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Norwegian (OSEAX) Energy Sector Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies50
  • 7D4.7%
  • 3M11.8%
  • 1Y43.5%
  • YTD40.5%

In the last week, the Energy industry is up 4.7%, with Equinor up 5.6%. This takes the industry's 12 month performance to a gain of 43%. Looking forward, earnings are forecast to grow by 5.0% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Jun 2026NOK 1.5tNOK 1.4tNOK 90.4b8.6x17.1x1.1x
Mon, 04 May 2026NOK 1.6tNOK 1.4tNOK 75.4b12.5x21.5x1.1x
Wed, 01 Apr 2026NOK 1.7tNOK 1.5tNOK 77.3b11.9x22.3x1.2x
Fri, 27 Feb 2026NOK 1.5tNOK 1.4tNOK 74.6b12x19.4x1x
Sun, 25 Jan 2026NOK 1.4tNOK 1.6tNOK 94.4b8.8x14.8x0.9x
Tue, 23 Dec 2025NOK 1.3tNOK 1.6tNOK 98.2b8.6x13.2x0.8x
Thu, 20 Nov 2025NOK 1.3tNOK 1.6tNOK 99.9b8.7x12.9x0.8x
Sat, 18 Oct 2025NOK 1.3tNOK 1.6tNOK 121.9b7.6x10.3x0.8x
Mon, 15 Sep 2025NOK 1.3tNOK 1.6tNOK 119.6b7.6x10.9x0.8x
Wed, 13 Aug 2025NOK 1.3tNOK 1.6tNOK 130.5b7.4x9.8x0.8x
Fri, 11 Jul 2025NOK 1.2tNOK 1.6tNOK 141.5b7.3x8.4x0.7x
Sun, 08 Jun 2025NOK 1.2tNOK 1.6tNOK 141.1b6.9x8.3x0.7x
Tue, 06 May 2025NOK 1.1tNOK 1.7tNOK 151.4b5.7x7.3x0.7x
Thu, 03 Apr 2025NOK 1.3tNOK 1.6tNOK 149.5b6.2x8.4x0.8x
Sat, 01 Mar 2025NOK 1.2tNOK 1.7tNOK 160.8b5.8x7.5x0.7x
Mon, 27 Jan 2025NOK 1.3tNOK 1.7tNOK 167.7b6.2x7.5x0.7x
Wed, 25 Dec 2024NOK 1.2tNOK 1.8tNOK 170.7b5.5x7x0.7x
Fri, 22 Nov 2024NOK 1.3tNOK 1.7tNOK 160.4b7x8x0.8x
Sun, 20 Oct 2024NOK 1.2tNOK 1.7tNOK 165.1b6.2x7.5x0.7x
Tue, 17 Sep 2024NOK 1.3tNOK 1.6tNOK 159.6b6.4x7.9x0.8x
Thu, 15 Aug 2024NOK 1.4tNOK 1.6tNOK 157.8b7x8.8x0.8x
Sat, 13 Jul 2024NOK 1.4tNOK 1.6tNOK 158.7b6.8x9x0.9x
Mon, 10 Jun 2024NOK 1.5tNOK 1.6tNOK 158.6b7.9x9.3x0.9x
Wed, 08 May 2024NOK 1.5tNOK 1.7tNOK 159.5b8.6x9.3x0.9x
Fri, 05 Apr 2024NOK 1.5tNOK 1.7tNOK 177.9b8.1x8.2x0.9x
Sun, 03 Mar 2024NOK 1.4tNOK 1.7tNOK 178.9b7.6x7.6x0.8x
Tue, 30 Jan 2024NOK 1.5tNOK 1.7tNOK 237.0b6.8x6.3x0.9x
Thu, 28 Dec 2023NOK 1.6tNOK 1.7tNOK 229.2b6.8x7x0.9x
Sat, 25 Nov 2023NOK 1.7tNOK 1.8tNOK 241.5b6.4x7x1x
Mon, 23 Oct 2023NOK 1.8tNOK 2.0tNOK 323.1b7.7x5.4x0.9x
Wed, 20 Sep 2023NOK 1.7tNOK 2.0tNOK 314.0b7.3x5.4x0.9x
Fri, 18 Aug 2023NOK 1.6tNOK 1.9tNOK 302.1b9.1x5.2x0.8x
Sun, 16 Jul 2023NOK 1.5tNOK 2.0tNOK 336.4b8.1x4.4x0.7x
Tue, 13 Jun 2023NOK 1.5tNOK 2.1tNOK 358.4b8.2x4.1x0.7x
Price to Earnings Ratio

4.1x


Total Market Cap: NOK 1.5tTotal Earnings: NOK 358.4bTotal Revenue: NOK 2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 9.6x202420252026
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 17.1x which is higher than its 3-year average PE of 9.6x.
  • The 3-year average PS ratio of 0.84x 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 37% per year over the last three years,
  • Revenues have also declined 12% 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 Market0.24%
Energy4.65%
Oil and Gas5.07%
Energy Services2.83%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 9.0x.
    • Analysts are expecting annual earnings growth of 3.7%, which is higher than its past year's earnings decline of 46.5% 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 of 2.7x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 11% over the next 5 years.
  • However this is lower than its past earnings growth rate of 15% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 3.7% 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 354.005.6%
+NOK 47.1b		43.7%PE16.9x
AKRBP Aker BPNOK 348.504.8%
+NOK 10.0b		41.8%PE40.5x
SUBC Subsea 7NOK 328.607.7%
+NOK 7.0b		82.3%PE20.9x
VAR Vår EnergiNOK 47.985.4%
+NOK 6.1b		57.1%PE18.1x
BWLPG BWGNOK 195.207.3%
+NOK 2.0b		73.0%PE8.7x

