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Norwegian (OSEAX) Oil and Gas Industry Analysis

UpdatedAug 09, 2026
DataAggregated Company Financials
Companies22
  • 7D-2.8%
  • 3M4.1%
  • 1Y42.7%
  • YTD44.9%

Over the last 7 days, the Oil and Gas industry has dropped 2.8%, driven by Equinor declining 3.7%. This takes the industry's 12 month performance to a gain of 43%. Looking forward, earnings are forecast to decline by 7.1% per year.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 09 Aug 2026NOK 1.4tNOK 1.4tNOK 126.0b9.8x10.9x1x
Tue, 07 Jul 2026NOK 1.1tNOK 1.2tNOK 71.6b14.6x15.9x0.9x
Thu, 04 Jun 2026NOK 1.3tNOK 1.2tNOK 67.8b18.3x18.8x1.1x
Sat, 02 May 2026NOK 1.3tNOK 1.2tNOK 55.6b17.4x23.8x1.1x
Mon, 30 Mar 2026NOK 1.4tNOK 1.2tNOK 58.1b16.8x23.9x1.1x
Wed, 25 Feb 2026NOK 1.0tNOK 1.2tNOK 55.3b15x18.2x0.8x
Fri, 23 Jan 2026NOK 974.5bNOK 1.3tNOK 76.5b12.4x12.7x0.7x
Sun, 21 Dec 2025NOK 923.6bNOK 1.4tNOK 79.2b10.4x11.7x0.7x
Tue, 18 Nov 2025NOK 987.9bNOK 1.4tNOK 80.6b9.2x12.3x0.7x
Thu, 16 Oct 2025NOK 940.2bNOK 1.4tNOK 105.6b8.7x8.9x0.7x
Sat, 13 Sep 2025NOK 957.5bNOK 1.3tNOK 103.0b8.3x9.3x0.7x
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
Price to Earnings Ratio

4.4x


Total Market Cap: NOK 1.3tTotal Earnings: NOK 299.9bTotal Revenue: NOK 1.7tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Industry Price to Earnings3Y Average 9.7x202420252026
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 10.9x which is higher than its 3-year average PE of 9.7x.
  • The industry is trading close to its 3-year average PS ratio of 0.81x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 25% per year over the last three years,
  • Revenues have also declined 6.2% 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 Market0.25%
Energy-2.16%
Oil and Gas-2.80%
Oil and Gas Exploration and Production-1.03%
Oil and Gas Storage and Transportation-1.26%
Integrated Oil and Gas-3.73%
Oil and Gas Refining and Marketing-4.38%
Coal and Fuels-4.64%
Industry PE
  • Investors are most optimistic about the Oil and Gas Exploration and Production industry even though it's trading below its 3-year average PE ratio of 23.3x.
    • Analysts are expecting annual earnings growth of 2.5%, which is higher than its past year's earnings decline of 41.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 2.5% over the next 5 years.
  • This is better than its past earnings decline of 41% 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 132.283.3%
+NOK 569.5m		n/an/a
BWE BW EnergyNOK 53.903.9%
+NOK 516.5m		46.9%PE14.7x
OET Okeanis Eco TankersNOK 587.002.1%
+NOK 468.5m		128.4%PE6x
BRUT BrutonNOK 60.807.4%
+NOK 260.1m		61.7%PE1466.6x
OKEA OKEANOK 34.601.9%
+NOK 67.5m		89.1%PS0.4x

Latest News

DNO
NOK 16.74
DNO
7D
0.1%
1Y
16.3%
EQNR
NOK 372.00
Equinor
7D
-3.7%
1Y
47.2%
Narrative Update • Aug 08

