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Norwegian (OSEAX) Energy Sector Analysis

UpdatedMay 11, 2026
DataAggregated Company Financials
Companies50
  • 7D-7.1%
  • 3M25.3%
  • 1Y46.9%
  • YTD36.8%

Over the last 7 days, the Energy industry has dropped 7.1%, driven by a pullback from Equinor of 10%. Meanwhile, Bruton actually outperformed within the industry, gaining 13% in the last week. This takes the industry's 12 month performance to a gain of 47%. Earnings are forecast to grow by 6.0% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 11 May 2026NOK 1.5tNOK 1.4tNOK 83.1b12.8x18.1x1.1x
Wed, 08 Apr 2026NOK 1.7tNOK 1.5tNOK 76.9b12.4x22.1x1.2x
Fri, 06 Mar 2026NOK 1.5tNOK 1.5tNOK 77.9b10.8x19.7x1x
Sun, 01 Feb 2026NOK 1.4tNOK 1.5tNOK 93.1b9x15.3x0.9x
Tue, 30 Dec 2025NOK 1.3tNOK 1.6tNOK 97.6b8.6x13.5x0.8x
Thu, 27 Nov 2025NOK 1.3tNOK 1.6tNOK 100.7b8.7x12.7x0.8x
Sat, 25 Oct 2025NOK 1.3tNOK 1.6tNOK 122.6b8.2x10.8x0.8x
Mon, 22 Sep 2025NOK 1.3tNOK 1.6tNOK 120.7b7.5x11x0.8x
Wed, 20 Aug 2025NOK 1.3tNOK 1.6tNOK 130.5b7.2x9.7x0.8x
Fri, 18 Jul 2025NOK 1.3tNOK 1.6tNOK 134.8b7.2x9.6x0.8x
Sun, 15 Jun 2025NOK 1.3tNOK 1.6tNOK 138.5b7.2x9.2x0.8x
Tue, 13 May 2025NOK 1.1tNOK 1.7tNOK 150.6b6.3x7.6x0.7x
Thu, 10 Apr 2025NOK 1.1tNOK 1.7tNOK 154.3b5.3x6.9x0.6x
Sat, 08 Mar 2025NOK 1.2tNOK 1.7tNOK 155.5b5.8x7.5x0.7x
Mon, 03 Feb 2025NOK 1.3tNOK 1.8tNOK 170.6b6.2x7.5x0.7x
Wed, 01 Jan 2025NOK 1.2tNOK 1.8tNOK 171.2b5.6x7.3x0.7x
Fri, 29 Nov 2024NOK 1.3tNOK 1.7tNOK 165.6b6.4x7.6x0.7x
Sun, 27 Oct 2024NOK 1.3tNOK 1.7tNOK 163.2b5.9x8x0.8x
Tue, 24 Sep 2024NOK 1.2tNOK 1.6tNOK 158.0b6.5x7.9x0.8x
Thu, 22 Aug 2024NOK 1.4tNOK 1.6tNOK 155.2b7.9x8.7x0.8x
Sat, 20 Jul 2024NOK 1.4tNOK 1.6tNOK 158.7b7x8.9x0.9x
Mon, 17 Jun 2024NOK 1.4tNOK 1.6tNOK 158.0b8.2x9x0.9x
Wed, 15 May 2024NOK 1.5tNOK 1.6tNOK 158.4b8.7x9.5x0.9x
Fri, 12 Apr 2024NOK 1.5tNOK 1.7tNOK 179.1b8.3x8.3x0.9x
Sun, 10 Mar 2024NOK 1.4tNOK 1.6tNOK 176.6b7.8x7.8x0.8x
Tue, 06 Feb 2024NOK 1.4tNOK 1.7tNOK 241.3b6.5x6x0.8x
Thu, 04 Jan 2024NOK 1.6tNOK 1.7tNOK 235.6b6.7x6.8x0.9x
Sat, 02 Dec 2023NOK 1.6tNOK 1.8tNOK 242.1b6.3x6.8x0.9x
Mon, 30 Oct 2023NOK 1.8tNOK 1.8tNOK 250.2b7.5x7x1x
Wed, 27 Sep 2023NOK 1.6tNOK 2.0tNOK 316.0b7.2x5.2x0.8x
Fri, 25 Aug 2023NOK 1.5tNOK 2.0tNOK 309.1b7.6x5x0.8x
Sun, 23 Jul 2023NOK 1.5tNOK 2.0tNOK 336.0b8.5x4.4x0.7x
Tue, 20 Jun 2023NOK 1.5tNOK 2.1tNOK 353.9b8.2x4.3x0.7x
Thu, 18 May 2023NOK 1.5tNOK 2.1tNOK 396.3b9x3.7x0.7x
Price to Earnings Ratio

