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Norwegian (OSEAX) Energy Sector Analysis

UpdatedApr 10, 2026
DataAggregated Company Financials
Companies49
  • 7D-2.5%
  • 3M46.2%
  • 1Y60.9%
  • YTD46.4%

Over the last 7 days, the Energy industry has dropped 2.5%, driven by Equinor declining 5.0%. In contrast, Subsea 7 has gained 7.0%. This takes the industry's 12 month performance to a gain of 61%. Earnings are forecast to grow by 9.7% annually.

Sector Valuation and Performance

Has the Norwegian Energy Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 10 Apr 2026NOK 1.6tNOK 1.4tNOK 75.8b12.4x21.2x1.1x
Sun, 08 Mar 2026NOK 1.6tNOK 1.5tNOK 77.3b10.8x20.1x1.1x
Tue, 03 Feb 2026NOK 1.4tNOK 1.6tNOK 93.7b8.9x15x0.9x
Thu, 01 Jan 2026NOK 1.3tNOK 1.6tNOK 97.9b8.7x13.6x0.8x
Sat, 29 Nov 2025NOK 1.3tNOK 1.6tNOK 99.9b7.9x12.9x0.8x
Mon, 27 Oct 2025NOK 1.3tNOK 1.6tNOK 122.6b8.2x10.8x0.8x
Wed, 24 Sep 2025NOK 1.3tNOK 1.6tNOK 120.0b7.8x11.2x0.8x
Fri, 22 Aug 2025NOK 1.3tNOK 1.6tNOK 130.7b7.4x10x0.8x
Sun, 20 Jul 2025NOK 1.3tNOK 1.6tNOK 132.2b7.3x9.8x0.8x
Tue, 17 Jun 2025NOK 1.3tNOK 1.6tNOK 138.7b7.2x9.2x0.8x
Thu, 15 May 2025NOK 1.2tNOK 1.7tNOK 149.6b5.5x7.7x0.7x
Sat, 12 Apr 2025NOK 1.1tNOK 1.6tNOK 152.8b5.6x7.2x0.7x
Mon, 10 Mar 2025NOK 1.2tNOK 1.7tNOK 155.8b5.8x7.5x0.7x
Wed, 05 Feb 2025NOK 1.3tNOK 1.7tNOK 169.4b6.2x7.5x0.7x
Fri, 03 Jan 2025NOK 1.3tNOK 1.8tNOK 171.1b6x7.6x0.7x
Sun, 01 Dec 2024NOK 1.3tNOK 1.7tNOK 165.8b6.5x7.6x0.7x
Tue, 29 Oct 2024NOK 1.3tNOK 1.7tNOK 163.5b5.9x7.7x0.7x
Thu, 26 Sep 2024NOK 1.2tNOK 1.6tNOK 159.5b6.5x7.8x0.8x
Sat, 24 Aug 2024NOK 1.4tNOK 1.6tNOK 156.0b6.9x8.7x0.8x
Mon, 22 Jul 2024NOK 1.4tNOK 1.6tNOK 158.7b7x8.9x0.9x
Wed, 19 Jun 2024NOK 1.4tNOK 1.6tNOK 156.7b8.4x9.2x0.9x
Fri, 17 May 2024NOK 1.5tNOK 1.6tNOK 157.9b9.3x9.3x0.9x
Sun, 14 Apr 2024NOK 1.5tNOK 1.7tNOK 180.4b8.4x8.5x0.9x
Tue, 12 Mar 2024NOK 1.4tNOK 1.7tNOK 177.1b7.5x7.7x0.8x
Thu, 08 Feb 2024NOK 1.4tNOK 1.7tNOK 239.1b6.6x5.8x0.8x
Sat, 06 Jan 2024NOK 1.6tNOK 1.7tNOK 233.7b7.2x6.9x0.9x
Mon, 04 Dec 2023NOK 1.6tNOK 1.8tNOK 242.2b6.3x6.8x0.9x
Wed, 01 Nov 2023NOK 1.8tNOK 1.8tNOK 250.6b7.9x7.1x1x
Fri, 29 Sep 2023NOK 1.7tNOK 2.0tNOK 312.9b7.4x5.3x0.9x
Sun, 27 Aug 2023NOK 1.5tNOK 2.0tNOK 309.0b7.5x5x0.8x
Tue, 25 Jul 2023NOK 1.5tNOK 2.0tNOK 335.5b8.3x4.5x0.8x
Thu, 22 Jun 2023NOK 1.5tNOK 2.1tNOK 356.2b8.2x4.3x0.7x
Sat, 20 May 2023NOK 1.5tNOK 2.1tNOK 398.4b8.8x3.7x0.7x
Mon, 17 Apr 2023NOK 1.5tNOK 2.1tNOK 344.4b9x4.4x0.7x
Price to Earnings Ratio

4.4x


Total Market Cap: NOK 1.5tTotal Earnings: NOK 344.4bTotal Revenue: NOK 2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 8.8x202420252026
Current Industry PE
  • Investors are optimistic on the Norwegian Energy industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 21.2x which is higher than its 3-year average PE of 8.8x.
  • The 3-year average PS ratio of 0.81x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 40% 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 sector?

