Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Norwegian (OSEAX) Oil and Gas Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies21
  • 7D-0.5%
  • 3M-6.4%
  • 1Y-4.0%
  • YTD-12.0%

The Oil and Gas industry has stayed flat over the last week. As for the longer term, the industry has declined 4.0% in the last year. Looking forward, earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025NOK 923.7bNOK 1.4tNOK 78.9b10.3x11.7x0.7x
Fri, 21 Nov 2025NOK 964.7bNOK 1.4tNOK 81.6b9x11.8x0.7x
Sun, 19 Oct 2025NOK 924.8bNOK 1.4tNOK 105.0b8.6x8.8x0.7x
Tue, 16 Sep 2025NOK 953.4bNOK 1.3tNOK 102.7b8.3x9.3x0.7x
Thu, 14 Aug 2025NOK 960.8bNOK 1.4tNOK 112.9b7.3x8.5x0.7x
Sat, 12 Jul 2025NOK 1.0tNOK 1.4tNOK 126.1b7.2x8x0.7x
Mon, 09 Jun 2025NOK 996.1bNOK 1.4tNOK 126.6b6.5x7.9x0.7x
Wed, 07 May 2025NOK 963.3bNOK 1.4tNOK 134.0b4.3x7.2x0.7x
Fri, 04 Apr 2025NOK 1.0tNOK 1.4tNOK 132.2b4.7x7.8x0.7x
Sun, 02 Mar 2025NOK 1.0tNOK 1.5tNOK 144.0b4.9x7.1x0.7x
Tue, 28 Jan 2025NOK 1.1tNOK 1.5tNOK 152.0b5.7x7.1x0.7x
Thu, 26 Dec 2024NOK 1.0tNOK 1.6tNOK 152.8b4.1x6.7x0.7x
Sat, 23 Nov 2024NOK 1.1tNOK 1.5tNOK 143.5b6.4x7.5x0.7x
Mon, 21 Oct 2024NOK 1.1tNOK 1.5tNOK 147.5b5x7.2x0.7x
Wed, 18 Sep 2024NOK 1.1tNOK 1.4tNOK 143.4b5x7.5x0.8x
Fri, 16 Aug 2024NOK 1.2tNOK 1.4tNOK 143.4b5.6x8.3x0.8x
Sun, 14 Jul 2024NOK 1.2tNOK 1.4tNOK 146.7b5.2x8.2x0.8x
Tue, 11 Jun 2024NOK 1.3tNOK 1.4tNOK 144.2b5.6x8.8x0.9x
Thu, 09 May 2024NOK 1.3tNOK 1.5tNOK 147.4b7.2x8.8x0.9x
Sat, 06 Apr 2024NOK 1.3tNOK 1.5tNOK 167.9b6.9x7.6x0.9x
Mon, 04 Mar 2024NOK 1.1tNOK 1.4tNOK 166.0b5.8x6.9x0.8x
Wed, 31 Jan 2024NOK 1.3tNOK 1.5tNOK 225.9b5.2x5.7x0.9x
Fri, 29 Dec 2023NOK 1.4tNOK 1.5tNOK 220.2b5.3x6.2x0.9x
Sun, 26 Nov 2023NOK 1.5tNOK 1.5tNOK 231.5b5.8x6.4x1x
Tue, 24 Oct 2023NOK 1.5tNOK 1.8tNOK 318.1b5.3x4.8x0.8x
Thu, 21 Sep 2023NOK 1.5tNOK 1.7tNOK 307.6b5.2x4.8x0.8x
Sat, 19 Aug 2023NOK 1.3tNOK 1.7tNOK 302.8b6.7x4.4x0.8x
Mon, 17 Jul 2023NOK 1.3tNOK 1.8tNOK 336.5b6.1x3.8x0.7x
Wed, 14 Jun 2023NOK 1.4tNOK 1.9tNOK 353.5b6.2x3.9x0.7x
Fri, 12 May 2023NOK 1.3tNOK 1.9tNOK 353.9b6.9x3.6x0.7x
Sun, 09 Apr 2023NOK 1.3tNOK 1.9tNOK 351.0b6.7x3.7x0.7x
Tue, 07 Mar 2023NOK 1.4tNOK 1.9tNOK 348.1b7.2x4x0.7x
Thu, 02 Feb 2023NOK 1.4tNOK 1.8tNOK 283.9b7.8x4.8x0.8x
Sat, 31 Dec 2022NOK 1.5tNOK 1.7tNOK 277.9b8.1x5.5x0.9x
Price to Earnings Ratio