3.7x


Total Market Cap: NOK 1.5tTotal Earnings: NOK 396.3bTotal Revenue: NOK 2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 9.2x202420252026
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 18.1x which is higher than its 3-year average PE of 9.2x.
  • The 3-year average PS ratio of 0.83x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 41% per year over the last three years,
  • Revenues have also declined 13% 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 Market-2.98%
Energy-7.07%
Energy Services-4.08%
Oil and Gas-7.74%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 8.7x.
    • Analysts are expecting annual earnings growth of 4.4%, which is higher than its past year's earnings decline of 46.5% per year.
  • Investors are most pessimistic about the Energy Services industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 13% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 4.4% 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
BRUT BrutonNOK 58.6016.7%
+NOK 520.2m		55.9%PE1461.1x
DOFG DOF GroupNOK 137.601.3%
+NOK 418.7m		57.7%PE7.9x
SOMA Solstad MaritimeNOK 28.901.8%
+NOK 232.7m		n/aPE6.2x
BWLPG BWGNOK 189.000.8%
+NOK 227.7m		65.4%PE12.9x
PNOR PetroNor E&PNOK 16.629.8%
+NOK 210.7m		23.8%PE35.2x

Latest News

SOMA
NOK 28.90
Solstad Maritime
7D
1.8%
1Y
n/a
AKRBP
NOK 340.60
Aker BP
7D
-6.5%
1Y
44.0%
DNO
NOK 18.80
DNO
7D
-4.8%
1Y
50.4%
Analysis Article • 14h

DNO ASA Just Missed EPS By 48%: Here's What Analysts Think Will Happen Next

Shareholders might have noticed that DNO ASA ( OB:DNO ) filed its first-quarter result this time last week. The early...
DOFG
NOK 137.60
DOF Group
7D
1.3%
1Y
57.7%
EQNR
NOK 345.90
Equinor
7D
-8.2%
1Y
41.8%
Narrative Update • May 08

EQNR: Higher Discount-Rate Assumptions Will Increase Sensitivity To Commodity Price Volatility

Equinor's updated analyst price target has been raised by about NOK 41 to NOK 280.69, as analysts balance a mix of recent target hikes from banks such as JPMorgan, Berenberg, Citi, HSBC and BofA, along with a wider range of upgrades and downgrades across the stock. Analyst Commentary Recent research on Equinor shows a split view, with several banks lifting price targets while others pull back or turn more cautious.
PNOR
NOK 16.62
PetroNor E&P
7D
9.8%
1Y
23.8%
TGS
NOK 147.10
TGS
7D
-7.0%
1Y
74.0%
Narrative Update • May 06

TGS: Clarified Project Pipeline And New Contracts Will Support Future Upside

Narrative Update Analysts have raised their price target on TGS from NOK 136.10 to NOK 200.17, reflecting updated assumptions for revenue growth, profit margins and a lower future P/E multiple following recent research coverage and project clarifications. Analyst Commentary Recent research coverage has framed TGS as a stock where bullish analysts see room for stronger execution and clearer growth visibility than previously reflected in prior models.
BNOR
NOK 569.00
BlueNord
7D
-4.0%
1Y
-7.2%
HUNT
NOK 6.34
Hunter Group
7D
3.9%
1Y
475.3%
BWLPG
NOK 189.00
BWG
7D
0.8%
1Y
65.4%
Narrative Update • May 03

BWLPG: Future Dividends And Charter Coverage Will Balance Softer Shipping Sentiment

BWG's updated analyst price target rises from NOK 162 to NOK 177, reflecting analysts' slightly higher fair value, a small improvement in expected revenue trends and margins, and a modestly higher assumed future P/E multiple. Analyst Commentary Recent Street research on BWG shows a mixed stance, with some analysts raising their fair value estimates while others turn more cautious on the shipping cycle and demand outlook.
SUBC
NOK 316.20
Subsea 7
7D
-4.3%
1Y
86.0%
VAR
NOK 45.22
Vår Energi
7D
-3.9%
1Y
53.1%
GEOS
NOK 8.90
Golden Energy Offshore Services
7D
5.3%
1Y
-49.1%
BWE
NOK 54.70
BW Energy
7D
-4.2%
1Y
69.3%
Analysis Article • Apr 15

Analysts Just Published A Bright New Outlook For BW Energy Limited's (OB:BWE)

BW Energy Limited ( OB:BWE ) shareholders will have a reason to smile today, with the analysts making substantial...
BRUT
NOK 58.60
Bruton
7D
16.7%
1Y
55.9%
HAVI
NOK 1.25
Havila Shipping
7D
5.5%
1Y
-0.4%