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Norwegian (OSEAX) Oil and Gas Industry Analysis

UpdatedMay 09, 2026
DataAggregated Company Financials
Companies20
  • 7D-7.7%
  • 3M27.0%
  • 1Y43.8%
  • YTD37.3%

Over the last 7 days, the Oil and Gas industry has dropped 7.7%, driven by a pullback from Equinor of 9.0%. On the other hand PetroNor E&P is actually up 18%. In the past year, the industry has gained 44%. Earnings are forecast to grow by 5.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 11 May 2026NOK 1.2tNOK 1.2tNOK 63.3b17.3x19.3x1.1x
Wed, 08 Apr 2026NOK 1.4tNOK 1.2tNOK 57.4b17.4x24.7x1.2x
Fri, 06 Mar 2026NOK 1.1tNOK 1.2tNOK 57.8b15.6x18.9x0.9x
Sun, 01 Feb 2026NOK 1.0tNOK 1.3tNOK 74.6b11.6x13.7x0.8x
Tue, 30 Dec 2025NOK 939.3bNOK 1.4tNOK 78.5b10.4x12x0.7x
Thu, 27 Nov 2025NOK 921.2bNOK 1.4tNOK 81.4b9.3x11.3x0.7x
Sat, 25 Oct 2025NOK 977.6bNOK 1.4tNOK 105.5b8.6x9.3x0.7x
Mon, 22 Sep 2025NOK 965.2bNOK 1.4tNOK 103.9b8.2x9.3x0.7x
Wed, 20 Aug 2025NOK 948.4bNOK 1.4tNOK 113.8b7.2x8.3x0.7x
Fri, 18 Jul 2025NOK 994.7bNOK 1.4tNOK 120.1b7.2x8.3x0.7x
Sun, 15 Jun 2025NOK 1.1tNOK 1.4tNOK 123.9b6.9x8.9x0.8x
Tue, 13 May 2025NOK 985.4bNOK 1.4tNOK 134.1b4.6x7.3x0.7x
Thu, 10 Apr 2025NOK 929.3bNOK 1.4tNOK 137.6b4x6.8x0.6x
Sat, 08 Mar 2025NOK 1.0tNOK 1.4tNOK 138.5b4.6x7.2x0.7x
Mon, 03 Feb 2025NOK 1.1tNOK 1.5tNOK 154.0b5.4x7.2x0.7x
Wed, 01 Jan 2025NOK 1.1tNOK 1.6tNOK 153.5b4.1x6.9x0.7x
Fri, 29 Nov 2024NOK 1.1tNOK 1.5tNOK 148.2b5.5x7.3x0.7x
Sun, 27 Oct 2024NOK 1.1tNOK 1.5tNOK 145.4b4.6x7.7x0.8x
Tue, 24 Sep 2024NOK 1.1tNOK 1.4tNOK 141.8b4.8x7.4x0.7x
Thu, 22 Aug 2024NOK 1.1tNOK 1.4tNOK 140.6b5.9x8.2x0.8x
Sat, 20 Jul 2024NOK 1.2tNOK 1.4tNOK 144.2b5.6x8.2x0.8x
Mon, 17 Jun 2024NOK 1.2tNOK 1.4tNOK 144.5b5x8.5x0.9x
Wed, 15 May 2024NOK 1.3tNOK 1.4tNOK 146.0b7.5x9x0.9x
Fri, 12 Apr 2024NOK 1.3tNOK 1.5tNOK 169.2b7x7.7x0.9x
Sun, 10 Mar 2024NOK 1.2tNOK 1.4tNOK 163.8b6.4x7.1x0.8x
Tue, 06 Feb 2024NOK 1.3tNOK 1.5tNOK 229.7b5x5.5x0.8x
Thu, 04 Jan 2024NOK 1.4tNOK 1.5tNOK 224.4b5.3x6.2x0.9x
Sat, 02 Dec 2023NOK 1.4tNOK 1.5tNOK 230.9b5.4x6.2x0.9x
Mon, 30 Oct 2023NOK 1.5tNOK 1.6tNOK 244.6b5.8x6.3x1x
Wed, 27 Sep 2023NOK 1.4tNOK 1.8tNOK 310.6b5.1x4.6x0.8x
Fri, 25 Aug 2023NOK 1.3tNOK 1.7tNOK 304.7b5.6x4.4x0.8x
Sun, 23 Jul 2023NOK 1.3tNOK 1.8tNOK 337.0b6.2x3.8x0.7x
Tue, 20 Jun 2023NOK 1.3tNOK 1.9tNOK 354.3b6.7x3.8x0.7x
Thu, 18 May 2023NOK 1.3tNOK 1.9tNOK 358.0b6x3.6x0.7x
Price to Earnings Ratio

