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Canadian (TSX) Oil and Gas Industry Analysis

UpdatedAug 11, 2026
DataAggregated Company Financials
Companies169
  • 7D-2.3%
  • 3M-3.0%
  • 1Y39.9%
  • YTD25.7%

Over the last 7 days, the Oil and Gas industry has dropped 4.5%, driven by pullbacks in Enbridge and Suncor Energy of 6.0% and 7.1%, respectively. On the other hand Cameco is actually up 12%. In the past year, the industry has gained 37%. As for the next few years, earnings are expected to grow by 7.8% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 11 Aug 2026CA$939.5bCA$391.7bCA$47.1b21.1x20x2.4x
Thu, 09 Jul 2026CA$933.3bCA$348.3bCA$38.1b23.7x24.5x2.7x
Sat, 06 Jun 2026CA$1.0tCA$348.1bCA$38.2b25.5x26.5x2.9x
Mon, 04 May 2026CA$986.3bCA$342.8bCA$41.3b22.9x23.9x2.9x
Wed, 01 Apr 2026CA$977.4bCA$342.2bCA$41.3b21x23.7x2.9x
Fri, 27 Feb 2026CA$889.0bCA$345.0bCA$40.6b17.2x21.9x2.6x
Sun, 25 Jan 2026CA$818.0bCA$356.9bCA$38.5b15.6x21.3x2.3x
Tue, 23 Dec 2025CA$735.2bCA$357.4bCA$38.5b14x19.1x2.1x
Thu, 20 Nov 2025CA$775.7bCA$357.7bCA$38.6b15.3x20.1x2.2x
Sat, 18 Oct 2025CA$743.1bCA$390.8bCA$43.9b12x16.9x1.9x
Mon, 15 Sep 2025CA$742.7bCA$390.6bCA$43.9b12.4x16.9x1.9x
Wed, 13 Aug 2025CA$702.9bCA$390.6bCA$44.4b11.8x15.8x1.8x
Fri, 11 Jul 2025CA$682.5bCA$394.3bCA$42.8b12.1x15.9x1.7x
Sun, 08 Jun 2025CA$724.9bCA$394.4bCA$42.8b12.2x16.9x1.8x
Tue, 06 May 2025CA$645.1bCA$387.6bCA$38.9b10.4x16.6x1.7x
Thu, 03 Apr 2025CA$686.0bCA$387.1bCA$38.8b13.2x17.7x1.8x
Sat, 01 Mar 2025CA$650.5bCA$386.2bCA$39.4b11.2x16.5x1.7x
Mon, 27 Jan 2025CA$701.3bCA$388.3bCA$45.1b11.1x15.6x1.8x
Wed, 25 Dec 2024CA$666.5bCA$388.3bCA$45.1b10.3x14.8x1.7x
Fri, 22 Nov 2024CA$708.4bCA$388.1bCA$45.6b11.2x15.5x1.8x
Sun, 20 Oct 2024CA$697.3bCA$386.3bCA$43.7b11.6x16x1.8x
Tue, 17 Sep 2024CA$632.6bCA$386.5bCA$43.8b11.3x14.5x1.6x
Thu, 15 Aug 2024CA$665.6bCA$376.2bCA$43.6b11.7x15.3x1.8x
Sat, 13 Jul 2024CA$654.0bCA$366.0bCA$43.4b11.5x15.1x1.8x
Mon, 10 Jun 2024CA$647.6bCA$366.1bCA$43.4b12.2x14.9x1.8x
Wed, 08 May 2024CA$673.4bCA$368.8bCA$46.7b9.6x14.4x1.8x
Fri, 05 Apr 2024CA$671.2bCA$368.0bCA$48.4b10.5x13.9x1.8x
Sun, 03 Mar 2024CA$619.7bCA$365.7bCA$49.6b8x12.5x1.7x
Tue, 30 Jan 2024CA$607.7bCA$386.2bCA$47.7b6.6x12.7x1.6x
Thu, 28 Dec 2023CA$604.3bCA$385.8bCA$47.6b6.3x12.7x1.6x
Sat, 25 Nov 2023CA$620.8bCA$386.6bCA$47.8b6.9x13x1.6x
Mon, 23 Oct 2023CA$627.9bCA$401.6bCA$55.6b6.4x11.3x1.6x
Wed, 20 Sep 2023CA$623.0bCA$401.1bCA$55.5b6.5x11.2x1.6x
Fri, 18 Aug 2023CA$587.9bCA$402.1bCA$55.5b6.1x10.6x1.5x
Price to Earnings Ratio

