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U.S. Energy Sector Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies431
  • 7D3.0%
  • 3M33.3%
  • 1Y27.1%
  • YTD28.2%

Over the last 7 days, the Energy industry has risen 3.0%, driven by gains from Exxon Mobil of 2.3%. In the last 12 months, the industry was up 27%. 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
Sat, 21 Mar 2026US$3.0tUS$1.9tUS$130.6b17.7x23.1x1.6x
Mon, 16 Feb 2026US$2.8tUS$1.9tUS$129.0b16.9x21.5x1.5x
Wed, 14 Jan 2026US$2.4tUS$1.9tUS$126.3b16.3x19x1.3x
Fri, 12 Dec 2025US$2.4tUS$1.9tUS$124.8b15.7x19.1x1.3x
Sun, 09 Nov 2025US$2.3tUS$1.9tUS$125.0b15.1x18.5x1.2x
Tue, 07 Oct 2025US$2.3tUS$1.9tUS$125.9b13.9x18.5x1.3x
Thu, 04 Sep 2025US$2.3tUS$1.9tUS$126.4b13.4x18.6x1.3x
Sat, 02 Aug 2025US$2.3tUS$1.9tUS$133.4b12.3x17.3x1.2x
Mon, 30 Jun 2025US$2.2tUS$1.9tUS$134.4b11.9x16.7x1.2x
Wed, 28 May 2025US$2.2tUS$1.9tUS$134.3b11.6x16.1x1.1x
Fri, 25 Apr 2025US$2.1tUS$1.9tUS$143.5b11.4x14.9x1.1x
Sun, 23 Mar 2025US$2.4tUS$1.9tUS$143.9b13.1x16.7x1.3x
Tue, 18 Feb 2025US$2.4tUS$1.9tUS$154.7b12.3x15.5x1.3x
Thu, 16 Jan 2025US$2.4tUS$1.9tUS$158.5b12.5x15.3x1.3x
Sat, 14 Dec 2024US$2.4tUS$1.9tUS$158.5b11.9x14.8x1.2x
Mon, 11 Nov 2024US$2.4tUS$1.9tUS$160.5b11.6x15.1x1.3x
Wed, 09 Oct 2024US$2.4tUS$2.0tUS$175.7b11.9x13.8x1.2x
Fri, 06 Sep 2024US$2.2tUS$2.0tUS$172.5b11.1x13x1.1x
Sun, 04 Aug 2024US$2.3tUS$2.0tUS$172.0b11x13.2x1.2x
Tue, 02 Jul 2024US$2.3tUS$1.9tUS$176.1b11.4x13.1x1.2x
Thu, 30 May 2024US$2.3tUS$1.9tUS$175.0b11.2x13.2x1.2x
Sat, 27 Apr 2024US$2.5tUS$2.0tUS$197.1b11.1x12.5x1.2x
Mon, 25 Mar 2024US$2.4tUS$2.0tUS$206.4b9.7x11.5x1.2x
Wed, 21 Feb 2024US$2.2tUS$2.0tUS$215.4b9x10.1x1.1x
Fri, 19 Jan 2024US$2.2tUS$2.1tUS$242.2b8.2x8.9x1x
Sun, 17 Dec 2023US$2.2tUS$2.1tUS$242.3b8.6x9.3x1.1x
Tue, 14 Nov 2023US$2.3tUS$2.1tUS$242.6b8.8x9.3x1.1x
Thu, 12 Oct 2023US$2.3tUS$2.2tUS$272.8b7.6x8.6x1.1x
Sat, 09 Sep 2023US$2.4tUS$2.2tUS$272.6b7.8x8.8x1.1x
Mon, 07 Aug 2023US$2.6tUS$2.2tUS$274.0b7.9x9.5x1.2x
Wed, 05 Jul 2023US$2.5tUS$2.4tUS$315.8b7x7.9x1.1x
Fri, 02 Jun 2023US$2.4tUS$2.4tUS$315.6b6.9x7.5x1x
Sun, 30 Apr 2023US$2.2tUS$2.4tUS$300.4b6.8x7.4x0.9x
Tue, 28 Mar 2023US$2.1tUS$2.4tUS$280.8b6.8x7.5x0.9x
Price to Earnings Ratio

7.5x


Total Market Cap: US$2.1tTotal Earnings: US$280.8bTotal Revenue: US$2.4tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 13.6x202420252026
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 23.1x which is higher than its 3-year average PE of 13.6x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 23% per year over the last three years,
  • Revenues have also declined 7.4% 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-1.86%
Energy2.97%
Energy Services4.97%
Oil and Gas2.75%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 23.6x.
    • Analysts are expecting annual earnings growth of 18.7%, which is higher than its past year's earnings decline of 33.1% 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 13.1x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 19% over the next 5 years.
  • This is better than its past earnings decline of 33% 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$159.672.3%
+US$14.8b		38.2%PE23.1x
CVX ChevronUS$201.732.5%
+US$9.8b		22.4%PE32.7x
VG Venture GlobalUS$15.8120.7%
+US$6.7b		36.2%PE17.2x
COP ConocoPhillipsUS$126.924.1%
+US$6.1b		24.5%PE19.5x
BKR Baker HughesUS$60.3511.2%
+US$6.0b		36.8%PE23x

