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U.S. Energy Sector Analysis

UpdatedJun 23, 2026
DataAggregated Company Financials
Companies435
  • 7D-1.7%
  • 3M-10.8%
  • 1Y23.0%
  • YTD18.0%

The Energy industry is down 1.7% over the last week with Chevron the worst performer, down 3.0%. In the past year, the industry has gained 23%. 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
Tue, 23 Jun 2026US$2.7tUS$1.9tUS$125.0b15.6x21.9x1.4x
Thu, 21 May 2026US$3.1tUS$1.9tUS$124.5b16.9x25x1.6x
Sat, 18 Apr 2026US$2.9tUS$1.9tUS$131.9b17.1x22.1x1.6x
Mon, 16 Mar 2026US$2.9tUS$1.9tUS$130.5b17.5x22.5x1.6x
Wed, 11 Feb 2026US$2.7tUS$1.9tUS$128.1b16.5x21.5x1.5x
Fri, 09 Jan 2026US$2.3tUS$1.9tUS$126.3b15.9x18.5x1.3x
Sun, 07 Dec 2025US$2.4tUS$1.9tUS$124.8b15.8x19x1.3x
Tue, 04 Nov 2025US$2.3tUS$1.9tUS$126.1b14.4x18.2x1.2x
Thu, 02 Oct 2025US$2.3tUS$1.9tUS$125.8b14x18.6x1.3x
Sat, 30 Aug 2025US$2.3tUS$1.9tUS$126.5b13.5x18.4x1.3x
Mon, 28 Jul 2025US$2.3tUS$1.9tUS$132.8b12.4x17.3x1.2x
Wed, 25 Jun 2025US$2.3tUS$1.9tUS$134.4b11.9x16.9x1.2x
Fri, 23 May 2025US$2.2tUS$1.9tUS$134.5b11.4x16.1x1.1x
Sun, 20 Apr 2025US$2.1tUS$1.9tUS$143.7b11.2x14.9x1.1x
Tue, 18 Mar 2025US$2.3tUS$1.9tUS$144.0b12.8x16.2x1.2x
Thu, 13 Feb 2025US$2.4tUS$1.9tUS$155.9b12.1x15.6x1.3x
Sat, 11 Jan 2025US$2.3tUS$1.9tUS$158.5b12x14.8x1.2x
Mon, 09 Dec 2024US$2.4tUS$1.9tUS$158.5b11.9x15x1.2x
Wed, 06 Nov 2024US$2.3tUS$1.9tUS$160.9b11.4x14.4x1.2x
Fri, 04 Oct 2024US$2.4tUS$2.0tUS$175.3b11.9x13.4x1.2x
Sun, 01 Sep 2024US$2.3tUS$2.0tUS$172.2b11.5x13.6x1.2x
Tue, 30 Jul 2024US$2.3tUS$1.9tUS$174.7b11.4x13.3x1.2x
Thu, 27 Jun 2024US$2.3tUS$1.9tUS$176.0b11.3x13.1x1.2x
Sat, 25 May 2024US$2.3tUS$1.9tUS$174.8b11.1x13x1.2x
Mon, 22 Apr 2024US$2.4tUS$2.0tUS$206.3b10.6x11.8x1.2x
Wed, 20 Mar 2024US$2.4tUS$2.0tUS$206.4b9.6x11.5x1.2x
Fri, 16 Feb 2024US$2.1tUS$2.0tUS$217.1b9x9.8x1.1x
Sun, 14 Jan 2024US$2.2tUS$2.1tUS$242.2b8.6x9.2x1.1x
Tue, 12 Dec 2023US$2.2tUS$2.1tUS$242.4b8.4x9.1x1.1x
Thu, 09 Nov 2023US$2.2tUS$2.1tUS$243.3b8.7x9.2x1.1x
Sat, 07 Oct 2023US$2.3tUS$2.2tUS$272.9b7.4x8.4x1.1x
Mon, 04 Sep 2023US$2.4tUS$2.2tUS$272.6b7.8x8.8x1.1x
Wed, 02 Aug 2023US$2.6tUS$2.3tUS$291.6b7.7x9x1.2x
Fri, 30 Jun 2023US$2.5tUS$2.4tUS$315.8b7x7.9x1x
Price to Earnings Ratio

