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Norwegian (OSEAX) Oil and Gas Industry Analysis

UpdatedAug 10, 2025
DataAggregated Company Financials
Companies23
  • 7D-2.1%
  • 3M5.0%
  • 1Y-11.4%
  • YTD-6.2%

Over the last 7 days, the Oil and Gas industry has dropped 2.1%, driven by a pullback from Equinor of 3.4%. Meanwhile, BWG actually outperformed within the industry, gaining 13% in the last week. Overall the industry is down 11% in 12 months. Looking forward, earnings are forecast to grow by 3.8% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 11 Aug 2025NOK 968.7bNOK 1.4tNOK 114.0b7.3x8.5x0.7x
Wed, 09 Jul 2025NOK 995.9bNOK 1.4tNOK 126.4b7.2x7.9x0.7x
Fri, 06 Jun 2025NOK 989.0bNOK 1.4tNOK 126.2b6.6x7.8x0.7x
Sun, 04 May 2025NOK 954.4bNOK 1.4tNOK 135.5b4.3x7x0.7x
Tue, 01 Apr 2025NOK 1.1tNOK 1.4tNOK 134.5b5.1x8.2x0.8x
Thu, 27 Feb 2025NOK 1.0tNOK 1.5tNOK 144.5b4.2x7.1x0.7x
Sat, 25 Jan 2025NOK 1.1tNOK 1.5tNOK 150.9b5.6x7.2x0.7x
Mon, 23 Dec 2024NOK 1.0tNOK 1.6tNOK 152.4b4.1x6.7x0.7x
Wed, 20 Nov 2024NOK 1.1tNOK 1.5tNOK 142.5b4.7x7.4x0.7x
Fri, 18 Oct 2024NOK 1.1tNOK 1.5tNOK 147.5b5x7.3x0.7x
Sun, 15 Sep 2024NOK 1.1tNOK 1.4tNOK 144.1b4.9x7.5x0.8x
Tue, 13 Aug 2024NOK 1.2tNOK 1.4tNOK 144.2b5.6x8.4x0.8x
Thu, 11 Jul 2024NOK 1.2tNOK 1.4tNOK 145.2b5.4x8.3x0.8x
Sat, 08 Jun 2024NOK 1.3tNOK 1.4tNOK 144.9b5.5x8.8x0.9x
Mon, 06 May 2024NOK 1.3tNOK 1.4tNOK 147.6b7.7x8.6x0.9x
Wed, 03 Apr 2024NOK 1.3tNOK 1.5tNOK 169.7b6.7x7.5x0.8x
Fri, 01 Mar 2024NOK 1.1tNOK 1.5tNOK 167.6b5.8x6.8x0.8x
Sun, 28 Jan 2024NOK 1.3tNOK 1.5tNOK 225.6b5.1x5.7x0.9x
Tue, 26 Dec 2023NOK 1.4tNOK 1.5tNOK 221.1b5.4x6.2x0.9x
Thu, 23 Nov 2023NOK 1.4tNOK 1.6tNOK 233.4b5.6x6.1x0.9x
Sat, 21 Oct 2023NOK 1.5tNOK 1.8tNOK 317.1b5.4x4.9x0.9x
Mon, 18 Sep 2023NOK 1.5tNOK 1.8tNOK 309.6b5.1x4.7x0.8x
Wed, 16 Aug 2023NOK 1.3tNOK 1.7tNOK 299.9b7.1x4.4x0.8x
Fri, 14 Jul 2023NOK 1.3tNOK 1.8tNOK 333.3b6.4x3.9x0.7x
Sun, 11 Jun 2023NOK 1.3tNOK 1.9tNOK 357.3b5.9x3.7x0.7x
Tue, 09 May 2023NOK 1.3tNOK 1.8tNOK 347.1b6.8x3.8x0.7x
Thu, 06 Apr 2023NOK 1.3tNOK 1.9tNOK 344.7b6.8x3.8x0.7x
Sat, 04 Mar 2023NOK 1.4tNOK 1.9tNOK 348.3b7.2x4x0.7x
Mon, 30 Jan 2023NOK 1.4tNOK 1.7tNOK 280.7b7.5x4.8x0.8x
Wed, 28 Dec 2022NOK 1.6tNOK 1.7tNOK 278.7b8.5x5.6x0.9x
Fri, 25 Nov 2022NOK 1.6tNOK 1.8tNOK 280.6b8.2x5.7x0.9x
Sun, 23 Oct 2022NOK 1.6tNOK 1.6tNOK 205.7b9x7.7x1x
Tue, 20 Sep 2022NOK 1.5tNOK 1.6tNOK 199.1b8.4x7.8x1x
Thu, 18 Aug 2022NOK 1.6tNOK 1.5tNOK 187.2b9.9x8.5x1.1x
Price to Earnings Ratio

8.5x


Total Market Cap: NOK 1.6tTotal Earnings: NOK 187.2bTotal Revenue: NOK 1.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Industry Price to Earnings3Y Average 6.5x202320242025
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 8.5x which is higher than its 3-year average PE of 6.5x.
  • 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 15% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Norwegian Energy industry?

