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U.S. Energy Sector Analysis

UpdatedSep 15, 2026
DataAggregated Company Financials
Companies428
  • 7D0.5%
  • 3M15.6%
  • 1Y42.2%
  • YTD38.0%

Last week, the Energy industry hasn't moved much but ExxonMobil Holdings is up 3.5% in that time. The past year has been better, since the industry has gained 42% in that time. As for the next few years, earnings are expected to grow by 5.6% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 15 Sep 2026US$3.3tUS$2.1tUS$173.2b15.5x18.9x1.5x
Thu, 13 Aug 2026US$3.1tUS$2.1tUS$172.7b15.4x17.8x1.4x
Sat, 11 Jul 2026US$2.8tUS$1.9tUS$125.0b16.5x22.4x1.5x
Mon, 08 Jun 2026US$2.9tUS$1.9tUS$125.1b16x23.3x1.5x
Wed, 06 May 2026US$3.0tUS$1.9tUS$133.5b16.8x22.8x1.6x
Fri, 03 Apr 2026US$3.0tUS$1.9tUS$130.7b17.6x23.1x1.6x
Sun, 01 Mar 2026US$2.9tUS$1.9tUS$130.8b17.4x21.8x1.5x
Tue, 27 Jan 2026US$2.6tUS$1.9tUS$126.0b16.2x20.2x1.4x
Thu, 25 Dec 2025US$2.3tUS$1.9tUS$126.3b14.9x18.3x1.2x
Sat, 22 Nov 2025US$2.3tUS$1.9tUS$125.2b15.6x18.3x1.2x
Mon, 20 Oct 2025US$2.2tUS$1.9tUS$125.4b13.3x17.9x1.2x
Wed, 17 Sep 2025US$2.3tUS$1.9tUS$125.9b14x18.3x1.2x
Fri, 15 Aug 2025US$2.2tUS$1.9tUS$126.3b13.2x17.8x1.2x
Sun, 13 Jul 2025US$2.3tUS$1.9tUS$134.5b12.1x17.4x1.2x
Tue, 10 Jun 2025US$2.2tUS$1.9tUS$134.4b11.7x16.5x1.2x
Thu, 08 May 2025US$2.1tUS$1.9tUS$135.0b11.3x15.7x1.1x
Sat, 05 Apr 2025US$2.3tUS$1.9tUS$143.8b11.3x15.8x1.2x
Mon, 03 Mar 2025US$2.4tUS$1.9tUS$144.4b12.8x16.5x1.3x
Wed, 29 Jan 2025US$2.4tUS$1.9tUS$159.4b12.4x15.3x1.3x
Fri, 27 Dec 2024US$2.3tUS$1.9tUS$158.3b11.7x14.2x1.2x
Sun, 24 Nov 2024US$2.5tUS$1.9tUS$158.6b12.2x15.8x1.3x
Tue, 22 Oct 2024US$2.3tUS$2.0tUS$175.9b11.5x13.3x1.2x
Thu, 19 Sep 2024US$2.3tUS$2.0tUS$172.6b11.6x13.2x1.2x
Sat, 17 Aug 2024US$2.3tUS$2.0tUS$172.2b11.6x13.5x1.2x
Mon, 15 Jul 2024US$2.3tUS$1.9tUS$176.1b11.5x13.1x1.2x
Wed, 12 Jun 2024US$2.3tUS$1.9tUS$176.3b11.5x12.9x1.2x
Fri, 10 May 2024US$2.3tUS$1.9tUS$175.3b11.4x13.3x1.2x
Sun, 07 Apr 2024US$2.5tUS$2.0tUS$206.0b11x12.2x1.3x
Tue, 05 Mar 2024US$2.2tUS$2.0tUS$207.2b9x10.7x1.1x
Thu, 01 Feb 2024US$2.3tUS$2.1tUS$238.2b8.6x9.6x1.1x
Sat, 30 Dec 2023US$2.3tUS$2.1tUS$242.2b8.5x9.3x1.1x
Mon, 27 Nov 2023US$2.3tUS$2.1tUS$242.5b8.8x9.4x1.1x
Wed, 25 Oct 2023US$2.4tUS$2.2tUS$273.4b7.4x8.6x1.1x
Fri, 22 Sep 2023US$2.4tUS$2.2tUS$272.6b7.6x8.7x1.1x
Price to Earnings Ratio

8.7x


Total Market Cap: US$2.4tTotal Earnings: US$272.6bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 15.8x202420252026
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 18.9x which is higher than its 3-year average PE of 15.8x.
  • The 3-year average PS ratio of 1.3x 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 14% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the U.S. Energy sector?

