Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Norwegian (OSEAX) Energy Sector Analysis

UpdatedJan 16, 2026
DataAggregated Company Financials
Companies52
  • 7D5.3%
  • 3M10.1%
  • 1Y-6.7%
  • YTD2.9%

Over the last 7 days, the Energy industry has risen 6.6%, driven by gains from Equinor of 6.3%. In the same time, ReFuels was down 7.9%. However, the industry is down 6.7% over the past year. Looking forward, earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 16 Jan 2026NOK 1.4tNOK 1.6tNOK 98.2b8.4x14.1x0.9x
Sun, 14 Dec 2025NOK 1.3tNOK 1.6tNOK 98.4b8.1x13.3x0.8x
Tue, 11 Nov 2025NOK 1.3tNOK 1.6tNOK 100.1b7.9x13.1x0.8x
Thu, 09 Oct 2025NOK 1.3tNOK 1.6tNOK 121.1b7.8x11.1x0.8x
Sat, 06 Sep 2025NOK 1.3tNOK 1.6tNOK 121.8b7.4x10.6x0.8x
Mon, 04 Aug 2025NOK 1.3tNOK 1.6tNOK 130.9b7.2x9.9x0.8x
Wed, 02 Jul 2025NOK 1.2tNOK 1.6tNOK 140.9b6.9x8.6x0.7x
Fri, 30 May 2025NOK 1.2tNOK 1.6tNOK 142.7b6.5x8.1x0.7x
Sun, 27 Apr 2025NOK 1.1tNOK 1.6tNOK 152.4b6x7.2x0.7x
Tue, 25 Mar 2025NOK 1.2tNOK 1.6tNOK 150.9b6.4x8.2x0.8x
Thu, 20 Feb 2025NOK 1.2tNOK 1.7tNOK 162.1b6x7.4x0.7x
Sat, 18 Jan 2025NOK 1.3tNOK 1.8tNOK 171.0b6.4x7.8x0.8x
Mon, 16 Dec 2024NOK 1.2tNOK 1.7tNOK 167.4b6x7.3x0.7x
Wed, 13 Nov 2024NOK 1.2tNOK 1.7tNOK 160.2b6.8x7.4x0.7x
Fri, 11 Oct 2024NOK 1.3tNOK 1.7tNOK 161.4b6.4x8x0.8x
Sun, 08 Sep 2024NOK 1.3tNOK 1.7tNOK 160.7b5.9x7.9x0.8x
Tue, 06 Aug 2024NOK 1.3tNOK 1.7tNOK 162.6b6x8.1x0.8x
Thu, 04 Jul 2024NOK 1.5tNOK 1.6tNOK 155.6b7.6x9.4x0.9x
Sat, 01 Jun 2024NOK 1.5tNOK 1.6tNOK 154.3b9.2x9.8x0.9x
Mon, 29 Apr 2024NOK 1.5tNOK 1.7tNOK 161.7b8.4x9.2x0.9x
Wed, 27 Mar 2024NOK 1.4tNOK 1.7tNOK 181.9b7.5x7.9x0.8x
Fri, 23 Feb 2024NOK 1.3tNOK 1.6tNOK 174.1b7.1x7.7x0.8x
Sun, 21 Jan 2024NOK 1.5tNOK 1.8tNOK 238.3b7x6.2x0.8x
Tue, 19 Dec 2023NOK 1.6tNOK 1.7tNOK 236.4b6.6x6.6x0.9x
Thu, 16 Nov 2023NOK 1.7tNOK 1.8tNOK 243.5b7.3x7x1x
Sat, 14 Oct 2023NOK 1.8tNOK 2.0tNOK 320.1b7.5x5.5x0.9x
Mon, 11 Sep 2023NOK 1.6tNOK 2.0tNOK 311.9b7.4x5.3x0.8x
Wed, 09 Aug 2023NOK 1.5tNOK 1.9tNOK 292.5b8.7x5.1x0.8x
Fri, 07 Jul 2023NOK 1.5tNOK 2.1tNOK 357.0b7.7x4.1x0.7x
Sun, 04 Jun 2023NOK 1.5tNOK 2.1tNOK 367.0b8.4x4x0.7x
Tue, 02 May 2023NOK 1.5tNOK 2.1tNOK 388.0b8.9x3.8x0.7x
Thu, 30 Mar 2023NOK 1.4tNOK 2.1tNOK 386.7b7.8x3.7x0.7x
Sat, 25 Feb 2023NOK 1.6tNOK 2.0tNOK 391.8b8x4x0.8x
Mon, 23 Jan 2023NOK 1.5tNOK 1.9tNOK 323.5b8.3x4.7x0.8x
Price to Earnings Ratio

