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Norwegian (OSEAX) Oil and Gas Industry Analysis

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies21
  • 7D-0.9%
  • 3M-14.6%
  • 1Y25.1%
  • YTD29.6%

Over the last 7 days, the Oil and Gas industry has remained flat, although notably Capital Tankers gained 6.9%. As for the the longer term, the industry is up 25% over the past 12 months. Looking forward, earnings are forecast to grow by 3.9% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Jun 2026NOK 1.2tNOK 1.2tNOK 71.7b14.7x16.2x0.9x
Fri, 22 May 2026NOK 1.3tNOK 1.2tNOK 64.3b18.9x20.4x1.1x
Sun, 19 Apr 2026NOK 1.2tNOK 1.2tNOK 55.9b16.7x21.1x1x
Tue, 17 Mar 2026NOK 1.2tNOK 1.2tNOK 58.3b13.9x20.1x0.9x
Thu, 12 Feb 2026NOK 968.6bNOK 1.2tNOK 61.1b12.7x15.8x0.8x
Sat, 10 Jan 2026NOK 961.6bNOK 1.4tNOK 78.8b10.8x12.2x0.7x
Mon, 08 Dec 2025NOK 941.5bNOK 1.4tNOK 78.9b10.3x11.9x0.7x
Wed, 05 Nov 2025NOK 968.4bNOK 1.4tNOK 81.6b8.9x11.9x0.7x
Fri, 03 Oct 2025NOK 980.3bNOK 1.4tNOK 104.4b9x9.4x0.7x
Sun, 31 Aug 2025NOK 984.9bNOK 1.4tNOK 105.6b8.5x9.3x0.7x
Tue, 29 Jul 2025NOK 1.0tNOK 1.4tNOK 112.8b7.8x8.9x0.7x
Thu, 26 Jun 2025NOK 1.0tNOK 1.4tNOK 126.8b7.1x8.1x0.7x
Sat, 24 May 2025NOK 964.6bNOK 1.4tNOK 126.0b6x7.7x0.7x
Mon, 21 Apr 2025NOK 969.1bNOK 1.4tNOK 134.0b4.2x7.2x0.7x
Wed, 19 Mar 2025NOK 1.0tNOK 1.4tNOK 134.8b4.9x7.8x0.7x
Fri, 14 Feb 2025NOK 1.1tNOK 1.5tNOK 146.5b4.4x7.2x0.7x
Sun, 12 Jan 2025NOK 1.2tNOK 1.6tNOK 155.0b5.2x7.6x0.8x
Tue, 10 Dec 2024NOK 1.1tNOK 1.5tNOK 149.4b5.2x7.2x0.7x
Thu, 07 Nov 2024NOK 1.0tNOK 1.5tNOK 142.4b4.4x7x0.7x
Sat, 05 Oct 2024NOK 1.1tNOK 1.4tNOK 143.7b5x8x0.8x
Mon, 02 Sep 2024NOK 1.1tNOK 1.4tNOK 142.8b5.3x8x0.8x
Wed, 31 Jul 2024NOK 1.1tNOK 1.5tNOK 146.5b5.4x7.8x0.8x
Fri, 28 Jun 2024NOK 1.3tNOK 1.4tNOK 144.3b5.5x9x0.9x
Sun, 26 May 2024NOK 1.3tNOK 1.4tNOK 143.3b5.8x9x0.9x
Tue, 23 Apr 2024NOK 1.3tNOK 1.5tNOK 172.6b6.7x7.4x0.8x
Thu, 21 Mar 2024NOK 1.2tNOK 1.5tNOK 165.8b6.6x7.3x0.8x
Sat, 17 Feb 2024NOK 1.2tNOK 1.4tNOK 165.2b5.6x7x0.8x
Mon, 15 Jan 2024NOK 1.3tNOK 1.5tNOK 222.8b5.3x6x0.9x
Wed, 13 Dec 2023NOK 1.4tNOK 1.6tNOK 237.6b5x5.8x0.9x
Fri, 10 Nov 2023NOK 1.5tNOK 1.6tNOK 243.8b6x6.2x0.9x
Sun, 08 Oct 2023NOK 1.4tNOK 1.8tNOK 313.2b5x4.4x0.8x
Tue, 05 Sep 2023NOK 1.4tNOK 1.7tNOK 305.6b5.4x4.6x0.8x
Thu, 03 Aug 2023NOK 1.3tNOK 1.7tNOK 293.4b6.5x4.4x0.8x
Sat, 01 Jul 2023NOK 1.3tNOK 1.9tNOK 356.2b6.4x3.7x0.7x
Price to Earnings Ratio

3.7x


Total Market Cap: NOK 1.3tTotal Earnings: NOK 356.2bTotal Revenue: NOK 1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Industry Price to Earnings3Y Average 9.3x202420252026
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 16.2x which is higher than its 3-year average PE of 9.3x.
  • The industry is trading close to its 3-year average PS ratio of 0.80x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 41% 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 Market-0.51%
Energy-0.82%
Oil and Gas-0.89%
Oil and Gas Storage and Transportation4.32%
Oil and Gas Refining and Marketing1.85%
Oil and Gas Exploration and Production-1.00%
Integrated Oil and Gas-1.54%
Coal and Fuels-5.10%
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 22.7x.
    • Analysts are expecting annual earnings growth of 23.0%, which is higher than its past year's earnings decline of 61.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings decline of 62% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings decline by 139% 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
CAPT Capital TankersNOK 128.266.9%
+NOK 1.1b		n/an/a
OET Okeanis Eco TankersNOK 499.501.0%
+NOK 195.2m		103.9%PE10.1x
REFL ReFuelsNOK 16.904.3%
+NOK 42.3m		9.0%PE1.6x
HUNT Hunter GroupNOK 9.102.8%
+NOK 33.7m		790.4%PE1.9x
ALNG ALNGNOK 3.262.5%
+NOK 16.8m		-0.6%PS1.8x

