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Norwegian (OSEAX) Energy Sector Analysis

UpdatedMay 15, 2026
DataAggregated Company Financials
Companies50
  • 7D2.5%
  • 3M26.6%
  • 1Y44.9%
  • YTD40.2%

Over the last 7 days, the Energy industry has risen 2.5%, driven by gains from Equinor of 2.7%. Meanwhile, Odfjell Drilling actually underperformed within the industry, shrinking 5.7% in the last week. This takes the industry's 12 month performance to a gain of 45%. Looking forward, earnings are forecast to grow by 5.3% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 15 May 2026NOK 1.5tNOK 1.4tNOK 85.0b12x18.1x1.1x
Sun, 12 Apr 2026NOK 1.6tNOK 1.4tNOK 76.0b11.8x20.7x1.1x
Tue, 10 Mar 2026NOK 1.6tNOK 1.5tNOK 77.4b10.8x20.5x1.1x
Thu, 05 Feb 2026NOK 1.4tNOK 1.6tNOK 93.4b8.9x15x0.9x
Sat, 03 Jan 2026NOK 1.3tNOK 1.6tNOK 97.7b8.4x13.7x0.8x
Mon, 01 Dec 2025NOK 1.3tNOK 1.6tNOK 100.0b7.9x12.9x0.8x
Wed, 29 Oct 2025NOK 1.3tNOK 1.6tNOK 122.2b8.3x10.6x0.8x
Fri, 26 Sep 2025NOK 1.4tNOK 1.6tNOK 121.9b8.1x11.2x0.9x
Sun, 24 Aug 2025NOK 1.3tNOK 1.6tNOK 128.6b7.8x10.2x0.8x
Tue, 22 Jul 2025NOK 1.3tNOK 1.6tNOK 132.1b7.2x9.8x0.8x
Thu, 19 Jun 2025NOK 1.3tNOK 1.6tNOK 139.6b7.3x9.3x0.8x
Sat, 17 May 2025NOK 1.2tNOK 1.7tNOK 148.5b5.4x7.8x0.7x
Mon, 14 Apr 2025NOK 1.1tNOK 1.6tNOK 152.8b5.6x7.2x0.7x
Wed, 12 Mar 2025NOK 1.2tNOK 1.6tNOK 152.8b5.9x7.7x0.7x
Fri, 07 Feb 2025NOK 1.2tNOK 1.7tNOK 162.5b6.3x7.6x0.7x
Sun, 05 Jan 2025NOK 1.3tNOK 1.8tNOK 170.1b5.9x7.7x0.7x
Tue, 03 Dec 2024NOK 1.2tNOK 1.7tNOK 161.8b6.2x7.6x0.7x
Thu, 31 Oct 2024NOK 1.3tNOK 1.7tNOK 163.1b6.2x7.7x0.7x
Sat, 28 Sep 2024NOK 1.2tNOK 1.6tNOK 158.0b6.4x7.8x0.8x
Mon, 26 Aug 2024NOK 1.4tNOK 1.6tNOK 157.2b6.9x8.6x0.8x
Wed, 24 Jul 2024NOK 1.4tNOK 1.7tNOK 160.1b7x8.7x0.8x
Fri, 21 Jun 2024NOK 1.5tNOK 1.6tNOK 156.2b8.4x9.3x0.9x
Sun, 19 May 2024NOK 1.5tNOK 1.6tNOK 157.2b9x9.4x0.9x
Tue, 16 Apr 2024NOK 1.5tNOK 1.7tNOK 181.4b8.2x8.2x0.9x
Thu, 14 Mar 2024NOK 1.4tNOK 1.7tNOK 177.4b7.4x7.8x0.8x
Sat, 10 Feb 2024NOK 1.4tNOK 1.7tNOK 179.2b6.7x7.7x0.8x
Mon, 08 Jan 2024NOK 1.6tNOK 1.7tNOK 234.2b7.2x6.9x0.9x
Wed, 06 Dec 2023NOK 1.6tNOK 1.8tNOK 247.9b6.2x6.4x0.9x
Fri, 03 Nov 2023NOK 1.8tNOK 1.8tNOK 251.9b7.8x7.1x1x
Sun, 01 Oct 2023NOK 1.7tNOK 2.0tNOK 312.6b7.4x5.3x0.8x
Tue, 29 Aug 2023NOK 1.6tNOK 2.0tNOK 310.3b7.4x5.1x0.8x
Thu, 27 Jul 2023NOK 1.5tNOK 2.0tNOK 337.8b8.7x4.4x0.7x
Sat, 24 Jun 2023NOK 1.5tNOK 2.1tNOK 360.2b7.9x4.1x0.7x
Mon, 22 May 2023NOK 1.5tNOK 2.1tNOK 401.1b8.8x3.7x0.7x
Price to Earnings Ratio

