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U.S. Energy Sector Analysis

UpdatedMar 13, 2026
DataAggregated Company Financials
Companies434
  • 7D1.1%
  • 3M25.3%
  • 1Y30.0%
  • YTD24.0%

The Energy industry is up 1.1% in the last week, with Chevron up 3.7%. In the same time, SLB was down 6.0%. This means that the industry has gained 30% over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

Has the U.S. Energy Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Mar 2026US$2.9tUS$1.9tUS$130.6b17.8x22.3x1.5x
Sun, 08 Feb 2026US$2.7tUS$1.9tUS$128.1b16.5x21.3x1.5x
Tue, 06 Jan 2026US$2.4tUS$1.9tUS$126.3b16.3x19.1x1.3x
Thu, 04 Dec 2025US$2.3tUS$1.9tUS$124.8b15.7x18.8x1.3x
Sat, 01 Nov 2025US$2.3tUS$1.9tUS$128.4b14.3x17.8x1.2x
Mon, 29 Sep 2025US$2.4tUS$1.9tUS$125.9b14.3x19.1x1.3x
Wed, 27 Aug 2025US$2.3tUS$1.9tUS$126.2b13.4x18.2x1.2x
Fri, 25 Jul 2025US$2.3tUS$1.9tUS$132.7b12.4x17.2x1.2x
Sun, 22 Jun 2025US$2.3tUS$1.9tUS$134.4b12.4x17.4x1.2x
Tue, 20 May 2025US$2.2tUS$1.9tUS$134.5b11.4x16.7x1.2x
Thu, 17 Apr 2025US$2.1tUS$1.9tUS$143.8b11.2x14.5x1.1x
Sat, 15 Mar 2025US$2.3tUS$1.9tUS$144.0b12.6x15.8x1.2x
Mon, 10 Feb 2025US$2.3tUS$1.9tUS$154.8b12.3x15.1x1.2x
Wed, 08 Jan 2025US$2.3tUS$1.9tUS$158.5b11.8x14.6x1.2x
Fri, 06 Dec 2024US$2.4tUS$1.9tUS$158.5b12x15.2x1.2x
Sun, 03 Nov 2024US$2.3tUS$1.9tUS$163.8b11.2x13.9x1.2x
Tue, 01 Oct 2024US$2.3tUS$2.0tUS$172.6b11.4x13.2x1.2x
Thu, 29 Aug 2024US$2.3tUS$2.0tUS$172.2b11.2x13.4x1.2x
Sat, 27 Jul 2024US$2.3tUS$1.9tUS$174.7b11.7x13.2x1.2x
Mon, 24 Jun 2024US$2.2tUS$1.9tUS$176.0b11.2x12.7x1.2x
Wed, 22 May 2024US$2.4tUS$1.9tUS$174.8b11.5x13.5x1.2x
Fri, 19 Apr 2024US$2.4tUS$2.0tUS$206.1b10.4x11.7x1.2x
Sun, 17 Mar 2024US$2.3tUS$2.0tUS$206.4b9.5x11.3x1.2x
Tue, 13 Feb 2024US$2.2tUS$2.0tUS$218.6b8.8x9.9x1.1x
Thu, 11 Jan 2024US$2.2tUS$2.1tUS$242.2b8.5x9.2x1.1x
Sat, 09 Dec 2023US$2.2tUS$2.1tUS$242.5b8.4x9x1x
Mon, 06 Nov 2023US$2.3tUS$2.0tUS$246.5b8.7x9.4x1.1x
Wed, 04 Oct 2023US$2.4tUS$2.2tUS$272.7b7.6x8.7x1.1x
Fri, 01 Sep 2023US$2.3tUS$2.2tUS$272.6b7.7x8.6x1.1x
Sun, 30 Jul 2023US$2.6tUS$2.3tUS$296.8b7.4x8.8x1.1x
Tue, 27 Jun 2023US$2.4tUS$2.4tUS$315.8b6.8x7.7x1x
Thu, 25 May 2023US$2.5tUS$2.4tUS$316.0b7.1x7.8x1x
Sat, 22 Apr 2023US$2.2tUS$2.4tUS$279.9b6.8x7.9x0.9x
Mon, 20 Mar 2023US$2.0tUS$2.4tUS$280.7b6.5x7.2x0.9x
Price to Earnings Ratio