Latest News

BWLPG
NOK 179.00
BWG
7D
-10.9%
1Y
46.2%
Narrative Update • Jun 23

BWLPG: Future Dividends And Fleet Expansion Will Support Margin Resilience

The analyst fair value estimate for BWG has changed from NOK 210.27 to NOK 216.13 as analysts incorporate recent price target revisions in the NOK 199 to NOK 209 range and reference valuation factors along with more limited upside to consensus estimates following the stock's recent rally. Analyst Commentary Recent research on BWG points to a more balanced view on the stock, with the fair value estimate now closer to published price targets that sit in the NOK 199 to NOK 209 range.
BWE
NOK 51.50
BW Energy
7D
-11.5%
1Y
40.3%
Narrative Update • Jun 22

BWE: Long-Term Licence Extension And Rising Output Will Support Upside Potential

Analysts have revised their price target for BW Energy to NOK 90.11 from NOK 57.72, citing updated assumptions for revenue growth, profit margins and a lower discount rate, as well as a reduced future P/E multiple in their valuation models. What’s in the News for BW Energy ReconAfrica, NAMCOR and BW Energy have started multi zone production testing at the Kavango West 1X well in Namibia, the first cased production test in the country, to evaluate six hydrocarbon bearing zones across about 420 meters in the Huttenburg and Elandshoek formations, with results guiding further appraisal plans.
DNO
NOK 17.43
DNO
7D
-6.8%
1Y
26.3%
Narrative Update • Jun 22

DNO: Norwegian Shelf Deal And New Fields Will Support Future Upside

Analysts have nudged their price target on DNO to NOK 20.0. This reflects small adjustments to the discount rate, revenue growth, profit margin and a slightly lower assumed future P/E multiple in their updated models. What’s in the News for DNO DNO ASA has completed a multi asset transaction with Vår Energi ASA, adding a 5% stake in the Gjøa field and the Gjøa Nord discovery, while reducing its holding in the Nova subsea field from 45% to 40% and exiting its 15% interest in the Ringhorne Nord discovery.
AKRBP
NOK 314.80
Aker BP
7D
-8.3%
1Y
12.7%
Analysis Article • Jun 19

Aker BP (OB:AKRBP) Stock Could Be 1.7% Undervalued After Ringvei Vest Agreement

Aker BP (OB:AKRBP) is back in focus after partners agreed on the Ringvei Vest development concept, a large subsea project in the North Sea that consolidates several discoveries into one coordinated area solution. See our latest analysis for Aker BP. Aker BP’s recent Ringvei Vest update lands after a mixed stretch in the market, with the share price at NOK314.8 and a year to date share price return of 21.12%. However, the 30 day share price return is down 12.19%. Even so, the 1 year total...
VAR
NOK 43.09
Vår Energi
7D
-8.4%
1Y
21.8%
OET
NOK 499.50
Okeanis Eco Tankers
7D
1.0%
1Y
103.9%
Analysis Article • Jun 18

Okeanis Eco Tankers (OB:OET) Stock Could Be 10% Undervalued After Q1 Results And Dividend

Okeanis Eco Tankers (OB:OET) is back on investor radars after first quarter results showed strong revenue and earnings, a $2-per-share dividend declaration, and fresh loan facilities tied to a growing tanker fleet. See our latest analysis for Okeanis Eco Tankers. At a share price of NOK492.0, Okeanis Eco Tankers has seen a 7 day share price return of 4.90% and a year to date share price return of 51.62%, while the 1 year total shareholder return of 131.99% reflects performance supported by...
EQNR
NOK 316.40
Equinor
7D
-2.9%
1Y
13.4%
IOX
NOK 2.21
Interoil Exploration and Production
7D
10.0%
1Y
25.6%
HAFNI
NOK 69.30
Hafnia
7D
-1.5%
1Y
22.3%
Narrative Update • Jun 09

HAFNI: Record Earnings And Elevated Dividends Will Drive Future Return Potential

Hafnia's analyst price target has been revised from NOK 85.80 to NOK 84.00 as analysts factor in steeper projected revenue decline, offset by a higher expected profit margin and a slightly higher forward P/E, alongside a mix of recent downgrades to Hold and one upgrade. Analyst Commentary Recent research on Hafnia has been mixed, with one upgrade and two downgrades to Hold, and price targets in the NOK 73 to NOK 79 range versus the revised NOK 84.00 consensus.
ALNG
NOK 3.26
ALNG
7D
2.5%
1Y
-0.6%
BNOR
NOK 527.00
BlueNord
7D
-5.7%
1Y
-15.9%
HUNT
NOK 9.10
Hunter Group
7D
2.8%
1Y
790.4%
NOSN
NOK 1.28
NOS Nova
7D
3.7%
1Y
-1.5%
CAPT
NOK 128.26
Capital Tankers
7D
6.9%
1Y
n/a
REFL
NOK 16.90
ReFuels
7D
4.3%
1Y
9.0%
ADS
NOK 2.44
ADS Maritime Holding
7D
4.3%
1Y
11.9%