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Norwegian (OSEAX) Energy Sector Analysis

UpdatedAug 04, 2026
DataAggregated Company Financials
Companies52
  • 7D1.2%
  • 3M3.6%
  • 1Y42.7%
  • YTD44.7%

In the last week, the Energy industry is up 1.4%, with Equinor up 0.9%. This takes the industry's 12 month performance to a gain of 44%. As for the next few years, earnings are forecast to decline by 4.5% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 04 Aug 2026NOK 1.7tNOK 1.6tNOK 148.8b8.7x11.3x1x
Thu, 02 Jul 2026NOK 1.4tNOK 1.5tNOK 95.6b7.4x14.5x0.9x
Sat, 30 May 2026NOK 1.5tNOK 1.4tNOK 86.4b9.3x17.1x1.1x
Mon, 27 Apr 2026NOK 1.6tNOK 1.4tNOK 74.5b12.1x20.9x1.1x
Wed, 25 Mar 2026NOK 1.8tNOK 1.5tNOK 78.3b11x22.9x1.2x
Fri, 20 Feb 2026NOK 1.4tNOK 1.4tNOK 73.2b10x19.8x1x
Sun, 18 Jan 2026NOK 1.4tNOK 1.6tNOK 98.0b8.4x14.4x0.9x
Tue, 16 Dec 2025NOK 1.3tNOK 1.6tNOK 98.6b8.6x13.2x0.8x
Thu, 13 Nov 2025NOK 1.3tNOK 1.6tNOK 98.9b8.6x13.5x0.8x
Sat, 11 Oct 2025NOK 1.3tNOK 1.6tNOK 122.8b8x10.6x0.8x
Mon, 08 Sep 2025NOK 1.3tNOK 1.6tNOK 122.3b7.4x10.6x0.8x
Wed, 06 Aug 2025NOK 1.3tNOK 1.6tNOK 130.9b7.4x9.9x0.8x
Fri, 04 Jul 2025NOK 1.2tNOK 1.6tNOK 140.9b7.2x8.4x0.7x
Sun, 01 Jun 2025NOK 1.1tNOK 1.6tNOK 144.1b6.6x7.9x0.7x
Tue, 29 Apr 2025NOK 1.1tNOK 1.6tNOK 151.1b6.2x7.3x0.7x
Thu, 27 Mar 2025NOK 1.3tNOK 1.6tNOK 151.6b6.2x8.3x0.8x
Sat, 22 Feb 2025NOK 1.2tNOK 1.7tNOK 163.2b6x7.5x0.7x
Mon, 20 Jan 2025NOK 1.3tNOK 1.8tNOK 171.5b6.4x7.8x0.7x
Wed, 18 Dec 2024NOK 1.2tNOK 1.8tNOK 168.1b5.8x7.1x0.7x
Fri, 15 Nov 2024NOK 1.2tNOK 1.7tNOK 161.7b6.9x7.6x0.7x
Sun, 13 Oct 2024NOK 1.3tNOK 1.6tNOK 160.9b6.3x8.1x0.8x
Tue, 10 Sep 2024NOK 1.3tNOK 1.7tNOK 162.5b6x7.8x0.8x
Thu, 08 Aug 2024NOK 1.3tNOK 1.7tNOK 159.1b6.2x8.5x0.8x
Sat, 06 Jul 2024NOK 1.4tNOK 1.6tNOK 155.6b7.5x9.3x0.9x
Mon, 03 Jun 2024NOK 1.5tNOK 1.6tNOK 154.3b9.2x9.8x0.9x
Wed, 01 May 2024NOK 1.5tNOK 1.7tNOK 162.9b8.3x9x0.9x
Fri, 29 Mar 2024NOK 1.4tNOK 1.7tNOK 183.4b7.6x7.9x0.8x
Sun, 25 Feb 2024NOK 1.3tNOK 1.6tNOK 175.7b7.3x7.6x0.8x
Tue, 23 Jan 2024NOK 1.5tNOK 1.8tNOK 238.9b6.9x6.1x0.8x
Thu, 21 Dec 2023NOK 1.6tNOK 1.7tNOK 234.3b6.7x6.8x0.9x
Sat, 18 Nov 2023NOK 1.7tNOK 1.8tNOK 246.1b6.9x6.8x0.9x
Mon, 16 Oct 2023NOK 1.8tNOK 2.0tNOK 319.2b7.5x5.5x0.9x
Wed, 13 Sep 2023NOK 1.7tNOK 2.0tNOK 312.1b7.4x5.3x0.8x
Fri, 11 Aug 2023NOK 1.6tNOK 1.9tNOK 290.8b9x5.4x0.8x
Price to Earnings Ratio