7.2x


Total Market Cap: US$2.0tTotal Earnings: US$280.7bTotal Revenue: US$2.4tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 13.4x202420252026
Current Industry PE
  • Investors are optimistic on the American Energy industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 22.3x which is higher than its 3-year average PE of 13.4x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 23% per year over the last three years,
  • Revenues have also declined 7.4% 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 U.S. Energy sector?

US Market-2.29%
Energy1.13%
Oil and Gas1.65%
Energy Services-3.33%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 23.6x.
    • Analysts are expecting annual earnings growth of 18.3%, which is higher than its past year's earnings decline of 33.1% 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 13.0x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 18% over the next 5 years.
  • This is better than its past earnings decline of 33% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 11% 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
CVX ChevronUS$196.973.7%
+US$14.1b		28.2%PE32x
XOM Exxon MobilUS$153.531.8%
+US$11.5b		41.3%PE22.2x
OXY Occidental PetroleumUS$58.419.7%
+US$5.1b		28.5%PE42.7x
COP ConocoPhillipsUS$120.262.9%
+US$4.2b		25.0%PE18.5x
MPC Marathon PetroleumUS$230.075.8%
+US$3.7b		67.9%PE16.8x

Latest News

WFRD
US$85.12
Weatherford International
7D
-9.7%
1Y
64.0%
PSX
US$174.09
Phillips 66
7D
4.6%
1Y
42.1%

PSX: Future Cash Flows Will Reflect Midstream Projects And Venezuela Crude Shift

Our fair value estimate for Phillips 66 has moved modestly higher to $160.15 from $157.55, as analysts update models and price targets, including several recent increases toward the $158 level. They cite midstream growth expectations and refreshed assumptions following the latest Q4 updates and management commentary.
FANG
US$177.01
Diamondback Energy
7D
-1.1%
1Y
21.4%
VLO
US$235.81
Valero Energy
7D
3.4%
1Y
87.4%

VLO: Bearish Crude Outlook Will Constrain Future Multiple Despite Refining Support

Analysts have nudged their average price target for Valero higher, with our fair value estimate moving from $198.22 to $202.72 as they factor in updated views on future revenue growth and profitability, as well as a slightly lower assumed future P/E multiple. Analyst Commentary Recent Street research on Valero reflects a mix of optimism and caution, with several firms adjusting their price targets and at least one major bank removing the stock from a high conviction list.
XOM
US$153.53
Exxon Mobil
7D
1.8%
1Y
41.3%
SLB
US$44.56
SLB
7D
-6.0%
1Y
11.6%
MPC
US$230.07
Marathon Petroleum
7D
5.8%
1Y
67.9%

MPC: Refining Conditions Labor Talks And Buybacks Will Shape Future Outcomes

The analyst fair value estimate for Marathon Petroleum has edged up by about $3 to $202.50, reflecting recent price target revisions across the Street as analysts weigh slightly adjusted discount rate and P/E assumptions, along with their updated views on refining conditions into 2026. Analyst Commentary Recent Street research on Marathon Petroleum has been mixed, with several firms adjusting price targets in both directions as they reassess refining fundamentals, crude assumptions, and where consensus sits for 2026.
COP
US$120.26
ConocoPhillips
7D
2.9%
1Y
25.0%

