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Norwegian (OSEAX) Energy Sector Analysis

UpdatedAug 12, 2026
DataAggregated Company Financials
Companies52
  • 7D3.7%
  • 3M5.9%
  • 1Y48.4%
  • YTD48.2%

The Energy industry is up 1.1% in the last week, with Equinor up 4.6%. In the last 12 months, the industry was up 47%. As for the next few years, earnings are forecast to decline by 4.7% per annum.

Sector Valuation and Performance

Has the Norwegian Energy Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 12 Aug 2026NOK 1.7tNOK 1.6tNOK 149.9b8.6x11.5x1x
Fri, 10 Jul 2026NOK 1.5tNOK 1.5tNOK 93.8b7.7x15.6x1x
Sun, 07 Jun 2026NOK 1.5tNOK 1.4tNOK 90.3b8.6x17.1x1.1x
Tue, 05 May 2026NOK 1.6tNOK 1.4tNOK 75.4b12.7x21.7x1.2x
Thu, 02 Apr 2026NOK 1.7tNOK 1.5tNOK 77.3b11.6x21.4x1.1x
Sat, 28 Feb 2026NOK 1.5tNOK 1.4tNOK 75.7b11.4x19.3x1x
Mon, 26 Jan 2026NOK 1.4tNOK 1.6tNOK 94.4b8.8x14.8x0.9x
Wed, 24 Dec 2025NOK 1.3tNOK 1.6tNOK 97.7b8.6x13.3x0.8x
Fri, 21 Nov 2025NOK 1.3tNOK 1.6tNOK 100.2b8.6x13.1x0.8x
Sun, 19 Oct 2025NOK 1.3tNOK 1.6tNOK 121.9b7.6x10.3x0.8x
Tue, 16 Sep 2025NOK 1.3tNOK 1.6tNOK 119.3b7.5x10.9x0.8x
Thu, 14 Aug 2025NOK 1.3tNOK 1.6tNOK 130.3b7.3x9.8x0.8x
Sat, 12 Jul 2025NOK 1.2tNOK 1.6tNOK 141.5b7.3x8.4x0.7x
Mon, 09 Jun 2025NOK 1.2tNOK 1.6tNOK 141.4b6.9x8.3x0.7x
Wed, 07 May 2025NOK 1.1tNOK 1.6tNOK 150.0b5.7x7.4x0.7x
Fri, 04 Apr 2025NOK 1.2tNOK 1.6tNOK 148.5b6x8x0.7x
Sun, 02 Mar 2025NOK 1.2tNOK 1.7tNOK 161.0b5.8x7.4x0.7x
Tue, 28 Jan 2025NOK 1.3tNOK 1.8tNOK 168.6b6.3x7.5x0.7x
Thu, 26 Dec 2024NOK 1.2tNOK 1.8tNOK 170.4b5.5x7x0.7x
Sat, 23 Nov 2024NOK 1.3tNOK 1.7tNOK 161.3b7x7.9x0.7x
Mon, 21 Oct 2024NOK 1.2tNOK 1.7tNOK 165.1b6.2x7.5x0.7x
Wed, 18 Sep 2024NOK 1.3tNOK 1.6tNOK 159.7b6.4x7.9x0.8x
Fri, 16 Aug 2024NOK 1.4tNOK 1.6tNOK 158.4b7.9x8.8x0.8x
Sun, 14 Jul 2024NOK 1.4tNOK 1.6tNOK 161.0b6.8x8.8x0.9x
Tue, 11 Jun 2024NOK 1.5tNOK 1.6tNOK 157.7b8x9.3x0.9x
Thu, 09 May 2024NOK 1.5tNOK 1.7tNOK 159.9b8.7x9.3x0.9x
Sat, 06 Apr 2024NOK 1.5tNOK 1.7tNOK 177.7b8.2x8.2x0.9x
Mon, 04 Mar 2024NOK 1.4tNOK 1.7tNOK 178.9b7.6x7.6x0.8x
Wed, 31 Jan 2024NOK 1.5tNOK 1.7tNOK 237.2b6.8x6.2x0.8x
Fri, 29 Dec 2023NOK 1.6tNOK 1.7tNOK 231.3b6.9x6.8x0.9x
Sun, 26 Nov 2023NOK 1.7tNOK 1.8tNOK 241.5b6.4x7x1x
Tue, 24 Oct 2023NOK 1.7tNOK 2.0tNOK 323.6b7.4x5.4x0.9x
Thu, 21 Sep 2023NOK 1.7tNOK 2.0tNOK 312.7b7.4x5.4x0.9x
Sat, 19 Aug 2023NOK 1.6tNOK 1.9tNOK 304.7b9x5.1x0.8x
Price to Earnings Ratio

5.1x


Total Market Cap: NOK 1.6tTotal Earnings: NOK 304.7bTotal Revenue: NOK 1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 10.2x202420252026
Current Industry PE
  • Investors are optimistic on the Norwegian Energy industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 11.3x which is higher than its 3-year average PE of 10.2x.
  • The 3-year average PS ratio of 0.85x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 21% per year over the last three years,
  • Revenues have also declined 5.3% 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 Norwegian Energy sector?

