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U.S. Energy Sector Analysis

UpdatedSep 18, 2026
DataAggregated Company Financials
Companies427
  • 7D-1.3%
  • 3M17.8%
  • 1Y39.3%
  • YTD37.2%

Over the last 7 days, the Energy industry has dropped 1.3%, driven by a pullback from ExxonMobil Holdings of 1.2%. Meanwhile, Marathon Petroleum actually outperformed within the industry, gaining 7.5% in the last week. This takes the industry's 12 month performance to a gain of 39%. As for the next few years, earnings are expected to grow by 5.5% per annum.

Sector Valuation and Performance

Has the U.S. Energy Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 18 Sep 2026US$3.2tUS$2.1tUS$173.4b15.5x18.5x1.5x
Sun, 16 Aug 2026US$3.1tUS$2.1tUS$172.4b14.9x18.2x1.5x
Tue, 14 Jul 2026US$2.8tUS$1.9tUS$125.0b16.5x22.5x1.5x
Thu, 11 Jun 2026US$2.9tUS$1.9tUS$125.1b16.2x23.2x1.5x
Sat, 09 May 2026US$2.9tUS$1.9tUS$125.0b15.7x23.1x1.5x
Mon, 06 Apr 2026US$3.0tUS$1.9tUS$130.7b17.6x23.3x1.6x
Wed, 04 Mar 2026US$2.9tUS$1.9tUS$130.8b17.3x22.3x1.5x
Fri, 30 Jan 2026US$2.6tUS$1.9tUS$127.2b16.7x20.4x1.4x
Sun, 28 Dec 2025US$2.3tUS$1.9tUS$126.3b14.9x18.2x1.2x
Tue, 25 Nov 2025US$2.3tUS$1.9tUS$124.7b15.5x18.5x1.2x
Thu, 23 Oct 2025US$2.3tUS$1.9tUS$125.3b13.7x18.1x1.2x
Sat, 20 Sep 2025US$2.3tUS$1.9tUS$125.9b13.6x18.5x1.3x
Mon, 18 Aug 2025US$2.2tUS$1.9tUS$126.3b13.1x17.7x1.2x
Wed, 16 Jul 2025US$2.3tUS$1.9tUS$134.5b11.8x17.4x1.2x
Fri, 13 Jun 2025US$2.3tUS$1.9tUS$134.4b12.1x17x1.2x
Sun, 11 May 2025US$2.2tUS$1.9tUS$135.2b11.7x16.1x1.1x
Tue, 08 Apr 2025US$2.1tUS$1.9tUS$143.8b11x14.4x1.1x
Thu, 06 Mar 2025US$2.3tUS$1.9tUS$143.5b12.3x15.9x1.2x
Sat, 01 Feb 2025US$2.4tUS$1.9tUS$158.3b12.4x15.4x1.3x
Mon, 30 Dec 2024US$2.2tUS$1.9tUS$158.3b11.6x14.2x1.2x
Wed, 27 Nov 2024US$2.5tUS$1.9tUS$158.6b12.2x15.5x1.3x
Fri, 25 Oct 2024US$2.3tUS$2.0tUS$173.0b11.3x13.5x1.2x
Sun, 22 Sep 2024US$2.3tUS$2.0tUS$172.6b11.8x13.3x1.2x
Tue, 20 Aug 2024US$2.3tUS$2.0tUS$172.2b11.6x13.5x1.2x
Thu, 18 Jul 2024US$2.3tUS$1.9tUS$176.0b12x13.3x1.2x
Sat, 15 Jun 2024US$2.2tUS$1.9tUS$176.1b11.1x12.6x1.1x
Mon, 13 May 2024US$2.3tUS$1.9tUS$175.2b11.7x13.4x1.2x
Wed, 10 Apr 2024US$2.5tUS$2.0tUS$206.1b10.9x12.1x1.3x
Fri, 08 Mar 2024US$2.3tUS$2.0tUS$207.0b9.2x10.9x1.1x
Sun, 04 Feb 2024US$2.2tUS$2.1tUS$229.0b8.4x9.7x1.1x
Tue, 02 Jan 2024US$2.3tUS$2.1tUS$242.2b8.6x9.3x1.1x
Thu, 30 Nov 2023US$2.3tUS$2.1tUS$242.5b8.7x9.3x1.1x
Sat, 28 Oct 2023US$2.3tUS$2.1tUS$252.4b7.8x9x1.1x
Mon, 25 Sep 2023US$2.4tUS$2.2tUS$272.6b7.6x8.7x1.1x
Price to Earnings Ratio