5.5x


Total Market Cap: NOK 1.5tTotal Earnings: NOK 277.9bTotal Revenue: NOK 1.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Industry Price to Earnings3Y Average 6.9x202320242025
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 11.7x which is higher than its 3-year average PE of 6.9x.
  • The industry is trading close to its 3-year average PS ratio of 0.77x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 34% per year over the last three years,
  • Revenues have also declined 7.4% 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 Market0.85%
Energy-0.11%
Oil and Gas-0.48%
Oil and Gas Exploration and Production0.96%
Oil and Gas Refining and Marketing0.74%
Integrated Oil and Gas-0.95%
Coal and Fuels-2.26%
Oil and Gas Storage and Transportation-2.38%
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 12.1x.
    • Analysts are expecting annual earnings growth of 20.5%, which is higher than its past year's earnings decline of 2.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 21% over the next 5 years.
  • This is better than its past earnings decline of 2.3% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings decline by 128% 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
BWE BW EnergyNOK 43.9016.1%
+NOK 1.6b		92.1%PE6.1x
BNOR BlueNordNOK 428.507.1%
+NOK 720.3m		-31.0%PS1.2x
VAR Vår EnergiNOK 31.610.9%
+NOK 674.0m		-7.1%PE13.5x

Latest News

HAFNI
NOK 53.52
Hafnia
7D
-5.0%
1Y
-9.1%
BWE
NOK 43.90
BW Energy
7D
16.1%
1Y
92.1%
IOX
NOK 0.57
Interoil Exploration and Production
7D
-37.4%
1Y
-71.6%
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).
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.
BWLPG
NOK 125.50
BWG
7D
1.3%
1Y
4.1%

BWLPG: Dividend Payouts Will Drive Attractive Future Shareholder Returns

Analysts have reduced their price target for BWG by approximately $18 per share. This reflects slightly higher discount rate assumptions, a more cautious view on revenue growth, and meaningfully lower long term profit margin expectations, partly offset by a higher anticipated future P/E multiple.
CLCO
NOK 99.00
Cool
7D
0.9%
1Y
15.1%

CLCO: Cash Merger Proposal Will Anchor Shares With Event Driven Upside Potential

Analysts have reduced their price target on Cool to approximately $98 from about $114. This reflects lower growth expectations, a reduced discount rate, and softer revenue projections, even as profit margins and valuation multiples modestly improve.
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.
DNO
NOK 15.40
DNO
7D
4.5%
1Y
54.5%

DNO: Solid Q3 Delivery And Recent Selloff Will Drive Share Rebound

Analysts have raised their price target on DNO to NOK 18.50 from NOK 17.50, reflecting increased confidence in the company after a solid Q3 report and its attractive valuation following the recent share selloff. Analyst Commentary Bullish analysts highlight that the recent upgrade to a Buy rating aligns with improving fundamentals and a supportive valuation backdrop.
HUNT
NOK 1.75
Hunter Group
7D
-23.2%
1Y
272.3%
ADS
NOK 2.38
ADS Maritime Holding
7D
-4.0%
1Y
20.8%

A Look At The Fair Value Of ADS Maritime Holding Plc (OB:ADS)

Oct 29
A Look At The Fair Value Of ADS Maritime Holding Plc (OB:ADS)