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Norwegian (OSEAX) Energy Sector Analysis

UpdatedMay 12, 2026
DataAggregated Company Financials
Companies50
  • 7D-6.3%
  • 3M27.5%
  • 1Y46.0%
  • YTD39.3%

Over the last 7 days, the Energy industry has dropped 6.3%, driven by Equinor declining 8.2%. On the other hand Bruton is actually up 17%. This takes the industry's 12 month performance to a gain of 46%. Earnings are forecast to grow by 5.7% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 13 May 2026NOK 1.5tNOK 1.4tNOK 83.2b12.9x18.4x1.1x
Fri, 10 Apr 2026NOK 1.6tNOK 1.4tNOK 75.8b12.4x21.2x1.1x
Sun, 08 Mar 2026NOK 1.6tNOK 1.5tNOK 77.3b10.8x20.1x1.1x
Tue, 03 Feb 2026NOK 1.4tNOK 1.6tNOK 93.7b8.9x15x0.9x
Thu, 01 Jan 2026NOK 1.3tNOK 1.6tNOK 97.9b8.7x13.6x0.8x
Sat, 29 Nov 2025NOK 1.3tNOK 1.6tNOK 99.9b7.9x12.9x0.8x
Mon, 27 Oct 2025NOK 1.3tNOK 1.6tNOK 122.6b8.2x10.8x0.8x
Wed, 24 Sep 2025NOK 1.3tNOK 1.6tNOK 120.0b7.8x11.2x0.8x
Fri, 22 Aug 2025NOK 1.3tNOK 1.6tNOK 130.7b7.4x10x0.8x
Sun, 20 Jul 2025NOK 1.3tNOK 1.6tNOK 132.2b7.3x9.8x0.8x
Tue, 17 Jun 2025NOK 1.3tNOK 1.6tNOK 138.7b7.2x9.2x0.8x
Thu, 15 May 2025NOK 1.2tNOK 1.7tNOK 149.6b5.5x7.7x0.7x
Sat, 12 Apr 2025NOK 1.1tNOK 1.6tNOK 152.8b5.6x7.2x0.7x
Mon, 10 Mar 2025NOK 1.2tNOK 1.7tNOK 155.8b5.8x7.5x0.7x
Wed, 05 Feb 2025NOK 1.3tNOK 1.7tNOK 169.4b6.2x7.5x0.7x
Fri, 03 Jan 2025NOK 1.3tNOK 1.8tNOK 171.1b6x7.6x0.7x
Sun, 01 Dec 2024NOK 1.3tNOK 1.7tNOK 165.8b6.5x7.6x0.7x
Tue, 29 Oct 2024NOK 1.3tNOK 1.7tNOK 163.5b5.9x7.7x0.7x
Thu, 26 Sep 2024NOK 1.2tNOK 1.6tNOK 159.5b6.5x7.8x0.8x
Sat, 24 Aug 2024NOK 1.4tNOK 1.6tNOK 156.0b6.9x8.7x0.8x
Mon, 22 Jul 2024NOK 1.4tNOK 1.6tNOK 158.7b7x8.9x0.9x
Wed, 19 Jun 2024NOK 1.4tNOK 1.6tNOK 156.7b8.4x9.2x0.9x
Fri, 17 May 2024NOK 1.5tNOK 1.6tNOK 157.9b9.3x9.3x0.9x
Sun, 14 Apr 2024NOK 1.5tNOK 1.7tNOK 180.4b8.4x8.5x0.9x
Tue, 12 Mar 2024NOK 1.4tNOK 1.7tNOK 177.1b7.5x7.7x0.8x
Thu, 08 Feb 2024NOK 1.4tNOK 1.7tNOK 239.1b6.6x5.8x0.8x
Sat, 06 Jan 2024NOK 1.6tNOK 1.7tNOK 233.7b7.2x6.9x0.9x
Mon, 04 Dec 2023NOK 1.6tNOK 1.8tNOK 242.2b6.3x6.8x0.9x
Wed, 01 Nov 2023NOK 1.8tNOK 1.8tNOK 250.6b7.9x7.1x1x
Fri, 29 Sep 2023NOK 1.7tNOK 2.0tNOK 312.9b7.4x5.3x0.9x
Sun, 27 Aug 2023NOK 1.5tNOK 2.0tNOK 309.0b7.5x5x0.8x
Tue, 25 Jul 2023NOK 1.5tNOK 2.0tNOK 335.5b8.3x4.5x0.8x
Thu, 22 Jun 2023NOK 1.5tNOK 2.1tNOK 356.2b8.2x4.3x0.7x
Sat, 20 May 2023NOK 1.5tNOK 2.1tNOK 398.4b8.8x3.7x0.7x
Price to Earnings Ratio

