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U.S. Energy Sector Analysis

UpdatedAug 31, 2026
DataAggregated Company Financials
Companies425
  • 7D-0.8%
  • 3M7.7%
  • 1Y35.7%
  • YTD34.4%

Over the last 7 days, the Energy industry has dropped 1.5%, driven by a pullback from ExxonMobil Holdings of 4.5%. In contrast, SLB has gained 6.2%. This takes the industry's 12 month performance to a gain of 36%. Earnings are forecast to grow by 5.9% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 31 Aug 2026US$3.2tUS$2.1tUS$173.1b15x18.2x1.5x
Wed, 29 Jul 2026US$3.0tUS$1.9tUS$125.3b16.3x23.7x1.6x
Fri, 26 Jun 2026US$2.7tUS$1.9tUS$125.0b15.9x21.9x1.4x
Sun, 24 May 2026US$3.0tUS$1.9tUS$124.9b16.8x24.2x1.6x
Tue, 21 Apr 2026US$2.8tUS$1.9tUS$131.9b17.2x21.5x1.5x
Thu, 19 Mar 2026US$3.0tUS$1.9tUS$130.6b17.9x22.8x1.6x
Sat, 14 Feb 2026US$2.7tUS$1.9tUS$129.1b16.9x21.3x1.5x
Mon, 12 Jan 2026US$2.4tUS$1.9tUS$126.3b15.9x19.1x1.3x
Wed, 10 Dec 2025US$2.4tUS$1.9tUS$124.8b15.5x18.9x1.3x
Fri, 07 Nov 2025US$2.3tUS$1.9tUS$126.6b14.6x17.9x1.2x
Sun, 05 Oct 2025US$2.3tUS$1.9tUS$125.9b14x18.5x1.3x
Tue, 02 Sep 2025US$2.3tUS$1.9tUS$126.4b13.7x18.5x1.3x
Thu, 31 Jul 2025US$2.3tUS$1.9tUS$133.8b12.5x17.6x1.2x
Sat, 28 Jun 2025US$2.3tUS$1.9tUS$134.4b11.9x17x1.2x
Mon, 26 May 2025US$2.2tUS$1.9tUS$134.3b11.6x16.1x1.1x
Wed, 23 Apr 2025US$2.1tUS$1.9tUS$143.3b11.3x14.6x1.1x
Fri, 21 Mar 2025US$2.4tUS$1.9tUS$143.9b13.3x16.8x1.3x
Sun, 16 Feb 2025US$2.4tUS$1.9tUS$154.7b12.3x15.5x1.3x
Tue, 14 Jan 2025US$2.3tUS$1.9tUS$158.5b12.1x14.8x1.2x
Thu, 12 Dec 2024US$2.4tUS$1.9tUS$158.5b12.3x14.9x1.2x
Sat, 09 Nov 2024US$2.4tUS$1.9tUS$160.1b11.8x15.1x1.2x
Mon, 07 Oct 2024US$2.4tUS$2.0tUS$175.7b12.1x13.8x1.2x
Wed, 04 Sep 2024US$2.3tUS$2.0tUS$172.2b11.1x13.6x1.2x
Fri, 02 Aug 2024US$2.3tUS$1.9tUS$174.4b11.3x13.4x1.2x
Sun, 30 Jun 2024US$2.3tUS$1.9tUS$176.1b11.2x13.1x1.2x
Tue, 28 May 2024US$2.3tUS$1.9tUS$174.8b11.1x13.1x1.2x
Thu, 25 Apr 2024US$2.5tUS$2.0tUS$204.7b10.8x12x1.2x
Sat, 23 Mar 2024US$2.4tUS$2.0tUS$206.3b9.7x11.5x1.2x
Mon, 19 Feb 2024US$2.2tUS$2.0tUS$215.2b9x10.2x1.1x
Wed, 17 Jan 2024US$2.2tUS$2.1tUS$242.2b8.4x9.2x1.1x
Fri, 15 Dec 2023US$2.2tUS$2.1tUS$242.3b8.7x9.1x1.1x
Sun, 12 Nov 2023US$2.2tUS$2.1tUS$242.7b8.7x9.2x1.1x
Tue, 10 Oct 2023US$2.4tUS$2.2tUS$272.8b7.7x8.7x1.1x
Thu, 07 Sep 2023US$2.4tUS$2.2tUS$272.6b7.8x8.8x1.1x
Price to Earnings Ratio

8.8x


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 15.7x202420252026
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 18.2x which is higher than its 3-year average PE of 15.7x.
  • 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 Market0.67%
Energy-0.80%
Energy Services2.25%
Oil and Gas-1.14%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 21.7x.
    • Analysts are expecting annual earnings growth of 23.0%, which is higher than its past year's earnings decline of 14.0% 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 15.3x.
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 14% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 3.9% 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
SLB SLBUS$57.336.2%
+US$4.9b		55.6%PE27.4x
WMB Williams CompaniesUS$73.733.9%
+US$3.4b		27.4%PE29.4x
MPC Marathon PetroleumUS$368.832.2%
+US$2.3b		105.2%PE12.1x
VLO Valero EnergyUS$352.361.8%
+US$1.8b		131.8%PE14.1x
HAL HalliburtonUS$36.184.5%
+US$1.3b		59.2%PE18.8x

