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U.S. Energy Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies440
  • 7D2.4%
  • 3M13.4%
  • 1Y8.0%
  • YTD9.5%

In the last week, the Energy industry is up 4.0%, with Exxon Mobil up 3.0%. This takes the industry's 12 month performance to a gain of 8.0%. 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
Thu, 29 Jan 2026US$2.6tUS$1.9tUS$126.0b16.7x20.4x1.4x
Sat, 27 Dec 2025US$2.3tUS$1.9tUS$126.3b14.9x18.3x1.2x
Mon, 24 Nov 2025US$2.3tUS$1.9tUS$124.8b15.6x18.5x1.2x
Wed, 22 Oct 2025US$2.3tUS$1.9tUS$124.8b13.7x18.2x1.2x
Fri, 19 Sep 2025US$2.3tUS$1.9tUS$125.9b14x18.6x1.3x
Sun, 17 Aug 2025US$2.2tUS$1.9tUS$126.3b13.1x17.7x1.2x
Tue, 15 Jul 2025US$2.4tUS$1.9tUS$134.5b12x17.6x1.2x
Thu, 12 Jun 2025US$2.3tUS$1.9tUS$134.4b12.1x16.8x1.2x
Sat, 10 May 2025US$2.2tUS$1.9tUS$135.2b11.7x16x1.1x
Mon, 07 Apr 2025US$2.1tUS$1.9tUS$143.8b11.3x14.4x1.1x
Wed, 05 Mar 2025US$2.3tUS$1.9tUS$143.3b12.3x16.1x1.2x
Fri, 31 Jan 2025US$2.4tUS$1.9tUS$158.0b12.9x15.4x1.3x
Sun, 29 Dec 2024US$2.2tUS$1.9tUS$158.3b11.6x14.2x1.2x
Tue, 26 Nov 2024US$2.5tUS$1.9tUS$158.6b12.2x15.8x1.3x
Thu, 24 Oct 2024US$2.3tUS$2.0tUS$176.1b11.2x13.3x1.2x
Sat, 21 Sep 2024US$2.3tUS$2.0tUS$172.6b11.8x13.4x1.2x
Mon, 19 Aug 2024US$2.3tUS$2.0tUS$172.2b11.6x13.5x1.2x
Wed, 17 Jul 2024US$2.3tUS$1.9tUS$176.0b11.9x13.3x1.2x
Fri, 14 Jun 2024US$2.2tUS$1.9tUS$176.3b11.4x12.6x1.1x
Sun, 12 May 2024US$2.3tUS$1.9tUS$175.3b11.6x13.3x1.2x
Tue, 09 Apr 2024US$2.5tUS$2.0tUS$206.1b11x12.2x1.3x
Thu, 07 Mar 2024US$2.2tUS$2.0tUS$207.1b9.1x10.8x1.1x
Sat, 03 Feb 2024US$2.2tUS$2.1tUS$229.0b8.4x9.7x1.1x
Mon, 01 Jan 2024US$2.3tUS$2.1tUS$242.2b8.6x9.3x1.1x
Wed, 29 Nov 2023US$2.3tUS$2.1tUS$242.5b8.7x9.3x1.1x
Fri, 27 Oct 2023US$2.3tUS$2.2tUS$273.0b7.6x8.5x1.1x
Sun, 24 Sep 2023US$2.4tUS$2.2tUS$272.6b7.6x8.7x1.1x
Tue, 22 Aug 2023US$2.3tUS$2.2tUS$272.4b7.8x8.6x1.1x
Thu, 20 Jul 2023US$2.5tUS$2.4tUS$317.0b7x8x1.1x
Sat, 17 Jun 2023US$2.5tUS$2.4tUS$315.8b7.3x7.8x1x
Mon, 15 May 2023US$2.1tUS$2.4tUS$316.1b6.5x6.6x0.9x
Wed, 12 Apr 2023US$2.3tUS$2.4tUS$279.2b7x8.1x1x
Fri, 10 Mar 2023US$2.2tUS$2.4tUS$280.5b6.9x7.8x0.9x
Sun, 05 Feb 2023US$2.3tUS$2.3tUS$270.7b7.6x8.4x1x
Price to Earnings Ratio

8.4x


Total Market Cap: US$2.3tTotal Earnings: US$270.7bTotal 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 20.4x which is higher than its 3-year average PE of 12.9x.
  • 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 22% per year over the last three years,
  • Revenues have also declined 7.2% 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 Market0.90%
Energy2.43%
Oil and Gas2.53%
Energy Services1.56%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 24.2x.
    • Analysts are expecting annual earnings growth of 18.1%, which is higher than its past year's earnings decline of 22.3% 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 18% over the next 5 years.
  • This is better than its past earnings decline of 22% 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$137.583.0%
+US$16.7b		26.6%PE19.4x
CVX ChevronUS$169.931.9%
+US$6.4b		9.1%PE26.8x
COP ConocoPhillipsUS$101.394.4%
+US$5.2b		-0.2%PE14.2x
WMB Williams CompaniesUS$66.925.9%
+US$4.6b		20.9%PE34.5x
KMI Kinder MorganUS$30.075.2%
+US$3.3b		10.1%PE21.9x

Latest News

BKR
US$56.63
Baker Hughes
7D
5.7%
1Y
31.5%
CVX
US$169.93
Chevron
7D
1.9%
1Y
9.1%
CVI
US$21.99
CVR Energy
7D
-12.1%
1Y
11.8%
WMB
US$66.92
Williams Companies
7D
5.9%
1Y
20.9%
OKE
US$79.26
ONEOK
7D
4.5%
1Y
-21.0%
VLO
US$184.02
Valero Energy
7D
-2.2%
1Y
31.9%

