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Norwegian (OSEAX) Energy Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies50
  • 7D6.1%
  • 3M47.9%
  • 1Y42.8%
  • YTD43.1%

Over the last 7 days, the Energy industry has risen 5.6%, driven by gains from Equinor of 9.2%. In the same time, BlueNord was down 6.0%. This takes the industry's 12 month performance to a gain of 43%. As for the next few years, earnings are expected to grow by 8.0% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026NOK 1.8tNOK 1.5tNOK 77.5b11x23.4x1.2x
Sat, 21 Feb 2026NOK 1.4tNOK 1.4tNOK 72.7b10.7x19.7x1x
Mon, 19 Jan 2026NOK 1.4tNOK 1.6tNOK 98.0b8.4x14.4x0.9x
Wed, 17 Dec 2025NOK 1.3tNOK 1.6tNOK 98.8b8.6x12.9x0.8x
Fri, 14 Nov 2025NOK 1.3tNOK 1.6tNOK 98.0b8.6x13.6x0.8x
Sun, 12 Oct 2025NOK 1.3tNOK 1.6tNOK 122.8b8x10.6x0.8x
Tue, 09 Sep 2025NOK 1.3tNOK 1.6tNOK 121.6b7.6x10.7x0.8x
Thu, 07 Aug 2025NOK 1.3tNOK 1.6tNOK 130.0b7.6x10.1x0.8x
Sat, 05 Jul 2025NOK 1.2tNOK 1.6tNOK 140.9b7.2x8.4x0.7x
Mon, 02 Jun 2025NOK 1.1tNOK 1.6tNOK 144.3b6.6x7.9x0.7x
Wed, 30 Apr 2025NOK 1.1tNOK 1.6tNOK 151.7b6.2x7.3x0.7x
Fri, 28 Mar 2025NOK 1.3tNOK 1.6tNOK 150.6b6.3x8.4x0.8x
Sun, 23 Feb 2025NOK 1.2tNOK 1.7tNOK 163.6b6x7.4x0.7x
Tue, 21 Jan 2025NOK 1.3tNOK 1.8tNOK 169.5b6.4x7.8x0.7x
Thu, 19 Dec 2024NOK 1.2tNOK 1.8tNOK 168.8b5.8x7x0.7x
Sat, 16 Nov 2024NOK 1.3tNOK 1.7tNOK 160.9b7x7.8x0.7x
Mon, 14 Oct 2024NOK 1.3tNOK 1.6tNOK 160.9b6.3x8.1x0.8x
Wed, 11 Sep 2024NOK 1.2tNOK 1.7tNOK 162.3b5.9x7.6x0.7x
Fri, 09 Aug 2024NOK 1.4tNOK 1.7tNOK 159.6b6x8.6x0.8x
Sun, 07 Jul 2024NOK 1.4tNOK 1.6tNOK 150.5b7.8x9.4x0.9x
Tue, 04 Jun 2024NOK 1.5tNOK 1.6tNOK 153.9b9.2x9.8x0.9x
Thu, 02 May 2024NOK 1.5tNOK 1.7tNOK 162.8b8.3x9x0.9x
Sat, 30 Mar 2024NOK 1.4tNOK 1.7tNOK 183.2b7.8x7.9x0.8x
Mon, 26 Feb 2024NOK 1.3tNOK 1.6tNOK 175.7b7.3x7.6x0.8x
Wed, 24 Jan 2024NOK 1.5tNOK 1.8tNOK 238.8b6.9x6.1x0.8x
Fri, 22 Dec 2023NOK 1.6tNOK 1.7tNOK 233.9b6.6x6.7x0.9x
Sun, 19 Nov 2023NOK 1.7tNOK 1.8tNOK 243.9b6.3x6.9x0.9x
Tue, 17 Oct 2023NOK 1.8tNOK 2.0tNOK 320.0b7.4x5.5x0.9x
Thu, 14 Sep 2023NOK 1.6tNOK 2.0tNOK 312.8b7.2x5.3x0.8x
Sat, 12 Aug 2023NOK 1.6tNOK 1.9tNOK 295.9b9.3x5.3x0.8x
Mon, 10 Jul 2023NOK 1.5tNOK 2.1tNOK 352.2b8x4.2x0.7x
Wed, 07 Jun 2023NOK 1.4tNOK 2.1tNOK 367.1b8.5x3.9x0.7x
Fri, 05 May 2023NOK 1.4tNOK 2.1tNOK 390.6b8.2x3.7x0.7x
Sun, 02 Apr 2023NOK 1.5tNOK 2.1tNOK 387.8b8.3x3.8x0.7x
Price to Earnings Ratio

