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Norwegian (OSEAX) Oil and Gas Industry Analysis

UpdatedApr 10, 2026
DataAggregated Company Financials
Companies20
  • 7D-3.6%
  • 3M49.2%
  • 1Y57.1%
  • YTD48.7%

Over the last 7 days, the Oil and Gas industry has dropped 7.8%, driven by a pullback from Equinor of 5.0%. Meanwhile, Hafnia actually outperformed within the industry, gaining 6.0% in the last week. In the past year, the industry has gained 55%. As for the next few years, earnings are expected to grow by 9.2% per annum.

Industry Valuation and Performance

Has the Norwegian Oil and Gas Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 10 Apr 2026NOK 1.3tNOK 1.2tNOK 56.5b17.2x23.4x1.1x
Sun, 08 Mar 2026NOK 1.1tNOK 1.2tNOK 57.3b15.1x19.5x0.9x
Tue, 03 Feb 2026NOK 1.0tNOK 1.3tNOK 75.1b11.3x13.4x0.8x
Thu, 01 Jan 2026NOK 950.0bNOK 1.4tNOK 78.7b10.5x12.1x0.7x
Sat, 29 Nov 2025NOK 928.8bNOK 1.4tNOK 80.7b9.5x11.5x0.7x
Mon, 27 Oct 2025NOK 977.6bNOK 1.4tNOK 105.5b8.6x9.3x0.7x
Wed, 24 Sep 2025NOK 986.2bNOK 1.3tNOK 103.3b8.4x9.5x0.7x
Fri, 22 Aug 2025NOK 973.8bNOK 1.4tNOK 112.6b8x8.6x0.7x
Sun, 20 Jul 2025NOK 996.7bNOK 1.4tNOK 118.6b7.3x8.4x0.7x
Tue, 17 Jun 2025NOK 1.1tNOK 1.4tNOK 124.1b6.9x8.8x0.8x
Thu, 15 May 2025NOK 985.7bNOK 1.4tNOK 133.5b4.8x7.4x0.7x
Sat, 12 Apr 2025NOK 957.5bNOK 1.4tNOK 136.2b4.2x7x0.7x
Mon, 10 Mar 2025NOK 1.0tNOK 1.5tNOK 138.7b4.6x7.2x0.7x
Wed, 05 Feb 2025NOK 1.1tNOK 1.5tNOK 152.9b5.4x7.2x0.7x
Fri, 03 Jan 2025NOK 1.1tNOK 1.6tNOK 153.4b4.3x7.3x0.7x
Sun, 01 Dec 2024NOK 1.1tNOK 1.5tNOK 148.5b5.5x7.3x0.7x
Tue, 29 Oct 2024NOK 1.1tNOK 1.5tNOK 145.6b4.6x7.4x0.7x
Thu, 26 Sep 2024NOK 1.1tNOK 1.4tNOK 143.1b4.8x7.4x0.7x
Sat, 24 Aug 2024NOK 1.1tNOK 1.4tNOK 140.3b5.9x8.2x0.8x
Mon, 22 Jul 2024NOK 1.2tNOK 1.4tNOK 144.2b5.6x8.2x0.8x
Wed, 19 Jun 2024NOK 1.2tNOK 1.4tNOK 143.2b5.2x8.7x0.9x
Fri, 17 May 2024NOK 1.3tNOK 1.4tNOK 145.5b7.7x8.8x0.9x
Sun, 14 Apr 2024NOK 1.3tNOK 1.5tNOK 170.5b7.1x7.9x0.9x
Tue, 12 Mar 2024NOK 1.2tNOK 1.4tNOK 164.2b6.4x7x0.8x
Thu, 08 Feb 2024NOK 1.2tNOK 1.5tNOK 227.4b4.9x5.3x0.8x
Sat, 06 Jan 2024NOK 1.4tNOK 1.5tNOK 222.6b5.5x6.3x0.9x
Mon, 04 Dec 2023NOK 1.4tNOK 1.5tNOK 230.9b5.4x6.2x0.9x
Wed, 01 Nov 2023NOK 1.6tNOK 1.6tNOK 244.4b6x6.4x1x
Fri, 29 Sep 2023NOK 1.4tNOK 1.7tNOK 307.5b5.5x4.7x0.8x
Sun, 27 Aug 2023NOK 1.3tNOK 1.7tNOK 304.8b5.6x4.4x0.8x
Tue, 25 Jul 2023NOK 1.3tNOK 1.8tNOK 336.5b6.3x3.9x0.7x
Thu, 22 Jun 2023NOK 1.3tNOK 1.9tNOK 356.6b6.6x3.8x0.7x
Sat, 20 May 2023NOK 1.3tNOK 1.9tNOK 359.9b6.2x3.6x0.7x
Mon, 17 Apr 2023NOK 1.3tNOK 1.9tNOK 346.9b6.6x3.8x0.7x
Price to Earnings Ratio