Latest News

CVX
US$201.86
Chevron
7D
-0.6%
1Y
25.7%
OXY
US$59.10
Occidental Petroleum
7D
-1.7%
1Y
24.1%
Seeking Alpha • Aug 29

Occidental Petroleum: An Improved Balance Sheet Results In A Great Opportunity

Summary Occidental Petroleum has reduced debt to $11.8 billion, nearing its $10 billion target, strengthening its balance sheet and future flexibility. OXY projects sustainable $4 billion annual cash flow by 2030, with significant free cash flow growth even at $50–$65 WTI oil prices. The company’s 2% dividend yield is set to rise, supported by robust cash flow, cost efficiencies, and minimal near-term debt maturities. With strong Q2 2026 financials and double-digit FCF yield potential, OXY is positioned as a compelling long-term investment, barring a sharp oil price decline. Read the full article on Seeking Alpha
OKE
US$94.76
ONEOK
7D
1.9%
1Y
24.1%
Seeking Alpha • Aug 28

ONEOK: This 4.5%-Yielding AI Energy Play Is Still Undervalued

Summary ONEOK remains a compelling “Buy” for income, value, and growth, supported by a 4.5% yield and a forward P/E of 15.9x. OKE's integrated wellhead-to-water network, record NGL throughput, and rising export demand underpin a robust growth outlook. Management guides for mid-to-high single-digit adjusted EBITDA growth annually over the next 5-7 years, leveraging unused system capacity. OKE's investment-grade balance sheet and well-covered dividend provide a margin of safety, with data center power demand as an incremental catalyst. Read the full article on Seeking Alpha
DINO
US$99.71
HF Sinclair
7D
4.8%
1Y
96.0%
HAL
US$36.18
Halliburton
7D
4.5%
1Y
59.2%
XOM
US$156.71
ExxonMobil Holdings
7D
-4.5%
1Y
37.1%
SLB
US$57.33
SLB
7D
6.2%
1Y
55.6%
TRGP
US$287.82
Targa Resources
7D
-2.2%
1Y
71.6%
FANG
US$197.67
Diamondback Energy
7D
-3.9%
1Y
32.9%
EOG
US$143.35
EOG Resources
7D
-4.6%
1Y
14.8%
KMI
US$31.56
Kinder Morgan
7D
1.8%
1Y
17.0%
Seeking Alpha • Aug 26

Kinder Morgan: The Consolidation Is An Opportunity Before The Next Leg Higher

Summary Kinder Morgan delivered record Q2 net income and adjusted EBITDA and raised 2026 guidance, yet shares remain 11% below their 52-week high. KMI benefits from surging U.S. natural gas demand, with a $9.6B backlog, 40% market share in gas transport, and robust contracted cash flows. The 3.8% dividend yield is covered over 2x by distributable cash flow, with leverage at 3.6x and self-funded growth supporting further dividend increases. I remain bullish, viewing current consolidation as an opportunity to add, given improving fundamentals, undemanding valuation, and long-term demand tailwinds. Read the full article on Seeking Alpha
COP
US$130.35
ConocoPhillips
7D
-2.2%
1Y
31.7%
Narrative Update • Aug 25

COP: Iraq Project Pipeline And Q2 Execution Are Expected To Drive Upside

ConocoPhillips’ analyst-derived fair value estimate has moved from $170.41 to $175.29 as analysts factor in updated Q2 results, revised energy price outlooks, and the company’s balance sheet strength and project pipeline. Analyst Commentary Recent research on ConocoPhillips shows a cluster of higher price targets and rating upgrades following Q2 results and updated energy price assumptions.
WMB
US$73.73
Williams Companies
7D
3.9%
1Y
27.4%
DVN
US$47.35
Devon Energy
7D
-1.8%
1Y
31.2%
VLO
US$352.36
Valero Energy
7D
1.8%
1Y
131.8%
Narrative Update • Aug 21

VLO: Tight Refining Markets And Cash Returns Will Support Future Earnings Resilience

Valero Energy's analyst fair value estimate has shifted from $300 to $365. Analysts attribute this change to stronger cash generation, tighter global refining conditions, and higher assumed future P/E multiples, which are reflected in higher Street price targets across the sector.
MPC
US$368.83
Marathon Petroleum
7D
2.2%
1Y
105.2%
Narrative Update • Aug 20

MPC: Refining Margin Reliance Will Eventually Undermine Current Earnings Power

Marathon Petroleum’s updated analyst price target has increased from $293.12 to $324.56 as analysts factor in stronger margin capture in refining, tighter product inventories, and supportive midstream contributions, as reflected in a broad series of recent target increases across the Street. Analyst Commentary Recent Street research on Marathon Petroleum clusters around a constructive refining setup, resilient margin capture, and ongoing capital returns, but there are also flags around commodity sensitivity and the sustainability of current conditions.