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Norwegian (OSEAX) Energy Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies52
  • 7D0.8%
  • 3M-5.7%
  • 1Y-1.8%
  • YTD-6.0%

Over the last 7 days, the Energy industry has risen 1.9%, driven by gains from Aker BP of 3.0%. 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 20% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025NOK 1.3tNOK 1.6tNOK 97.2b8.6x13.4x0.8x
Sat, 22 Nov 2025NOK 1.3tNOK 1.7tNOK 100.7b7.8x12.8x0.8x
Mon, 20 Oct 2025NOK 1.3tNOK 1.6tNOK 121.9b7.6x10.3x0.8x
Wed, 17 Sep 2025NOK 1.3tNOK 1.6tNOK 118.5b7.7x11x0.8x
Fri, 15 Aug 2025NOK 1.3tNOK 1.6tNOK 130.4b7.2x9.8x0.8x
Sun, 13 Jul 2025NOK 1.2tNOK 1.6tNOK 141.5b7.4x8.5x0.7x
Tue, 10 Jun 2025NOK 1.2tNOK 1.6tNOK 141.3b6.9x8.3x0.7x
Thu, 08 May 2025NOK 1.1tNOK 1.7tNOK 148.9b5.8x7.4x0.7x
Sat, 05 Apr 2025NOK 1.1tNOK 1.7tNOK 154.2b5.4x7.3x0.7x
Mon, 03 Mar 2025NOK 1.2tNOK 1.7tNOK 161.0b5.8x7.4x0.7x
Wed, 29 Jan 2025NOK 1.3tNOK 1.8tNOK 169.3b6.3x7.4x0.7x
Fri, 27 Dec 2024NOK 1.2tNOK 1.8tNOK 170.4b5.5x7x0.7x
Sun, 24 Nov 2024NOK 1.3tNOK 1.7tNOK 160.7b7x7.9x0.7x
Tue, 22 Oct 2024NOK 1.3tNOK 1.7tNOK 165.5b6.1x7.6x0.7x
Thu, 19 Sep 2024NOK 1.3tNOK 1.6tNOK 159.7b6.2x7.9x0.8x
Sat, 17 Aug 2024NOK 1.4tNOK 1.6tNOK 158.0b8x8.7x0.8x
Mon, 15 Jul 2024NOK 1.4tNOK 1.6tNOK 155.8b7x9x0.9x
Wed, 12 Jun 2024NOK 1.5tNOK 1.6tNOK 158.3b7.9x9.3x0.9x
Fri, 10 May 2024NOK 1.5tNOK 1.7tNOK 160.0b8.7x9.3x0.9x
Sun, 07 Apr 2024NOK 1.5tNOK 1.7tNOK 177.7b8.2x8.2x0.9x
Tue, 05 Mar 2024NOK 1.3tNOK 1.7tNOK 180.4b7.2x7.5x0.8x
Thu, 01 Feb 2024NOK 1.5tNOK 1.8tNOK 238.9b6.6x6.2x0.8x
Sat, 30 Dec 2023NOK 1.6tNOK 1.7tNOK 230.3b6.8x6.8x0.9x
Mon, 27 Nov 2023NOK 1.7tNOK 1.8tNOK 241.5b6.4x7x1x
Wed, 25 Oct 2023NOK 1.7tNOK 2.0tNOK 324.5b7.5x5.4x0.9x
Fri, 22 Sep 2023NOK 1.7tNOK 2.0tNOK 314.5b7.4x5.3x0.8x
Sun, 20 Aug 2023NOK 1.6tNOK 1.9tNOK 305.1b9x5.1x0.8x
Tue, 18 Jul 2023NOK 1.5tNOK 2.0tNOK 335.2b8.2x4.3x0.7x
Thu, 15 Jun 2023NOK 1.5tNOK 2.0tNOK 349.8b8.3x4.3x0.7x
Sat, 13 May 2023NOK 1.5tNOK 2.1tNOK 392.5b9.1x3.7x0.7x
Mon, 10 Apr 2023NOK 1.5tNOK 2.1tNOK 349.6b8.2x4.3x0.7x
Wed, 08 Mar 2023NOK 1.6tNOK 2.1tNOK 395.2b8x4x0.8x
Fri, 03 Feb 2023NOK 1.5tNOK 1.9tNOK 329.4b7.7x4.5x0.8x
Sun, 01 Jan 2023NOK 1.7tNOK 1.9tNOK 321.2b7.5x5.2x0.9x
Price to Earnings Ratio