7.9x


Total Market Cap: US$2.5tTotal Earnings: US$315.8bTotal Revenue: US$2.4tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 14.9x202420252026
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 21.9x which is higher than its 3-year average PE of 14.9x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 27% 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-1.82%
Energy-1.68%
Oil and Gas-1.10%
Energy Services-6.16%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 23.0x.
    • Analysts are expecting annual earnings growth of 21.6%, which is higher than its past year's earnings decline of 26.2% 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 14.4x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings decline of 26% 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
WMB Williams CompaniesUS$74.954.8%
+US$4.2b		23.9%PE32.9x
KMI Kinder MorganUS$32.252.5%
+US$1.8b		14.8%PE21.8x
EQT EQTUS$51.842.1%
+US$681.8m		-12.7%PE9.9x
FRO FrontlineUS$41.585.5%
+US$478.6m		123.8%PE10.2x
TRGP Targa ResourcesUS$264.510.8%
+US$467.9m		60.6%PE26.8x

Latest News

HAL
US$35.17
Halliburton
7D
-7.9%
1Y
69.3%
SLB
US$47.95
SLB
7D
-10.7%
1Y
42.2%
KMI
US$32.25
Kinder Morgan
7D
2.5%
1Y
14.8%
EOG
US$132.83
EOG Resources
7D
0.6%
1Y
8.9%
Narrative Update • Jun 22

EOG: Future Cash Flow Will Reflect Prolonged Oil Market Tightness

The updated analyst price target for EOG Resources moves slightly lower to about $160, a modest adjustment that reflects analysts' refreshed oil price assumptions, evolving views on refining margins, and mixed revisions across recent research updates. Analyst Commentary Recent Street research on EOG Resources shows a mix of optimism and caution, with several firms revising price targets and refining their oil and gas assumptions.
EQT
US$51.84
EQT
7D
2.1%
1Y
-12.7%
Narrative Update • Jun 22

EQT: Future Returns Will Rely On Gas Prices And Derivative Discipline

Analysts have made a modest upward adjustment to the consensus price target for EQT, reflecting recent target increases from several firms that outweighed a few reductions. The shift is supported by updated views on the company’s revenue trajectory, profit margins, and forward P/E assumptions.
OXY
US$52.00
Occidental Petroleum
7D
-4.5%
1Y
18.3%
Seeking Alpha • Jun 22

Occidental Petroleum: I'm Turning More Bearish (Rating Downgrade)

Summary Occidental Petroleum is downgraded from Hold to Sell due to unsustainable valuation and deteriorating core performance metrics. Falling oil and NGL prices, combined with rising US production, are expected to pressure OXY's earnings and suppress future revenues. OXY's adjusted EBITDA is forecast to decline to $10.6–$10.9 billion in 2027, driving EV/EBITDA to a premium 7.17x when including Berkshire's preferreds. Shareholder dilution, weak unit economics, and ineffective cost controls further undermine the bull case, favoring midstream exposure over upstream volatility. Read the full article on Seeking Alpha
FRO
US$41.58
Frontline
7D
5.5%
1Y
123.8%
Analysis Article • Jun 20

Frontline (FRO) Stock Could Be 39.36% Below Fair Value As Momentum Builds

Frontline stock: why momentum and valuation are drawing fresh interest Frontline (NYSE:FRO) has moved onto more investor watchlists after its stock showed leading momentum in its industry, with technical indicators flashing potential buy signals and traders watching nearby support and resistance levels. See our latest analysis for Frontline. At a share price of $40.93, Frontline has seen strong short term momentum, with a 27.23% 90 day share price return and a very large 5 year total...
COP
US$109.70
ConocoPhillips
7D
-2.3%
1Y
19.6%
Analysis Article • Jun 20

ConocoPhillips (COP) Stock Could Be 24.5% Undervalued on Its LNG Growth Narrative