Latest News

VG
US$15.81
Venture Global
7D
20.7%
1Y
36.2%
CVX
US$201.73
Chevron
7D
2.5%
1Y
22.4%
FANG
US$192.54
Diamondback Energy
7D
5.6%
1Y
21.5%

FANG: Higher Long Term Oil Prices Will Support Future Cash Returns

Analysts have lifted the updated price target for Diamondback Energy to $235.15 from $207.41, citing higher long term oil price assumptions across recent research. These assumptions feed through to stronger modeled revenue growth and support for current P/E expectations, despite some compression in projected profit margins.
COP
US$126.92
ConocoPhillips
7D
4.1%
1Y
24.5%
WMB
US$72.41
Williams Companies
7D
-1.3%
1Y
21.5%
XOM
US$159.67
Exxon Mobil
7D
2.3%
1Y
38.2%

XOM: Geopolitical Supply Tightness And Cash Returns Will Guide Future Performance

Exxon Mobil's updated analyst price target edges higher from $144.25 to about $151.42, as analysts factor in higher medium term oil price assumptions, tighter expected 2026 crude balances, and a view that the company's cash flow and capital return capacity could benefit from recent commodity price revisions. Analyst Commentary Recent Street research on Exxon Mobil clusters around higher oil price assumptions, Middle East supply risks, and how those factors could feed through to cash generation and capital returns.
BKR
US$60.35
Baker Hughes
7D
11.2%
1Y
36.8%
LNG
US$280.89
Cheniere Energy
7D
11.3%
1Y
23.8%

LNG: Future Returns Will Reflect Gulf Supply Risks And Contract Discipline

Our updated fair value estimate for Cheniere Energy edges up to $273.55 from $264.09 as analysts lift price targets into a roughly $255 to $301 range, citing expectations for continued capital discipline, repeat LNG contracts that reinforce customer confidence, and solid execution on capital allocation and operations. Analyst Commentary Recent research points to a mixed but generally constructive view on Cheniere Energy, with most price targets clustered between about $255 and $301 and one outlier closer to $236.
UEC
US$12.09
Uranium Energy
7D
-9.8%
1Y
118.6%
SLB
US$46.63
SLB
7D
4.3%
1Y
13.8%
TRGP
US$237.41
Targa Resources
7D
-1.1%
1Y
20.3%

TRGP: Permian Buildout And Higher 2026 Capex Will Support Dividend Expansion

The analyst price target for Targa Resources in our model has increased by about $13.75 to $244.40, as analysts factor in stronger revenue growth assumptions, updated profit margin expectations, and higher valuation multiples following a series of upward target revisions across the Street. Analyst Commentary Recent research updates show a clear tilt toward higher valuation frameworks for Targa Resources, with multiple firms lifting their price targets following the latest Q4 report, updated capital plans, and revised margin assumptions.
KMI
US$32.84
Kinder Morgan
7D
-1.6%
1Y
17.6%

KMI: Western Gateway Backlog And Gas Exposure Will Shape Future Return Balance

The analyst price target for Kinder Morgan is updated higher to $33.19 from $32.05, reflecting Street research that points to refreshed models after management meetings, expectations for more runway in gas focused names, and greater visibility from the company’s $10b project backlog. Analyst Commentary Recent Street research points to a cluster of higher price targets for Kinder Morgan, with several firms revisiting their models following management meetings and the latest quarterly update.
TPL
US$519.41
Texas Pacific Land
7D
-2.2%
1Y
22.4%

TPL: Overvaluation Will Persist Despite Higher Dividend And Rich Future P/E

Analysts maintained their fair value estimate for Texas Pacific Land at $444.50, reflecting unchanged views on the discount rate, revenue growth, profit margins, and future P/E assumptions that support their price target rationale. What's in the News Texas Pacific Land's Board of Directors declared a quarterly cash dividend of $0.60 per share on February 10, 2026, with payment scheduled for March 16, 2026, to stockholders of record as of March 2, 2026 (Key Developments).
DTM
US$131.93
DT Midstream
7D
-4.1%
1Y
36.0%
CNX
US$40.48
CNX Resources
7D
-3.9%
1Y
27.6%

CNX: Higher P/E And Massive Buyback Will Likely Cap Future Upside

Analysts have inched their price target for CNX Resources higher to $37.23 from $36.62, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E that align with a recent series of target increases from major firms, even as one firm shifted its rating lower. Analyst Commentary Recent Street research on CNX Resources clusters around a series of higher price targets, alongside one downgrade, which gives you a mix of optimism and hesitation to weigh.
LEU
US$186.76
Centrus Energy
7D
-10.9%
1Y
152.3%

LEU: Capacity Build Out And DOE Project Risks Will Pressure Returns

Narrative Update The updated analyst price target for Centrus Energy reflects a modest reset lower, with the fair value estimate moving from $164.36 to $156.27 as analysts factor in reduced near term earnings potential alongside ongoing capacity investments. At the same time, they continue to highlight the company as well positioned for a possible longer term nuclear build cycle and supported by recent Department of Energy award related commentary.