5.2x


Total Market Cap: NOK 1.7tTotal Earnings: NOK 321.2bTotal Revenue: NOK 1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 7.5x202320242025
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 13.3x which is higher than its 3-year average PE of 7.5x.
  • 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 33% per year over the last three years,
  • Revenues have also declined 5.1% 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 Market1.08%
Energy0.82%
Energy Services1.64%
Oil and Gas0.49%
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 45.3%, which is higher than its past year's earnings growth of 28.7% 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 6.9x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 45% over the next 5 years.
  • This is better than its past earnings growth rate of 29% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 10% 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
AKRBP Aker BPNOK 250.303.0%
+NOK 4.5b		16.6%PE18.8x
SUBC Subsea 7NOK 205.005.6%
+NOK 3.2b		15.5%PE21.1x
BWE BW EnergyNOK 43.9013.6%
+NOK 1.4b		92.1%PE6.1x
BWO BW OffshoreNOK 44.4014.6%
+NOK 1.0b		57.4%PE5.3x
DOFG DOF GroupNOK 94.253.5%
+NOK 788.1m		12.2%PE5.6x

Latest News

PRS
NOK 3.58
Prosafe
7D
-5.3%
1Y
-52.3%
HAFNI
NOK 53.52
Hafnia
7D
-3.9%
1Y
-9.1%
BWO
NOK 44.40
BW Offshore
7D
14.6%
1Y
57.4%
BWE
NOK 43.90
BW Energy
7D
13.6%
1Y
92.1%
OET
NOK 328.00
Okeanis Eco Tankers
7D
-8.3%
1Y
47.1%
BNOR
NOK 428.50
BlueNord
7D
4.4%
1Y
-31.0%

BNOR: Extraordinary Dividend Will Drive Shareholder Upside Through 2025

Analysts have marginally increased their price target on BlueNord to $566.20 from $566.19, citing a slightly higher discount rate and modestly improved long term profitability assumptions as key drivers of the change. What's in the News Preliminary production in November 2025 reached 36.5 mboepd net to BlueNord, with the Tyra hub averaging 20.6 mboepd as output ramped back up after the October shutdown, and base assets Dan, Gorm, and Halfdan delivering 22.7 mboepd net with operational efficiency above 90% (company announcement).
ODL
NOK 86.20
Odfjell Drilling
7D
2.0%
1Y
72.1%

ODL: Contract Extensions And Dividend Are Expected To Drive Shares Higher

Analysts have raised their price target on Odfjell Drilling significantly, from approximately NOK 65 to NOK 101. They cite expectations of faster revenue growth, higher profit margins, and slightly richer future valuation multiples supported by a lower perceived discount rate.
SUBC
NOK 205.00
Subsea 7
7D
5.6%
1Y
15.5%
BWLPG
NOK 125.50
BWG
7D
-2.0%
1Y
4.1%

BWLPG: Dividend Payouts Will Drive Attractive Future Shareholder Returns

Analysts have reduced their price target for BWG by approximately $18 per share. This reflects slightly higher discount rate assumptions, a more cautious view on revenue growth, and meaningfully lower long term profit margin expectations, partly offset by a higher anticipated future P/E multiple.
BRUT
NOK 42.80
Bruton
7D
-2.3%
1Y
13.8%
AKRBP
NOK 250.30
Aker BP
7D
3.0%
1Y
16.6%

AKRBP: Future Returns Will Depend On Execution And Disciplined Capital Allocation

Analysts have slightly trimmed their fair value estimate for Aker BP from NOK 262.00 to about NOK 260.82 per share, reflecting a marginally lower discount rate and refined earnings growth assumptions, while maintaining broadly stable long term profitability and valuation multiples. Analyst Commentary Recent commentary on sector peers underscores a growing emphasis on disciplined capital allocation and prioritizing companies with outsized earnings growth, themes that are directly relevant to Aker BP’s investment case.
TGS
NOK 88.50
TGS
7D
2.6%
1Y
-20.0%

TGS: Contract Wins And Index Removal Will Shape Balanced Forward Outlook

Analysts have lowered their price target on TGS to NOK 70 from NOK 88, reflecting a slightly higher discount rate and a modestly richer future P E multiple. Together, these factors point to a less favorable risk reward profile.
PLSV
NOK 43.14
Paratus Energy Services
7D
-1.1%
1Y
-5.6%

Paratus Energy Services' (OB:PLSV) Solid Earnings May Rest On Weak Foundations

Dec 03
Paratus Energy Services' (OB:PLSV) Solid Earnings May Rest On Weak Foundations
HUNT
NOK 1.75
Hunter Group
7D
-21.0%
1Y
272.3%
DVD
NOK 20.50
Deep Value Driller
7D
-2.6%
1Y
29.4%
DOFG
NOK 94.25
DOF Group
7D
3.5%
1Y
12.2%

DOFG: Expanded Brazilian Contracts Will Drive Earnings Momentum Into 2027

Analysts have raised their price target on DOF Group from NOK 125 to NOK 131.33, citing adjustments to discount rates and updated profit expectations. This comes despite a more conservative outlook on revenue growth and profit margins.