Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Norwegian (OSEAX) Energy Sector Analysis

UpdatedJun 27, 2026
DataAggregated Company Financials
Companies51
  • 7D-2.7%
  • 3M-16.5%
  • 1Y25.0%
  • YTD25.7%

Over the last 7 days, the Energy industry has dropped 2.7%, driven by a pullback from Equinor of 2.3%. In contrast, Akastor has gained 7.7%. This takes the industry's 12 month performance to a gain of 25%. Earnings are forecast to grow by 5.2% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 27 Jun 2026NOK 1.4tNOK 1.5tNOK 95.2b7.6x14.6x0.9x
Mon, 25 May 2026NOK 1.6tNOK 1.4tNOK 84.5b10.8x18.6x1.1x
Wed, 22 Apr 2026NOK 1.5tNOK 1.4tNOK 74.8b12x20.2x1.1x
Fri, 20 Mar 2026NOK 1.8tNOK 1.4tNOK 76.5b10.4x24x1.3x
Sun, 15 Feb 2026NOK 1.4tNOK 1.4tNOK 72.0b9.4x19.3x1x
Tue, 13 Jan 2026NOK 1.3tNOK 1.6tNOK 97.8b8.5x13.8x0.8x
Thu, 11 Dec 2025NOK 1.3tNOK 1.6tNOK 98.5b8.1x13.2x0.8x
Sat, 08 Nov 2025NOK 1.3tNOK 1.6tNOK 100.2b8.3x13.2x0.8x
Mon, 06 Oct 2025NOK 1.3tNOK 1.6tNOK 120.7b8.3x11.2x0.8x
Wed, 03 Sep 2025NOK 1.3tNOK 1.6tNOK 121.7b7.8x10.9x0.8x
Fri, 01 Aug 2025NOK 1.3tNOK 1.6tNOK 128.2b7.5x10.3x0.8x
Sun, 29 Jun 2025NOK 1.2tNOK 1.6tNOK 141.1b7x8.5x0.7x
Tue, 27 May 2025NOK 1.1tNOK 1.6tNOK 142.7b6.4x8x0.7x
Thu, 24 Apr 2025NOK 1.1tNOK 1.6tNOK 154.8b5.5x7.1x0.7x
Sat, 22 Mar 2025NOK 1.2tNOK 1.6tNOK 151.3b6.5x8.2x0.8x
Mon, 17 Feb 2025NOK 1.2tNOK 1.7tNOK 161.7b6.1x7.6x0.7x
Wed, 15 Jan 2025NOK 1.4tNOK 1.8tNOK 170.7b6.8x7.9x0.8x
Fri, 13 Dec 2024NOK 1.2tNOK 1.7tNOK 166.9b6x7.3x0.7x
Sun, 10 Nov 2024NOK 1.2tNOK 1.7tNOK 158.7b6.6x7.5x0.7x
Tue, 08 Oct 2024NOK 1.3tNOK 1.6tNOK 160.1b6.4x8.2x0.8x
Thu, 05 Sep 2024NOK 1.3tNOK 1.6tNOK 159.5b6.1x8.1x0.8x
Sat, 03 Aug 2024NOK 1.4tNOK 1.7tNOK 161.1b6.4x8.4x0.8x
Mon, 01 Jul 2024NOK 1.5tNOK 1.6tNOK 157.8b8.1x9.6x0.9x
Wed, 29 May 2024NOK 1.5tNOK 1.6tNOK 154.3b9.5x9.7x0.9x
Fri, 26 Apr 2024NOK 1.5tNOK 1.7tNOK 160.3b8.2x9.3x0.9x
Sun, 24 Mar 2024NOK 1.4tNOK 1.7tNOK 181.8b7.5x7.9x0.8x
Tue, 20 Feb 2024NOK 1.4tNOK 1.6tNOK 174.4b7.1x7.8x0.8x
Thu, 18 Jan 2024NOK 1.5tNOK 1.8tNOK 238.8b7x6.2x0.8x
Sat, 16 Dec 2023NOK 1.6tNOK 1.7tNOK 237.6b6.4x6.6x0.9x
Mon, 13 Nov 2023NOK 1.7tNOK 1.8tNOK 251.7b7.1x6.8x0.9x
Wed, 11 Oct 2023NOK 1.7tNOK 2.0tNOK 315.5b7.2x5.4x0.9x
Fri, 08 Sep 2023NOK 1.6tNOK 2.0tNOK 312.7b7.5x5.2x0.8x
Sun, 06 Aug 2023NOK 1.5tNOK 1.8tNOK 288.0b8.9x5.3x0.8x
Tue, 04 Jul 2023NOK 1.5tNOK 2.1tNOK 354.3b8.1x4.3x0.7x
Price to Earnings Ratio