3.8x


Total Market Cap: NOK 1.3tTotal Earnings: NOK 346.9bTotal Revenue: NOK 1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Industry Price to Earnings3Y Average 8.1x202420252026
Current Industry PE
  • Investors are optimistic on the Norwegian Oil and Gas industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 22.2x which is higher than its 3-year average PE of 8.1x.
  • The 3-year average PS ratio of 0.78x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 45% 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 industry?

NO Market0.037%
Energy-2.49%
Oil and Gas-3.56%
Oil and Gas Refining and Marketing9.44%
Oil and Gas Storage and Transportation3.74%
Coal and Fuels0.42%
Oil and Gas Exploration and Production-1.10%
Integrated Oil and Gas-5.01%
Industry PE
  • Investors are most optimistic about the Oil and Gas Exploration and Production industry which is trading above its 3-year average PE ratio of 18.3x.
    • Analysts are expecting annual earnings growth of 29.5%, which is higher than its past year's earnings decline of 79.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings decline of 79% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings decline by 104% 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
HAFNI HafniaNOK 80.206.0%
+NOK 2.3b		88.2%PE12.4x
CAPT Capital TankersNOK 131.546.5%
+NOK 1.0b		n/an/a
BWLPG BWGNOK 173.002.4%
+NOK 622.4m		86.0%PE11.4x
HUNT Hunter GroupNOK 6.8219.9%
+NOK 152.3m		626.3%PE6.9x
BNOR BlueNordNOK 559.000.9%
+NOK 123.2m		-1.1%PE18x

Latest News

HUNT
NOK 6.82
Hunter Group
7D
19.9%
1Y
626.3%
EQNR
NOK 379.10
Equinor
7D
-5.0%
1Y
54.7%
VAR
NOK 46.06
Vår Energi
7D
-4.3%
1Y
66.5%
DNO
NOK 19.35
DNO
7D
-6.7%
1Y
65.7%
AKRBP
NOK 338.00
Aker BP
7D
-0.6%
1Y
58.5%
BWLPG
NOK 173.00
BWG
7D
2.4%
1Y
86.0%
PEN
NOK 33.25
Panoro Energy
7D
-0.7%
1Y
46.2%

PEN: Equity Issuance And Cash Returns Will Sustain An Overstretched Outlook

The analyst price target for Panoro Energy has been nudged higher to NOK 24.12 from NOK 23.65, with analysts pointing to updated assumptions for revenue growth, profit margins, and a lower future P/E multiple as key drivers of the change. What's in the News Panoro Energy ASA completed a follow on equity offering of NOK 466.999977 million, issuing 11,694,400 and 8,305,599 common shares at NOK 23.35 through a Regulation S placement and subsequent direct listing (company event filing).
HAFNI
NOK 80.20
Hafnia
7D
6.0%
1Y
88.2%

HAFNI: Hold Downgrade And Upcoming Dividend Will Guide Balanced Return Outlook

Analysts have reduced their price target on Hafnia to NOK 73.00. The shift to a Hold stance reflects their updated view of the shares relative to prior expectations.
OKEA
NOK 38.50
OKEA
7D
-3.1%
1Y
143.7%
OET
NOK 488.00
Okeanis Eco Tankers
7D
-1.4%
1Y
131.8%

OET: Dividend Timeline And Equity Raise Will Shape Future Balanced Outcomes

Analysts have nudged their price target for Okeanis Eco Tankers slightly higher, with fair value moving from about NOK 472.30 to roughly NOK 474.50. This reflects updated assumptions around long term revenue, profit margins and a modestly higher forward P/E of 14.71x versus 13.52x previously.
BWE
NOK 57.20
BW Energy
7D
-1.9%
1Y
120.0%
BNOR
NOK 559.00
BlueNord
7D
0.9%
1Y
-1.1%
CAPT
NOK 131.54
Capital Tankers
7D
6.5%
1Y
n/a
REFL
NOK 19.70
ReFuels
7D
9.4%
1Y
20.9%
BRUT
NOK 50.20
Bruton
7D
3.3%
1Y
25.5%
PNOR
NOK 13.32
PetroNor E&P
7D
2.8%
1Y
31.4%