Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Energy Sector Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies438
  • 7D0.2%
  • 3M6.9%
  • 1Y1.5%
  • YTD1.8%

Last week, the Energy industry hasn't moved much but SLB is up 12% in that time. In line with that, the industry has also been flat over the past 12 months. 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
Mon, 12 Jan 2026US$2.4tUS$1.9tUS$126.3b15.9x19.1x1.3x
Wed, 10 Dec 2025US$2.4tUS$1.9tUS$124.8b15.5x18.9x1.3x
Fri, 07 Nov 2025US$2.3tUS$1.9tUS$126.6b14.6x17.9x1.2x
Sun, 05 Oct 2025US$2.3tUS$1.9tUS$125.9b14x18.5x1.3x
Tue, 02 Sep 2025US$2.3tUS$1.9tUS$126.4b13.7x18.5x1.3x
Thu, 31 Jul 2025US$2.3tUS$1.9tUS$133.8b12.5x17.6x1.2x
Sat, 28 Jun 2025US$2.3tUS$1.9tUS$134.4b11.9x17x1.2x
Mon, 26 May 2025US$2.2tUS$1.9tUS$134.3b11.6x16.1x1.1x
Wed, 23 Apr 2025US$2.1tUS$1.9tUS$143.3b11.3x14.6x1.1x
Fri, 21 Mar 2025US$2.4tUS$1.9tUS$143.9b13.3x16.8x1.3x
Sun, 16 Feb 2025US$2.4tUS$1.9tUS$154.7b12.3x15.5x1.3x
Tue, 14 Jan 2025US$2.3tUS$1.9tUS$158.5b12.1x14.8x1.2x
Thu, 12 Dec 2024US$2.4tUS$1.9tUS$158.5b12.3x14.9x1.2x
Sat, 09 Nov 2024US$2.4tUS$1.9tUS$160.1b11.8x15.1x1.2x
Mon, 07 Oct 2024US$2.4tUS$2.0tUS$175.7b12.1x13.8x1.2x
Wed, 04 Sep 2024US$2.3tUS$2.0tUS$172.2b11.1x13.6x1.2x
Fri, 02 Aug 2024US$2.3tUS$1.9tUS$174.4b11.3x13.4x1.2x
Sun, 30 Jun 2024US$2.3tUS$1.9tUS$176.1b11.2x13.1x1.2x
Tue, 28 May 2024US$2.3tUS$1.9tUS$174.8b11.1x13.1x1.2x
Thu, 25 Apr 2024US$2.5tUS$2.0tUS$204.7b10.8x12x1.2x
Sat, 23 Mar 2024US$2.4tUS$2.0tUS$206.3b9.7x11.5x1.2x
Mon, 19 Feb 2024US$2.2tUS$2.0tUS$215.2b9x10.2x1.1x
Wed, 17 Jan 2024US$2.2tUS$2.1tUS$242.2b8.4x9.2x1.1x
Fri, 15 Dec 2023US$2.2tUS$2.1tUS$242.3b8.7x9.1x1.1x
Sun, 12 Nov 2023US$2.2tUS$2.1tUS$242.7b8.7x9.2x1.1x
Tue, 10 Oct 2023US$2.4tUS$2.2tUS$272.8b7.7x8.7x1.1x
Thu, 07 Sep 2023US$2.4tUS$2.2tUS$272.6b7.8x8.8x1.1x
Sat, 05 Aug 2023US$2.6tUS$2.2tUS$274.1b7.9x9.5x1.2x
Mon, 03 Jul 2023US$2.5tUS$2.4tUS$315.8b7x7.9x1.1x
Wed, 31 May 2023US$2.4tUS$2.4tUS$315.5b6.9x7.6x1x
Fri, 28 Apr 2023US$2.2tUS$2.4tUS$285.8b6.6x7.7x0.9x
Sun, 26 Mar 2023US$2.1tUS$2.4tUS$280.9b6.6x7.3x0.9x
Tue, 21 Feb 2023US$2.2tUS$2.3tUS$272.6b7.4x8.2x1x
Thu, 19 Jan 2023US$2.3tUS$2.3tUS$257.2b8x9.1x1x
Price to Earnings Ratio

9.1x


Total Market Cap: US$2.3tTotal Earnings: US$257.2bTotal 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 19.1x 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 Market1.24%
Energy0.24%
Energy Services6.01%
Oil and Gas-0.39%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 25.0x.
    • Analysts are expecting annual earnings growth of 17.2%, 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
SLB SLBUS$45.2012.4%
+US$7.5b		17.0%PE18.5x
HAL HalliburtonUS$32.6310.2%
+US$2.6b		21.0%PE21x
OXY Occidental PetroleumUS$42.864.0%
+US$1.6b		-18.6%PE28.9x
VLO Valero EnergyUS$185.282.6%
+US$1.4b		38.9%PE37.9x
FTI TechnipFMCUS$50.075.8%
+US$1.1b		57.9%PE20.8x

