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U.S. Energy Sector Analysis

UpdatedJan 21, 2026
DataAggregated Company Financials
Companies440
  • 7D1.3%
  • 3M8.1%
  • 1Y-0.02%
  • YTD4.4%

In the last week, the Energy industry is up 1.3%, with Exxon Mobil up 3.1%. The industry has been flat over the past 12 months despite the gain this week. Looking forward, 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
Wed, 21 Jan 2026US$2.5tUS$1.9tUS$126.3b16.7x19.6x1.3x
Fri, 19 Dec 2025US$2.3tUS$1.9tUS$126.2b14.4x18.3x1.2x
Sun, 16 Nov 2025US$2.4tUS$1.9tUS$125.4b15.7x18.9x1.3x
Tue, 14 Oct 2025US$2.2tUS$1.9tUS$125.9b13.5x17.7x1.2x
Thu, 11 Sep 2025US$2.3tUS$1.9tUS$125.9b13.7x18.1x1.2x
Sat, 09 Aug 2025US$2.2tUS$1.9tUS$126.1b13x17.7x1.2x
Mon, 07 Jul 2025US$2.3tUS$1.9tUS$134.5b12.3x17.2x1.2x
Wed, 04 Jun 2025US$2.2tUS$1.9tUS$134.4b11.7x16.2x1.1x
Fri, 02 May 2025US$2.1tUS$1.9tUS$139.7b11.2x15.2x1.1x
Sun, 30 Mar 2025US$2.4tUS$1.9tUS$143.8b12.9x16.8x1.3x
Tue, 25 Feb 2025US$2.4tUS$1.9tUS$150.0b13.3x16x1.3x
Thu, 23 Jan 2025US$2.5tUS$1.9tUS$158.7b12.5x15.6x1.3x
Sat, 21 Dec 2024US$2.2tUS$1.9tUS$158.3b11.6x13.9x1.1x
Mon, 18 Nov 2024US$2.4tUS$1.9tUS$159.9b12x15.2x1.3x
Wed, 16 Oct 2024US$2.3tUS$2.0tUS$175.8b11.3x13.3x1.2x
Fri, 13 Sep 2024US$2.2tUS$2.0tUS$172.6b11x12.6x1.1x
Sun, 11 Aug 2024US$2.3tUS$2.0tUS$172.4b10.9x13.3x1.2x
Tue, 09 Jul 2024US$2.3tUS$1.9tUS$176.1b11.3x12.9x1.2x
Thu, 06 Jun 2024US$2.2tUS$1.9tUS$175.7b11.3x12.7x1.2x
Sat, 04 May 2024US$2.3tUS$1.9tUS$177.7b10.9x13x1.2x
Mon, 01 Apr 2024US$2.4tUS$2.0tUS$206.4b10.4x11.8x1.2x
Wed, 28 Feb 2024US$2.2tUS$2.0tUS$208.5b9.3x10.6x1.1x
Fri, 26 Jan 2024US$2.2tUS$2.1tUS$239.8b8.7x9.2x1.1x
Sun, 24 Dec 2023US$2.3tUS$2.1tUS$242.2b8.7x9.4x1.1x
Tue, 21 Nov 2023US$2.3tUS$2.1tUS$242.6b8.8x9.3x1.1x
Thu, 19 Oct 2023US$2.4tUS$2.2tUS$272.8b7.5x8.9x1.1x
Sat, 16 Sep 2023US$2.4tUS$2.2tUS$272.6b7.9x8.9x1.1x
Mon, 14 Aug 2023US$2.7tUS$2.2tUS$272.8b8x10x1.3x
Wed, 12 Jul 2023US$2.5tUS$2.4tUS$315.8b7x8.1x1.1x
Fri, 09 Jun 2023US$2.5tUS$2.4tUS$315.8b7.2x7.9x1.1x
Sun, 07 May 2023US$2.1tUS$2.4tUS$318.2b6.5x6.7x0.9x
Tue, 04 Apr 2023US$2.3tUS$2.4tUS$280.7b7.1x8.1x1x
Thu, 02 Mar 2023US$2.2tUS$2.4tUS$280.7b7.4x8x0.9x
Sat, 28 Jan 2023US$2.4tUS$2.3tUS$262.1b8.2x9.2x1x
Price to Earnings Ratio

9.2x


Total Market Cap: US$2.4tTotal Earnings: US$262.1bTotal Revenue: US$2.3tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 12.9x202420252026
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 19.6x which is higher than its 3-year average PE of 12.9x.
  • 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 22% per year over the last three years,
  • Revenues have also declined 7.0% 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-2.00%
Energy1.31%
Energy Services1.65%
Oil and Gas1.27%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 24.5x.
    • Analysts are expecting annual earnings growth of 16.6%, 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 12.5x.
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 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
XOM Exxon MobilUS$130.463.1%
+US$16.5b		17.0%PE18.4x
CVX ChevronUS$165.300.9%
+US$2.9b		4.5%PE26.1x
BKR Baker HughesUS$51.264.7%
+US$2.3b		9.0%PE17.5x
LNG Cheniere EnergyUS$203.044.8%
+US$2.0b		-18.7%PE10.9x
VG Venture GlobalUS$8.487.6%
+US$1.5b		n/aPE10.1x

