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Norwegian (OSEAX) Oil and Gas Industry Analysis

UpdatedJul 25, 2026
DataAggregated Company Financials
Companies22
  • 7D8.2%
  • 3M6.9%
  • 1Y47.9%
  • YTD51.5%

Over the last 7 days, the Oil and Gas industry has risen 12%, driven by gains from Equinor of 9.6%. In the same time, ShaMaran Petroleum was down 9.1%. This takes the industry's 12 month performance to a gain of 49%. As for the next few years, earnings are forecast to decline by 6.6% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 25 Jul 2026NOK 1.4tNOK 1.4tNOK 124.8b11.1x11.6x1x
Mon, 22 Jun 2026NOK 1.1tNOK 1.2tNOK 70.9b14.7x16.2x0.9x
Wed, 20 May 2026NOK 1.3tNOK 1.2tNOK 64.9b15.9x20.6x1.1x
Fri, 17 Apr 2026NOK 1.3tNOK 1.2tNOK 55.8b16.8x22.7x1.1x
Sun, 15 Mar 2026NOK 1.2tNOK 1.2tNOK 58.3b13.9x20.1x0.9x
Tue, 10 Feb 2026NOK 1.0tNOK 1.3tNOK 67.5b13.6x15.3x0.8x
Thu, 08 Jan 2026NOK 932.7bNOK 1.4tNOK 78.7b10.6x11.9x0.7x
Sat, 06 Dec 2025NOK 941.5bNOK 1.4tNOK 79.0b10.3x11.9x0.7x
Mon, 03 Nov 2025NOK 970.4bNOK 1.4tNOK 81.1b9x12x0.7x
Wed, 01 Oct 2025NOK 969.1bNOK 1.4tNOK 104.3b8.8x9.3x0.7x
Fri, 29 Aug 2025NOK 971.0bNOK 1.4tNOK 104.9b9.1x9.3x0.7x
Sun, 27 Jul 2025NOK 979.5bNOK 1.4tNOK 112.5b7.5x8.7x0.7x
Tue, 24 Jun 2025NOK 1.1tNOK 1.4tNOK 126.3b7.2x8.9x0.8x
Thu, 22 May 2025NOK 985.5bNOK 1.4tNOK 127.7b5.5x7.7x0.7x
Sat, 19 Apr 2025NOK 969.1bNOK 1.4tNOK 134.0b4.2x7.2x0.7x
Mon, 17 Mar 2025NOK 1.0tNOK 1.4tNOK 136.0b4.7x7.5x0.7x
Wed, 12 Feb 2025NOK 1.1tNOK 1.5tNOK 144.4b4.8x7.9x0.8x
Fri, 10 Jan 2025NOK 1.2tNOK 1.6tNOK 153.9b4.3x7.5x0.7x
Sun, 08 Dec 2024NOK 1.0tNOK 1.5tNOK 150.1b5.1x7x0.7x
Tue, 05 Nov 2024NOK 1.0tNOK 1.5tNOK 141.6b4.3x7.4x0.7x
Thu, 03 Oct 2024NOK 1.1tNOK 1.4tNOK 143.2b4.8x7.6x0.8x
Sat, 31 Aug 2024NOK 1.1tNOK 1.4tNOK 142.8b5.3x8x0.8x
Mon, 29 Jul 2024NOK 1.2tNOK 1.5tNOK 147.2b5.4x7.9x0.8x
Wed, 26 Jun 2024NOK 1.3tNOK 1.4tNOK 143.5b5.3x8.8x0.9x
Fri, 24 May 2024NOK 1.3tNOK 1.4tNOK 144.3b8.5x9.1x0.9x
Sun, 21 Apr 2024NOK 1.3tNOK 1.5tNOK 172.6b6.7x7.4x0.8x
Tue, 19 Mar 2024NOK 1.2tNOK 1.5tNOK 167.3b6.5x7.2x0.8x
Thu, 15 Feb 2024NOK 1.1tNOK 1.4tNOK 166.2b6.2x6.9x0.8x
Sat, 13 Jan 2024NOK 1.3tNOK 1.5tNOK 222.8b5.3x6x0.9x
Mon, 11 Dec 2023NOK 1.4tNOK 1.6tNOK 236.0b5.1x5.9x0.9x
Wed, 08 Nov 2023NOK 1.5tNOK 1.6tNOK 245.3b6x6.1x0.9x
Fri, 06 Oct 2023NOK 1.4tNOK 1.8tNOK 314.9b5x4.4x0.8x
Sun, 03 Sep 2023NOK 1.4tNOK 1.7tNOK 306.5b5.4x4.5x0.8x
Tue, 01 Aug 2023NOK 1.3tNOK 1.6tNOK 288.5b6.5x4.5x0.8x
Price to Earnings Ratio