Latest News

PLSV
NOK 47.05
Paratus Energy Services
7D
-2.6%
1Y
41.0%
Analysis Article • 5h

Solid Earnings May Not Tell The Whole Story For Paratus Energy Services (OB:PLSV)

The recent earnings posted by Paratus Energy Services Ltd. ( OB:PLSV ) were solid, but the stock didn't move as much as...
BNOR
NOK 565.00
BlueNord
7D
8.0%
1Y
-3.9%
BWLPG
NOK 195.20
BWG
7D
7.3%
1Y
73.0%
Analysis Article • Jun 05

New Forecasts: Here's What Analysts Think The Future Holds For BW LPG Limited (OB:BWLPG)

BW LPG Limited ( OB:BWLPG ) shareholders will have a reason to smile today, with the analysts making substantial...
VAR
NOK 47.98
Vår Energi
7D
5.4%
1Y
57.1%
Narrative Update • Jun 05

VAR: Project Execution And Steady Volumes Will Shape Balanced Future Returns

Analysts have nudged their average price target for Vår Energi higher to around NOK 49. This reflects a slightly higher assumed fair value and profit margin, set against more cautious revenue growth assumptions and a modestly higher discount rate after a mix of recent upgrades and one downgrade.
SUBC
NOK 328.60
Subsea 7
7D
7.7%
1Y
82.3%
HAFNI
NOK 69.45
Hafnia
7D
-2.7%
1Y
33.8%
Analysis Article • Jun 04

Weak Statutory Earnings May Not Tell The Whole Story For Hafnia (OB:HAFNI)

Investors were disappointed by Hafnia Limited's ( OB:HAFNI ) latest earnings release. Our analysis has found some...
TGS
NOK 144.50
TGS
7D
-4.3%
1Y
73.6%
Narrative Update • Jun 03

TGS: Future Cash Flows Balance Seismic Contract Momentum And Argentina Project Risks

Narrative Update: TGS Analyst Price Target Shift The updated analyst fair value for TGS has moved from NOK 104.49 to NOK 152.77, with analysts pointing to stronger revenue and margin assumptions, as well as a lower implied future P/E, in light of recent bullish research coverage and project updates. Analyst Commentary Recent research has focused on TGS with a generally constructive tone, reflecting optimism around project updates, earnings power and valuation, while still flagging execution and country risk as key issues for readers to watch.
EQNR
NOK 354.00
Equinor
7D
5.6%
1Y
43.7%
ARCH
NOK 24.70
Archer
7D
-7.3%
1Y
5.8%
Narrative Update • Jun 02

ARCH: Long-Term Contract Extensions And Acquisitions Will Support Future Returns

Archer's analyst price target has been adjusted slightly, with fair value now set around NOK 38.94. Analysts have factored in updated assumptions on revenue growth, profit margins, the discount rate, and future P/E levels.
AKRBP
NOK 348.50
Aker BP
7D
4.8%
1Y
41.8%
Narrative Update • May 26

AKRBP: Future Returns Will Depend On Geopolitical Oil Premiums And Capital Discipline

Analysts have nudged their fair value estimate for Aker BP higher, lifting the target from NOK 314.71 to NOK 320.11 as they update assumptions around revenue growth, profit margins and future P/E multiples in light of recent research that is more positive on the stock despite a recent downgrade from one firm. Analyst Commentary Bullish and bearish analysts are split on Aker BP, and that split is feeding directly into how they think about fair value, execution risk and growth potential.
DOFG
NOK 123.50
DOF Group
7D
3.3%
1Y
38.5%
DNO
NOK 19.13
DNO
7D
6.6%
1Y
57.2%
Narrative Update • May 24

DNO: North Sea Production Gains Will Offer Balanced Upside Versus Risk Profile

Analysts now put their average price target for DNO at NOK 20.0 per share, up from NOK 11.1. They cite updated assumptions that include a lower discount rate, reduced revenue growth expectations, a slightly higher profit margin outlook, and a higher future P/E multiple. What's in the News DNO reported operating results for the first quarter of 2026, with gross operated production in Kurdistan at 52,800 boepd and in the North Sea at 7,145 boepd, while net production reached 88,647 boepd in the North Sea and 39,600 boepd in Kurdistan, and equity accounted production in West Africa was 3,424 boepd (Key Developments).
REACH
NOK 5.45
Reach Subsea
7D
-5.1%
1Y
-32.6%
CAPT
NOK 116.36
Capital Tankers
7D
-6.3%
1Y
n/a
REFL
NOK 15.90
ReFuels
7D
-9.7%
1Y
-9.7%
BRUT
NOK 51.00
Bruton
7D
-8.9%
1Y
19.7%