Latest News

OXY
US$42.86
Occidental Petroleum
7D
4.0%
1Y
-18.6%

OXY: Capital Efficiency And Higher Production Are Expected To Accelerate Deleveraging

Analysts have nudged their fair value estimate for Occidental Petroleum slightly lower to about US$49.63 from roughly US$49.92, reflecting reduced price targets alongside updated expectations for revenue, margins and future P/E multiples following recent sector research. Analyst Commentary Bullish Takeaways Bullish analysts highlight that updated exploration and production models after Q3 results still point to operations, efficiencies and costs moving in a constructive direction.
EQT
US$51.09
EQT
7D
-4.2%
1Y
2.0%

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.
HAL
US$32.63
Halliburton
7D
10.2%
1Y
21.0%

HAL: Future Returns Will Reflect Power Demand Upside And Oilfield Activity Risks

Analysts have lifted their price target for Halliburton to US$31.72 from US$30.38, reflecting updated assumptions around slightly higher revenue growth, modestly stronger profit margins, and a marginally higher future P/E multiple. Analyst Commentary Recent Street research on Halliburton shows a mix of optimism and caution, with several firms adjusting ratings and price targets following Q3 results, sector moves, and shifting expectations for oilfield activity.
FRO
US$24.98
Frontline
7D
21.4%
1Y
45.0%

FRO: Winter Tanker Setup And Higher Cash Returns Will Drive Upside

Narrative Update: Frontline Analyst Price Target Shift Analysts have lifted their fair value estimate for Frontline from $20.00 to $28.50, citing a revised price target of $26 and a generally more favorable tanker market setup into the winter season. Analyst Commentary Recent research commentary around Frontline highlights a more constructive view on the tanker setup into the winter season, with a higher fair value estimate and a revised price target of $26.
VLO
US$185.28
Valero Energy
7D
2.6%
1Y
38.9%
SLB
US$45.20
SLB
7D
12.4%
1Y
17.0%

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.
FTI
US$50.07
TechnipFMC
7D
5.8%
1Y
57.9%
TRGP
US$176.86
Targa Resources
7D
-5.3%
1Y
-8.5%
XOM
US$124.61
Exxon Mobil
7D
-0.6%
1Y
14.0%

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$162.11
Chevron
7D
-1.1%
1Y
4.4%

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$194.18
Cheniere Energy
7D
-2.3%
1Y
-15.4%

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
EXE
US$101.63
Expand Energy
7D
-7.4%
1Y
-0.5%

EXE: Higher Future Output And Buybacks Will Support Bullish Outlook

Analysts have nudged their price target on Expand Energy slightly higher to approximately $133.39 per share from about $132.86, reflecting modestly improved valuation multiples despite slightly weaker forecasts for revenue growth and profit margins. What's in the News Completed repurchase of 851,661 shares, totaling approximately 0.36% of shares outstanding for $99.99 million under the buyback program announced on October 29, 2024 (Key Developments) Reported no share repurchases from July 1, 2025 to September 30, 2025 under the existing buyback tranche, signaling a pause in capital return via buybacks during the quarter (Key Developments) Updated full year 2025 production guidance to 7.15 Bcfe per day, about 50 MMcfe per day above the prior midpoint, indicating a modest increase in expected output (Key Developments) Valuation Changes The fair value estimate has risen slightly to about $133.39 per share from roughly $132.86, implying a modestly higher intrinsic valuation.
COP
US$97.51
ConocoPhillips
7D
-1.7%
1Y
-6.4%

COP: Free Cash Flow Will Strengthen As Peak Capex Fades And Production Increases

The analyst price target for ConocoPhillips edges slightly lower by approximately $0.02 to reflect modestly softer medium term growth and margin assumptions, as analysts recalibrate models following Q3 updates, refreshed 2025 and preliminary 2026 guidance, and a sector-wide bias toward gas over oil. Analyst Commentary Street research indicates that the modestly lower consolidated price target reflects mixed revisions at the single stock level, with most firms maintaining positive fundamental views while trimming outer year assumptions to reflect softer gas and NGL realizations and more conservative commodity decks.
VG
US$7.23
Venture Global
7D
5.9%
1Y
n/a
TPL
US$311.87
Texas Pacific Land
7D
4.8%
1Y
-28.1%

TPL: Future Returns Will Reflect Higher Volumes And Stable Premium Multiples

Analysts have modestly lifted their price target for Texas Pacific Land to $842.50 from $842.50, reflecting steady expectations for strong revenue, resilient profit margins, and a sustained premium future P/E multiple. What's in the News Texas Pacific Land filed an amendment to its Certificate of Incorporation to implement a stock split and increase authorized common shares from 46,536,936 to 139,610,808, effective December 22, 2025, at 5:00 p.m. Eastern Time (company filing).
KMI
US$27.12
Kinder Morgan
7D
-2.8%
1Y
-4.9%