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Norwegian (OSEAX) Energy Sector Analysis

UpdatedSep 29, 2025
DataAggregated Company Financials
Companies54
  • 7D3.3%
  • 3M5.2%
  • 1Y-0.7%
  • YTD-2.3%

Over the last 7 days, the Energy industry has risen 5.1%, driven by gains from Equinor of 3.5%. In the same time, Shelf Drilling (North Sea) was down 29%. Despite this gain, the industry's performance has been flat over the past year. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Sep 2025NOK 1.4tNOK 1.6tNOK 121.0b8.1x11.4x0.9x
Thu, 28 Aug 2025NOK 1.3tNOK 1.6tNOK 123.0b7.9x10.9x0.8x
Sat, 26 Jul 2025NOK 1.3tNOK 1.6tNOK 126.1b7.5x10.1x0.8x
Mon, 23 Jun 2025NOK 1.3tNOK 1.6tNOK 141.4b7.1x9.3x0.8x
Wed, 21 May 2025NOK 1.1tNOK 1.6tNOK 145.5b6.7x7.9x0.7x
Fri, 18 Apr 2025NOK 1.1tNOK 1.6tNOK 150.5b5.9x7.4x0.7x
Sun, 16 Mar 2025NOK 1.2tNOK 1.6tNOK 152.7b5.9x7.7x0.7x
Tue, 11 Feb 2025NOK 1.3tNOK 1.7tNOK 162.2b6.3x7.9x0.7x
Thu, 09 Jan 2025NOK 1.3tNOK 1.8tNOK 170.7b5.9x7.8x0.7x
Sat, 07 Dec 2024NOK 1.2tNOK 1.7tNOK 167.5b6.2x7.3x0.7x
Mon, 04 Nov 2024NOK 1.2tNOK 1.7tNOK 160.3b6.3x7.6x0.7x
Wed, 02 Oct 2024NOK 1.3tNOK 1.6tNOK 159.6b6.5x8x0.8x
Fri, 30 Aug 2024NOK 1.4tNOK 1.6tNOK 156.8b7.3x8.6x0.8x
Sun, 28 Jul 2024NOK 1.4tNOK 1.7tNOK 162.1b6.8x8.5x0.8x
Tue, 25 Jun 2024NOK 1.5tNOK 1.6tNOK 156.1b8.5x9.3x0.9x
Thu, 23 May 2024NOK 1.5tNOK 1.6tNOK 157.2b9.1x9.5x0.9x
Sat, 20 Apr 2024NOK 1.5tNOK 1.7tNOK 183.1b8.2x8.1x0.9x
Mon, 18 Mar 2024NOK 1.4tNOK 1.7tNOK 179.6b7.5x7.8x0.8x
Wed, 14 Feb 2024NOK 1.4tNOK 1.7tNOK 177.3b6.8x7.7x0.8x
Fri, 12 Jan 2024NOK 1.5tNOK 1.7tNOK 234.5b6.7x6.4x0.9x
Sun, 10 Dec 2023NOK 1.6tNOK 1.8tNOK 247.4b6.2x6.4x0.9x
Tue, 07 Nov 2023NOK 1.8tNOK 1.8tNOK 249.0b7.8x7.1x1x
Thu, 05 Oct 2023NOK 1.6tNOK 2.0tNOK 317.5b6.9x5.2x0.8x
Sat, 02 Sep 2023NOK 1.6tNOK 2.0tNOK 311.7b7.5x5.2x0.8x
Mon, 31 Jul 2023NOK 1.5tNOK 1.9tNOK 289.6b8.9x5.1x0.8x
Wed, 28 Jun 2023NOK 1.5tNOK 2.1tNOK 355.6b7.7x4.1x0.7x
Fri, 26 May 2023NOK 1.5tNOK 2.1tNOK 362.7b8.9x4.1x0.7x
Sun, 23 Apr 2023NOK 1.5tNOK 2.1tNOK 391.6b8.7x3.8x0.7x
Tue, 21 Mar 2023NOK 1.4tNOK 2.1tNOK 395.0b7.2x3.7x0.7x
Thu, 16 Feb 2023NOK 1.6tNOK 2.0tNOK 379.2b8.3x4.3x0.8x
Sat, 14 Jan 2023NOK 1.5tNOK 1.9tNOK 324.2b7.9x4.7x0.8x
Mon, 12 Dec 2022NOK 1.7tNOK 1.9tNOK 326.9b7.5x5.1x0.9x
Wed, 09 Nov 2022NOK 1.9tNOK 2.0tNOK 330.0b9.1x5.7x0.9x
Fri, 07 Oct 2022NOK 1.8tNOK 1.8tNOK 240.8b7.9x7.3x1x
Price to Earnings Ratio