3.8x


Total Market Cap: NOK 1.5tTotal Earnings: NOK 387.8bTotal Revenue: NOK 2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 8.5x202420252026
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 22.9x which is higher than its 3-year average PE of 8.5x.
  • The 3-year average PS ratio of 0.81x is lower than the industry's current PS ratio of 1.2x.
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 11% 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 Market0.20%
Energy6.10%
Oil and Gas7.12%
Energy Services3.21%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 7.8x.
    • Analysts are expecting annual earnings growth of 9.3%, which is higher than its past year's earnings decline of 44.3% 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 Oil and Gas industry, expecting annual earnings growth of 9.3% over the next 5 years.
  • This is better than its past earnings decline of 44% per year.
  • In contrast, the Energy Services 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 392.209.2%
+NOK 82.9b		42.5%PE20x
VAR Vår EnergiNOK 46.675.3%
+NOK 5.8b		39.6%PE15.4x
SUBC Subsea 7NOK 271.205.9%
+NOK 4.4b		57.3%PE20.1x
COSH Constellation Oil Services HoldingNOK 136.981.9%
+NOK 3.9b		52.2%PS36x
HAFNI HafniaNOK 72.508.6%
+NOK 2.9b		56.7%PE11x

Latest News

TGS
NOK 126.40
TGS
7D
7.4%
1Y
19.7%
COSH
NOK 136.98
Constellation Oil Services Holding
7D
1.9%
1Y
52.2%
EQNR
NOK 392.20
Equinor
7D
9.2%
1Y
42.5%

EQNR: Higher Commodity Assumptions And Renewables Execution Will Likely Restrain Future Returns

Equinor's updated analyst price target has moved higher by NOK 49 to NOK 287. Analysts point to revised oil and gas price assumptions, slightly less severe expected revenue declines, a modestly stronger profit margin outlook, and a higher assumed future P/E multiple as key drivers of the change.
BNOR
NOK 548.00
BlueNord
7D
-6.0%
1Y
-16.6%
VAR
NOK 46.67
Vår Energi
7D
5.3%
1Y
39.6%
PEN
NOK 30.75
Panoro Energy
7D
-2.1%
1Y
10.2%

PEN: Future Cash Returns From Equity Raise And Buybacks Look Compelling

Analysts have lifted their price target on Panoro Energy from NOK47.86 to NOK55.69, reflecting updated assumptions for higher revenue growth, a lower discount rate, a revised profit margin profile and a higher future P/E multiple. What's in the News Completed follow-on equity offering of NOK 467.00m, issuing 19,999,999 shares in total at NOK 23.35 per share under Regulation S with a subsequent direct listing feature (Key Developments).
HAFNI
NOK 72.50
Hafnia
7D
8.6%
1Y
56.7%

HAFNI: Future Dividend Plan And Hold Rating Will Shape Balanced Returns

Analysts have trimmed their Hafnia price target from NOK 74.25 to NOK 72.50, reflecting a more cautious stance following a downgrade to Hold and updated expectations around fair value, profit margins and future P/E assumptions. Analyst Commentary Recent research reflects a more neutral stance, with the stock now rated Hold and the price target set at NOK 73.
ODL
NOK 98.50
Odfjell Drilling
7D
-1.4%
1Y
64.7%

ODL: Extended Backlog And Cash Dividend Will Support Future Share Price Upside

Analysts have raised their fair value estimate for Odfjell Drilling to NOK 115.97 from NOK 106.13, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E. The latest street target from SEB Equities is NOK 110 with a Hold rating.
SUBC
NOK 271.20
Subsea 7
7D
5.9%
1Y
57.3%

SUBC: Offshore Backlog And Margin Sustainability Will Shape Balanced Future Prospects

The updated analyst price target for Subsea 7 rises from NOK 228.39 to NOK 274.67, reflecting analysts' higher NOK 254 to NOK 320 price targets that cite Q4 results with high utilization and firmer margins as key support. Analyst Commentary Recent research updates show a wide range of views on Subsea 7, with several bullish analysts lifting price targets while others have moved to more cautious stances.
DOFG
NOK 134.50
DOF Group
7D
5.1%
1Y
40.7%

DOFG: New Contract Wins And Fleet Upgrades Will Support Future Upside

Analysts have kept their NOK fair value target for DOF Group steady at NOK 141, with small adjustments to assumptions around discount rate, revenue growth, profit margins and future P/E, which together result in a largely unchanged view on upside potential. What's in the News Agreement to acquire two very high end AHTS vessels, Aurora Saltfjord and Aurora Sandefjord, with a combined net investment of about US$100 million, partly funded by available debt, alongside the planned sale of AHTS vessel Skandi Laser, which is expected to generate an approximately US$12 million gain in Q2 2026 (company announcement).
ABL
NOK 11.35
ABL Group
7D
-2.2%
1Y
18.7%
BWLPG
NOK 164.60
BWG
7D
11.1%
1Y
37.2%
BWO
NOK 51.60
BW Offshore
7D
-0.4%
1Y
70.6%
ALNG
NOK 3.50
Awilco LNG
7D
-11.3%
1Y
16.3%
BRUT
NOK 49.60
Bruton
7D
-1.8%
1Y
31.9%
ENH
NOK 8.36
SED Energy Holdings
7D
-3.9%
1Y
n/a

Backlog Visibility And Offshore Demand Will Support Steady Cash Generation Over The Coming Years

Catalysts About SED Energy Holdings SED Energy Holdings is an industrial holding company focused on offshore energy services through its Energy Drilling and SeaBird Exploration subsidiaries. What are the underlying business or industry changes driving this perspective?