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Norwegian (OSEAX) Energy Sector Analysis

UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies51
  • 7D1.0%
  • 3M9.4%
  • 1Y5.1%
  • YTD7.8%

In the last week, the Energy industry is up 1.0%, with Equinor up 3.4%. This means that the industry has gained 5.1% over the past year. Earnings are forecast to grow by 19% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 08 Feb 2026NOK 1.4tNOK 1.5tNOK 86.7b9.4x16.6x0.9x
Tue, 06 Jan 2026NOK 1.3tNOK 1.6tNOK 97.5b8.5x13.5x0.8x
Thu, 04 Dec 2025NOK 1.3tNOK 1.6tNOK 97.8b8.4x13.3x0.8x
Sat, 01 Nov 2025NOK 1.3tNOK 1.6tNOK 98.4b7.9x13.4x0.8x
Mon, 29 Sep 2025NOK 1.4tNOK 1.6tNOK 121.0b8.1x11.4x0.9x
Wed, 27 Aug 2025NOK 1.3tNOK 1.6tNOK 125.4b7.8x10.6x0.8x
Fri, 25 Jul 2025NOK 1.3tNOK 1.6tNOK 125.6b7.5x10.3x0.8x
Sun, 22 Jun 2025NOK 1.3tNOK 1.6tNOK 141.4b7.1x9.3x0.8x
Tue, 20 May 2025NOK 1.1tNOK 1.7tNOK 147.2b5.7x7.8x0.7x
Thu, 17 Apr 2025NOK 1.1tNOK 1.6tNOK 152.5b5.9x7.3x0.7x
Sat, 15 Mar 2025NOK 1.2tNOK 1.6tNOK 152.7b5.9x7.7x0.7x
Mon, 10 Feb 2025NOK 1.2tNOK 1.7tNOK 162.7b6.4x7.7x0.7x
Wed, 08 Jan 2025NOK 1.3tNOK 1.8tNOK 169.8b6x7.9x0.8x
Fri, 06 Dec 2024NOK 1.2tNOK 1.7tNOK 166.0b6.4x7.5x0.7x
Sun, 03 Nov 2024NOK 1.2tNOK 1.7tNOK 160.3b6.3x7.6x0.7x
Tue, 01 Oct 2024NOK 1.2tNOK 1.6tNOK 158.7b6.9x7.9x0.8x
Thu, 29 Aug 2024NOK 1.4tNOK 1.6tNOK 156.4b7.4x8.7x0.8x
Sat, 27 Jul 2024NOK 1.4tNOK 1.7tNOK 162.1b6.8x8.5x0.8x
Mon, 24 Jun 2024NOK 1.5tNOK 1.6tNOK 156.6b8.4x9.3x0.9x
Wed, 22 May 2024NOK 1.5tNOK 1.6tNOK 156.5b9.1x9.6x0.9x
Fri, 19 Apr 2024NOK 1.5tNOK 1.7tNOK 183.1b8.2x8.1x0.9x
Sun, 17 Mar 2024NOK 1.4tNOK 1.7tNOK 179.6b7.5x7.8x0.8x
Tue, 13 Feb 2024NOK 1.4tNOK 1.6tNOK 178.0b6.9x7.8x0.8x
Thu, 11 Jan 2024NOK 1.5tNOK 1.7tNOK 235.3b6.9x6.5x0.9x
Sat, 09 Dec 2023NOK 1.6tNOK 1.8tNOK 247.6b6.2x6.4x0.9x
Mon, 06 Nov 2023NOK 1.7tNOK 1.8tNOK 249.6b7.4x7x1x
Wed, 04 Oct 2023NOK 1.6tNOK 2.0tNOK 317.1b7.2x5.2x0.8x
Fri, 01 Sep 2023NOK 1.6tNOK 2.0tNOK 310.3b7.5x5.1x0.8x
Sun, 30 Jul 2023NOK 1.5tNOK 1.9tNOK 289.6b8.9x5.1x0.8x
Tue, 27 Jun 2023NOK 1.5tNOK 2.1tNOK 355.7b7.8x4.1x0.7x
Thu, 25 May 2023NOK 1.5tNOK 2.1tNOK 362.7b8.9x4.1x0.7x
Sat, 22 Apr 2023NOK 1.5tNOK 2.1tNOK 392.2b8.7x3.8x0.7x
Mon, 20 Mar 2023NOK 1.4tNOK 2.1tNOK 396.9b7.2x3.6x0.7x
Wed, 15 Feb 2023NOK 1.6tNOK 2.0tNOK 378.4b8.4x4.3x0.8x
Price to Earnings Ratio

