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Norwegian (OSEAX) Oil and Gas Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies20
  • 7D6.8%
  • 3M56.3%
  • 1Y42.2%
  • YTD49.8%

The Oil and Gas industry is up 6.8% in the last week, with Equinor up 8.2%. During this same period, the BlueNord underperformed, falling 6.8%. This means that the industry has gained 42% over the past year. Looking forward, earnings are forecast to grow by 9.3% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026NOK 1.3tNOK 1.2tNOK 58.0b16x23x1.1x
Fri, 20 Feb 2026NOK 1.0tNOK 1.2tNOK 55.5b13.1x18.1x0.8x
Sun, 18 Jan 2026NOK 1.0tNOK 1.4tNOK 78.8b11.6x13x0.7x
Tue, 16 Dec 2025NOK 927.9bNOK 1.4tNOK 79.2b10.3x11.7x0.7x
Thu, 13 Nov 2025NOK 981.4bNOK 1.4tNOK 80.6b9.1x12.2x0.7x
Sat, 11 Oct 2025NOK 956.3bNOK 1.4tNOK 105.8b8.9x9x0.7x
Mon, 08 Sep 2025NOK 949.8bNOK 1.4tNOK 105.0b8.2x9x0.7x
Wed, 06 Aug 2025NOK 983.9bNOK 1.4tNOK 113.7b7.4x8.7x0.7x
Fri, 04 Jul 2025NOK 991.4bNOK 1.4tNOK 126.1b7.2x7.9x0.7x
Sun, 01 Jun 2025NOK 966.6bNOK 1.4tNOK 127.8b6x7.6x0.7x
Tue, 29 Apr 2025NOK 956.2bNOK 1.4tNOK 134.7b4.5x7.1x0.7x
Thu, 27 Mar 2025NOK 1.1tNOK 1.4tNOK 135.0b5.2x8.1x0.8x
Sat, 22 Feb 2025NOK 1.0tNOK 1.5tNOK 144.5b4.3x7.2x0.7x
Mon, 20 Jan 2025NOK 1.2tNOK 1.6tNOK 154.7b5.8x7.5x0.7x
Wed, 18 Dec 2024NOK 1.0tNOK 1.5tNOK 150.7b3.9x6.8x0.7x
Fri, 15 Nov 2024NOK 1.0tNOK 1.5tNOK 144.4b4.7x7.3x0.7x
Sun, 13 Oct 2024NOK 1.1tNOK 1.4tNOK 144.4b5x7.7x0.8x
Tue, 10 Sep 2024NOK 1.1tNOK 1.5tNOK 146.6b4.8x7.3x0.7x
Thu, 08 Aug 2024NOK 1.1tNOK 1.4tNOK 144.4b5.5x7.9x0.8x
Sat, 06 Jul 2024NOK 1.2tNOK 1.4tNOK 142.8b5.5x8.6x0.9x
Mon, 03 Jun 2024NOK 1.3tNOK 1.4tNOK 142.1b6.2x9.2x0.9x
Wed, 01 May 2024NOK 1.3tNOK 1.5tNOK 150.9b7.5x8.5x0.9x
Fri, 29 Mar 2024NOK 1.2tNOK 1.5tNOK 170.2b6.5x7.2x0.8x
Sun, 25 Feb 2024NOK 1.1tNOK 1.4tNOK 165.0b5.3x6.9x0.8x
Tue, 23 Jan 2024NOK 1.2tNOK 1.5tNOK 227.6b5x5.5x0.8x
Thu, 21 Dec 2023NOK 1.4tNOK 1.5tNOK 223.1b5.2x6.1x0.9x
Sat, 18 Nov 2023NOK 1.5tNOK 1.6tNOK 236.0b6x6.2x0.9x
Mon, 16 Oct 2023NOK 1.5tNOK 1.8tNOK 313.8b5.3x4.9x0.9x
Wed, 13 Sep 2023NOK 1.4tNOK 1.7tNOK 307.0b5.4x4.7x0.8x
Fri, 11 Aug 2023NOK 1.4tNOK 1.7tNOK 291.8b7.4x4.6x0.8x
Sun, 09 Jul 2023NOK 1.3tNOK 1.9tNOK 352.6b6.3x3.7x0.7x
Tue, 06 Jun 2023NOK 1.3tNOK 1.9tNOK 367.5b6.8x3.5x0.7x
Thu, 04 May 2023NOK 1.2tNOK 2.0tNOK 353.7b6.8x3.5x0.6x
Sat, 01 Apr 2023NOK 1.3tNOK 1.9tNOK 349.9b6.5x3.7x0.7x
Price to Earnings Ratio

