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U.S. Energy Sector Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies439
  • 7D0.5%
  • 3M1.7%
  • 1Y0.1%
  • YTD-1.4%

Over the last 7 days, the Energy industry has remained flat, although notably Valero Energy gained 13%. In line with that, the industry has also been flat over the past 12 months. 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
Fri, 09 Jan 2026US$2.4tUS$1.9tUS$126.3b15.4x18.7x1.3x
Sun, 07 Dec 2025US$2.4tUS$1.9tUS$124.8b15.8x19x1.3x
Tue, 04 Nov 2025US$2.3tUS$1.9tUS$126.1b14.4x18.2x1.2x
Thu, 02 Oct 2025US$2.3tUS$1.9tUS$125.8b14x18.6x1.3x
Sat, 30 Aug 2025US$2.3tUS$1.9tUS$126.5b13.5x18.4x1.3x
Mon, 28 Jul 2025US$2.3tUS$1.9tUS$132.8b12.4x17.3x1.2x
Wed, 25 Jun 2025US$2.3tUS$1.9tUS$134.4b11.9x16.9x1.2x
Fri, 23 May 2025US$2.2tUS$1.9tUS$134.5b11.4x16.1x1.1x
Sun, 20 Apr 2025US$2.1tUS$1.9tUS$143.7b11.2x14.9x1.1x
Tue, 18 Mar 2025US$2.3tUS$1.9tUS$144.0b12.8x16.2x1.2x
Thu, 13 Feb 2025US$2.4tUS$1.9tUS$155.9b12.1x15.6x1.3x
Sat, 11 Jan 2025US$2.3tUS$1.9tUS$158.5b12x14.8x1.2x
Mon, 09 Dec 2024US$2.4tUS$1.9tUS$158.5b11.9x15x1.2x
Wed, 06 Nov 2024US$2.3tUS$1.9tUS$160.9b11.4x14.4x1.2x
Fri, 04 Oct 2024US$2.4tUS$2.0tUS$175.3b11.9x13.4x1.2x
Sun, 01 Sep 2024US$2.3tUS$2.0tUS$172.2b11.5x13.6x1.2x
Tue, 30 Jul 2024US$2.3tUS$1.9tUS$174.7b11.4x13.3x1.2x
Thu, 27 Jun 2024US$2.3tUS$1.9tUS$176.0b11.3x13.1x1.2x
Sat, 25 May 2024US$2.3tUS$1.9tUS$174.8b11.1x13x1.2x
Mon, 22 Apr 2024US$2.4tUS$2.0tUS$206.3b10.6x11.8x1.2x
Wed, 20 Mar 2024US$2.4tUS$2.0tUS$206.4b9.6x11.5x1.2x
Fri, 16 Feb 2024US$2.1tUS$2.0tUS$217.1b9x9.8x1.1x
Sun, 14 Jan 2024US$2.2tUS$2.1tUS$242.2b8.6x9.2x1.1x
Tue, 12 Dec 2023US$2.2tUS$2.1tUS$242.4b8.4x9.1x1.1x
Thu, 09 Nov 2023US$2.2tUS$2.1tUS$243.3b8.7x9.2x1.1x
Sat, 07 Oct 2023US$2.3tUS$2.2tUS$272.9b7.4x8.4x1.1x
Mon, 04 Sep 2023US$2.4tUS$2.2tUS$272.6b7.8x8.8x1.1x
Wed, 02 Aug 2023US$2.6tUS$2.3tUS$291.6b7.7x9x1.2x
Fri, 30 Jun 2023US$2.5tUS$2.4tUS$315.8b7x7.9x1x
Sun, 28 May 2023US$2.4tUS$2.4tUS$316.0b7x7.6x1x
Tue, 25 Apr 2023US$2.2tUS$2.4tUS$280.3b7.2x8x0.9x
Thu, 23 Mar 2023US$2.1tUS$2.4tUS$280.9b6.7x7.4x0.9x
Sat, 18 Feb 2023US$2.2tUS$2.3tUS$272.7b7.4x8.2x1x
Mon, 16 Jan 2023US$2.4tUS$2.3tUS$257.2b8x9.2x1x
Price to Earnings Ratio

