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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedMay 22, 2026
DataAggregated Company Financials
Companies175
  • 7D1.5%
  • 3M13.9%
  • 1Y58.3%
  • YTD33.2%

Over the last 7 days, the Oil and Gas industry has risen 1.5%, driven by gains from Enbridge of 3.3%. Meanwhile, Cameco actually underperformed within the industry, shrinking 5.9% in the last week. In the last 12 months, the industry was up 58%. Looking forward, 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
Fri, 22 May 2026CA$1.0tCA$348.2bCA$38.2b25.8x26.5x2.9x
Sun, 19 Apr 2026CA$912.6bCA$342.1bCA$41.3b17.9x22.1x2.7x
Tue, 17 Mar 2026CA$933.6bCA$342.4bCA$42.5b17.7x22x2.7x
Thu, 12 Feb 2026CA$849.4bCA$353.6bCA$37.8b17.5x22.4x2.4x
Sat, 10 Jan 2026CA$745.5bCA$357.0bCA$38.5b14.7x19.4x2.1x
Mon, 08 Dec 2025CA$775.9bCA$357.5bCA$38.5b15.2x20.1x2.2x
Wed, 05 Nov 2025CA$749.9bCA$361.5bCA$42.5b12.2x17.6x2.1x
Fri, 03 Oct 2025CA$762.4bCA$390.7bCA$43.9b12.3x17.4x2x
Sun, 31 Aug 2025CA$732.6bCA$390.6bCA$43.9b12.3x16.7x1.9x
Tue, 29 Jul 2025CA$700.1bCA$394.7bCA$42.8b12.5x16.3x1.8x
Thu, 26 Jun 2025CA$685.6bCA$394.4bCA$42.8b12.2x16x1.7x
Sat, 24 May 2025CA$659.7bCA$394.4bCA$42.9b11.4x15.4x1.7x
Mon, 21 Apr 2025CA$630.3bCA$386.8bCA$38.8b11.9x16.2x1.6x
Wed, 19 Mar 2025CA$660.8bCA$387.5bCA$38.2b12.6x17.3x1.7x
Fri, 14 Feb 2025CA$686.0bCA$387.6bCA$42.7b11.1x16x1.8x
Sun, 12 Jan 2025CA$701.7bCA$388.3bCA$45.1b11.7x15.6x1.8x
Tue, 10 Dec 2024CA$694.6bCA$388.2bCA$45.1b10.6x15.4x1.8x
Thu, 07 Nov 2024CA$676.3bCA$386.9bCA$43.5b11x15.5x1.7x
Sat, 05 Oct 2024CA$676.7bCA$386.2bCA$43.7b12.1x15.5x1.8x
Mon, 02 Sep 2024CA$664.1bCA$376.5bCA$43.2b12.2x15.4x1.8x
Wed, 31 Jul 2024CA$648.8bCA$367.8bCA$43.5b10.9x14.9x1.8x
Fri, 28 Jun 2024CA$641.9bCA$366.1bCA$43.4b11.7x14.8x1.8x
Sun, 26 May 2024CA$672.3bCA$367.8bCA$44.0b12.4x15.3x1.8x
Tue, 23 Apr 2024CA$661.7bCA$368.1bCA$48.4b9.3x13.7x1.8x
Thu, 21 Mar 2024CA$636.8bCA$363.5bCA$48.1b9.8x13.2x1.8x
Sat, 17 Feb 2024CA$601.8bCA$381.3bCA$50.0b7x12x1.6x
Mon, 15 Jan 2024CA$612.1bCA$386.2bCA$47.7b6.8x12.8x1.6x
Wed, 13 Dec 2023CA$587.6bCA$386.5bCA$47.8b6.1x12.3x1.5x
Fri, 10 Nov 2023CA$610.9bCA$387.7bCA$48.3b6.4x12.6x1.6x
Sun, 08 Oct 2023CA$600.7bCA$401.5bCA$55.6b6.1x10.8x1.5x
Tue, 05 Sep 2023CA$621.9bCA$401.4bCA$55.6b6.5x11.2x1.5x
Thu, 03 Aug 2023CA$579.7bCA$419.6bCA$60.7b5.9x9.5x1.4x
Sat, 01 Jul 2023CA$557.7bCA$436.7bCA$67.5b5x8.3x1.3x
Mon, 29 May 2023CA$552.5bCA$437.6bCA$67.8b4.4x8.1x1.3x
Price to Earnings Ratio