4.3x


Total Market Cap: NOK 1.5tTotal Earnings: NOK 354.3bTotal Revenue: NOK 2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 9.8x202420252026
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 14.6x which is higher than its 3-year average PE of 9.8x.
  • The industry is trading close to its 3-year average PS ratio of 0.84x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 35% per year over the last three years,
  • Revenues have also declined 10% 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-2.35%
Energy-2.67%
Oil and Gas-2.41%
Energy Services-3.73%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 9.3x.
    • Analysts are expecting annual earnings growth of 3.9%, which is higher than its past year's earnings decline of 44.9% 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 of 10.8x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 11% over the next 5 years.
  • However this is lower than its past earnings growth rate of 32% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 3.9% 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
AKAST AkastorNOK 13.207.7%
+NOK 256.2m		10.0%PE27.9x
HAFNI HafniaNOK 69.750.6%
+NOK 224.9m		35.7%PE7.7x
OET Okeanis Eco TankersNOK 504.000.9%
+NOK 175.7m		127.0%PE10x
BRUT BrutonNOK 53.004.3%
+NOK 136.2m		24.4%PE1223.5x
BWE BW EnergyNOK 51.700.4%
+NOK 51.7m		52.3%PE16.3x

Latest News

AKAST
NOK 13.20
Akastor
7D
7.7%
1Y
10.0%
BNOR
NOK 509.00
BlueNord
7D
-3.4%
1Y
1.4%
Narrative Update • Jun 26

BNOR: Fair Outlook Will Balance Rising Output With Lower Margin Assumptions

Analysts have raised their price target for BlueNord from NOK 470 to NOK 515, citing updated assumptions on the discount rate, revenue trends, profit margins and future P/E expectations as the key drivers of the revision. What’s in the News for BlueNord BlueNord reiterated production guidance for second quarter 2026, with expected output of 18 to 20 mboepd from base assets and 21 to 26 mboepd from the Tyra hub.
EQNR
NOK 309.10
Equinor
7D
-2.3%
1Y
21.4%
VAR
NOK 40.67
Vår Energi
7D
-5.6%
1Y
25.3%
Narrative Update • Jun 26

VAR: Portfolio High Grading And New Wells Will Shape Balanced Outlook

The analyst price target for Vår Energi has been revised from about NOK 26 to roughly NOK 41, as analysts factor in updated assumptions around discount rates, profit margins, and future P/E, alongside a mix of recent rating changes and target tweaks from the Street. Analyst Commentary Recent research on Vår Energi reflects a mix of optimism and caution, with some firms upgrading their stance while others trim price targets.
HAFNI
NOK 69.75
Hafnia
7D
0.6%
1Y
35.7%
Narrative Update • Jun 25

HAFNI: Disruptive Oil Trade Routes Will Support Earnings And Dividend Strength

Analysts have made a small upward adjustment to Hafnia's fair value estimate, with the updated analyst price target moving to NOK 84.20. This reflects a balance between one firm's downgrade to Hold with a NOK 79 target and another firm's more positive stance on the stock.
DNO
NOK 16.65
DNO
7D
-4.5%
1Y
32.7%
DOFG
NOK 114.10
DOF Group
7D
-3.4%
1Y
28.7%
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.
AKRBP
NOK 303.10
Aker BP
7D
-3.7%
1Y
18.5%
Narrative Update • Jun 24

