Nigerian (NSE) Oil and Gas Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 27 May 2026	₦8.1t	₦2.0t	₦391.0b	20.8x	20.7x	4x
Fri, 24 Apr 2026	₦7.7t	₦2.1t	₦389.0b	18.3x	19.8x	3.7x
Sun, 22 Mar 2026	₦5.7t	₦2.1t	₦385.0b	21.1x	14.7x	2.7x
Tue, 17 Feb 2026	₦5.1t	₦2.1t	₦384.3b	26.5x	13.4x	2.5x
Thu, 15 Jan 2026	₦3.8t	₦2.1t	₦376.0b	19x	10.2x	1.8x
Sat, 13 Dec 2025	₦3.3t	₦2.1t	₦376.0b	16.7x	8.9x	1.6x
Mon, 10 Nov 2025	₦3.5t	₦2.1t	₦376.8b	19.2x	9.3x	1.6x
Wed, 08 Oct 2025	₦3.1t	₦2.1t	₦303.3b	31.3x	10.2x	1.4x
Fri, 05 Sep 2025	₦2.6t	₦2.2t	₦314.9b	30.4x	8.4x	1.2x
Sun, 03 Aug 2025	₦2.8t	₦2.6t	₦322.0b	8.5x	8.6x	1x
Tue, 01 Jul 2025	₦2.7t	₦2.8t	₦302.4b	9.2x	9.1x	1x
Thu, 29 May 2025	₦2.9t	₦2.8t	₦309.1b	9.2x	9.3x	1x
Sat, 26 Apr 2025	₦2.7t	₦2.6t	₦306.5b	8.7x	8.9x	1.1x
Mon, 24 Mar 2025	₦2.8t	₦2.6t	₦295.6b	9.2x	9.5x	1.1x
Wed, 19 Feb 2025	₦2.9t	₦2.6t	₦295.6b	9.5x	9.8x	1.1x
Fri, 17 Jan 2025	₦3.0t	₦2.1t	₦193.0b	13.4x	15.5x	1.4x
Sun, 15 Dec 2024	₦2.9t	₦2.1t	₦193.0b	12.2x	15.2x	1.4x
Tue, 12 Nov 2024	₦2.8t	₦2.1t	₦192.1b	11.2x	14.4x	1.3x
Thu, 10 Oct 2024	₦391.4b	₦1.5t	₦42.0b	9.3x	9.3x	0.3x
Sat, 07 Sep 2024	₦381.7b	₦1.5t	₦42.0b	9.3x	9.1x	0.3x
Mon, 05 Aug 2024	₦291.2b	₦1.5t	₦42.0b	7.6x	6.9x	0.2x
Wed, 03 Jul 2024	₦251.0b	₦1.2t	₦34.4b	7.6x	7.3x	0.2x
Fri, 31 May 2024	₦228.9b	₦1.2t	₦34.4b	7.6x	6.6x	0.2x
Sun, 28 Apr 2024	₦334.8b	₦1.1t	₦27.1b	8.5x	12.4x	0.3x
Tue, 26 Mar 2024	₦377.5b	₦1.0t	₦27.5b	9.1x	13.7x	0.4x
Thu, 22 Feb 2024	₦378.3b	₦1.0t	₦27.5b	9.1x	13.8x	0.4x
Sat, 20 Jan 2024	₦446.4b	₦1.3t	₦14.8b	9.1x	30.2x	0.3x
Mon, 18 Dec 2023	₦394.7b	₦1.3t	₦14.8b	9.1x	26.7x	0.3x
Wed, 15 Nov 2023	₦401.8b	₦1.3t	₦14.8b	9.3x	27.2x	0.3x
Fri, 13 Oct 2023	₦381.6b	₦1.2t	₦13.7b	9x	27.9x	0.3x
Sun, 10 Sep 2023	₦378.0b	₦1.2t	₦13.7b	9x	27.6x	0.3x
Tue, 08 Aug 2023	₦363.4b	₦1.2t	₦13.7b	9x	26.5x	0.3x
Thu, 06 Jul 2023	₦345.7b	₦1.1t	₦17.9b	9.9x	19.3x	0.3x
Sat, 03 Jun 2023	₦190.9b	₦1.1t	₦19.2b	6x	9.9x	0.2x

Current Industry PE

Investors are optimistic on the Nigerian Oil and Gas industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 20.7x which is higher than its 3-year average PE of 14.8x.

The 3-year average PS ratio of 1.0x is lower than the industry's current PS ratio of 4.0x.

Past Earnings Growth

The earnings for companies in the Oil and Gas industry have grown 173% per year over the last three years.
Revenues for these companies have grown 21% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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


NG Market	-0.56%
Energy	-3.57%
Oil and Gas	-3.64%
Oil and Gas Refining and Marketing	0.051%
Oil and Gas Exploration and Production	0%	0
Oil and Gas Storage and Transportation	0%	0

Industry PE

Forecasted Growth

Analysts are most optimistic on the Oil and Gas Refining and Marketing industry, expecting annual earnings growth of 65% over the next 5 years.
This is better than its past earnings decline of 60% per year.

In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings grow by 65% per year over the next few years.

	Company	Last Price	7D	1Y	Valuation
	ETERNA Eterna	₦34.45	0.3% +₦30.5b	-19.9%	PE20.8x
	OANDO Oando	₦52.95	0.5% +₦3.6b	20.3%	PE3.2x

Company

Last Price

Valuation

ETERNA Eterna

₦34.45

0.3%
+₦30.5b

-19.9%

PE20.8x

OANDO Oando

₦52.95

0.5%
+₦3.6b

20.3%

PE3.2x

New major risk - Shareholder dilution

The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 68% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). High level of non-cash earnings (24% accrual ratio). Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (₦75.3b market cap, or US$54.9m).

Nigerian (NSE) Oil and Gas Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Investor sentiment improves as stock rises 17%

New major risk - Shareholder dilution

Investor sentiment improves as stock rises 20%