Latest News

COP
US$95.52
ConocoPhillips
7D
-1.0%
1Y
-8.4%
XOM
US$130.46
Exxon Mobil
7D
3.1%
1Y
17.0%

XOM: Cost Savings And Refining Upgrades Will Support Future Cash Flow

Exxon Mobil's analyst price target has been trimmed by about $0.82 to roughly $130.50, as analysts factor in a more cautious crude outlook, slightly lower profit margins and mixed rating changes, while some still highlight resilient free cash flow and an improved refining setup. Analyst Commentary Recent research on Exxon Mobil reflects a mix of optimism about the company’s cash generation and refining position, alongside caution about crude prices and sector sentiment.
MUR
US$30.40
Murphy Oil
7D
-8.6%
1Y
-3.5%

MUR: Vietnam Appraisal Optimism Will Likely Outrun Free Cash Flow Strength

Analysts have nudged their price targets on Murphy Oil higher by up to US$3, citing stronger cash flow estimates, production guidance that came in above prior expectations, and growing optimism around the Hai Su Vang appraisal and potential Vietnam update. Analyst Commentary Recent research has been mixed, with several firms lifting their price targets while still flagging execution risks, cash flow sensitivity and valuation constraints versus peers.
LNG
US$203.04
Cheniere Energy
7D
4.8%
1Y
-18.7%

LNG: Future Cash Returns From Buybacks And Dividend Increases Will Support Shares

Analysts have trimmed their Cheniere Energy fair value estimate by about US$3 to roughly US$268, reflecting slightly lower modeled revenue growth, a modest adjustment to margins, and a lower future P/E. Recent research still points to ongoing support for the stock, even though price targets have been reduced in connection with lower international spreads and timing shifts for expansion projects.
VG
US$8.48
Venture Global
7D
7.6%
1Y
n/a
HAL
US$32.06
Halliburton
7D
-1.7%
1Y
8.6%
DVN
US$36.29
Devon Energy
7D
-1.5%
1Y
-1.2%
UEC
US$18.07
Uranium Energy
7D
16.2%
1Y
143.5%
WFRD
US$83.14
Weatherford International
7D
-5.3%
1Y
13.5%
WMB
US$61.51
Williams Companies
7D
1.7%
1Y
1.5%

WMB: Power Generation Expansion Will Guide Returns Over The Next Cycle

Analysts have raised their fair value estimate for Williams to about $68.22 from $67.70 as they incorporate updated revenue growth and profit margin assumptions, along with recent price target increases supported by growing confidence in the company’s power generation offerings. Analyst Commentary Recent Street research on Williams Companies points to a slightly higher fair value range, with price targets cited around the low US$70s.
EOG
US$106.21
EOG Resources
7D
-1.7%
1Y
-21.9%

EOG: Secular Gas Demand And 2025 Guidance Will Support Cash Flow Upside

Analysts have nudged their fair value estimate for EOG Resources slightly lower to $135.33 from $136.20, as recent price target adjustments across the Street balance updated 2025-2026 guidance with a mixed view on oil versus gas exposure. Analyst Commentary Recent Street commentary around EOG Resources reflects a split view, with some focusing on long term gas demand and capital efficiency, while others flag near term cash flow pressures and exposure to weaker realizations.
BKR
US$51.26
Baker Hughes
7D
4.7%
1Y
9.0%

BKR: IET Resilience And Potential Breakup Will Shape Next Cycle Outlook

Analysts have made only a small adjustment to their Baker Hughes price targets, with a blended fair value estimate now effectively unchanged at about US$53. This reflects mixed views, as some firms trimmed targets on more cautious oilfield spending expectations, while others nudged them higher on resilient U.S. activity and the ongoing strength of the Industrial & Energy Technology business.
OXY
US$42.24
Occidental Petroleum
7D
-2.5%
1Y
-16.4%

OXY: Capital Efficiency And Higher Production Are Expected To Accelerate Deleveraging

Analysts have nudged their fair value estimate for Occidental Petroleum slightly lower to about US$49.63 from roughly US$49.92, reflecting reduced price targets alongside updated expectations for revenue, margins and future P/E multiples following recent sector research. Analyst Commentary Bullish Takeaways Bullish analysts highlight that updated exploration and production models after Q3 results still point to operations, efficiencies and costs moving in a constructive direction.
FANG
US$148.70
Diamondback Energy
7D
-1.7%
1Y
-16.0%

FANG: Future Cash Discipline And Power Project Support A Balanced Outlook

Analysts have trimmed their fair value estimate for Diamondback Energy from about $164.70 to $149.35 per share. This reflects a mix of slightly lower long term revenue growth assumptions, a higher profit margin outlook, and a reset of future P/E expectations that lines up with the recent round of modestly adjusted Street price targets.
CVX
US$165.30
Chevron
7D
0.9%
1Y
4.5%

CVX: Future Dividend Capacity Will Reflect Free Cash Flow And Upstream Execution

Analysts have slightly trimmed their Chevron fair value estimate to about $172.08 per share. This reflects modestly softer revenue growth and profit margin assumptions, even as recent price target increases highlight confidence in free cash flow support for dividends and the company’s longer term growth plans.
KMI
US$27.96
Kinder Morgan
7D
2.1%
1Y
-10.4%