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U.S. Energy Sector Analysis

UpdatedJan 16, 2026
DataAggregated Company Financials
Companies442
  • 7D2.8%
  • 3M10.3%
  • 1Y0.3%
  • YTD4.3%

The Energy industry is up 2.8% in the last week, with Exxon Mobil up 5.1%. Overall in the last year, the industry is flat. 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, 16 Jan 2026US$2.5tUS$1.9tUS$126.3b16.4x19.7x1.3x
Sun, 14 Dec 2025US$2.3tUS$1.9tUS$124.8b15.4x18.8x1.3x
Tue, 11 Nov 2025US$2.3tUS$1.9tUS$125.0b15.2x18.5x1.2x
Thu, 09 Oct 2025US$2.3tUS$1.9tUS$125.9b13.9x18.6x1.3x
Sat, 06 Sep 2025US$2.3tUS$1.9tUS$126.4b13.6x18.3x1.3x
Mon, 04 Aug 2025US$2.3tUS$1.9tUS$129.1b12.3x17.5x1.2x
Wed, 02 Jul 2025US$2.3tUS$1.9tUS$134.3b11.9x16.9x1.2x
Fri, 30 May 2025US$2.2tUS$1.9tUS$134.2b11.4x16.1x1.1x
Sun, 27 Apr 2025US$2.2tUS$1.9tUS$140.8b11.3x15.4x1.1x
Tue, 25 Mar 2025US$2.4tUS$1.9tUS$143.9b13.1x16.7x1.3x
Thu, 20 Feb 2025US$2.4tUS$1.9tUS$154.8b12.4x15.5x1.3x
Sat, 18 Jan 2025US$2.5tUS$1.9tUS$158.6b12.7x15.6x1.3x
Mon, 16 Dec 2024US$2.3tUS$1.9tUS$158.5b11.7x14.7x1.2x
Wed, 13 Nov 2024US$2.4tUS$1.9tUS$160.6b11.9x15.2x1.3x
Fri, 11 Oct 2024US$2.4tUS$2.0tUS$175.8b11.8x13.5x1.2x
Sun, 08 Sep 2024US$2.2tUS$2.0tUS$172.5b11x12.8x1.1x
Tue, 06 Aug 2024US$2.3tUS$2.0tUS$172.0b10.6x13.2x1.2x
Thu, 04 Jul 2024US$2.3tUS$1.9tUS$176.1b11.5x13.1x1.2x
Sat, 01 Jun 2024US$2.3tUS$1.9tUS$176.4b11.4x12.9x1.2x
Mon, 29 Apr 2024US$2.5tUS$2.0tUS$197.1b11.1x12.5x1.2x
Wed, 27 Mar 2024US$2.4tUS$2.0tUS$206.4b9.8x11.6x1.2x
Fri, 23 Feb 2024US$2.2tUS$2.0tUS$211.5b9.3x10.5x1.1x
Sun, 21 Jan 2024US$2.2tUS$2.1tUS$242.2b8.2x9x1x
Tue, 19 Dec 2023US$2.2tUS$2.1tUS$242.3b8.6x9.3x1.1x
Thu, 16 Nov 2023US$2.3tUS$2.1tUS$242.7b8.8x9.3x1.1x
Sat, 14 Oct 2023US$2.4tUS$2.2tUS$272.8b7.5x8.7x1.1x
Mon, 11 Sep 2023US$2.4tUS$2.2tUS$272.6b7.8x8.8x1.1x
Wed, 09 Aug 2023US$2.6tUS$2.2tUS$273.0b7.9x9.6x1.2x
Fri, 07 Jul 2023US$2.4tUS$2.4tUS$315.8b6.8x7.7x1x
Sun, 04 Jun 2023US$2.4tUS$2.4tUS$315.7b7x7.7x1x
Tue, 02 May 2023US$2.2tUS$2.4tUS$300.4b6.8x7.3x0.9x
Thu, 30 Mar 2023US$2.2tUS$2.4tUS$280.8b6.7x7.7x0.9x
Sat, 25 Feb 2023US$2.2tUS$2.4tUS$279.7b7.2x8x0.9x
Mon, 23 Jan 2023US$2.4tUS$2.3tUS$257.1b8.2x9.3x1x
Price to Earnings Ratio

9.3x


Total Market Cap: US$2.4tTotal Earnings: US$257.1bTotal Revenue: US$2.3tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 12.8x202420252026
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 19.7x which is higher than its 3-year average PE of 12.8x.
  • 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 6.5% 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 Market0.31%
Energy2.78%
Energy Services3.81%
Oil and Gas2.66%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 24.7x.
    • Analysts are expecting annual earnings growth of 16.6%, which is higher than its past year's earnings decline of 20.4% 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 12.4x.
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 20% 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$129.894.2%
+US$22.3b		15.6%PE18.3x
CVX ChevronUS$166.262.6%
+US$8.4b		3.0%PE26.2x
VG Venture GlobalUS$8.8021.7%
+US$3.8b		n/aPE10.4x
LNG Cheniere EnergyUS$206.706.4%
+US$2.7b		-18.2%PE11.1x
SLB SLBUS$46.733.4%
+US$2.3b		7.2%PE19.2x

