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U.S. Energy Sector Analysis

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies437
  • 7D-0.5%
  • 3M-9.9%
  • 1Y25.1%
  • YTD18.9%

Last week, the Energy industry hasn't moved much but Williams Companies is up 6.0% in that time. As for the the longer term, the industry is up 25% over the past 12 months. 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
Wed, 24 Jun 2026US$2.8tUS$1.9tUS$125.0b15.6x22.1x1.5x
Fri, 22 May 2026US$3.0tUS$1.9tUS$124.4b17x24.5x1.6x
Sun, 19 Apr 2026US$2.8tUS$1.9tUS$131.9b17.1x21.5x1.5x
Tue, 17 Mar 2026US$2.9tUS$1.9tUS$130.5b17.5x22.5x1.6x
Thu, 12 Feb 2026US$2.7tUS$1.9tUS$128.3b17.2x21.4x1.5x
Sat, 10 Jan 2026US$2.4tUS$1.9tUS$126.3b15.9x19x1.3x
Mon, 08 Dec 2025US$2.4tUS$1.9tUS$124.8b15.8x19x1.3x
Wed, 05 Nov 2025US$2.3tUS$1.9tUS$127.0b14x18x1.2x
Fri, 03 Oct 2025US$2.3tUS$1.9tUS$125.9b13.9x18.6x1.3x
Sun, 31 Aug 2025US$2.3tUS$1.9tUS$126.4b13.6x18.5x1.3x
Tue, 29 Jul 2025US$2.3tUS$1.9tUS$132.8b12.6x17.3x1.2x
Thu, 26 Jun 2025US$2.3tUS$1.9tUS$134.4b11.9x16.9x1.2x
Sat, 24 May 2025US$2.2tUS$1.9tUS$134.3b11.6x16.1x1.1x
Mon, 21 Apr 2025US$2.1tUS$1.9tUS$143.7b11.2x14.9x1.1x
Wed, 19 Mar 2025US$2.4tUS$1.9tUS$143.8b12.9x16.5x1.2x
Fri, 14 Feb 2025US$2.4tUS$1.9tUS$155.0b12.2x15.3x1.2x
Sun, 12 Jan 2025US$2.3tUS$1.9tUS$158.5b12x14.8x1.2x
Tue, 10 Dec 2024US$2.4tUS$1.9tUS$158.5b11.9x15x1.2x
Thu, 07 Nov 2024US$2.3tUS$1.9tUS$161.0b11.7x14.5x1.2x
Sat, 05 Oct 2024US$2.4tUS$2.0tUS$175.7b12.1x13.6x1.2x
Mon, 02 Sep 2024US$2.3tUS$2.0tUS$172.2b11.5x13.6x1.2x
Wed, 31 Jul 2024US$2.3tUS$1.9tUS$173.8b11.6x13.3x1.2x
Fri, 28 Jun 2024US$2.3tUS$1.9tUS$176.0b11.3x13x1.2x
Sun, 26 May 2024US$2.3tUS$1.9tUS$174.8b11.1x13.1x1.2x
Tue, 23 Apr 2024US$2.4tUS$2.0tUS$206.3b10.6x11.8x1.2x
Thu, 21 Mar 2024US$2.4tUS$2.0tUS$206.4b9.7x11.5x1.2x
Sat, 17 Feb 2024US$2.2tUS$2.0tUS$215.8b9x10.2x1.1x
Mon, 15 Jan 2024US$2.2tUS$2.1tUS$242.2b8.6x9.2x1.1x
Wed, 13 Dec 2023US$2.2tUS$2.1tUS$242.4b8.2x8.9x1x
Fri, 10 Nov 2023US$2.2tUS$2.1tUS$243.1b8.5x9.1x1.1x
Sun, 08 Oct 2023US$2.3tUS$2.2tUS$273.0b7.2x8.4x1.1x
Tue, 05 Sep 2023US$2.4tUS$2.2tUS$272.6b7.8x8.8x1.1x
Thu, 03 Aug 2023US$2.6tUS$2.2tUS$284.9b7.7x9.1x1.2x
Sat, 01 Jul 2023US$2.5tUS$2.4tUS$315.8b7.1x7.9x1.1x
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 22.1x 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 1.5x.
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-2.31%
Energy-0.52%
Oil and Gas0.047%
Energy Services-4.97%
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 14.5x.
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$75.796.0%
+US$5.3b		24.0%PE33.2x
KMI Kinder MorganUS$32.543.5%
+US$2.4b		14.0%PE22x
TRGP Targa ResourcesUS$268.723.5%
+US$1.9b		60.2%PE27.2x
EOG EOG ResourcesUS$134.902.2%
+US$1.5b		11.8%PE13.1x
OKE ONEOKUS$88.062.0%
+US$1.1b		9.3%PE15.7x