4.5x


Total Market Cap: NOK 1.3tTotal Earnings: NOK 288.5bTotal Revenue: NOK 1.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Oil and Gas Industry Price to Earnings3Y Average 9.6x202420252026
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 9.6x.
  • The 3-year average PS ratio of 0.81x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have declined 24% per year over the last three years,
  • Revenues have also declined 4.8% 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 Market3.10%
Energy7.46%
Oil and Gas8.18%
Integrated Oil and Gas9.58%
Oil and Gas Exploration and Production5.85%
Oil and Gas Storage and Transportation5.23%
Coal and Fuels3.11%
Oil and Gas Refining and Marketing2.52%
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 2.4%, which is higher than its past year's earnings decline of 44.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas Exploration and Production industry, expecting annual earnings growth of 2.4% over the next 5 years.
  • This is better than its past earnings decline of 45% 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
EQNR EquinorNOK 392.509.6%
+NOK 81.3b		52.4%PE10.7x
VAR Vår EnergiNOK 48.719.7%
+NOK 10.8b		40.6%PE9.7x
AKRBP Aker BPNOK 340.503.9%
+NOK 8.0b		38.1%PE15.8x
BWLPG BWGNOK 210.607.4%
+NOK 2.2b		52.2%PE9.3x
HAFNI HafniaNOK 74.155.0%
+NOK 1.7b		32.4%PE8.5x

Latest News

VAR
NOK 48.71
Vår Energi
7D
9.7%
1Y
40.6%
Analysis Article • Jul 24

Vår Energi ASA Just Beat EPS By 55%: Here's What Analysts Think Will Happen Next

Shareholders of Vår Energi ASA ( OB:VAR ) will be pleased this week, given that the stock price is up 13% to kr49.30...
EQNR
NOK 392.50
Equinor
7D
9.6%
1Y
52.4%
AKRBP
NOK 340.50
Aker BP
7D
3.9%
1Y
38.1%
Narrative Update • Jul 22

AKRBP: Strong Cash Generation And Buyback Plan Will Support Future Upside

Aker BP’s updated fair value estimate moves from NOK 330 to NOK 390. Analysts point to the recent upgrade to Hold and the NOK 306 price target as part of a more balanced view on the stock’s risk and reward profile.
BWLPG
NOK 210.60
BWG
7D
7.4%
1Y
52.2%
Narrative Update • Jul 21

BWLPG: Cautious Rating Shifts Will Shape Returns After Recent Rally

BW LPG's updated analyst price target of NOK 196.76, up from NOK 132.24, reflects analysts' view that recent rating changes and valuation checks now leave more limited upside after the stock's rally. Analyst Commentary Recent research on BW LPG highlights a more cautious tone, with several bearish analysts pointing to valuation constraints after the stock's rally.
BNOR
NOK 523.00
BlueNord
7D
8.8%
1Y
3.2%
SNM
NOK 1.21
ShaMaran Petroleum
7D
-9.1%
1Y
n/a
HAFNI
NOK 74.15
Hafnia
7D
5.0%
1Y
32.4%
DNO
NOK 17.97
DNO
7D
5.5%
1Y
28.2%
OET
NOK 562.00
Okeanis Eco Tankers
7D
5.4%
1Y
128.9%
Analysis Article • Jun 18

Okeanis Eco Tankers (OB:OET) Stock Could Be 10% Undervalued After Q1 Results And Dividend

Okeanis Eco Tankers (OB:OET) is back on investor radars after first quarter results showed strong revenue and earnings, a $2-per-share dividend declaration, and fresh loan facilities tied to a growing tanker fleet. See our latest analysis for Okeanis Eco Tankers. At a share price of NOK492.0, Okeanis Eco Tankers has seen a 7 day share price return of 4.90% and a year to date share price return of 51.62%, while the 1 year total shareholder return of 131.99% reflects performance supported by...