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Norwegian (OSEAX) Energy Sector Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies50
  • 7D0.2%
  • 3M49.5%
  • 1Y44.6%
  • YTD44.6%

In the last week, the Energy industry is up 6.1%, with Subsea 7 up 10%. During this same period, the Aker BP underperformed, falling 5.2%. In the last 12 months, the industry was up 43%. Earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Mar 2026NOK 1.8tNOK 1.5tNOK 77.6b11.2x23.6x1.2x
Sun, 22 Feb 2026NOK 1.4tNOK 1.4tNOK 73.1b10.9x19.6x1x
Tue, 20 Jan 2026NOK 1.4tNOK 1.6tNOK 97.7b8.5x14.2x0.9x
Thu, 18 Dec 2025NOK 1.3tNOK 1.6tNOK 99.2b8.7x13x0.8x
Sat, 15 Nov 2025NOK 1.3tNOK 1.6tNOK 99.0b8.6x13.5x0.8x
Mon, 13 Oct 2025NOK 1.3tNOK 1.6tNOK 122.8b8x10.6x0.8x
Wed, 10 Sep 2025NOK 1.3tNOK 1.6tNOK 121.6b7.6x10.8x0.8x
Fri, 08 Aug 2025NOK 1.3tNOK 1.6tNOK 130.5b7.4x9.9x0.8x
Sun, 06 Jul 2025NOK 1.2tNOK 1.6tNOK 140.9b7.2x8.4x0.7x
Tue, 03 Jun 2025NOK 1.2tNOK 1.6tNOK 142.5b6.7x8.2x0.7x
Thu, 01 May 2025NOK 1.1tNOK 1.6tNOK 152.3b6.2x7.2x0.7x
Sat, 29 Mar 2025NOK 1.3tNOK 1.6tNOK 150.7b6.2x8.3x0.8x
Mon, 24 Feb 2025NOK 1.2tNOK 1.7tNOK 163.6b6x7.4x0.7x
Wed, 22 Jan 2025NOK 1.3tNOK 1.8tNOK 169.3b6.3x7.6x0.7x
Fri, 20 Dec 2024NOK 1.2tNOK 1.8tNOK 172.0b5.6x7x0.7x
Sun, 17 Nov 2024NOK 1.3tNOK 1.7tNOK 160.7b7x7.9x0.7x
Tue, 15 Oct 2024NOK 1.3tNOK 1.6tNOK 160.9b6.3x8.1x0.8x
Thu, 12 Sep 2024NOK 1.2tNOK 1.7tNOK 162.7b5.7x7.6x0.7x
Sat, 10 Aug 2024NOK 1.4tNOK 1.7tNOK 159.8b6.7x8.6x0.8x
Mon, 08 Jul 2024NOK 1.4tNOK 1.6tNOK 150.5b7.8x9.4x0.9x
Wed, 05 Jun 2024NOK 1.5tNOK 1.6tNOK 156.3b8.4x9.3x0.9x
Fri, 03 May 2024NOK 1.5tNOK 1.7tNOK 161.3b8.4x9.1x0.9x
Sun, 31 Mar 2024NOK 1.4tNOK 1.7tNOK 182.8b7.8x7.9x0.8x
Tue, 27 Feb 2024NOK 1.3tNOK 1.6tNOK 176.1b7.2x7.6x0.8x
Thu, 25 Jan 2024NOK 1.5tNOK 1.7tNOK 237.9b6.9x6.2x0.8x
Sat, 23 Dec 2023NOK 1.6tNOK 1.7tNOK 232.3b6.7x6.8x0.9x
Mon, 20 Nov 2023NOK 1.7tNOK 1.8tNOK 243.9b6.3x6.9x0.9x
Wed, 18 Oct 2023NOK 1.8tNOK 2.0tNOK 320.0b7.4x5.5x0.9x
Fri, 15 Sep 2023NOK 1.7tNOK 2.0tNOK 313.3b7.2x5.4x0.9x
Sun, 13 Aug 2023NOK 1.6tNOK 1.9tNOK 296.4b9.3x5.3x0.8x
Tue, 11 Jul 2023NOK 1.5tNOK 2.0tNOK 348.6b8.1x4.3x0.7x
Thu, 08 Jun 2023NOK 1.5tNOK 2.1tNOK 365.8b8.5x4x0.7x
Sat, 06 May 2023NOK 1.5tNOK 2.0tNOK 388.0b8.6x3.8x0.7x
Mon, 03 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 23.4x 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 42% 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 Market-0.64%
Energy0.17%
Energy Services2.71%
Oil and Gas-0.66%
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 44.3%, which is higher than its past year's earnings growth of 11.4% 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 7.9x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 44% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 9.3% 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
SUBC Subsea 7NOK 279.4010.3%
+NOK 7.7b		61.5%PE20.7x
HAFNI HafniaNOK 74.1010.3%
+NOK 3.4b		63.7%PE11.2x
BWLPG BWGNOK 165.507.7%
+NOK 1.8b		42.2%PE10.7x
COSH Constellation Oil Services HoldingNOK 135.740.7%
+NOK 1.4b		50.8%PS35.6x
OET Okeanis Eco TankersNOK 486.007.9%
+NOK 1.4b		106.4%PE15.9x

Latest News

COSH
NOK 135.74
Constellation Oil Services Holding
7D
0.7%
1Y
50.8%

Constellation Oil Services Holding S.A. (OB:COSH) Just Reported And Analysts Have Been Lifting Their Price Targets

Mar 27
Constellation Oil Services Holding S.A. (OB:COSH) Just Reported And Analysts Have Been Lifting Their Price Targets
OET
NOK 486.00
Okeanis Eco Tankers
7D
7.9%
1Y
106.4%
TGS
NOK 128.00
TGS
7D
2.6%
1Y
22.3%
AKRBP
NOK 347.80
Aker BP
7D
-5.2%
1Y
41.4%

AKRBP: Geopolitical Risk Premium And Cash Returns Will Shape 2026 Oil Outlook

Analyst price targets for Aker BP have shifted, with recent updates clustering around NOK 275 to NOK 330 as analysts reframe their views on geopolitical risk for oil prices and the stock's role as an "undervalued vehicle" for sector exposure. Analyst Commentary Recent research on Aker BP shows a mix of views, with several firms cutting ratings while others highlight the stock as an appealing way to gain exposure to oil.
EQNR
NOK 397.50
Equinor
7D
-0.3%
1Y
44.2%

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 557.00
BlueNord
7D
-7.3%
1Y
-15.0%
VAR
NOK 47.57
Vår Energi
7D
-4.8%
1Y
42.2%
HAFNI
NOK 74.10
Hafnia
7D
10.3%
1Y
63.7%

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 100.00
Odfjell Drilling
7D
-1.0%
1Y
68.9%

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.
BWE
NOK 56.50
BW Energy
7D
-3.3%
1Y
80.5%
CAPT
NOK 125.06
Capital Tankers
7D
-1.3%
1Y
n/a
SUBC
NOK 279.40
Subsea 7
7D
10.3%
1Y
61.5%

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 134.00
DOF Group
7D
4.4%
1Y
41.8%

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).
BWLPG
NOK 165.50
BWG
7D
7.7%
1Y
42.2%
ENH
NOK 8.30
SED Energy Holdings
7D
-4.6%
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?
SOMA
NOK 28.00
Solstad Maritime
7D
4.3%
1Y
n/a