8.7x


Total Market Cap: US$2.4tTotal Earnings: US$272.6bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 15.8x202420252026
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 18.5x which is higher than its 3-year average PE of 15.8x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 14% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the U.S. Energy sector?

US Market0.54%
Energy-1.26%
Oil and Gas-0.84%
Energy Services-5.06%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 21.9x.
    • Analysts are expecting annual earnings growth of 22.8%, which is higher than its past year's earnings decline of 12.5% 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 15.4x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings decline of 13% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 3.7% 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
MPC Marathon PetroleumUS$421.967.5%
+US$8.3b		128.0%PE13.9x
VLO Valero EnergyUS$412.537.0%
+US$7.8b		151.8%PE16.5x
PSX Phillips 66US$274.216.1%
+US$6.3b		108.8%PE15.4x
DINO HF SinclairUS$116.628.3%
+US$1.6b		119.6%PE10.9x
FRO FrontlineUS$54.0311.6%
+US$1.3b		126.4%PE8.1x

Latest News

XOM
US$163.27
ExxonMobil Holdings
7D
-1.2%
1Y
43.3%
FRO
US$54.03
Frontline
7D
11.6%
1Y
126.4%
Narrative Update • Sep 17

FRO: Elevated Spot Rates And Dividends Will Eventually Face Downside Pressure

Analysts have lifted their average Frontline price target by $2.75, with updates citing robust recent results, a reinstated full dividend and special payout, and differing views on tanker demand as key drivers of the new fair value stance. Analyst Commentary Recent Frontline research shows a clear split between bullish and bearish analysts, with price targets spanning a wide range and reflecting different views on dividend sustainability, tanker demand and current valuation.
DINO
US$116.62
HF Sinclair
7D
8.3%
1Y
119.6%
Narrative Update • Sep 17

DINO: Refining Margin Sustainability Will Drive A Less Favorable Risk Reward Profile

HF Sinclair's updated analyst price target has increased to $102.33 from $76.29 as analysts factor in refined expectations for margins, capital returns, and business mix based on recent research updates across the refining group. Analyst Commentary Recent Street research on HF Sinclair shows a wide range of updated price targets and ratings, which gives you a useful snapshot of how different analysts are thinking about the stock's valuation, execution risk, and growth profile.
MPC
US$421.96
Marathon Petroleum
7D
7.5%
1Y
128.0%
Narrative Update • Sep 17

MPC: Elevated Refining Margins Will Likely Normalize Sooner Than Bullish Expectations

Analysts have raised the fair value estimate for Marathon Petroleum to $246.71 from $223.89. The change reflects higher Street price targets that cite sustained refining margins, strong margin capture, supportive commodity forecasts, and disciplined capital allocation.
PSX
US$274.21
Phillips 66
7D
6.1%
1Y
108.8%
Narrative Update • Sep 17

PSX: Tight Refining Margins And Buybacks Will Drive Stronger Returns

The analyst price target for Phillips 66 has moved higher toward $326.75 as analysts point to higher P/E assumptions, supported by expectations for sustained refining, chemicals, and renewable diesel margins, tighter global refining conditions, and improved balance sheet flexibility reflected in a series of recent target increases up to $335. Analyst Commentary Bullish analysts covering Phillips 66 have been lifting their valuation ranges through a series of higher price targets across 2026.
CVI
US$54.14
CVR Energy
7D
11.4%
1Y
59.8%
FANG
US$196.94
Diamondback Energy
7D
-4.1%
1Y
40.0%
KMI
US$31.31
Kinder Morgan
7D
1.2%
1Y
13.2%
Seeking Alpha • Sep 16