COP: Future Cash Flows Will Reflect Dividend Capacity And Geopolitical Oil Risk

Analysts have nudged our fair value estimate for ConocoPhillips up from $114.74 to $118.15, reflecting higher Street price targets tied to increased long term oil price assumptions, modest valuation multiple expansion, and expectations for stronger free cash flow as recent project spending rolls off. Analyst Commentary Recent Street research on ConocoPhillips reflects a wide range of opinions, with some focusing on upside from higher long term oil price assumptions and free cash flow, and others flagging valuation and commodity risk.
FTI
US$62.52
TechnipFMC
7D
-3.0%
1Y
135.9%
OXY
US$58.41
Occidental Petroleum
7D
9.7%
1Y
28.5%

OXY: Capital Efficiency And Geopolitical Pricing Are Expected To Support Deleveraging

Narrative Update Our fair value estimate for Occidental Petroleum has moved to $52.52 from $48.94 as analysts lift price targets into the mid to high $50s, citing updated oil price assumptions, improved capital efficiency and free cash flow outlooks, and the impact of heightened geopolitical risk on energy markets. Analyst Commentary Recent Street research on Occidental clusters around higher fair value views, with most price targets now in the mid to high $50s and a few outliers on either side.
DTM
US$135.64
DT Midstream
7D
-4.3%
1Y
45.3%
WMB
US$73.52
Williams Companies
7D
-1.7%
1Y
30.9%

WMB: Power Expansion And Gas Assets Will Shape Balanced Long Term Returns

The analyst fair value estimate for Williams Companies has been raised from $68.22 to $76.75, reflecting higher Street price targets in the $71 to $90 range as analysts incorporate updated models, growth capex plans and expectations for continued EBITDA strength. Analyst Commentary Street research on Williams Companies has clustered around higher price targets and generally constructive views, with most of the recent updates tied to refreshed models, growth capex plans and EBITDA expectations through and beyond 2030.
BKR
US$55.90
Baker Hughes
7D
-7.1%
1Y
33.9%

BKR: IET Execution And Waygate Review Will Support Fairly Valued Outlook

Analysts have nudged their average price target for Baker Hughes higher to about $61.38, reflecting updated views that slightly stronger revenue growth, modestly higher profit margins, and a similar forward P/E profile are supported by a recent wave of upward target revisions across major research firms. Analyst Commentary Recent research has clustered around upward price target revisions, with only one modest cut, giving you a fairly clear snapshot of how the Street is thinking about Baker Hughes today.
EQT
US$64.64
EQT
7D
4.8%
1Y
32.3%

EQT: Gas Optimization And Geopolitical Risk Will Shape Free Cash Flow Potential

The analyst price target for EQT increases to $65.96 from $64.00, as analysts update their models to reflect geopolitical risk, stronger gas realizations, and free cash flow potential in response to recent Q4 earnings and sector research. Analyst Commentary Recent Street research on EQT reflects a mix of optimism around gas pricing, cash generation, and execution, alongside caution about commodity assumptions and valuation sensitivity to geopolitics.
FRO
US$30.77
Frontline
7D
-11.9%
1Y
96.9%

FRO: Fleet Renewal And Time Charters Will Support Higher Future Earnings Multiples

Analysts have lifted their Frontline price target by $9.25 to $41.25, citing updated expectations around fair value, discount rates, revenue growth, profit margins, and future P/E assumptions as reflected in recent rating and target changes. Analyst Commentary Recent research takes a more constructive view on Frontline, with price targets clustered around the mid to high $20s and some analysts now willing to ascribe higher fair value based on updated assumptions for earnings power and risk.
CVX
US$196.97
Chevron
7D
3.7%
1Y
28.2%

CVX: Venezuela Policy And Permian Cash Generation Will Influence Future Dividend Resilience

Chevron's fair value estimate has been nudged higher to $185.92 from $183.46 as analysts point to higher price targets and see support from stronger cash generation potential, renewed exploration plans, and a tighter crude supply backdrop linked to geopolitical risks. Analyst Commentary Recent Street research around Chevron highlights a split view on how sustainable the current setup is for the shares, with several price target increases sitting alongside a few cuts and downgrades.