4.3x


Total Market Cap: NOK 1.6tTotal Earnings: NOK 378.4bTotal Revenue: NOK 2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 7.9x202420252026
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 16.6x which is higher than its 3-year average PE of 7.9x.
  • 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 39% per year over the last three years,
  • Revenues have also declined 8.3% 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 Market2.65%
Energy1.00%
Oil and Gas1.15%
Energy Services0.63%
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 42.4%, which is higher than its past year's earnings growth of 26.0% 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 7.2x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 42% over the next 5 years.
  • This is better than its past earnings growth rate of 26% 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
EQNR EquinorNOK 265.703.4%
+NOK 21.4b		0.6%PE13.6x
COSH Constellation Oil Services HoldingNOK 119.000.8%
+NOK 1.5b		n/aPS34.7x
AKSO Aker SolutionsNOK 38.008.3%
+NOK 1.4b		20.6%PE7.2x
BWLPG BWGNOK 158.604.5%
+NOK 1.0b		9.3%PE14.7x
BRUT BrutonNOK 53.501.9%
+NOK 561.9m		42.3%PB11.2x

Latest News

DNO
NOK 15.37
DNO
7D
-5.0%
1Y
23.5%
AKSO
NOK 38.00
Aker Solutions
7D
8.3%
1Y
20.6%
BWLPG
NOK 158.60
BWG
7D
4.5%
1Y
9.3%

Longer Trade Routes And Firm LPG Exports Will Support Stronger Earnings Potential

Catalysts About BWG BW LPG operates a global fleet of VLGC vessels that transport liquefied petroleum gas such as propane and butane from export hubs to demand centers worldwide. What are the underlying business or industry changes driving this perspective?
BWE
NOK 44.15
BW Energy
7D
-4.4%
1Y
72.8%
OKEA
NOK 26.40
OKEA
7D
12.6%
1Y
36.1%

OKEA ASA (OB:OKEA) Just Reported And Analysts Have Been Lifting Their Price Targets

Feb 06
OKEA ASA (OB:OKEA) Just Reported And Analysts Have Been Lifting Their Price Targets
EQNR
NOK 265.70
Equinor
7D
3.4%
1Y
0.6%
ARCH
NOK 24.25
Archer
7D
-4.3%
1Y
-13.4%
HAFNI
NOK 60.28
Hafnia
7D
1.8%
1Y
0.5%

HAFNI: Steady Dividend Policy Will Support Future Returns As Outlook Remains Attractive

Analysts have kept their price target for Hafnia broadly steady, with updated assumptions such as a P/E of about 14.83x. This reflects refined views on discount rate, revenue trends and profit margins rather than a major shift in outlook.
VAR
NOK 34.07
Vår Energi
7D
-2.3%
1Y
-0.6%
ODL
NOK 95.20
Odfjell Drilling
7D
-0.5%
1Y
54.8%

ODL: Extended Rig Backlog Will Support A Higher Future Earnings Multiple

Analysts have nudged their fair value estimate for Odfjell Drilling to $109.57, a small adjustment supported by slightly higher assumptions for revenue growth, profit margin, and future P/E, along with a modestly lower discount rate. What's in the News Odfjell Drilling signed a contract with Equinor for the Deepsea Aberdeen to drill an unspecified scope on the Norwegian Continental Shelf before moving to the Fram Sor project.
SUBC
NOK 243.60
Subsea 7
7D
-0.8%
1Y
31.3%

SUBC: Contract Backlog And Margin Outlook Will Support Earnings Multiple Reassessment

Analysts have lifted their price target on Subsea 7 by NOK 17 to NOK 208, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that align with recent Street research revisions. Analyst Commentary Recent Street commentary on Subsea 7 has focused on how updated valuation assumptions feed into revised price targets, with JPMorgan playing a visible role in the latest adjustments.
DOFG
NOK 114.30
DOF Group
7D
1.3%
1Y
21.8%

DOFG: Long Dated Petrobras And Global Contracts Will Support Earnings Momentum

Analysts have modestly lifted their price target on DOF Group to reflect a slightly lower discount rate and a higher assumed future P/E of 10.02x, while keeping fair value broadly steady at $130.80. What's in the News Large turnkey contract awarded with MODEC Guyana Inc.
BNOR
NOK 444.50
BlueNord
7D
-0.9%
1Y
-34.1%

BNOR: Extraordinary Dividend And Tyra Reliability Improvements Will Support Further Upside

Analysts have trimmed their fair value estimate for BlueNord from €566.20 to €550.20, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News December 2025 preliminary production was 47.4 mboepd net to BlueNord, with the Tyra hub averaging 25.1 mboepd, described as the highest monthly production since the restart, and work is ongoing to improve reliability and performance at Tyra (company announcement).
AKRBP
NOK 267.90
Aker BP
7D
-4.8%
1Y
9.3%

AKRBP: Higher Future P/E Will Reflect Mixed Views On 2026 Oil Outlook

Narrative update on Aker BP Analysts have trimmed their average price targets on Aker BP, with one large bank cutting its view to NOK 210 from NOK 220, while another lifted its stance to Buy with a NOK 280 target. This reflects mixed opinions driven by cautious sector views on 2026 oil prices and differing assessments of the company’s earnings potential.
BRUT
NOK 53.50
Bruton
7D
1.9%
1Y
42.3%
COSH
NOK 119.00
Constellation Oil Services Holding
7D
0.8%
1Y
n/a