AKRBP: Execution Risks Around Norwegian Field Developments Will Cap Future Upside

Analysts have raised their price target on Aker BP to NOK 211.08, citing updated assumptions for higher revenue growth, a slightly stronger profit margin and a modestly lower future P/E multiple. Analyst Commentary Recent research on Aker BP suggests that while some institutions see room for the stock at a higher level, there is also a group of bearish analysts stressing that the revised price target already reflects a fair amount of optimism on revenue, margins and the future P/E multiple.
BWE
NOK 51.70
BW Energy
7D
0.4%
1Y
52.3%
Narrative Update • Jun 22

BWE: Long-Term Licence Extension And Rising Output Will Support Upside Potential

Analysts have revised their price target for BW Energy to NOK 90.11 from NOK 57.72, citing updated assumptions for revenue growth, profit margins and a lower discount rate, as well as a reduced future P/E multiple in their valuation models. What’s in the News for BW Energy ReconAfrica, NAMCOR and BW Energy have started multi zone production testing at the Kavango West 1X well in Namibia, the first cased production test in the country, to evaluate six hydrocarbon bearing zones across about 420 meters in the Huttenburg and Elandshoek formations, with results guiding further appraisal plans.
TGS
NOK 131.30
TGS
7D
-5.9%
1Y
50.1%
Analysis Article • Jun 20

TGS (OB:TGS) Stock Could Be 8.7% Undervalued After Brazil Seismic Survey Launch

TGS (OB:TGS) and SLB have begun the Pelotas Sul Phase 1 multi-client 3D seismic survey offshore southern Brazil, a 13,500 square kilometer project that broadens seismic coverage in this underexplored Pelotas Basin region. See our latest analysis for TGS. TGS has seen a mixed pattern in recent months, with the share price down 9.12% over the past 30 days but up 12.32% over 90 days and showing a 48.40% year to date share price return. The 1 year total shareholder return of 68.85% points to...
OET
NOK 504.00
Okeanis Eco Tankers
7D
0.9%
1Y
127.0%
Analysis Article • Jun 18

Okeanis Eco Tankers (OB:OET) Stock Could Be 10% Undervalued After Q1 Results And Dividend

Okeanis Eco Tankers (OB:OET) is back on investor radars after first quarter results showed strong revenue and earnings, a $2-per-share dividend declaration, and fresh loan facilities tied to a growing tanker fleet. See our latest analysis for Okeanis Eco Tankers. At a share price of NOK492.0, Okeanis Eco Tankers has seen a 7 day share price return of 4.90% and a year to date share price return of 51.62%, while the 1 year total shareholder return of 131.99% reflects performance supported by...
ARCH
NOK 23.40
Archer
7D
1.7%
1Y
0%
Narrative Update • Jun 16

ARCH: Contract Extensions And Acquisitions Will Support Future Stock Returns

Archer's analyst price target has been revised to NOK 38.94. Analysts cite updated assumptions for the discount rate, revenue growth, profit margin and future P/E as the key inputs behind this adjustment.
SUBC
NOK 324.60
Subsea 7
7D
-4.9%
1Y
75.2%
Narrative Update • Jun 15

SUBC: Elevated P E Multiples Will Strain Returns Despite New Long Dated Contracts

Analysts have nudged their fair value estimate for Subsea 7 slightly higher to NOK 233.20, supported by a series of recent price target increases on the stock, including one move to NOK 370, partly offset by a few downgrades. Analyst Commentary Recent Street research on Subsea 7 has been mixed.
NOL
NOK 8.18
Northern Ocean
7D
1.2%
1Y
41.0%
DVD
NOK 20.35
Deep Value Driller
7D
1.8%
1Y
30.1%
BRUT
NOK 53.00
Bruton
7D
4.3%
1Y
24.4%