4.7x


Total Market Cap: NOK 1.5tTotal Earnings: NOK 323.5bTotal Revenue: NOK 1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 7.6x202420252026
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 14.3x which is higher than its 3-year average PE of 7.6x.
  • The industry is trading close to its 3-year average PS ratio of 0.80x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 33% per year over the last three years,
  • Revenues have also declined 5.4% 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 Market2.68%
Energy5.33%
Oil and Gas5.93%
Energy Services3.84%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 43.9%, which is higher than its past year's earnings growth of 28.7% per year.
  • Investors are most pessimistic about the Oil and Gas industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 7.0x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 44% over the next 5 years.
  • This is better than its past earnings growth rate of 29% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 8.7% 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 247.406.3%
+NOK 36.5b		-13.2%PE10.7x
AKRBP Aker BPNOK 270.306.6%
+NOK 10.6b		6.4%PE20.1x
VAR Vår EnergiNOK 33.846.5%
+NOK 5.1b		-12.1%PE14.4x
COSH Constellation Oil Services HoldingNOK 119.002.6%
+NOK 4.6b		n/aPS33.2x
SUBC Subsea 7NOK 221.005.5%
+NOK 3.4b		12.1%PE22.5x

Latest News

VAR
NOK 33.84
Vår Energi
7D
6.5%
1Y
-12.1%
TGS
NOK 97.95
TGS
7D
8.2%
1Y
-21.6%
NORAM
NOK 33.55
NorAm Drilling
7D
-0.7%
1Y
-4.8%
DDRIL
NOK 2.46
Dolphin Drilling
7D
-8.9%
1Y
-99.8%

The Market Doesn't Like What It Sees From Dolphin Drilling AS' (OB:DDRIL) Revenues Yet

Jan 13
The Market Doesn't Like What It Sees From Dolphin Drilling AS' (OB:DDRIL) Revenues Yet
BNOR
NOK 422.50
BlueNord
7D
-0.5%
1Y
-38.7%

BNOR: Extraordinary Dividend And Rising Output Will Support Further Shareholder Upside

Narrative Update on BlueNord Analysts have kept their fair value estimate for BlueNord steady at €566.20 per share, with only small model tweaks to the discount rate, revenue growth, profit margin, and forward P/E assumptions behind the updated price target view. What's in the News December 2025 preliminary production was 47.4 mboepd net to BlueNord, with the Tyra hub averaging 25.1 mboepd, the highest monthly level since Tyra restarted, and work continuing to improve reliability and performance at the field (company announcement of operating results).
BWLPG
NOK 143.20
BWG
7D
4.0%
1Y
-1.7%

BWLPG: Upcoming 2025 Dividend Payouts Will Support Steady Future Returns

Analysts have made a small upward adjustment to their price target for BWG to reflect a slightly higher fair value estimate of $146.07. This is underpinned by a modestly lower discount rate and a marginally higher assumed future P/E of 17.10, while revenue growth and profit margin assumptions remain effectively unchanged.
EQNR
NOK 247.40
Equinor
7D
6.3%
1Y
-13.2%

EQNR: Renewables Execution Risks And Capital Returns Will Guide Future Cash Generation

Narrative Update on Equinor Our analyst price target for Equinor has been reduced by NOK 3.51 to NOK 238.78, as analysts factor in lower Street targets and concerns around renewables execution risk and capital distribution capacity highlighted in recent research updates. Analyst Commentary Recent Street research on Equinor leans cautious overall, with several firms trimming price targets and questioning the balance between growth plans and capital returns.
AKRBP
NOK 270.30
Aker BP
7D
6.6%
1Y
6.4%

AKRBP: Revised Earnings Assumptions Will Support Higher Future P/E Multiple

Analysts have lifted their fair value estimate for Aker BP to $320 from $300, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E that they see as better reflecting the stock's current risk and earnings profile. Analyst Commentary Bullish analysts point to the revised fair value estimate of $320 as a sign that updated assumptions on discount rates, revenue growth, profit margins and future P/E now align more closely with how they see Aker BP's risk and earnings profile.
SUBC
NOK 221.00
Subsea 7
7D
5.5%
1Y
12.1%

SUBC: Offshore Contract Backlog And Margin Outlook Will Shape Balanced Prospects

Analysts have nudged their fair value estimate for Subsea 7 slightly higher to NOK 228.39, while Street targets have moved from NOK 212 to NOK 208, reflecting updated views on revenue growth, profitability and the appropriate P/E multiple. Analyst Commentary Bullish Takeaways Bullish analysts see the updated fair value estimate of NOK 228.39 as leaving a modest gap to the revised NOK 208 target.
COSH
NOK 119.00
Constellation Oil Services Holding
7D
2.6%
1Y
n/a
PRS
NOK 3.41
Prosafe
7D
-1.7%
1Y
-70.3%
GEOS
NOK 6.60
Golden Energy Offshore Services
7D
-8.1%
1Y
-65.8%
OTL
NOK 57.00
Odfjell Technology
7D
-2.7%
1Y
19.0%
DOFG
NOK 107.20
DOF Group
7D
9.7%
1Y
12.3%

DOFG: Expanded Brazilian Contracts Will Drive Earnings Momentum Into 2027

Analysts have raised their price target on DOF Group from NOK 125 to NOK 131.33, citing adjustments to discount rates and updated profit expectations. This comes despite a more conservative outlook on revenue growth and profit margins.
ADS
NOK 2.24
ADS Maritime Holding
7D
-7.4%
1Y
10.9%

A Look At The Fair Value Of ADS Maritime Holding Plc (OB:ADS)

Oct 29
A Look At The Fair Value Of ADS Maritime Holding Plc (OB:ADS)
REFL
NOK 13.90
ReFuels
7D
-7.9%
1Y
27.5%