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Norwegian (OSEAX) Energy Sector Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies52
  • 7D1.9%
  • 3M-4.6%
  • 1Y-1.8%
  • YTD-6.0%

The Energy industry has been flat over the last week, but Hafnia has lost 5.0%. Furthermore, the industry has been flat for the past year as well. Looking forward, earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025NOK 1.3tNOK 1.6tNOK 97.7b8.6x13.3x0.8x
Fri, 21 Nov 2025NOK 1.3tNOK 1.6tNOK 100.2b8.6x13.1x0.8x
Sun, 19 Oct 2025NOK 1.3tNOK 1.6tNOK 121.9b7.6x10.3x0.8x
Tue, 16 Sep 2025NOK 1.3tNOK 1.6tNOK 119.3b7.5x10.9x0.8x
Thu, 14 Aug 2025NOK 1.3tNOK 1.6tNOK 130.3b7.3x9.8x0.8x
Sat, 12 Jul 2025NOK 1.2tNOK 1.6tNOK 141.5b7.3x8.4x0.7x
Mon, 09 Jun 2025NOK 1.2tNOK 1.6tNOK 141.4b6.9x8.3x0.7x
Wed, 07 May 2025NOK 1.1tNOK 1.6tNOK 150.0b5.7x7.4x0.7x
Fri, 04 Apr 2025NOK 1.2tNOK 1.6tNOK 148.5b6x8x0.7x
Sun, 02 Mar 2025NOK 1.2tNOK 1.7tNOK 161.0b5.8x7.4x0.7x
Tue, 28 Jan 2025NOK 1.3tNOK 1.8tNOK 168.6b6.3x7.5x0.7x
Thu, 26 Dec 2024NOK 1.2tNOK 1.8tNOK 170.4b5.5x7x0.7x
Sat, 23 Nov 2024NOK 1.3tNOK 1.7tNOK 161.3b7x7.9x0.7x
Mon, 21 Oct 2024NOK 1.2tNOK 1.7tNOK 165.1b6.2x7.5x0.7x
Wed, 18 Sep 2024NOK 1.3tNOK 1.6tNOK 159.7b6.4x7.9x0.8x
Fri, 16 Aug 2024NOK 1.4tNOK 1.6tNOK 158.4b7.9x8.8x0.8x
Sun, 14 Jul 2024NOK 1.4tNOK 1.6tNOK 161.0b6.8x8.8x0.9x
Tue, 11 Jun 2024NOK 1.5tNOK 1.6tNOK 157.7b8x9.3x0.9x
Thu, 09 May 2024NOK 1.5tNOK 1.7tNOK 159.9b8.7x9.3x0.9x
Sat, 06 Apr 2024NOK 1.5tNOK 1.7tNOK 177.7b8.2x8.2x0.9x
Mon, 04 Mar 2024NOK 1.4tNOK 1.7tNOK 178.9b7.6x7.6x0.8x
Wed, 31 Jan 2024NOK 1.5tNOK 1.7tNOK 237.2b6.8x6.2x0.8x
Fri, 29 Dec 2023NOK 1.6tNOK 1.7tNOK 231.3b6.9x6.8x0.9x
Sun, 26 Nov 2023NOK 1.7tNOK 1.8tNOK 241.5b6.4x7x1x
Tue, 24 Oct 2023NOK 1.7tNOK 2.0tNOK 323.6b7.4x5.4x0.9x
Thu, 21 Sep 2023NOK 1.7tNOK 2.0tNOK 312.7b7.4x5.4x0.9x
Sat, 19 Aug 2023NOK 1.6tNOK 1.9tNOK 304.7b9x5.1x0.8x
Mon, 17 Jul 2023NOK 1.5tNOK 2.0tNOK 336.4b8.1x4.4x0.7x
Wed, 14 Jun 2023NOK 1.5tNOK 2.1tNOK 353.1b8.5x4.4x0.7x
Fri, 12 May 2023NOK 1.4tNOK 2.1tNOK 391.7b9x3.7x0.7x
Sun, 09 Apr 2023NOK 1.5tNOK 2.1tNOK 349.6b8.2x4.3x0.7x
Tue, 07 Mar 2023NOK 1.6tNOK 2.1tNOK 385.7b8x4.1x0.8x
Thu, 02 Feb 2023NOK 1.5tNOK 1.9tNOK 328.5b7.8x4.6x0.8x
Sat, 31 Dec 2022NOK 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 13.2x which is higher than its 3-year average PE of 7.4x.
  • 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 5.2% 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 Market1.89%
Energy1.91%
Oil and Gas2.06%
Energy Services1.54%
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 45.4%, 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
EQNR EquinorNOK 232.002.2%
+NOK 12.5b		-9.2%PE10.1x
AKRBP Aker BPNOK 250.303.3%
+NOK 5.0b		16.6%PE18.7x
SUBC Subsea 7NOK 205.005.9%
+NOK 3.4b		15.5%PE21x
BWE BW EnergyNOK 43.9016.1%
+NOK 1.6b		92.1%PE6.1x
BWO BW OffshoreNOK 44.4017.3%
+NOK 1.2b		57.4%PE5.3x