VLO: Complex Refining Margins And Dividend Support Will Offset Bearish Crude Sentiment

Narrative Update on Valero Energy The updated analyst price target for Valero Energy has moved higher by about US$3 to roughly US$190, as analysts point to tighter refining supply and demand, crude differential tailwinds, and the company's ability to run cheaper feedstocks into higher value products, even as views on crude remain cautious. Analyst Commentary Recent research on Valero Energy reflects a generally constructive tone, with price targets being adjusted while views on crude and sector performance remain cautious.
COP
US$101.39
ConocoPhillips
7D
4.4%
1Y
-0.2%

COP: Future Cash Flows Will Strengthen As Dividend Capacity Expands

Narrative Update The updated analyst price target for ConocoPhillips edges higher to about US$113. Analysts point to slightly stronger margin assumptions, a modestly higher future P/E multiple, and refreshed views on dividend growth and valuation across recent research updates.
TRGP
US$201.13
Targa Resources
7D
5.8%
1Y
-0.9%

TRGP: Permian Volumes And Diversification Will Support Measured Future Cash Returns

Narrative Update: Targa Resources Analyst Price Target Shift The analyst price target for Targa Resources has moved higher to US$212.05, with analysts pointing to refined assumptions around revenue growth, profit margins and future P/E, alongside recent research highlighting Q3 outperformance, diversified midstream exposure and solid Permian volume trends as key supports for the updated view. Analyst Commentary Recent research on Targa Resources highlights a mix of optimism around execution and growth, alongside some caution on macro sensitivity and the midstream sector reset in price targets.
KMI
US$30.07
Kinder Morgan
7D
5.2%
1Y
10.1%

KMI: Western Gateway Progress And Dividend Outlook Will Support Measured Return Potential

Analysts nudged their fair value estimate for Kinder Morgan higher to about US$31.55 from roughly US$31.06, citing updated assumptions around discount rates, revenue growth, profit margins, and a slightly higher future P/E multiple that is reflected in recent price target increases from several firms. Analyst Commentary Recent Street research has focused on Kinder Morgan's valuation framework and assumptions around earnings power, which has resulted in modest price target increases of US$1 to US$2 from several firms.
BTU
US$35.18
Peabody Energy
7D
-9.4%
1Y
92.6%

BTU: Higher Earnings Quality Assumptions Will Support Future Upside Potential

Analysts have raised their fair value estimate on Peabody Energy by $2 to $44, citing updated assumptions on revenue growth, profit margins, and a lower future P/E ratio that together support a higher price target. Analyst Commentary Recent research commentary on Peabody Energy centers on how updated revenue and margin assumptions, combined with a lower future P/E ratio, still support a higher fair value.
MPC
US$172.01
Marathon Petroleum
7D
-3.1%
1Y
13.6%

MPC: Capital Returns And Refining Fundamentals Will Shape Balanced Future Upside

Narrative Update Our Marathon Petroleum fair value estimate moves lower by about US$5 to US$194.61 per share, reflecting a slightly higher discount rate, modestly softer revenue growth and margin assumptions, and a lower future P/E multiple that align with recent analyst price target trims and cautious views on sector outperformance, even as some expect near term refining fundamentals to remain supportive. Analyst Commentary Recent Street research on Marathon Petroleum points to a mixed setup, with most analysts trimming or fine tuning price targets while keeping broadly balanced views on upside potential and execution risks.
CNR
US$93.91
Core Natural Resources
7D
-7.4%
1Y
0.5%

CNR: Resumed Longwall Operations And Buybacks Will Support Strong Future Upside

Narrative Update on Core Natural Resources Analysts have nudged their price target on Core Natural Resources to $114.75 from $113, citing slightly revised assumptions for revenue growth, profit margins and future P/E that together point to a modestly higher assessed fair value. What's in the News Core Natural Resources resumed longwall operations at its Leer South metallurgical mine in Barbour County, West Virginia, after the system had been idle since January 13, 2025, due to combustion related activity in a previously mined area (Key Developments).
CRK
US$22.41
Comstock Resources
7D
-6.7%
1Y
17.1%

CRK: Higher Risk Profile Will Constrain Future Earnings Versus Current P/E

Analysts nudged their fair value estimate for Comstock Resources from US$20.36 to US$20.71, reflecting updated views on discount rates, profit margin expectations, and future P/E assumptions following recent mixed research that included a downgrade at BofA and a US$1 price target increase at Citi. Analyst Commentary Recent research on Comstock Resources reflects a split view, with one high profile downgrade and a separate US$1 increase in the stock's price target.
SOC
US$10.15
Sable Offshore
7D
-12.3%
1Y
-60.6%
APA
US$26.01
APA
7D
-2.0%
1Y
12.2%

APA: Cost Discipline And Repsol Talks Will Guide Balanced Future Risk Profile

Narrative Update on APA The analyst price target for APA edges higher to about US$26.32 from roughly US$26.14, as analysts factor in recent target increases tied to stronger production versus guidance, cost reduction progress, updated models reflecting free cash flow and production improvements, and potential corporate interest highlighted in recent research. Analyst Commentary Recent research on APA reflects a mix of optimism around execution and cautious views on valuation risk and deal uncertainty.
XOM
US$137.58
Exxon Mobil
7D
3.0%
1Y
26.6%

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.