3.7x


Total Market Cap: NOK 1.5tTotal Earnings: NOK 401.1bTotal Revenue: NOK 2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 9.3x202420252026
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 18.1x which is higher than its 3-year average PE of 9.3x.
  • The 3-year average PS ratio of 0.83x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 40% per year over the last three years,
  • Revenues have also declined 13% 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 Market0.47%
Energy2.49%
Energy Services3.53%
Oil and Gas2.25%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 8.7x.
    • Analysts are expecting annual earnings growth of 3.9%, which is higher than its past year's earnings decline of 46.5% 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 Energy Services industry, expecting annual earnings growth of 11% over the next 5 years.
  • However this is lower than its past earnings growth rate of 19% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 3.9% 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 361.006.7%
+NOK 56.5b		47.4%PE17.5x
SUBC Subsea 7NOK 346.0013.4%
+NOK 12.1b		108.2%PE22.4x
AKRBP Aker BPNOK 347.604.1%
+NOK 8.7b		43.2%PE41.2x
VAR Vår EnergiNOK 47.337.2%
+NOK 7.9b		58.1%PE18.2x
DOFG DOF GroupNOK 142.004.3%
+NOK 1.4b		54.3%PE8.1x

Latest News

OTL
NOK 64.00
Odfjell Technology
7D
-5.5%
1Y
33.3%
Analysis Article • 13h

Odfjell Technology Ltd. Just Missed Earnings - But Analysts Have Updated Their Models

Last week, you might have seen that Odfjell Technology Ltd. ( OB:OTL ) released its first-quarter result to the market...
ODL
NOK 92.40
Odfjell Drilling
7D
-6.5%
1Y
46.2%
Analysis Article • 15h

Earnings Beat: Odfjell Drilling Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Odfjell Drilling Ltd. ( OB:ODL ) just released its first-quarter report and things are looking bullish. Odfjell...
SUBC
NOK 346.00
Subsea 7
7D
13.4%
1Y
108.2%
OET
NOK 508.00
Okeanis Eco Tankers
7D
-2.7%
1Y
98.4%
ALNG
NOK 3.38
Awilco LNG
7D
-6.6%
1Y
32.3%
AKRBP
NOK 347.60
Aker BP
7D
4.1%
1Y
43.2%
EQNR
NOK 361.00
Equinor
7D
6.7%
1Y
47.4%
AKSO
NOK 44.88
Aker Solutions
7D
6.1%
1Y
32.5%
Narrative Update • May 12

AKSO: Dividend Payouts And Execution Versus Mixed Research Will Shape Returns

Analysts now see fair value for Aker Solutions at NOK 41.11, down from NOK 42.56. This reflects recent target changes and mixed research updates that factor in higher discount rates, softer growth and margin assumptions, and a higher future P/E multiple.
DOFG
NOK 142.00
DOF Group
7D
4.3%
1Y
54.3%
CAPT
NOK 122.00
Capital Tankers
7D
-1.3%
1Y
n/a
TGS
NOK 150.80
TGS
7D
3.1%
1Y
78.1%
Narrative Update • May 06

TGS: Clarified Project Pipeline And New Contracts Will Support Future Upside

Narrative Update Analysts have raised their price target on TGS from NOK 136.10 to NOK 200.17, reflecting updated assumptions for revenue growth, profit margins and a lower future P/E multiple following recent research coverage and project clarifications. Analyst Commentary Recent research coverage has framed TGS as a stock where bullish analysts see room for stronger execution and clearer growth visibility than previously reflected in prior models.
BWLPG
NOK 195.40
BWG
7D
4.2%
1Y
61.1%
Narrative Update • May 03

BWLPG: Future Dividends And Charter Coverage Will Balance Softer Shipping Sentiment

BWG's updated analyst price target rises from NOK 162 to NOK 177, reflecting analysts' slightly higher fair value, a small improvement in expected revenue trends and margins, and a modestly higher assumed future P/E multiple. Analyst Commentary Recent Street research on BWG shows a mixed stance, with some analysts raising their fair value estimates while others turn more cautious on the shipping cycle and demand outlook.
VAR
NOK 47.33
Vår Energi
7D
7.2%
1Y
58.1%
COSH
NOK 140.00
Constellation Oil Services Holding
7D
-0.7%
1Y
72.8%
HAFNI
NOK 80.90
Hafnia
7D
-0.8%
1Y
45.5%
NOL
NOK 8.56
Northern Ocean
7D
-2.7%
1Y
34.8%