Latest News

HAFNI
NOK 53.52
Hafnia
7D
-5.0%
1Y
-9.1%
BWO
NOK 44.40
BW Offshore
7D
17.3%
1Y
57.4%
BWE
NOK 43.90
BW Energy
7D
16.1%
1Y
92.1%
OET
NOK 328.00
Okeanis Eco Tankers
7D
-9.3%
1Y
47.1%
BNOR
NOK 428.50
BlueNord
7D
7.1%
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).
SEA1
NOK 22.75
Sea1 Offshore
7D
-1.7%
1Y
-6.6%

SEA1: Brazil Contract Will Drive Future Upside As Listing Shift Nears

Analysts have modestly lowered their price target on Sea1 Offshore to reflect a slightly reduced future valuation multiple, trimming the fair value estimate by approximately $0.00 to about $30.35 per share while maintaining largely unchanged assumptions for revenue growth and profit margins. What's in the News Shareholders at an Extraordinary General Meeting on 12 December 2025 approved amendments to Sea1 Offshore Inc.'s articles of association, formalizing previously proposed changes to the company bylaws (Key Developments).
VAR
NOK 31.61
Vår Energi
7D
0.9%
1Y
-7.1%

VAR: Project Pipeline Will Lift 2030 Production 18% Above Market Estimates

Analysts have nudged their price target on Vår Energi slightly higher, reflecting an upward bias from NOK 33 to NOK 34 at the lower end, and a more bullish NOK 46 target, supported by expectations of a steadily expanding project pipeline and production profile through 2030. Analyst Commentary Recent research updates present a mixed but constructive picture, with price targets now clustered in the mid 30s to mid 40s.
SUBC
NOK 205.00
Subsea 7
7D
5.9%
1Y
15.5%
EQNR
NOK 232.00
Equinor
7D
2.2%
1Y
-9.2%

EQNR: Renewables Execution And Capital Returns Will Shape Future Cash Generation

Analysts have trimmed their fair value estimate for Equinor by about NOK 4 to roughly NOK 242 per share, reflecting slightly weaker long term revenue and margin expectations and growing concerns about execution risk in renewables and the company’s capacity to sustain capital returns. Analyst Commentary Recent Street commentary highlights a clear tilt toward caution on Equinor, with multiple valuation cuts centered on concerns about long term growth visibility, capital allocation, and execution in low carbon projects.
BRUT
NOK 42.80
Bruton
7D
-2.7%
1Y
13.8%
AKRBP
NOK 250.30
Aker BP
7D
3.3%
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.
PLSV
NOK 43.14
Paratus Energy Services
7D
-3.4%
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
NOL
NOK 8.57
Northern Ocean
7D
-2.9%
1Y
12.0%
HUNT
NOK 1.75
Hunter Group
7D
-23.2%
1Y
272.3%
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.
ENH
NOK 7.96
SED Energy Holdings
7D
-3.2%
1Y
n/a