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Norwegian (OSEAX) Oil and Gas Industry Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies20
  • 7D1.1%
  • 3M6.4%
  • 1Y2.6%
  • YTD8.1%

In the last week, the Oil and Gas industry is up 1.1%, with Equinor up 3.4%. The industry has been flat over the past 12 months despite the gain this week. Earnings are forecast to grow by 9.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026NOK 1.0tNOK 1.3tNOK 67.5b13.6x15.3x0.8x
Mon, 05 Jan 2026NOK 962.8bNOK 1.4tNOK 78.6b10.6x12.3x0.7x
Wed, 03 Dec 2025NOK 918.3bNOK 1.4tNOK 83.1b9.3x11x0.7x
Fri, 31 Oct 2025NOK 972.5bNOK 1.4tNOK 80.6b9x12.1x0.7x
Sun, 28 Sep 2025NOK 1.0tNOK 1.4tNOK 104.2b8.7x9.8x0.8x
Tue, 26 Aug 2025NOK 992.1bNOK 1.4tNOK 108.2b9.1x9.2x0.7x
Thu, 24 Jul 2025NOK 975.4bNOK 1.4tNOK 117.7b7.1x8.3x0.7x
Sat, 21 Jun 2025NOK 1.1tNOK 1.4tNOK 126.6b7.1x8.9x0.8x
Mon, 19 May 2025NOK 994.9bNOK 1.4tNOK 131.6b4.8x7.6x0.7x
Wed, 16 Apr 2025NOK 970.0bNOK 1.4tNOK 136.1b4.3x7.1x0.7x
Fri, 14 Mar 2025NOK 1.0tNOK 1.4tNOK 136.6b4.8x7.5x0.7x
Sun, 09 Feb 2025NOK 1.1tNOK 1.5tNOK 146.1b5.3x7.4x0.7x
Tue, 07 Jan 2025NOK 1.1tNOK 1.5tNOK 152.3b4.5x7.5x0.7x
Thu, 05 Dec 2024NOK 1.1tNOK 1.5tNOK 148.5b5.3x7.3x0.7x
Sat, 02 Nov 2024NOK 1.0tNOK 1.5tNOK 142.3b4.3x7.3x0.7x
Mon, 30 Sep 2024NOK 1.1tNOK 1.4tNOK 141.7b4.9x7.4x0.7x
Wed, 28 Aug 2024NOK 1.2tNOK 1.4tNOK 140.8b5.9x8.2x0.8x
Fri, 26 Jul 2024NOK 1.2tNOK 1.5tNOK 147.4b5.4x7.8x0.8x
Sun, 23 Jun 2024NOK 1.3tNOK 1.4tNOK 143.1b5.3x8.8x0.9x
Tue, 21 May 2024NOK 1.3tNOK 1.4tNOK 145.0b8.3x8.8x0.9x
Thu, 18 Apr 2024NOK 1.3tNOK 1.5tNOK 172.2b6.8x7.5x0.9x
Sat, 16 Mar 2024NOK 1.2tNOK 1.5tNOK 166.7b6.6x7.1x0.8x
Mon, 12 Feb 2024NOK 1.2tNOK 1.4tNOK 169.3b6.2x7x0.8x
Wed, 10 Jan 2024NOK 1.3tNOK 1.5tNOK 224.0b5.3x6x0.9x
Fri, 08 Dec 2023NOK 1.4tNOK 1.6tNOK 235.4b5x5.9x0.9x
Sun, 05 Nov 2023NOK 1.5tNOK 1.6tNOK 241.8b6.2x6.3x1x
Tue, 03 Oct 2023NOK 1.4tNOK 1.8tNOK 310.9b5.3x4.6x0.8x
Thu, 31 Aug 2023NOK 1.4tNOK 1.7tNOK 301.9b5.5x4.5x0.8x
Sat, 29 Jul 2023NOK 1.3tNOK 1.7tNOK 289.9b6.3x4.4x0.8x
Mon, 26 Jun 2023NOK 1.3tNOK 1.9tNOK 359.4b6.3x3.6x0.7x
Wed, 24 May 2023NOK 1.3tNOK 1.9tNOK 365.0b6.7x3.6x0.7x
Fri, 21 Apr 2023NOK 1.3tNOK 1.9tNOK 354.1b6.4x3.7x0.7x
Sun, 19 Mar 2023NOK 1.3tNOK 1.9tNOK 358.3b6.3x3.5x0.6x
Tue, 14 Feb 2023NOK 1.4tNOK 1.8tNOK 329.8b8.2x4.4x0.8x
Price to Earnings Ratio