10.6x


Total Market Cap: CA$587.9bTotal Earnings: CA$55.5bTotal Revenue: CA$402.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Oil and Gas Industry Price to Earnings3Y Average 20.5x202420252026
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 20.5x.
  • 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 5.3% 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 Market2.57%
Energy-2.24%
Oil and Gas-2.35%
Coal and Fuels12.89%
Oil and Gas Refining and Marketing-0.40%
Oil and Gas Exploration and Production-1.02%
Integrated Oil and Gas-3.92%
Oil and Gas Storage and Transportation-5.52%
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 27.7%, 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 35% over the next 5 years.
  • In contrast, the Integrated Oil and Gas industry is expected to see its earnings decline by 4.1% 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
CCO CamecoCA$135.6612.1%
+CA$6.4b		26.7%PE166.5x
NXE NexGen EnergyCA$14.3311.8%
+CA$1.0b		52.3%PB5.2x
EFR Energy FuelsCA$19.9023.9%
+CA$960.6m		50.5%PS33.7x
DML Denison MinesCA$4.5114.2%
+CA$506.1m		53.9%PS876.7x
WCP Whitecap ResourcesCA$16.791.5%
+CA$304.0m		66.9%PE14.3x

Latest News

POU
CA$31.35
Paramount Resources
7D
5.9%
1Y
55.0%
KEY
CA$56.86
Keyera
7D
-4.5%
1Y
31.2%
EFR
CA$19.90
Energy Fuels
7D
23.9%
1Y
50.5%
CNQ
CA$65.83
Canadian Natural Resources
7D
-1.4%
1Y
59.8%
SU
CA$87.48
Suncor Energy
7D
-7.1%
1Y
63.7%
IPCO
CA$33.10
International Petroleum
7D
4.7%
1Y
40.9%
CVE
CA$41.18
Cenovus Energy
7D
-2.6%
1Y
105.9%
Narrative Update • Aug 06

CVE: Fair Value View Weighs Project Execution Against Pipeline Expansion Upside

The fair value estimate for Cenovus Energy has been revised to CA$42.00 from CA$40.00 as analysts point to higher published price targets following recent reports that highlighted robust Q2 earnings, favorable guidance and expectations for future volume and free cash flow contributions from key projects. Analyst Commentary Recent Street research on Cenovus Energy has centered on higher published price targets and reiterated positive ratings, framed around the latest Q2 earnings and project pipeline.
WCP
CA$16.79
Whitecap Resources
7D
1.5%
1Y
66.9%
NXE
CA$14.33
NexGen Energy
7D
11.8%
1Y
52.3%
CCO
CA$135.66
Cameco
7D
12.1%
1Y
26.7%
Narrative Update • Aug 04

CCO: Uranium Bull Case And Cigar Lake Exposure Will Shape Future Returns

Analysts have revised their Cameco price target to CA$144.91 from CA$152.06. This reflects updates to their models that now assume different revenue growth, profit margin and future P/E expectations.
IMO
CA$179.50
Imperial Oil
7D
-1.2%
1Y
56.1%
Narrative Update • Aug 04

IMO: Future Cash Returns Will Reflect Mixed Oil Price And Buyback Expectations

Analysts now place Imperial Oil's fair value at CA$200.63. This shift is driven by mixed price target changes across the Street, with CA$159 at Scotiabank, CA$156 at TD Securities, and CA$138 at Morgan Stanley reflecting updated views on oil pricing and sector performance.
ENB
CA$71.71
Enbridge
7D
-6.0%
1Y
9.5%
Narrative Update • Aug 04

ENB: Future Returns Will Reflect Regulated Assets And Sunrise Gas Expansion

Analysts have modestly raised the fair value estimate for Enbridge, lifting the price target from CA$78.48 to CA$80.14, as they factor in recent target changes across the Street and updated views on the company’s growth mix and valuation. Analyst Commentary Recent Street research on Enbridge shows a mix of optimism and caution as analysts reassess the stock's valuation, execution and growth profile following recent quarterly updates and management meetings.
TRP
CA$88.34
TC Energy
7D
-6.4%
1Y
28.2%
PPL
CA$66.69
Pembina Pipeline
7D
-2.7%
1Y
35.2%
DML
CA$4.51
Denison Mines
7D
14.2%
1Y
53.9%
ISO
CA$15.00
IsoEnergy
7D
15.1%
1Y
54.2%