EQNR: Gas Price Reliance Will Intensify Pressure On Long Dated Cash Flows

Analysts have trimmed the Equinor fair value estimate from NOK 281.29 to NOK 274.66 as they factor in lower modeled revenue growth, a slightly higher discount rate, and updated views on commodity driven earnings quality reflected in recent price target changes across the Street. Analyst Commentary Recent research on Equinor shows a mixed but increasingly cautious tone, with several bearish analysts trimming price targets and questioning how much upside is left after the stock's recent strength.
GEOS
NOK 7.05
Golden Energy Offshore Services
7D
-35.9%
1Y
-63.6%
VAR
NOK 46.62
Vår Energi
7D
-1.2%
1Y
35.2%
Narrative Update • Aug 07

VAR: BlueNord Merger And Rising Leverage Will Pressure Future Returns

Analysts have trimmed their fair value estimate for Vår Energi, with the implied price target moving from about NOK 39.18 to roughly NOK 41.37. This reflects updated views on balance sheet pressure following the BlueNord acquisition and a higher expected future P/E multiple despite softer revenue growth and profit margins.
OET
NOK 587.00
Okeanis Eco Tankers
7D
2.1%
1Y
128.4%
Narrative Update • Aug 06

OET: Higher Dividend Payout And Revised Assumptions Will Shape Balanced Outlook

Analysts have raised their price target on Okeanis Eco Tankers by about NOK 52. The adjustment reflects updated assumptions for fair value, discount rate, revenue trajectory and profit margins, which together result in a higher expected future P/E multiple.
AKRBP
NOK 330.10
Aker BP
7D
-1.3%
1Y
35.3%
Narrative Update • Aug 05

AKRBP: Future Returns Will Hinge On Project Execution And Capital Discipline

Analysts have lifted their fair value estimate for Aker BP to NOK 329.25 from NOK 320.11, reflecting updated assumptions on revenue growth, profit margins and future P/E expectations after the recent NOK 306 price target and a rating change to Hold from SEB Equities. Analyst Commentary Recent research on Aker BP highlights a shift in tone as some bearish views soften and valuation work is refreshed.
BWLPG
NOK 205.00
BWG
7D
-4.7%
1Y
34.0%
Narrative Update • Aug 04

BWLPG: Higher Margins And Dividends Will Support Future Upside

The analyst price target for BW LPG has been revised lower to NOK 199 from NOK 209, as analysts point to valuation after the recent share price rally and see limited scope for upside versus current consensus expectations. Analyst Commentary Recent research on BW LPG shows a more balanced stance, with some bullish analysts pointing to support for the current valuation and the potential for further delivery on existing expectations.
BWE
NOK 53.90
BW Energy
7D
3.9%
1Y
46.9%
BRUT
NOK 60.80
Bruton
7D
7.4%
1Y
61.7%
OKEA
NOK 34.60
OKEA
7D
1.9%
1Y
89.1%
Narrative Update • Jul 24

OKEA: Higher Production Outlook Will Offset Forthcoming Asset Impairments

Analysts have lifted their price target for OKEA from NOK 28 to NOK 51, citing updates to their models that now reflect a lower discount rate, positive revenue growth of 6.74%, a higher profit margin of 12.61% and a reduced future P/E estimate of 4.85x. What's in the News for OKEA OKEA issued updated production guidance for 2026, narrowing its estimate to 29 to 32 kboepd from a previous range of 31 to 35 kboepd, and raised its 2027 production estimate to 39 to 43 kboepd from 37 to 41 kboepd.
BNOR
NOK 505.00
BlueNord
7D
-1.4%
1Y
5.8%
SNM
NOK 1.19
ShaMaran Petroleum
7D
-2.3%
1Y
n/a
HAFNI
NOK 71.05
Hafnia
7D
-2.3%
1Y
22.8%
PNOR
NOK 10.42
PetroNor E&P
7D
0.2%
1Y
-3.5%
CAPT
NOK 132.28
Capital Tankers
7D
3.3%
1Y
n/a
ADS
NOK 2.68
ADS Maritime Holding
7D
3.1%
1Y
19.6%