NO Market0.79%
Energy-0.85%
Oil and Gas-2.06%
Oil and Gas Storage and Transportation6.52%
Oil and Gas Exploration and Production-1.00%
Oil and Gas Refining and Marketing-1.78%
Integrated Oil and Gas-3.36%
Coal and Fuels-26.64%
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 11.3x.
    • Analysts are expecting annual earnings growth of 19.5%, which is higher than its past year's earnings growth of 1.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Refining and Marketing industry, expecting annual earnings growth of 126% over the next 5 years.
  • In contrast, the Oil and Gas Storage and Transportation industry is expected to see its earnings decline by 7.1% 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
BWLPG BWGNOK 153.0013.0%
+NOK 2.7b		-7.2%PE8.7x
HAFNI HafniaNOK 57.843.6%
+NOK 996.0m		-29.1%PE4.5x
OET Okeanis Eco TankersNOK 257.006.2%
+NOK 482.9m		-20.4%PE10.1x
DNO DNONOK 14.403.0%
+NOK 409.5m		35.6%PS2x
BWE BW EnergyNOK 36.704.0%
+NOK 361.3m		25.3%PE4.3x

Latest News

BNOR
NOK 477.50
BlueNord
7D
-2.6%
1Y
-4.4%

BlueNord ASA (OB:BNOR) Investors Are Less Pessimistic Than Expected

Aug 10
BlueNord ASA (OB:BNOR) Investors Are Less Pessimistic Than Expected
PEN
NOK 23.85
Panoro Energy
7D
-1.0%
1Y
-22.2%
BWE
NOK 36.70
BW Energy
7D
4.0%
1Y
25.3%
HUNT
NOK 0.93
Hunter Group
7D
22.7%
1Y
-53.0%
CLCO
NOK 75.10
Cool
7D
-1.7%
1Y
-39.0%

Returns On Capital At Cool (OB:CLCO) Have Hit The Brakes

Jul 30
Returns On Capital At Cool (OB:CLCO) Have Hit The Brakes
OET
NOK 257.00
Okeanis Eco Tankers
7D
6.2%
1Y
-20.4%

Returns On Capital Are Showing Encouraging Signs At Okeanis Eco Tankers (OB:OET)

Jul 29
Returns On Capital Are Showing Encouraging Signs At Okeanis Eco Tankers (OB:OET)
VAR
NOK 34.47
Vår Energi
7D
-2.3%
1Y
0.2%

Vår Energi AS Just Missed EPS By 38%: Here's What Analysts Think Will Happen Next

Jul 25
Vår Energi AS Just Missed EPS By 38%: Here's What Analysts Think Will Happen Next
EQNR
NOK 252.80
Equinor
7D
-3.4%
1Y
-14.2%
OKEA
NOK 18.30
OKEA
7D
6.5%
1Y
-19.2%
BWLPG
NOK 153.00
BWG
7D
13.0%
1Y
-7.2%

Is BWG (OB:BWLPG) A Risky Investment?

Jul 23
Is BWG (OB:BWLPG) A Risky Investment?
AKRBP
NOK 244.00
Aker BP
7D
-0.9%
1Y
-3.9%

Some May Be Optimistic About Aker BP's (OB:AKRBP) Earnings

Jul 22
Some May Be Optimistic About Aker BP's (OB:AKRBP) Earnings
HAFNI
NOK 57.84
Hafnia
7D
3.6%
1Y
-29.1%

Why We Like The Returns At Hafnia (OB:HAFNI)

Jul 13
Why We Like The Returns At Hafnia (OB:HAFNI)
DNO
NOK 14.40
DNO
7D
3.0%
1Y
35.6%
REFL
NOK 16.60
ReFuels
7D
-1.8%
1Y
-2.9%
GEOS
NOK 19.35
Golden Energy Offshore Services
7D
2.1%
1Y
-32.1%
BRUT
NOK 37.60
Bruton
7D
-10.5%
1Y
n/a