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U.S. Energy Sector Analysis

UpdatedDec 09, 2025
DataAggregated Company Financials
Companies440
  • 7D-0.1%
  • 3M3.0%
  • 1Y-0.3%
  • YTD0.1%

The Energy industry is up 1.5% in the last week, with ConocoPhillips up 2.9%. The industry has been flat over the past 12 months despite the gain this week. Earnings are forecast to grow by 12% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 09 Dec 2025US$2.4tUS$1.9tUS$124.8b15.6x19x1.3x
Thu, 06 Nov 2025US$2.3tUS$1.9tUS$127.0b14.1x17.8x1.2x
Sat, 04 Oct 2025US$2.3tUS$1.9tUS$125.9b14x18.4x1.3x
Mon, 01 Sep 2025US$2.3tUS$1.9tUS$126.4b13.7x18.5x1.3x
Wed, 30 Jul 2025US$2.3tUS$1.9tUS$132.7b12.7x17.5x1.2x
Fri, 27 Jun 2025US$2.3tUS$1.9tUS$134.4b12x16.7x1.2x
Sun, 25 May 2025US$2.2tUS$1.9tUS$134.3b11.6x16.1x1.1x
Tue, 22 Apr 2025US$2.1tUS$1.9tUS$143.7b11.1x14.9x1.1x
Thu, 20 Mar 2025US$2.4tUS$1.9tUS$143.8b13.1x16.6x1.3x
Sat, 15 Feb 2025US$2.4tUS$1.9tUS$154.9b12.3x15.5x1.2x
Mon, 13 Jan 2025US$2.3tUS$1.9tUS$158.5b12x14.8x1.2x
Wed, 11 Dec 2024US$2.4tUS$1.9tUS$158.5b11.8x15x1.2x
Fri, 08 Nov 2024US$2.4tUS$1.9tUS$161.5b12x15x1.3x
Sun, 06 Oct 2024US$2.4tUS$2.0tUS$175.7b12.1x13.8x1.2x
Tue, 03 Sep 2024US$2.3tUS$2.0tUS$172.2b11.5x13.6x1.2x
Thu, 01 Aug 2024US$2.3tUS$1.9tUS$173.9b11.8x13.5x1.2x
Sat, 29 Jun 2024US$2.3tUS$1.9tUS$176.1b11.2x13x1.2x
Mon, 27 May 2024US$2.3tUS$1.9tUS$174.8b11.1x13.1x1.2x
Wed, 24 Apr 2024US$2.5tUS$2.0tUS$206.2b10.6x11.9x1.2x
Fri, 22 Mar 2024US$2.4tUS$2.0tUS$206.3b9.9x11.5x1.2x
Sun, 18 Feb 2024US$2.2tUS$2.0tUS$215.2b9x10.2x1.1x
Tue, 16 Jan 2024US$2.2tUS$2.1tUS$242.2b8.6x9.2x1.1x
Thu, 14 Dec 2023US$2.2tUS$2.1tUS$242.4b8.4x8.9x1x
Sat, 11 Nov 2023US$2.2tUS$2.1tUS$242.7b8.7x9.1x1.1x
Mon, 09 Oct 2023US$2.3tUS$2.2tUS$272.8b7.3x8.4x1.1x
Wed, 06 Sep 2023US$2.4tUS$2.2tUS$272.6b7.8x8.8x1.1x
Fri, 04 Aug 2023US$2.6tUS$2.2tUS$275.7b7.9x9.5x1.2x
Sun, 02 Jul 2023US$2.5tUS$2.4tUS$315.8b7.1x7.9x1.1x
Tue, 30 May 2023US$2.4tUS$2.4tUS$316.0b7x7.6x1x
Thu, 27 Apr 2023US$2.2tUS$2.4tUS$281.5b6.7x7.7x0.9x
Sat, 25 Mar 2023US$2.1tUS$2.4tUS$280.8b6.6x7.3x0.9x
Mon, 20 Feb 2023US$2.2tUS$2.3tUS$272.7b7.4x8.2x1x
Wed, 18 Jan 2023US$2.4tUS$2.3tUS$257.2b8.1x9.2x1x
Fri, 16 Dec 2022US$2.2tUS$2.3tUS$257.1b8x8.7x1x
Price to Earnings Ratio

8.7x


Total Market Cap: US$2.2tTotal Earnings: US$257.1bTotal Revenue: US$2.3tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 12.5x202320242025
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 19.0x which is higher than its 3-year average PE of 12.5x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 21% per year over the last three years,
  • Revenues have also declined 6.4% 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 Market0.49%
Energy-0.12%
Energy Services2.00%
Oil and Gas-0.34%
Industry PE
  • Investors are most optimistic about the Energy Services industry, which is trading close to its 3-year average PE ratio of 26.5x.
    • Analysts are expecting annual earnings growth of 17.2%, which is higher than its past year's earnings decline of 19.5% 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 12.1x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 17% over the next 5 years.
  • This is better than its past earnings decline of 19% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 12% 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
COP ConocoPhillipsUS$92.882.9%
+US$3.2b		-10.0%PE13x
SLB SLBUS$38.245.2%
+US$2.8b		-6.4%PE15.7x
WMB Williams CompaniesUS$61.952.9%
+US$2.1b		13.6%PE32x
TRGP Targa ResourcesUS$179.104.2%
+US$1.6b		-3.4%PE23.8x
HAL HalliburtonUS$28.085.4%
+US$1.2b		-3.4%PE18.1x