5.4x


Total Market Cap: NOK 1.6tTotal Earnings: NOK 290.8bTotal Revenue: NOK 1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Norwegian Energy Sector Price to Earnings3Y Average 10.1x202420252026
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 11.5x which is higher than its 3-year average PE of 10.1x.
  • The 3-year average PS ratio of 0.85x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 20% per year over the last three years,
  • Revenues have also declined 4.2% 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 Market1.29%
Energy1.22%
Energy Services2.77%
Oil and Gas0.93%
Industry PE
  • Investors are most optimistic about the Oil and Gas industry which is trading above its 3-year average PE ratio of 9.7x.
    • Analysts are expecting annual earnings decline of 6.8%, which is less than its past year's earnings decline of 8.0%.
  • Investors are most pessimistic about the Energy Services industry, which is trading below its 3-year average of 18.5x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 7.1% over the next 5 years.
  • However this is lower than its past earnings growth rate of 37% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings decline by 6.8% 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 380.900.9%
+NOK 8.3b		47.4%PE10.5x
SUBC Subsea 7NOK 326.807.3%
+NOK 6.6b		67.6%PE16.5x
AKRBP Aker BPNOK 333.701.5%
+NOK 3.0b		37.3%PE15.6x
VAR Vår EnergiNOK 47.160.7%
+NOK 873.7m		34.7%PE9.4x
TGS TGSNOK 129.202.8%
+NOK 687.8m		76.3%PE27.3x

Latest News

SUBC
NOK 326.80
Subsea 7
7D
7.3%
1Y
67.6%
BWE
NOK 52.10
BW Energy
7D
-1.1%
1Y
47.2%
TGS
NOK 129.20
TGS
7D
2.8%
1Y
76.3%
Narrative Update • Jul 31

TGS: Frontier Project Optimism Will Likely Outrun Future Share Performance

Analysts have raised their TGS price target to NOK 70 from roughly NOK 64, reflecting updated assumptions that include a lower discount rate, a higher projected profit margin and a reduced future P/E multiple. These changes come alongside mixed views on the stock, highlighted by a recent downgrade to Hold and its addition to a European conviction list.
DNO
NOK 16.70
DNO
7D
-2.1%
1Y
19.1%
EQNR
NOK 380.90
Equinor
7D
0.9%
1Y
47.4%
VAR
NOK 47.16
Vår Energi
7D
0.7%
1Y
34.7%
VTURA
NOK 28.80
Ventura Offshore Holding
7D
-4.0%
1Y
30.3%
Narrative Update • Jul 24

VTURA: Extended Rig Backlog Will Support Earnings Visibility Into 2026

Analysts have lifted their price target for Ventura Offshore Holding from about NOK 37.13 to around NOK 42.42, citing updated assumptions on the discount rate, revenue growth, profit margin and future P/E as key drivers of the change. What's in the News for Ventura Offshore Holding Ventura Offshore Holding Ltd.
AKRBP
NOK 333.70
Aker BP
7D
1.5%
1Y
37.3%
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 211.40
BWG
7D
1.4%
1Y
42.3%
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.
SOMA
NOK 27.85
Solstad Maritime
7D
-1.1%
1Y
13.0%
HAFNI
NOK 72.65
Hafnia
7D
-0.3%
1Y
20.9%
DOFG
NOK 123.40
DOF Group
7D
-0.4%
1Y
29.3%
Narrative Update • Jun 25

DOFG: Long-Term Brazil Contracts And Dividend Will Support Future Upside

Analysts now see DOF Group as fairly valued at NOK 145.80, refining their price target without a material change in underlying fair value as they factor in a slightly higher discount rate and a modestly lower future P/E assumption. What's in the News for DOF Group The board of directors approved a dividend of US$0.37 per share for DOF Group ASA on 21 May 2026, with last day including right on 27 May 2026, ex-date on 28 May 2026, record date on 29 May 2026, and payment date on 4 June 2026.
OET
NOK 575.00
Okeanis Eco Tankers
7D
2.0%
1Y
121.6%
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...
COSH
NOK 138.00
Constellation Oil Services Holding
7D
-1.4%
1Y
72.5%
PNOR
NOK 10.12
PetroNor E&P
7D
-5.9%
1Y
-6.3%
CAPT
NOK 130.04
Capital Tankers
7D
1.7%
1Y
n/a