NO Market0.037%
Energy-2.49%
Energy Services2.77%
Oil and Gas-3.56%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 8.1x.
    • Analysts are expecting annual earnings growth of 9.2%, which is higher than its past year's earnings decline of 49.3% per year.
  • Investors are most pessimistic about the Energy Services industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 12% over the next 5 years.
  • However this is lower than its past earnings growth rate of 16% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 9.2% 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
SUBC Subsea 7NOK 311.406.2%
+NOK 5.4b		120.2%PE23.6x
ODL Odfjell DrillingNOK 104.403.0%
+NOK 719.4m		100.4%PE15.2x
AKSO Aker SolutionsNOK 46.803.3%
+NOK 718.8m		64.8%PE8.9x
CAPT Capital TankersNOK 127.403.1%
+NOK 505.9m		n/an/a
VTURA Ventura Offshore HoldingNOK 32.0015.9%
+NOK 465.1m		80.8%PE3.7x

Latest News

COSH
NOK 141.00
Constellation Oil Services Holding
7D
3.7%
1Y
74.1%
VTURA
NOK 32.00
Ventura Offshore Holding
7D
15.9%
1Y
80.8%
AKSO
NOK 46.80
Aker Solutions
7D
3.3%
1Y
64.8%
EQNR
NOK 367.70
Equinor
7D
-7.9%
1Y
50.2%
VAR
NOK 45.69
Vår Energi
7D
-5.1%
1Y
63.3%
DNO
NOK 18.90
DNO
7D
-8.9%
1Y
62.3%
AKRBP
NOK 339.00
Aker BP
7D
-0.4%
1Y
58.6%
SEA1
NOK 30.75
Sea1 Offshore
7D
-12.6%
1Y
83.0%
TGS
NOK 123.00
TGS
7D
-3.1%
1Y
66.0%

TGS: Heavy NGL Project Dependence Will Pressure Future Share Performance

Analysts have raised their TGS price target by NOK 2 to NOK 46, citing updated expectations for higher returns from the company’s largest NGL project following recent clarifications with management. Analyst Commentary The latest move to adjust the TGS price target to NOK 46 reflects updated expectations around the company’s largest NGL project, following recent clarifications with management.
HAFNI
NOK 76.40
Hafnia
7D
1.0%
1Y
73.6%

HAFNI: Hold Downgrade And Upcoming Dividend Will Guide Balanced Return Outlook

Analysts have reduced their price target on Hafnia to NOK 73.00. The shift to a Hold stance reflects their updated view of the shares relative to prior expectations.
OET
NOK 466.50
Okeanis Eco Tankers
7D
-5.8%
1Y
117.5%

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

Analysts have nudged their price target for Okeanis Eco Tankers slightly higher, with fair value moving from about NOK 472.30 to roughly NOK 474.50. This reflects updated assumptions around long term revenue, profit margins and a modestly higher forward P/E of 14.71x versus 13.52x previously.
ODL
NOK 104.40
Odfjell Drilling
7D
3.0%
1Y
100.4%

ODL: Dividend Commitment And Discounted P E Will Support Upside Potential

Analysts have trimmed their 12 month price target on Odfjell Drilling to NOK 110. This reflects slightly higher assumed discount rates, modestly adjusted growth and margin expectations, and a lower future P/E multiple after recent downgrades from DNB Carnegie and SEB Equities.
SUBC
NOK 311.40
Subsea 7
7D
6.2%
1Y
120.2%

SUBC: High Utilization And New Contracts Will Support Future Multiple Reassessment

The updated analyst price target for Subsea 7 moves higher in value, supported by a series of recent target increases from NOK 254 to NOK 320 by major banks, along with analyst commentary around utilization, margins and earnings expectations. Analyst Commentary Recent research points to a cluster of more optimistic views on Subsea 7, with several bullish analysts lifting price targets and highlighting operational execution and earnings potential as key supports for valuation.
BWE
NOK 57.00
BW Energy
7D
-2.2%
1Y
118.4%
CAPT
NOK 127.40
Capital Tankers
7D
3.1%
1Y
n/a
PLSV
NOK 48.00
Paratus Energy Services
7D
3.7%
1Y
40.1%