NO Market1.92%
Energy3.71%
Oil and Gas3.99%
Energy Services2.31%
Industry PE
  • Investors are most optimistic about the Energy Services industry even though it's trading below its 3-year average PE ratio of 19.7x.
    • Analysts are expecting annual earnings growth of 7.1%, which is lower than the prior year's growth of 36.9% per year.
  • Investors are most pessimistic about the Oil and Gas industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 9.7x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 7.1% over the next 5 years.
  • However this is lower than its past earnings growth rate of 37% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings decline by 7.1% 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
EQNR EquinorNOK 390.204.6%
+NOK 41.1b		55.7%PE10.8x
AKRBP Aker BPNOK 343.804.1%
+NOK 8.5b		39.0%PE16.1x
VAR Vår EnergiNOK 48.613.6%
+NOK 4.3b		42.1%PE9.8x
SUBC Subsea 7NOK 335.402.3%
+NOK 2.3b		68.0%PE17.1x
TGS TGSNOK 140.408.0%
+NOK 2.0b		88.0%PE29.8x

Latest News

OET
NOK 577.00
Okeanis Eco Tankers
7D
-0.3%
1Y
128.1%
SUBC
NOK 335.40
Subsea 7
7D
2.3%
1Y
68.0%
Narrative Update • Aug 11

SUBC: Saipem Merger Progress And Backlog Strength Will Support Higher Earnings Multiple

The updated analyst price target for Subsea 7 reflects a move higher from NOK 438.35 to NOK 457.16, broadly in line with a series of recent target increases and ratings upgrades from analysts who cite adjustments to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Recent Street research on Subsea 7 points to a cluster of higher price targets and rating upgrades in 2026.
TGS
NOK 140.40
TGS
7D
8.0%
1Y
88.0%
DNO
NOK 17.36
DNO
7D
4.4%
1Y
20.9%
EQNR
NOK 390.20
Equinor
7D
4.6%
1Y
55.7%
Narrative Update • Aug 08

EQNR: Gas Price Reliance Will Intensify Pressure On Long Dated Cash Flows

Analysts have trimmed the Equinor fair value estimate from NOK 281.29 to NOK 274.66 as they factor in lower modeled revenue growth, a slightly higher discount rate, and updated views on commodity driven earnings quality reflected in recent price target changes across the Street. Analyst Commentary Recent research on Equinor shows a mixed but increasingly cautious tone, with several bearish analysts trimming price targets and questioning how much upside is left after the stock's recent strength.
GEOS
NOK 6.95
Golden Energy Offshore Services
7D
-35.6%
1Y
-64.1%
VAR
NOK 48.61
Vår Energi
7D
3.6%
1Y
42.1%
Narrative Update • Aug 07

VAR: BlueNord Merger And Rising Leverage Will Pressure Future Returns

Analysts have trimmed their fair value estimate for Vår Energi, with the implied price target moving from about NOK 39.18 to roughly NOK 41.37. This reflects updated views on balance sheet pressure following the BlueNord acquisition and a higher expected future P/E multiple despite softer revenue growth and profit margins.
AKRBP
NOK 343.80
Aker BP
7D
4.1%
1Y
39.0%
Narrative Update • Aug 05

AKRBP: Future Returns Will Hinge On Project Execution And Capital Discipline

Analysts have lifted their fair value estimate for Aker BP to NOK 329.25 from NOK 320.11, reflecting updated assumptions on revenue growth, profit margins and future P/E expectations after the recent NOK 306 price target and a rating change to Hold from SEB Equities. Analyst Commentary Recent research on Aker BP highlights a shift in tone as some bearish views soften and valuation work is refreshed.
BWLPG
NOK 203.60
BWG
7D
-1.8%
1Y
35.9%
Narrative Update • Aug 04

BWLPG: Higher Margins And Dividends Will Support Future Upside

The analyst price target for BW LPG has been revised lower to NOK 199 from NOK 209, as analysts point to valuation after the recent share price rally and see limited scope for upside versus current consensus expectations. Analyst Commentary Recent research on BW LPG shows a more balanced stance, with some bullish analysts pointing to support for the current valuation and the potential for further delivery on existing expectations.
BWE
NOK 55.70
BW Energy
7D
4.7%
1Y
56.5%
ODL
NOK 90.10
Odfjell Drilling
7D
-1.2%
1Y
26.0%
Narrative Update • Jul 02

ODL: Dividend Strength Will Support Returns Despite More Cautious Market Outlook

The analyst price target for Odfjell Drilling has been revised lower from about NOK 113.91 to around NOK 102.21, as analysts apply a higher discount rate and more cautious revenue growth and future P/E assumptions following the recent bearish Street research. What’s in the News for Odfjell Drilling Odfjell Drilling’s Board has approved a cash dividend of $0.25 per share, totaling $60 million, for the first quarter of 2026.
HAFNI
NOK 70.25
Hafnia
7D
-2.6%
1Y
27.3%
PRS
NOK 5.85
Prosafe
7D
-7.1%
1Y
30.0%
Narrative Update • Jun 26

PRS: Upgrade To Buy Will Highlight Future Offshore Accommodation Contract Potential

Analysts have raised their price target on Prosafe to NOK 5.50 from about NOK 3.53, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E. This change is also reflected in a recent upgrade to Buy from Hold.
DOFG
NOK 128.20
DOF Group
7D
3.4%
1Y
34.9%
Narrative Update • Jun 25

DOFG: Long-Term Brazil Contracts And Dividend Will Support Future Upside

Analysts now see DOF Group as fairly valued at NOK 145.80, refining their price target without a material change in underlying fair value as they factor in a slightly higher discount rate and a modestly lower future P/E assumption. What's in the News for DOF Group The board of directors approved a dividend of US$0.37 per share for DOF Group ASA on 21 May 2026, with last day including right on 27 May 2026, ex-date on 28 May 2026, record date on 29 May 2026, and payment date on 4 June 2026.
BWO
NOK 45.55
BW Offshore
7D
-0.8%
1Y
23.4%
COSH
NOK 136.00
Constellation Oil Services Holding
7D
-0.7%
1Y
66.9%