Latest News

OKE
US$74.93
ONEOK
7D
1.7%
1Y
-28.7%

OKE: Future Cash Returns Will Drive Multiple Stabilization And Share Price Upside

Analysts have trimmed their consolidated price target on ONEOK by a few dollars per share, reflecting slightly lower fair value assumptions amid caution around near term multiple compression and the need to see clearer synergy capture and cash return discipline before re rating the stock higher. Analyst Commentary Recent Street research reflects a more nuanced stance on ONEOK, with updated price targets incorporating both the benefits of recent acquisitions and the risks around execution, capital allocation, and valuation normalization versus peers.
VLO
US$173.56
Valero Energy
7D
-2.8%
1Y
31.2%
WMB
US$61.95
Williams Companies
7D
2.9%
1Y
13.6%
HAL
US$28.08
Halliburton
7D
5.4%
1Y
-3.4%
UEC
US$13.65
Uranium Energy
7D
13.5%
1Y
68.3%
SLB
US$38.24
SLB
7D
5.2%
1Y
-6.4%

SLB: Digital Expansion Will Drive Long-Term Upside Despite Macro Headwinds

Analysts have modestly trimmed their blended price target on SLB by about $1 to reflect a slightly higher discount rate and only marginal improvements in long term growth and profitability assumptions, even as they highlight company specific digital and international tailwinds that help offset sector wide macro risks. Analyst Commentary Street commentary on SLB reflects a mix of optimism around structural growth drivers and caution on the macro backdrop, resulting in only modest net changes to price targets and largely unchanged ratings.
TPL
US$904.15
Texas Pacific Land
7D
4.6%
1Y
-30.2%

TPL: Future Returns Will Reflect Higher Production And Moderating Profit Margins

Narrative Update Analysts have trimmed their price target for Texas Pacific Land from approximately $921.93 to $842.50, reflecting expectations for faster top line growth, but lower long term margins and a more conservative valuation multiple. What's in the News Texas Pacific Land completed a share repurchase tranche, buying back 9,000 shares, or 0.04 percent of outstanding stock, for 8.28 million dollars between July 1 and September 30, 2025.
OXY
US$41.36
Occidental Petroleum
7D
-2.3%
1Y
-15.1%
CVX
US$148.71
Chevron
7D
-2.5%
1Y
-5.3%

CVX: Future Dividend Payouts And Asset Integration Will Drive Outperformance

Chevron's analyst price target increased from $172.80 to $172.92, as analysts cite a stronger financial profile and consistent dividend growth highlighted by recent investor updates. Analyst Commentary Chevron's recent investor day and third quarter results have prompted a variety of responses from Wall Street.
TRGP
US$179.10
Targa Resources
7D
4.2%
1Y
-3.4%
XOM
US$115.98
Exxon Mobil
7D
-0.6%
1Y
2.7%

XOM: Free Cash Flow And Cost Controls Will Support Stability Amid Mixed Outlook

Analysts have slightly increased their fair value estimate for Exxon Mobil to $128.72. They cite the company's resilient free cash flow generation and structural cost savings, which are gradually improving its long-term positioning.
EQT
US$58.66
EQT
7D
-3.1%
1Y
35.6%

EQT: Shifting U.S. Gas Demand and LNG Agreements Will Shape Outlook

The analyst price target for EQT was modestly increased from $63.70 to $64.00. This change reflects analysts’ confidence in the company’s strategic positioning and the improving outlook for U.S. natural gas demand.
BKR
US$47.39
Baker Hughes
7D
-5.5%
1Y
14.4%

BKR: Divestiture Plans And Leadership Changes Will Shape Sector Recovery Prospects

Baker Hughes' analyst fair value estimate was nudged slightly higher, rising by $0.05 to $52.57. Analysts cite ongoing strength in the company's Industrial and Energy Technology segment, along with improved execution and sector recovery signals.
COP
US$92.88
ConocoPhillips
7D
2.9%
1Y
-10.0%

COP: Free Cash Flow Will Outperform as Workforce Reduction Improves Efficiency

ConocoPhillips' analyst price target saw a modest decrease of $0.63, as analysts cited updated company outlooks for 2025 and 2026 as well as evolving sector dynamics in their revised forecasts. Analyst Commentary Recent Street research on ConocoPhillips presents a blend of optimism for the company's prospects alongside some caution about sector headwinds and near-term execution challenges.
MPC
US$189.66
Marathon Petroleum
7D
-3.3%
1Y
24.0%

MPC: Capital Returns And Midstream Investments Will Steady Margins Amid Ongoing Volatility

Marathon Petroleum’s analyst price target has moved modestly higher to approximately $199.94 from $197.50, as analysts highlight stable refining margins, ongoing capital allocation discipline, and industry tailwinds in light of updated market and commodity forecasts. Analyst Commentary Recent updates from Street research highlight a mixed but generally constructive view on Marathon Petroleum, with analysts noting both structural strengths and emerging risks within the business and sector.
LNG
US$200.80
Cheniere Energy
7D
-4.7%
1Y
-6.3%