3.7x


Total Market Cap: NOK 1.5tTotal Earnings: NOK 398.4bTotal Revenue: NOK 2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 9.3x202420252026
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 18.4x which is higher than its 3-year average PE of 9.3x.
  • 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-2.99%
Energy-6.30%
Energy Services-2.97%
Oil and Gas-7.03%
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 4.1%, 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.
  • However this is lower than its past earnings growth rate of 19% 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
DOFG DOF GroupNOK 139.501.9%
+NOK 640.3m		60.1%PE8x
SOMA Solstad MaritimeNOK 28.903.6%
+NOK 465.4m		n/aPE6.2x
BRUT BrutonNOK 59.0013.5%
+NOK 433.5m		56.9%PE1473.9x
PNOR PetroNor E&PNOK 17.208.6%
+NOK 193.6m		27.6%PE36.5x
SOFF Solstad OffshoreNOK 65.502.3%
+NOK 123.5m		69.7%PE4.1x

Latest News

ODL
NOK 95.50
Odfjell Drilling
7D
-5.1%
1Y
64.7%
SOFF
NOK 65.50
Solstad Offshore
7D
2.3%
1Y
69.7%
EQNR
NOK 351.30
Equinor
7D
-8.3%
1Y
44.1%
SOMA
NOK 28.90
Solstad Maritime
7D
3.6%
1Y
n/a
New Narrative • May 11

Solstad Maritime will see growth with a 15% revenue jump

Investment Memorandum – Solstad Maritime ASA (OSE: SOMA) 1. Executive Summary Solstad Maritime ASA (“Solstad” or the “Company”) is a Norway-based offshore marine services provider focused on high-end vessels supporting oil & gas and renewable energy operations globally.
AKRBP
NOK 344.90
Aker BP
7D
-5.9%
1Y
43.9%
Narrative Update • May 11

AKRBP: Geopolitical Oil Risk Premium Will Constrain Upside Despite Rating Upgrades

Aker BP's updated fair value estimate is NOK 202.88 per share, up from NOK 196.61, as analysts factor in higher assumed revenue growth, wider profit margins and a lower future P/E multiple in light of recent upgrades and price target raises on the stock. Analyst Commentary Recent Street research on Aker BP shows a split in opinion, with several firms turning more positive on the stock while others are flagging valuation and execution risks.
DOFG
NOK 139.50
DOF Group
7D
1.9%
1Y
60.1%
PNOR
NOK 17.20
PetroNor E&P
7D
8.6%
1Y
27.6%
TGS
NOK 149.00
TGS
7D
-6.3%
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 574.00
BlueNord
7D
-4.8%
1Y
-5.3%
SUBC
NOK 321.60
Subsea 7
7D
-3.2%
1Y
88.1%
VAR
NOK 46.45
Vår Energi
7D
-2.9%
1Y
56.9%
HAFNI
NOK 81.85
Hafnia
7D
-3.6%
1Y
52.5%
GEOS
NOK 9.00
Golden Energy Offshore Services
7D
5.9%
1Y
-47.4%
NORAM
NOK 51.50
NorAm Drilling
7D
1.8%
1Y
105.6%
NOL
NOK 8.96
Northern Ocean
7D
3.0%
1Y
42.9%
BRUT
NOK 59.00
Bruton
7D
13.5%
1Y
56.9%