%
Integrated Oil and Gas-2.74%
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 32.5%, which is higher than its past year's earnings decline of 33.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Coal and Fuels industry, expecting annual earnings growth of 36% over the next 5 years.
  • This is better than its past earnings decline of 33% per year.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings decline by 5.2% 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
ENB EnbridgeCA$70.221.2%
+CA$1.9b		5.7%PE27x
TRP TC EnergyCA$86.780.9%
+CA$812.8m		21.3%PE24.7x
TOU Tourmaline OilCA$63.141.6%
+CA$380.8m		8.3%PE65x
TNZ Tenaz EnergyCA$65.079.8%
+CA$192.7m		179.9%PE19.5x
SOBO South BowCA$52.421.5%
+CA$162.7m		37.7%PE17.1x

Latest News

TNZ
CA$64.64
Tenaz Energy
7D
9.1%
1Y
178.0%
CVE
CA$43.91
Cenovus Energy
7D
-1.5%
1Y
92.3%
IMO
CA$181.34
Imperial Oil
7D
-4.5%
1Y
45.5%
SU
CA$91.09
Suncor Energy
7D
-2.4%
1Y
60.5%
ENB
CA$69.76
Enbridge
7D
0.6%
1Y
5.0%
KEL
CA$10.73
Kelt Exploration
7D
2.2%
1Y
59.7%
CNQ
CA$68.14
Canadian Natural Resources
7D
-3.0%
1Y
56.7%
CCO
CA$139.11
Cameco
7D
-1.8%
1Y
30.9%
Narrative Update • Aug 21

CCO: Fair Outlook Balances Uranium Upside With Production And Margin Risks

Analysts now place Cameco's fair value at CA$149.06, up from CA$144.91. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E expectations.
SOBO
CA$52.07
South Bow
7D
0.8%
1Y
36.8%
PPL
CA$66.74
Pembina Pipeline
7D
-1.1%
1Y
28.7%
Narrative Update • Aug 19

PPL: Expanded Ethane Supply And Capital Discipline Will Support Balanced Outlook

Analysts have nudged their fair value estimate for Pembina Pipeline higher to CA$72.72 from CA$71.22, citing updated assumptions for the discount rate, revenue growth, profit margins and future P/E valuation. What's in the News for Pembina Pipeline Pembina Pipeline decided to proceed with the Heartland Extraction Plant and updated its ethane supply agreement with Dow, with plans to supply 22,500 barrels per day of ethane from Heartland by the end of 2030.
TOU
CA$62.50
Tourmaline Oil
7D
0.5%
1Y
7.2%
CVVY
CA$2.29
Cavvy Energy
7D
21.2%
1Y
252.3%
KEY
CA$59.10
Keyera
7D
-1.6%
1Y
33.6%
NXE
CA$14.44
NexGen Energy
7D
-4.6%
1Y
33.6%
SASK
CA$1.37
Atha Energy
7D
13.2%
1Y
136.2%
SES
CA$24.86
SECURE Waste Infrastructure
7D
2.8%
1Y
51.7%