US Market-1.54%
Energy0.47%
Oil and Gas1.36%
Energy Services-6.99%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 21.9x.
    • Analysts are expecting annual earnings growth of 22.8%, which is higher than its past year's earnings decline of 12.5% 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 15.4x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings decline of 13% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 3.8% 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
XOM ExxonMobil HoldingsUS$165.083.5%
+US$23.1b		46.9%PE20.7x
CVX ChevronUS$212.171.7%
+US$7.0b		34.9%PE20.2x
VLO Valero EnergyUS$382.953.3%
+US$3.5b		143.0%PE15.3x
COP ConocoPhillipsUS$136.671.8%
+US$2.9b		48.0%PE17.7x
VG Venture GlobalUS$15.275.9%
+US$2.1b		11.9%PE11.5x

Latest News

CVX
US$212.17
Chevron
7D
1.7%
1Y
34.9%
LNG
US$274.28
Cheniere Energy
7D
-6.1%
1Y
17.8%
MPC
US$396.45
Marathon Petroleum
7D
1.9%
1Y
120.3%
DVN
US$49.73
Devon Energy
7D
3.5%
1Y
47.3%
Seeking Alpha • Sep 14

Devon Energy: The Coterra Merger Meets A Powerful Oil Price Tailwind

Summary Devon Energy was transformed through its all-stock merger with Coterra, increasing share count by 80% and targeting $1B+ in annual synergies by 2027. Q2 results outperformed guidance on production and costs, with adjusted free cash flow at $1.66B and a reinvestment rate dropping to 43%. DVN completed its $1.25B 2026 debt-reduction target, returned $563M to shareholders, and executed a $2.6B Delaware Basin lease acquisition for 400 premium drilling locations. I maintain a buy rating on DVN, citing operational execution, integration-driven upside, and oil price tailwinds, while flagging integration and geopolitical risks. Read the full article on Seeking Alpha
BKR
US$56.78
Baker Hughes
7D
-10.6%
1Y
22.7%
FANG
US$205.72
Diamondback Energy
7D
3.3%
1Y
52.9%
VG
US$15.27
Venture Global
7D
5.9%
1Y
11.9%
XOM
US$165.08
ExxonMobil Holdings
7D
3.5%
1Y
46.9%
WMB
US$71.95
Williams Companies
7D
-3.0%
1Y
23.2%
Seeking Alpha • Sep 10

The Williams Companies: A Tough Competitor Tackles The Northeast

Summary The Williams Companies, Inc. faces a recent court setback revoking a key environmental permit for its Northeast pipeline ambitions. WMB targets significant profit by supplying lower-priced natural gas to the energy-constrained Northeast. Momentum Midstream acquisition and Gulf export access drive continued growth. This company has multiple projects in the pipeline. Strong Q2 earnings growth and a premium valuation reflect WMB's robust execution. For as long as I can remember, much of the Northeast and Mid-Atlantic has had political and regulatory headwinds.  This may be about to change as reality sets in. Read the full article on Seeking Alpha
FTI
US$72.87
TechnipFMC
7D
-8.7%
1Y
86.8%
Seeking Alpha • Sep 09

After A Home Run, Taking Profits On TechnipFMC (Rating Downgrade)

Summary TechnipFMC plc has delivered exceptional returns post-spin but now faces a shifting macro environment and increased global competition. I downgrade FTI stock to Sell, citing a shrinking backlog, falling book-to-bill, and a less favorable long-term demand outlook for offshore oil. The Subsea7-Saipem merger creates a formidable global competitor, threatening FTI’s market leadership and future order growth. FTI trades at a premium P/E to peers, offers a weak dividend, and lacks the financial strength to capitalize on downturns or industry shifts. Read the full article on Seeking Alpha
VLO
US$382.95
Valero Energy
7D
3.3%
1Y
143.0%
SLB
US$53.32
SLB
7D
-7.3%
1Y
53.4%
COP
US$136.67
ConocoPhillips
7D
1.8%
1Y
48.0%
Narrative Update • Sep 08

COP: Fair Value View Will Balance Q2 Margins And Middle East Risks

Analysts have nudged the ConocoPhillips fair value estimate to $126 from $121, reflecting a series of higher price targets and updated models that emphasize the company's scale, diversified project pipeline, and balance sheet strength despite mixed rating views across the Street. Analyst Commentary Street research on ConocoPhillips over recent months has been active, with a cluster of price target revisions around the latest quarterly results and management transition.
EXE
US$93.40
Expand Energy
7D
-4.6%
1Y
-2.3%
Seeking Alpha • Sep 03

Expand Energy: Short-Term Protection From Hedges, Long-Term Upside

Summary Expand Energy is rated a strong buy, with a base case DCF target of $134 per share, 35% above current levels. EXE's robust hedge book and the Twin Eagle acquisition underpin resilient free cash flow, even amid bearish natural gas sentiment and potential El Nino headwinds. My free cash flow model shows EXE generating $2.13 billion in 2027 and up to $3.5 billion by 2029, assuming rising gas prices post-El Nino. Downside risk is limited by hedges and marketing synergies, while upside is driven by LNG export growth and normalized gas pricing. Read the full article on Seeking Alpha
EQT
US$53.21
EQT
7D
-3.6%
1Y
6.5%
Narrative Update • Sep 03

EQT: Data Center And LNG Gas Demand Will Support Future Upside

EQT now carries an updated analyst price target of about $67, down slightly from around $70, as analysts refresh their models for 2026 strip pricing, revised discount rates, and modestly adjusted expectations for revenue growth, margins, and future P/E multiples. Analyst Commentary Recent research on EQT reflects a mix of optimism about execution and cash generation, alongside more cautious views on commodity exposure and valuation sensitivity.
HAL
US$35.01
Halliburton
7D
-5.6%
1Y
60.7%