Kinder Morgan: Riding The Natural Gas Boom

Summary Kinder Morgan offers robust dividend coverage, driven by record natural gas activity and a strong pipeline of organic growth projects. KMI benefits from 96% of cash flows being take-or-pay, fee-based, or hedged, providing high visibility and stability for future distributions. Natural gas demand, fueled by AI data center buildouts, positions KMI for accelerated EBITDA and distributable cash flow growth. Shares trade at a discount to peers due to slower dividend growth, but disciplined capital allocation and reduced leverage support a favorable risk/reward profile. Read the full article on Seeking Alpha
VLO
US$412.53
Valero Energy
7D
7.0%
1Y
151.8%
VG
US$14.42
Venture Global
7D
-7.0%
1Y
4.2%
Seeking Alpha • Sep 15

Venture Global: LNG Demand Is Only Rising, And This Is My Stock Of Choice For That

Summary Venture Global is rated a Strong Buy, driven by robust LNG demand, facility expansion, and compelling valuation at 12.5x EV/EBIT. VG's earnings and volumes are surging, with H1 EBIT at $3.3B and 2026 EBITDA guidance raised to $8.7–$9.1B. Repricing legacy contracts and new long-term deals, including with China Gas, provide significant upside as market rates outpace historical agreements. Execution risk centers on timely CP2 facility launch, but VG's infrastructure growth positions it as a premier LNG market play. Read the full article on Seeking Alpha
COP
US$133.19
ConocoPhillips
7D
-2.8%
1Y
42.5%
Seeking Alpha • Sep 15

ConocoPhillips: A Winner Beyond The Iran Conflict

Summary ConocoPhillips remains a buy, supported by robust free cash flow growth and a favorable macro environment amid persistent oil supply disruptions. Oil market deficits, driven by Middle East conflict and impaired flows, are expected to keep crude prices elevated through at least 2027, benefiting COP’s profitability. COP’s Willow project is past peak capex and on track for 2029 production, while LNG projects will generate cash flow starting next year, underpinning future returns. With an 8% free cash flow yield and strong balance sheet, I project COP shares could reach ~$187 by 2029, offering a ~12% annualized return. Read the full article on Seeking Alpha
CVX
US$211.57
Chevron
7D
-0.6%
1Y
33.2%
SLB
US$52.08
SLB
7D
-7.0%
1Y
49.9%
Narrative Update • Sep 14

SLB: Data Center Expansion Will Offset Lingering Middle East Headwinds

SLB's updated analyst fair value estimate has moved from $71.00 to about $74.70 as analysts factor in the series of recent price target increases that cite Q2 beats, firmer margin expectations, and a more confident outlook on international and data center related activity. Analyst Commentary Recent Street research on SLB has tilted more constructive, with a series of price target revisions that cluster around the mid US$50s to mid US$70s range.
BKR
US$56.57
Baker Hughes
7D
-4.8%
1Y
19.6%
INSW
US$110.53
International Seaways
7D
8.2%
1Y
126.4%
Narrative Update • Sep 03

INSW: Tanker Demand Shifts And Dividend Yields Will Steer Future Returns

Analysts have raised their average price target for International Seaways to about $102 from about $99, citing revised fair value estimates, adjusted discount rates, and expectations for tanker demand influenced by evolving oil flows and postwar inventory rebuilding. Analyst Commentary Recent research on International Seaways highlights a mix of constructive views on valuation and some caution around how tanker market conditions could influence execution.
EQT
US$50.35
EQT
7D
-8.4%
1Y
1.9%
Narrative Update • Sep 03

EQT: Data Center And LNG Gas Demand Will Support Future Upside

EQT now carries an updated analyst price target of about $67, down slightly from around $70, as analysts refresh their models for 2026 strip pricing, revised discount rates, and modestly adjusted expectations for revenue growth, margins, and future P/E multiples. Analyst Commentary Recent research on EQT reflects a mix of optimism about execution and cash generation, alongside more cautious views on commodity exposure and valuation sensitivity.