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Norwegian (OSEAX) Energy Sector Analysis

UpdatedJun 15, 2025
DataAggregated Company Financials
Companies54
  • 7D9.4%
  • 3M6.6%
  • 1Y-5.4%
  • YTD-0.9%

The Energy industry is up 9.4% in the last week, with Equinor up 11%. Meanwhile, Shelf Drilling (North Sea) actually underperformed within the industry, shrinking 29% in the last week. In contrast, the industry has lost 5.4% in the last 12 months. Looking forward, earnings are expected to remain mostly flat in the next few years.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Jun 2025NOK 1.3tNOK 1.6tNOK 138.5b7.2x9.2x0.8x
Wed, 14 May 2025NOK 1.2tNOK 1.7tNOK 149.4b6.4x7.7x0.7x
Fri, 11 Apr 2025NOK 1.1tNOK 1.7tNOK 154.4b5.4x7.1x0.7x
Sun, 09 Mar 2025NOK 1.2tNOK 1.7tNOK 155.8b5.8x7.5x0.7x
Tue, 04 Feb 2025NOK 1.3tNOK 1.8tNOK 172.1b6.3x7.4x0.7x
Thu, 02 Jan 2025NOK 1.2tNOK 1.8tNOK 171.2b5.6x7.3x0.7x
Sat, 30 Nov 2024NOK 1.3tNOK 1.7tNOK 166.5b6.5x7.5x0.7x
Mon, 28 Oct 2024NOK 1.3tNOK 1.7tNOK 163.2b5.9x8x0.8x
Wed, 25 Sep 2024NOK 1.3tNOK 1.6tNOK 156.8b6.6x8.1x0.8x
Fri, 23 Aug 2024NOK 1.3tNOK 1.6tNOK 157.9b7.8x8.5x0.8x
Sun, 21 Jul 2024NOK 1.4tNOK 1.6tNOK 158.7b7x8.9x0.9x
Tue, 18 Jun 2024NOK 1.4tNOK 1.6tNOK 157.9b8.2x9x0.9x
Thu, 16 May 2024NOK 1.5tNOK 1.6tNOK 156.5b9x9.4x0.9x
Sat, 13 Apr 2024NOK 1.5tNOK 1.7tNOK 180.4b8.4x8.5x0.9x
Mon, 11 Mar 2024NOK 1.4tNOK 1.6tNOK 176.6b7.8x7.8x0.8x
Wed, 07 Feb 2024NOK 1.5tNOK 1.7tNOK 239.2b6.6x6.2x0.9x
Fri, 05 Jan 2024NOK 1.6tNOK 1.7tNOK 234.1b7x6.9x0.9x
Sun, 03 Dec 2023NOK 1.6tNOK 1.8tNOK 242.2b6.3x6.8x0.9x
Tue, 31 Oct 2023NOK 1.8tNOK 1.8tNOK 249.5b7.8x7x1x
Thu, 28 Sep 2023NOK 1.7tNOK 2.0tNOK 313.9b7.4x5.3x0.8x
Sat, 26 Aug 2023NOK 1.5tNOK 2.0tNOK 309.9b7.4x5x0.8x
Mon, 24 Jul 2023NOK 1.5tNOK 2.0tNOK 336.0b8.5x4.4x0.7x
Wed, 21 Jun 2023NOK 1.5tNOK 2.1tNOK 355.6b8.2x4.3x0.7x
Fri, 19 May 2023NOK 1.5tNOK 2.1tNOK 400.4b9x3.6x0.7x
Sun, 16 Apr 2023NOK 1.5tNOK 2.1tNOK 344.4b9x4.4x0.7x
Tue, 14 Mar 2023NOK 1.5tNOK 2.1tNOK 391.2b8.1x3.9x0.7x
Thu, 09 Feb 2023NOK 1.6tNOK 2.0tNOK 338.9b7.7x4.7x0.8x
Sat, 07 Jan 2023NOK 1.6tNOK 1.9tNOK 328.6b7.6x4.7x0.8x
Mon, 05 Dec 2022NOK 1.7tNOK 1.9tNOK 321.3b7.8x5.4x0.9x
Wed, 02 Nov 2022NOK 1.8tNOK 2.0tNOK 322.4b9.8x5.6x0.9x
Fri, 30 Sep 2022NOK 1.6tNOK 1.8tNOK 242.7b8.1x6.7x0.9x
Sun, 28 Aug 2022NOK 1.9tNOK 1.6tNOK 218.1b9.3x8.7x1.2x
Tue, 26 Jul 2022NOK 1.6tNOK 1.5tNOK 172.2b9.3x9.4x1.1x
Thu, 23 Jun 2022NOK 1.5tNOK 1.4tNOK 172.0b9.4x8.7x1x
Price to Earnings Ratio

8.7x


Total Market Cap: NOK 1.5tTotal Earnings: NOK 172.0bTotal Revenue: NOK 1.4tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 6.8x202320242025
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 9.2x which is higher than its 3-year average PE of 6.8x.
  • 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 6.7% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.6% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Norwegian Energy sector?

NO Market3.05%
Energy9.42%
Oil and Gas10.41%
Energy Services3.77%
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 18.0%, which is lower than the prior year's growth of 60.1% 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 6.6x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 18% over the next 5 years.
  • However this is lower than its past earnings growth rate of 60% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings decline by 3.2% 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 273.3010.9%
+NOK 72.1b		-5.7%PE8.5x
AKRBP Aker BPNOK 273.0011.1%
+NOK 17.2b		7.0%PE10.8x
VAR Vår EnergiNOK 33.7510.5%
+NOK 8.0b		-0.3%PE13.8x
SUBC Subsea 7NOK 188.904.8%
+NOK 2.5b		0.4%PE29.1x
DNO DNONOK 13.7112.7%
+NOK 1.5b		27.3%PS2x
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Latest News

BWE

NOK 37.10

BW Energy

7D

12.1%

1Y

22.6%

DVD

NOK 16.48

Deep Value Driller

7D

-1.0%

1Y

-31.9%

DNO

NOK 13.71

DNO

7D

12.7%

1Y

27.3%

PNO

NOK 1.00

Petrolia NOCO

7D

-33.3%

1Y

-9.1%

EQNR

NOK 273.30

Equinor

7D

10.9%

1Y

-5.7%

REFL

NOK 17.00

ReFuels

7D

-3.4%

1Y

-5.6%

SBX

NOK 6.98

SeaBird Exploration

7D

-0.3%

1Y

n/a

HAFNI

NOK 54.36

Hafnia

7D

4.7%

1Y

-31.8%

SUBC

NOK 188.90

Subsea 7

7D

4.8%

1Y

0.4%

REACH

NOK 8.00

Reach Subsea

7D

-1.1%

1Y

17.0%

HAVI

NOK 1.33

Havila Shipping

7D

-7.0%

1Y

-80.4%

AKRBP

NOK 273.00

Aker BP

7D

11.1%

1Y

7.0%

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May 12
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AKSO

NOK 36.46

Aker Solutions

7D

5.8%

1Y

-14.0%

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May 08
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SOFF

NOK 40.30

Solstad Offshore

7D

-0.9%

1Y

3.2%

VAR

NOK 33.75

Vår Energi

7D

10.5%

1Y

-0.3%

SDNS

NOK 21.00

Shelf Drilling (North Sea)

7D

-29.3%

1Y

-31.6%