3.6x


Total Market Cap: NOK 1.3tTotal Earnings: NOK 358.0bTotal Revenue: NOK 1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Industry Price to Earnings3Y Average 8.7x202420252026
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 19.3x which is higher than its 3-year average PE of 8.6x.
  • The 3-year average PS ratio of 0.79x 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 44% per year over the last three years,
  • Revenues have also declined 15% 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-2.98%
Energy-7.07%
Oil and Gas-7.74%
Coal and Fuels6.50%
Oil and Gas Storage and Transportation0.32%
Oil and Gas Refining and Marketing-4.74%
Oil and Gas Exploration and Production-6.79%
Integrated Oil and Gas-9.01%
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 21.3x.
    • Analysts are expecting annual earnings growth of 23.6%, which is higher than its past year's earnings decline of 64.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings decline of 64% per year.
  • In contrast, the Oil and Gas Refining and Marketing industry is expected to see its earnings decline by 104% 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
PNOR PetroNor E&PNOK 17.2218.4%
+NOK 381.5m		32.9%PE36.5x
BWLPG BWGNOK 187.501.3%
+NOK 364.4m		73.8%PE12.8x
BRUT BrutonNOK 56.6011.4%
+NOK 359.2m		50.5%PE1410.7x
OET Okeanis Eco TankersNOK 522.001.4%
+NOK 273.3m		113.9%PE18x
HUNT Hunter GroupNOK 6.256.5%
+NOK 51.2m		477.6%PE6.5x

Latest News

DNO
NOK 18.80
DNO
7D
-5.2%
1Y
55.6%
EQNR
NOK 338.30
Equinor
7D
-9.0%
1Y
42.0%
Narrative Update • May 08

EQNR: Higher Discount-Rate Assumptions Will Increase Sensitivity To Commodity Price Volatility

Equinor's updated analyst price target has been raised by about NOK 41 to NOK 280.69, as analysts balance a mix of recent target hikes from banks such as JPMorgan, Berenberg, Citi, HSBC and BofA, along with a wider range of upgrades and downgrades across the stock. Analyst Commentary Recent research on Equinor shows a split view, with several banks lifting price targets while others pull back or turn more cautious.
CAPT
NOK 123.64
Capital Tankers
7D
-1.9%
1Y
n/a
PNOR
NOK 17.22
PetroNor E&P
7D
18.4%
1Y
32.9%
AKRBP
NOK 333.80
Aker BP
7D
-7.4%
1Y
43.3%
BNOR
NOK 575.00
BlueNord
7D
-2.4%
1Y
-4.5%
HUNT
NOK 6.25
Hunter Group
7D
6.5%
1Y
477.6%
OET
NOK 522.00
Okeanis Eco Tankers
7D
1.4%
1Y
113.9%
BWLPG
NOK 187.50
BWG
7D
1.3%
1Y
73.8%
Narrative Update • May 03

BWLPG: Future Dividends And Charter Coverage Will Balance Softer Shipping Sentiment

BWG's updated analyst price target rises from NOK 162 to NOK 177, reflecting analysts' slightly higher fair value, a small improvement in expected revenue trends and margins, and a modestly higher assumed future P/E multiple. Analyst Commentary Recent Street research on BWG shows a mixed stance, with some analysts raising their fair value estimates while others turn more cautious on the shipping cycle and demand outlook.
VAR
NOK 44.17
Vår Energi
7D
-5.9%
1Y
54.0%
HAFNI
NOK 81.55
Hafnia
7D
-0.7%
1Y
56.5%
GEOS
NOK 8.90
Golden Energy Offshore Services
7D
4.7%
1Y
-49.1%
BWE
NOK 52.70
BW Energy
7D
-8.7%
1Y
61.2%
Analysis Article • Apr 15

Analysts Just Published A Bright New Outlook For BW Energy Limited's (OB:BWE)

BW Energy Limited ( OB:BWE ) shareholders will have a reason to smile today, with the analysts making substantial...
NOSN
NOK 1.31
NOS Nova
7D
6.5%
1Y
9.6%
BRUT
NOK 56.60
Bruton
7D
11.4%
1Y
50.5%