Latest News

CVX
US$175.98
Chevron
7D
-2.3%
1Y
22.6%
Seeking Alpha • 4h

Chevron's Microsoft AI Deal Could Be The Blueprint For A New Growth Engine (Rating Upgrade)

Summary Chevron has secured a 20-year deal to supply natural gas-fired power to Microsoft’s data center, marking a breakthrough in AI-driven energy demand. CVX’s Project Kilby will deliver up to 5GW capacity, with initial CapEx of $7B and potential EBITDA of $5.6–$10.5B, offering a replicable blueprint for future contracts. While the Microsoft agreement adds only 1.7%-3.2% to 2028 EBITDA, scaling similar deals could address CVX’s lack of organic growth. I upgrade CVX to Buy with a $243 price target, citing Hess synergies, cost reductions, commodity tailwinds, and incremental upside from data center power projects. Read the full article on Seeking Alpha
COP
US$109.97
ConocoPhillips
7D
-1.2%
1Y
23.0%
EOG
US$134.90
EOG Resources
7D
2.2%
1Y
11.8%
BKR
US$58.68
Baker Hughes
7D
-4.6%
1Y
54.5%
HAL
US$35.11
Halliburton
7D
-5.6%
1Y
69.0%
TRGP
US$268.72
Targa Resources
7D
3.5%
1Y
60.2%
Narrative Update • Jun 22

TRGP: Permian Volumes And Insider Selling Will Shape Future Shareholder Returns

The analyst price target for Targa Resources has been nudged higher to reflect a fair value estimate of about $285. This view is supported by Street research citing expectations for sustained volume growth, potential marketing and export benefits, and what analysts describe as a more supportive earnings backdrop through the end of the decade.
FRO
US$42.88
Frontline
7D
8.8%
1Y
144.6%
Narrative Update • Jun 22

FRO: Winter Tanker Earnings Surge Will Face Reversion And Softer Margins

Frontline's analyst fair value estimate has shifted modestly lower from $38.00 to $37.00, as analysts factor in recent downgrades to Hold with price targets around $39 to $40 and updated assumptions on revenue decline and higher profitability. Analyst Commentary Recent Street research on Frontline reflects a more cautious stance, with several bearish analysts shifting to Hold ratings and setting price targets that sit close to the current analyst fair value estimate.
SLB
US$47.79
SLB
7D
-9.9%
1Y
42.7%
KMI
US$32.54
Kinder Morgan
7D
3.5%
1Y
14.0%
OXY
US$52.23
Occidental Petroleum
7D
-2.7%
1Y
23.0%
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
OKE
US$88.06
ONEOK
7D
2.0%
1Y
9.3%
Seeking Alpha • Jun 21

ONEOK: Attractive Yield With Growth, Complementing Cash Flow With Writing Options

Summary ONEOK remains a core long position, complemented by writing puts to generate 'income' and potentially increase exposure opportunistically on a pullback. OKE trades ever so slightly below its five-year average forward EV/EBITDA, which makes it only modestly attractive on the valuation front. With guidance for continued growth in EBITDA and EPS, that can continue to support a growing dividend and likely lead to potential long-term upside. Read the full article on Seeking Alpha
PSX
US$170.34
Phillips 66
7D
-1.0%
1Y
42.6%
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...
LNG
US$234.22
Cheniere Energy
7D
1.5%
1Y
-2.4%
Analysis Article • Jun 18

Cheniere Energy (LNG) Stock Could Be 29.3% Undervalued Despite Recent Pullback

Recent trading in Cheniere Energy (LNG) has drawn attention after the stock declined about 8% over the past month and roughly 19% over the past 3 months, prompting investors to reassess its current valuation. See our latest analysis for Cheniere Energy. At a latest share price of $227.03, Cheniere Energy’s recent 1 day share price return of 1.89% decline, 7 day return of 5.46% decline and 3 month return of 19.17% decline contrast with a year to date share price gain of 14.78%. The 1 year...
WMB
US$75.79
Williams Companies
7D
6.0%
1Y
24.0%
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.
XOM
US$139.73
Exxon Mobil
7D
-1.5%
1Y
29.0%
TPL
US$369.90
Texas Pacific Land
7D
3.8%
1Y
4.7%
Analysis Article • Jun 16

Texas Pacific Land (TPL) Stock Could Be 18.5% Undervalued After U.S. Iran Peace Deal

Sector shock from U.S. Iran peace deal The U.S. Iran peace agreement pushed oil prices lower, and Texas Pacific Land (TPL) dropped 2.1% as investors weighed the prospect of Iranian supply returning and putting pressure on U.S. shale-focused businesses. See our latest analysis for Texas Pacific Land. Beyond today’s reaction to the U.S. Iran peace deal, Texas Pacific Land’s recent trading has been weak, with the share price showing a 31.44% decline over 90 days but a 148.31% total shareholder...