4.4x


Total Market Cap: NOK 1.4tTotal Earnings: NOK 329.8bTotal Revenue: NOK 1.8tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Industry Price to Earnings3Y Average 7.2x202420252026
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 15.3x which is higher than its 3-year average PE of 7.2x.
  • 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 41% per year over the last three years,
  • Revenues have also declined 11% 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 Market2.65%
Energy1.00%
Oil and Gas1.15%
Integrated Oil and Gas3.39%
Oil and Gas Storage and Transportation2.32%
Oil and Gas Refining and Marketing-0.70%
Coal and Fuels-1.15%
Oil and Gas Exploration and Production-3.75%
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 12.5x.
    • Analysts are expecting annual earnings growth of 16.0%, which is higher than its past year's earnings decline of 19.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings decline of 20% 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 265.703.4%
+NOK 21.4b		0.6%PE13.6x
BWLPG BWGNOK 158.604.5%
+NOK 1.0b		9.3%PE14.7x
BRUT BrutonNOK 53.501.9%
+NOK 561.9m		42.3%PB11.2x
HAFNI HafniaNOK 60.281.8%
+NOK 527.9m		0.5%PE10x
OKEA OKEANOK 26.4012.6%
+NOK 306.5m		36.1%PS0.4x

Latest News

BWE
NOK 44.15
BW Energy
7D
-4.4%
1Y
72.8%
DNO
NOK 15.37
DNO
7D
-5.0%
1Y
23.5%
OKEA
NOK 26.40
OKEA
7D
12.6%
1Y
36.1%

OKEA ASA (OB:OKEA) Just Reported And Analysts Have Been Lifting Their Price Targets

Feb 06
OKEA ASA (OB:OKEA) Just Reported And Analysts Have Been Lifting Their Price Targets
EQNR
NOK 265.70
Equinor
7D
3.4%
1Y
0.6%
HAFNI
NOK 60.28
Hafnia
7D
1.8%
1Y
0.5%

HAFNI: Steady Dividend Policy Will Support Future Returns As Outlook Remains Attractive

Analysts have kept their price target for Hafnia broadly steady, with updated assumptions such as a P/E of about 14.83x. This reflects refined views on discount rate, revenue trends and profit margins rather than a major shift in outlook.
VAR
NOK 34.07
Vår Energi
7D
-2.3%
1Y
-0.6%
OET
NOK 389.00
Okeanis Eco Tankers
7D
0.4%
1Y
39.2%

OET: Equity Issuance And Dividends Will Shape Future Balanced Return Profile

Analysts have raised their price target for Okeanis Eco Tankers to US$434.46 from US$423.86, citing updated assumptions around discount rates, revenue trends and future P/E that they consider a better reflection of the company’s current risk and earnings profile. What's in the News Completed a registered direct follow-on equity offering of common shares totaling about US$130.0m, with 3,611,111 shares offered at US$36 each and a US$1.35 discount per share (Key Developments).
BNOR
NOK 444.50
BlueNord
7D
-0.9%
1Y
-34.1%

BNOR: Extraordinary Dividend And Tyra Reliability Improvements Will Support Further Upside

Analysts have trimmed their fair value estimate for BlueNord from €566.20 to €550.20, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News December 2025 preliminary production was 47.4 mboepd net to BlueNord, with the Tyra hub averaging 25.1 mboepd, described as the highest monthly production since the restart, and work is ongoing to improve reliability and performance at Tyra (company announcement).
BWLPG
NOK 158.60
BWG
7D
4.5%
1Y
9.3%

BWLPG: 2025 Cash Dividend And Higher Multiple Assumptions Will Support Returns

Analysts have raised their price target on BWG from US$146.07 to US$159.75, citing updated assumptions for discount rates, revenue trends, profit margins, and a slightly higher future P/E multiple. What's in the News BWG has approved a cash dividend of US$0.40 per share for the third quarter of 2025, with an equivalent dividend of NOK 4.0474 per share for shares registered with Euronext VPS (Key Developments).
AKRBP
NOK 267.90
Aker BP
7D
-4.8%
1Y
9.3%

AKRBP: Higher Future P/E Will Reflect Mixed Views On 2026 Oil Outlook

Narrative update on Aker BP Analysts have trimmed their average price targets on Aker BP, with one large bank cutting its view to NOK 210 from NOK 220, while another lifted its stance to Buy with a NOK 280 target. This reflects mixed opinions driven by cautious sector views on 2026 oil prices and differing assessments of the company’s earnings potential.
GEOS
NOK 8.40
Golden Energy Offshore Services
7D
-0.7%
1Y
-55.8%
BRUT
NOK 53.50
Bruton
7D
1.9%
1Y
42.3%
HUNT
NOK 2.65
Hunter Group
7D
12.5%
1Y
66.7%
ALNG
NOK 2.80
Awilco LNG
7D
-8.4%
1Y
-17.6%
REFL
NOK 14.20
ReFuels
7D
-0.7%
1Y
18.3%
PNO
NOK 1.60
Petrolia NOCO
7D
6.7%
1Y
n/a