3.7x


Total Market Cap: NOK 1.3tTotal Earnings: NOK 349.9bTotal Revenue: NOK 1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Industry Price to Earnings3Y Average 7.8x202420252026
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 23.0x which is higher than its 3-year average PE of 7.8x.
  • The 3-year average PS ratio of 0.77x is lower than the industry's current PS ratio of 1.1x.
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 Market-0.33%
Energy5.58%
Oil and Gas6.76%
Oil and Gas Refining and Marketing21.15%
Oil and Gas Storage and Transportation12.61%
Integrated Oil and Gas8.22%
Oil and Gas Exploration and Production0.031%
Coal and Fuels0%0
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 16.6x.
    • Analysts are expecting annual earnings growth of 27.9%, 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 28% 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 147% 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 384.308.2%
+NOK 73.1b		42.3%PE19.5x
VAR Vår EnergiNOK 46.085.0%
+NOK 5.5b		40.4%PE15.2x
HAFNI HafniaNOK 72.9014.4%
+NOK 4.6b		57.8%PE11x
BWLPG BWGNOK 165.1018.4%
+NOK 3.9b		35.1%PE10.6x
OET Okeanis Eco TankersNOK 490.0011.1%
+NOK 1.9b		107.6%PE16x

Latest News

AKRBP
NOK 342.20
Aker BP
7D
0.1%
1Y
41.3%

AKRBP: Geopolitical Risk Premium And Cash Returns Will Shape 2026 Oil Outlook

Analyst price targets for Aker BP have shifted, with recent updates clustering around NOK 275 to NOK 330 as analysts reframe their views on geopolitical risk for oil prices and the stock's role as an "undervalued vehicle" for sector exposure. Analyst Commentary Recent research on Aker BP shows a mix of views, with several firms cutting ratings while others highlight the stock as an appealing way to gain exposure to oil.
EQNR
NOK 384.30
Equinor
7D
8.2%
1Y
42.3%

EQNR: Higher Commodity Assumptions And Renewables Execution Will Likely Restrain Future Returns

Equinor's updated analyst price target has moved higher by NOK 49 to NOK 287. Analysts point to revised oil and gas price assumptions, slightly less severe expected revenue declines, a modestly stronger profit margin outlook, and a higher assumed future P/E multiple as key drivers of the change.
BNOR
NOK 544.00
BlueNord
7D
-6.8%
1Y
-16.4%
VAR
NOK 46.08
Vår Energi
7D
5.0%
1Y
40.4%
PEN
NOK 30.85
Panoro Energy
7D
-1.9%
1Y
15.5%

PEN: Future Cash Returns From Equity Raise And Buybacks Look Compelling

Analysts have lifted their price target on Panoro Energy from NOK47.86 to NOK55.69, reflecting updated assumptions for higher revenue growth, a lower discount rate, a revised profit margin profile and a higher future P/E multiple. What's in the News Completed follow-on equity offering of NOK 467.00m, issuing 19,999,999 shares in total at NOK 23.35 per share under Regulation S with a subsequent direct listing feature (Key Developments).
OKEA
NOK 37.85
OKEA
7D
-0.4%
1Y
95.3%
HAFNI
NOK 72.90
Hafnia
7D
14.4%
1Y
57.8%

HAFNI: Future Dividend Plan And Hold Rating Will Shape Balanced Returns

Analysts have trimmed their Hafnia price target from NOK 74.25 to NOK 72.50, reflecting a more cautious stance following a downgrade to Hold and updated expectations around fair value, profit margins and future P/E assumptions. Analyst Commentary Recent research reflects a more neutral stance, with the stock now rated Hold and the price target set at NOK 73.
DNO
NOK 19.26
DNO
7D
2.9%
1Y
40.1%

DNO: Stable North Sea Cash Flows And Acquisitions Will Shape Outlook

Analysts now set a higher price target for DNO at NOK 21.00, up from NOK 18.50. They point to updated assumptions around discount rates, revenue growth, profit margins and future P/E levels.
OET
NOK 490.00
Okeanis Eco Tankers
7D
11.1%
1Y
107.6%

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

Analysts have slightly lifted their price target for Okeanis Eco Tankers to reflect a fair value of around NOK 472 per share, up from roughly NOK 468. They cite unchanged discount rate assumptions, steady long term revenue growth and profit margin forecasts, and a marginally higher future P/E multiple.
CAPT
NOK 128.50
Capital Tankers
7D
6.2%
1Y
n/a
BWLPG
NOK 165.10
BWG
7D
18.4%
1Y
35.1%
ALNG
NOK 3.48
Awilco LNG
7D
-11.3%
1Y
15.6%
ADS
NOK 2.40
ADS Maritime Holding
7D
-7.0%
1Y
23.7%
IOX
NOK 5.19
Interoil Exploration and Production
7D
-11.1%
1Y
223.0%