Latest News

TPL
US$330.94
Texas Pacific Land
7D
9.2%
1Y
-28.7%
UEC
US$17.47
Uranium Energy
7D
19.9%
1Y
155.0%
WFRD
US$84.11
Weatherford International
7D
-5.7%
1Y
19.7%
CRK
US$20.85
Comstock Resources
7D
-3.1%
1Y
-3.1%
PSX
US$140.01
Phillips 66
7D
-2.9%
1Y
17.0%

PSX: Future Cash Flows Will Reflect Cash Returns And Refining Margin Support

Analysts have made only a modest adjustment to their Phillips 66 fair value estimate, lifting it by about $0.45, as they weigh slightly softer revenue expectations against a small improvement in projected profit margin, a lower discount rate, and a marginally reduced future P/E multiple, all in the context of mixed recent price target changes across the Street. Analyst Commentary Recent Street commentary on Phillips 66 reflects a mix of optimism around cash returns and refining fundamentals, balanced against concerns about sector sentiment and crude price risks.
VLO
US$184.58
Valero Energy
7D
-3.5%
1Y
32.4%

VLO: Complex Refining Margins And Capital Returns Will Offset Bearish Crude Sentiment

Analysts have inched their price expectations for Valero higher, with the fair value estimate moving from about $185.78 to $187.11. This reflects updated views that factor in recent price target changes, a slightly higher future P/E assumption, and ongoing support from refining market conditions highlighted in recent research.
EXE
US$99.52
Expand Energy
7D
-4.6%
1Y
-7.7%

EXE: Higher 2025 Output Guidance And Completed Buybacks Will Support Bullish Outlook

Analysts have slightly reduced their price target on Expand Energy, citing updated fair value estimates of US$132.04 compared with the prior US$133.39, along with refreshed assumptions for revenue growth, profit margin and future P/E. What's in the News Expand Energy reported that from July 1, 2025 to September 30, 2025, it repurchased 0 shares for US$0 million, completing the previously announced buyback with a total of 851,661 shares repurchased for US$99.99 million, representing 0.36% of shares (Key Developments).
WMB
US$60.29
Williams Companies
7D
-1.4%
1Y
1.9%

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$108.02
EOG Resources
7D
2.3%
1Y
-21.8%

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$52.00
Baker Hughes
7D
3.6%
1Y
12.2%

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.
EQT
US$49.92
EQT
7D
-4.4%
1Y
-7.2%

EQT: Integrated Gas Model Will Benefit From LNG And Datacenter Demand

Narrative Update on EQT The updated analyst price target for EQT edges slightly lower to about US$80. This reflects analysts' view of a somewhat higher future P/E multiple alongside revised assumptions for revenue growth, profit margins, and a fair value estimate that is broadly in line with prior work, supported by expectations for structurally tighter U.S. gas markets and EQT's low cost, vertically integrated model.
SLB
US$46.57
SLB
7D
4.8%
1Y
13.3%

SLB: Macro Headwinds And Weaker Oil Prices Will Pressure Future Performance

Analysts have nudged their fair value estimate for SLB up to $38 from $36, citing a modestly lower discount rate, higher assumed revenue growth, and a richer future P/E multiple. These changes are informed by recent price target moves that balance optimism on activity and digital tailwinds with caution around macro and valuation risks.
DTM
US$117.03
DT Midstream
7D
-1.4%
1Y
4.2%

DTM: Guardian Expansion Will Shape Fairly Valued Cash Flows And Execution Risks

Analysts have nudged their price target on DT Midstream higher to reflect a fair value estimate moving from US$121.92 to US$122.85, supported by largely unchanged assumptions for the discount rate, revenue growth, profit margin and forward P/E. Valuation Changes The Fair Value Estimate is now set at US$122.85, compared with the prior figure of US$121.92, reflecting a very small adjustment in the model output.
XOM
US$129.13
Exxon Mobil
7D
5.1%
1Y
16.0%

XOM: Cost Savings And Capital Returns Will Support Future Cash Flow Stability

We are trimming our Exxon Mobil fair value estimate slightly to $131.32, reflecting modest tweaks to margin and growth assumptions. Analysts highlight resilient free cash flow, ongoing structural cost savings, and a series of higher price targets in the US$128 to US$156 range that underscore continued confidence in the name.
CVX
US$166.16
Chevron
7D
4.3%
1Y
4.3%

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.
LNG
US$202.74
Cheniere Energy
7D
3.2%
1Y
-20.1%

We Think Cheniere Energy (NYSE:LNG) Is Taking Some Risk With Its Debt

Jan 04
We Think Cheniere Energy (NYSE:LNG) Is Taking Some Risk With Its Debt