7.3x


Total Market Cap: NOK 1.8tTotal Earnings: NOK 240.8bTotal Revenue: NOK 1.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 7x202320242025
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 11.4x which is higher than its 3-year average PE of 7.0x.
  • The industry is trading close to its 3-year average PS ratio of 0.80x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 20% per year over the last three years,
  • Revenues have also declined 3.9% 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 Market1.25%
Energy3.31%
Oil and Gas3.64%
Energy Services2.42%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 53.3%, which is higher than its past year's earnings growth of 25.0% 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 6.5x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 53% over the next 5 years.
  • This is better than its past earnings growth rate of 25% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow 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
EQNR EquinorNOK 249.703.5%
+NOK 21.2b		-6.4%PE7.7x
AKRBP Aker BPNOK 256.904.3%
+NOK 6.7b		13.6%PE22.4x
VAR Vår EnergiNOK 34.595.9%
+NOK 4.8b		5.8%PE14.2x
SUBC Subsea 7NOK 212.606.3%
+NOK 3.7b		24.7%PE23.5x
DOFG DOF GroupNOK 100.706.3%
+NOK 1.5b		15.0%PE6.6x

Latest News

BWE
NOK 47.70
BW Energy
7D
11.8%
1Y
105.2%
CLCO
NOK 94.40
Cool
7D
22.6%
1Y
-20.5%
SUBC
NOK 212.60
Subsea 7
7D
6.3%
1Y
24.7%
ARCH
NOK 22.60
Archer
7D
-5.8%
1Y
-0.5%

Recurring Operations And Energy Transition Will Secure Future Resilience

The consensus analyst price target for Archer has been revised downward to NOK35.00, primarily reflecting a sharp increase in future P/E and a moderation in expected revenue growth. What's in the News Archer completed a NOK 684.7 million follow-on equity offering, issuing 21,583,826 and 8,848,000 ordinary shares at NOK 22.5 per share under Regulation S with a subsequent direct listing.
DOFG
NOK 100.70
DOF Group
7D
6.3%
1Y
15.0%

Petrobras Contracts And Flexible Vessels Will Secure Offshore Potential

The consensus analyst price target for DOF Group has increased to NOK125.00, driven by sharply higher estimates for both future P/E and revenue growth. What's in the News DOF Group ASA secured a three-year contract extension for Skandi Patagonia with TotalEnergies in Argentina, effective from January 2026, including two additional one-year extension options.
DFENS
NOK 12.83
Fjord Defence Group
7D
-14.5%
1Y
44.4%
DNO
NOK 15.53
DNO
7D
-2.9%
1Y
36.1%
TGS
NOK 75.85
TGS
7D
8.3%
1Y
-23.6%
BWLPG
NOK 147.80
BWG
7D
-2.5%
1Y
-1.8%

BWG (OB:BWLPG) Could Be Struggling To Allocate Capital

Sep 23
BWG (OB:BWLPG) Could Be Struggling To Allocate Capital
EQNR
NOK 249.70
Equinor
7D
3.5%
1Y
-6.4%

Accelerated Decarbonization Will Undermine Oil Revenues And Gas Cash Flows

The consensus price target for Equinor has been revised down to NOK250.44 as analysts express concern over weaker commodity prices, disappointing near-term earnings, limited growth prospects, and declining cash returns, with prior bullish views turning more cautious amid deteriorating market conditions. Analyst Commentary Bearish analysts cite expectations of lower commodity prices and disappointing near-term earnings, particularly in oil & gas and low carbon segments.
VAR
NOK 34.59
Vår Energi
7D
5.9%
1Y
5.8%

Jotun FPSO And Johan Castberg Ramps Will Boost Industry Potential

A sharp increase in Vår Energi’s future P/E ratio, likely reflecting lower earnings expectations, has driven a slight decrease in the consensus analyst price target from NOK38.07 to NOK37.05. What's in the News Jotun FPSO reached peak production ahead of schedule, now producing over 80 kboepd gross, supporting ongoing development of the Balder field, with Balder Phase V and VI projects underway to maintain high output.
NOL
NOK 6.02
Northern Ocean
7D
-3.1%
1Y
-14.0%
AKRBP
NOK 256.90
Aker BP
7D
4.3%
1Y
13.6%

Yggdrasil Will Sustain Production But Profit Margins May Shrink Amid Emission Costs

Aker BP’s consensus price target was revised marginally lower as a sharp increase in its future P/E signals reduced earnings expectations despite stable discount rates. What's in the News Aker BP completed the Omega Alfa exploration campaign in the Norwegian North Sea, discovering 96-134 mmboe and significantly increasing resources in the Yggdrasil area.
SOMA
NOK 23.65
Solstad Maritime
7D
-0.8%
1Y
n/a

Solstad Maritime (OB:SOMA) Seems To Use Debt Quite Sensibly

Aug 25
Solstad Maritime (OB:SOMA) Seems To Use Debt Quite Sensibly
ENH
NOK 8.44
SED Energy Holdings
7D
-4.3%
1Y
n/a
SDNS
NOK 21.00
Shelf Drilling (North Sea)
7D
-29.3%
1Y
-31.6%