ConocoPhillips (COP) has drawn fresh attention after recent share price moves, with the stock down 3.1% over the past day, declining 10.6% over the past month, and falling 15.1% in the past 3 months. See our latest analysis for ConocoPhillips. Looking beyond the recent pullback, ConocoPhillips has seen its share price rise 11.42% year to date, while the 1 year total shareholder return of 17.55% and 5 year total shareholder return of 110.03% point to a stronger longer term picture. If...
PSX
US$168.41
Phillips 66
7D
-2.8%
1Y
39.1%
Analysis Article • Jun 20

Phillips 66 (PSX) Stock Could Be 12.9% Undervalued on Its Growth Narrative

Phillips 66 (PSX) remains in focus after recent share price moves, with the stock closing at $166.14. Investors are weighing this level against the company’s earnings profile, segment mix and recent return history. See our latest analysis for Phillips 66. Recent trading has been choppy for Phillips 66, with the share price down 7.4% over the past week and 5.3% over 90 days, yet still showing a 27.2% year to date share price return and a 5 year total shareholder return of 122.9% that points to...
WMB
US$74.95
Williams Companies
7D
4.8%
1Y
23.9%
Narrative Update • Jun 18

WMB: Future Gas And Power Projects Will Support Growing Cash Flow Visibility

The analyst price target for Williams Companies has moved higher to $98. The change is tied to updated assumptions around Q1 earnings strength in Transmission, Power, and Gulf operations, incremental Transco-related contributions, and what analysts describe as a well supported dividend profile.
CVX
US$175.06
Chevron
7D
-3.0%
1Y
19.2%
Narrative Update • Jun 18

CVX: Tighter Oil Supply And Refining Margins Will Support Future Cash Returns

The analyst price target for Chevron stock has been reaffirmed at $216.04, with analysts citing higher oil price and refining crack assumptions alongside tighter global supply conditions as key supports for their updated view. Analyst Commentary Recent research on Chevron centers on how changing oil and gas assumptions feed into valuation, with several firms updating their price targets and ratings in response to tighter supply expectations and shifts in commodity pricing outlooks.
BKR
US$59.15
Baker Hughes
7D
-5.3%
1Y
56.4%
XOM
US$138.47
Exxon Mobil
7D
-1.7%
1Y
23.9%
INSW
US$88.41
International Seaways
7D
8.6%
1Y
126.2%
Seeking Alpha • Jun 17

International Seaways: Caution Won't Hurt You, But There's Still Some Upside Here

Summary International Seaways, Inc. remains a buy as strong Q1 2026 results and robust tanker rates drive upside. INSW benefits from heavy spot exposure, a large 67-vessel fleet, and a prudent fixed charter mix, supporting revenue stability. Balance sheet strength—$377M liquidity, low net debt/EBITDA (0.8x), and long debt maturity—underpins operational resilience and dividends. Valuation remains attractive with a $96 target price; technicals suggest renewed buying opportunities after the recent pullback. Read the full article on Seeking Alpha
TRGP
US$264.51
Targa Resources
7D
0.8%
1Y
60.6%
Analysis Article • Jun 16

Targa Resources (TRGP) Stock Could Be 8% Undervalued After Recent Share Price Weakness

Targa Resources (TRGP) has drawn fresh attention after recent share performance data showed a decline of about 4% over the past month, alongside a gain of roughly 9% over the past 3 months. See our latest analysis for Targa Resources. At a share price of $262.33, Targa Resources has seen short term momentum cool, with the 1 day share price return down 3.77% and the 30 day share price return down 3.55%. This comes even as the year to date share price return of 40.46% and the very strong 5 year...
DTM
US$145.04
DT Midstream
7D
3.1%
1Y
36.6%
Narrative Update • Jun 11

DTM: Long Duration Gas Demand And Data Center Projects Will Shape Returns

Narrative Update The updated analyst price target for DT Midstream has shifted slightly higher, rising about $1 to $154.20. Analysts point to the company's gas infrastructure exposure to U.S. Gulf Coast liquefied natural gas, growing power demand including data centers, and a view of relatively steady growth and defensiveness as key supports for the new level.