8.1x


Total Market Cap: CA$552.5bTotal Earnings: CA$67.8bTotal Revenue: CA$437.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 19.3x202420252026
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 26.5x which is higher than its 3-year average PE of 19.3x.
  • The 3-year average PS ratio of 2.3x is lower than the industry's current PS ratio of 2.9x.
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-0.067%
Energy1.49%
Oil and Gas1.46%
Oil and Gas Storage and Transportation3.34%
Oil and Gas Exploration and Production2.04%
Integrated Oil and Gas1.50%
Oil and Gas Refining and Marketing-1.35%
Coal and Fuels-7.03%
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 28.1%, 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
ENB EnbridgeCA$79.623.3%
+CA$5.5b		27.1%PE26.9x
CNQ Canadian Natural ResourcesCA$67.172.9%
+CA$3.9b		57.0%PE14.4x
TRP TC EnergyCA$97.273.9%
+CA$3.8b		41.6%PE28.7x
SU Suncor EnergyCA$93.361.8%
+CA$2.0b		90.3%PE17.4x
IMO Imperial OilCA$184.491.6%
+CA$1.4b		86.9%PE30.6x

Latest News

IMO
CA$184.49
Imperial Oil
7D
1.6%
1Y
86.9%
Narrative Update • May 21

IMO: Future Cash Returns Will Rely On Execution And Production Discipline

Imperial Oil's updated analyst price target edges slightly lower to about CA$205 from roughly CA$205.25. This reflects a modest recalibration as analysts weigh a series of recent target hikes from several firms against more cautious views tied to valuation and fundamentals.
WCP
CA$16.79
Whitecap Resources
7D
3.7%
1Y
97.8%
EFR
CA$24.61
Energy Fuels
7D
-8.2%
1Y
293.8%
Narrative Update • May 18

EFR: White Mesa Rare Earth Expansion And Uranium Output Will Drive Upside

Analysts have kept their CA$41.63 price target for Energy Fuels unchanged, citing updated assumptions that now reflect a slightly higher discount rate, higher revenue and profit margin estimates, and a lower future P/E multiple. What's in the News Reaffirmed operating guidance for 2026, with mined U3O8 expected in the range of 2,000,000 to 2,500,000 pounds and processed U3O8 in the range of 1,500,000 to 2,500,000 pounds (company guidance).
URE
CA$2.10
Ur-Energy
7D
-15.7%
1Y
112.1%
SU
CA$93.36
Suncor Energy
7D
1.8%
1Y
90.3%
CNQ
CA$67.17
Canadian Natural Resources
7D
2.9%
1Y
57.0%
Analysis Article • May 17

Canadian Natural Resources (TSE:CNQ) Strong Profits May Be Masking Some Underlying Issues

The recent earnings posted by Canadian Natural Resources Limited ( TSE:CNQ ) were solid, but the stock didn't move as...
ENB
CA$79.62
Enbridge
7D
3.3%
1Y
27.1%
SES
CA$21.46
SECURE Waste Infrastructure
7D
-2.6%
1Y
50.7%
NXE
CA$14.51
NexGen Energy
7D
-11.7%
1Y
91.9%
PPL
CA$67.94
Pembina Pipeline
7D
1.8%
1Y
31.9%
CVE
CA$41.75
Cenovus Energy
7D
1.0%
1Y
125.7%
ATH
CA$11.90
Athabasca Oil
7D
-2.3%
1Y
128.4%
DML
CA$4.40
Denison Mines
7D
-7.9%
1Y
112.6%
TRP
CA$97.27
TC Energy
7D
3.9%
1Y
41.6%
Narrative Update • May 14

TRP: Backlog Certainty And Dividend Policy Will Shape Forward Risk Reward Balance

TC Energy's analyst price target has been revised higher to CA$91.30 from CA$88.52. Analysts point to updated models that incorporate slightly firmer margin assumptions, a modestly lower future P/E, and a broad wave of CA$2 to CA$9 price target increases across major firms following recent earnings and guidance updates.
ISO
CA$14.61
IsoEnergy
7D
-11.2%
1Y
58.6%
CCO
CA$145.13
Cameco
7D
-5.9%
1Y
98.3%