9.2x


Total Market Cap: US$2.4tTotal 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 18.7x which is higher than its 3-year average PE of 12.7x.
  • 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 6.6% 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 Market1.52%
Energy0.55%
Energy Services7.21%
Oil and Gas-0.16%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 25.2x.
    • Analysts are expecting annual earnings growth of 17.0%, 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 12.3x.
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
CVX ChevronUS$159.254.5%
+US$13.8b		6.0%PE25.1x
XOM Exxon MobilUS$122.912.1%
+US$10.8b		14.9%PE17.3x
SLB SLBUS$44.4315.8%
+US$9.0b		14.5%PE18.2x
VLO Valero EnergyUS$191.3217.5%
+US$8.7b		52.8%PE39.1x
COP ConocoPhillipsUS$98.725.5%
+US$6.3b		-2.9%PE13.8x

Latest News

VLO
US$191.32
Valero Energy
7D
17.5%
1Y
52.8%
FANG
US$147.66
Diamondback Energy
7D
-1.8%
1Y
-13.6%
MPC
US$177.07
Marathon Petroleum
7D
8.9%
1Y
24.4%

MPC: Capital Returns And Refining Execution Will Support Future Upside

Narrative Update: Marathon Petroleum Analyst Price Target Shift The updated analyst price target for Marathon Petroleum moves slightly lower to about US$200 from roughly US$201, as analysts fine tune their models around commodity assumptions, refining asset optimization, and the role of midstream investments and capital returns in the overall valuation. Analyst Commentary Recent research updates on Marathon Petroleum cluster around refiners and integrated oil coverage, with analysts fine tuning targets and ratings as they refresh commodity and margin assumptions.
TRGP
US$176.76
Targa Resources
7D
-4.2%
1Y
-7.9%
BKR
US$50.20
Baker Hughes
7D
10.2%
1Y
15.6%
XOM
US$122.91
Exxon Mobil
7D
2.1%
1Y
14.9%

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$159.25
Chevron
7D
4.5%
1Y
6.0%

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.
GPOR
US$179.49
Gulfport Energy
7D
-13.7%
1Y
-4.4%

There's Been No Shortage Of Growth Recently For Gulfport Energy's (NYSE:GPOR) Returns On Capital

Jan 05
There's Been No Shortage Of Growth Recently For Gulfport Energy's (NYSE:GPOR) Returns On Capital
OKE
US$72.33
ONEOK
7D
-1.6%
1Y
-29.7%

OKE: Q3 Synergy Delivery Will Drive Earnings Confidence And Multiple Upside

Analysts have modestly reduced their price target on ONEOK, trimming it by $5 to $78 per share. They are awaiting Q3 results, which they see as a critical test of the company's ability to deliver on synergy goals and sustain earnings growth.
SLB
US$44.43
SLB
7D
15.8%
1Y
14.5%
EXE
US$104.30
Expand Energy
7D
-5.5%
1Y
1.3%

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$98.72
ConocoPhillips
7D
5.5%
1Y
-2.9%

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.
PSX
US$144.22
Phillips 66
7D
11.8%
1Y
24.1%

PSX: Future Cash Flows Will Reflect Robust Capital Returns Amid Refining Margin Support

Analysts have nudged their blended price target on Phillips 66 slightly lower to approximately $149 from about $149.35, reflecting a modestly higher discount rate and softer long term revenue expectations. This is partially offset by slightly improved profit margin and future earnings multiple assumptions informed by recent target increases and ratings changes across the Street.
AR
US$32.18
Antero Resources
7D
-6.6%
1Y
-15.0%

AR: Share Buybacks And Margin Outlook Will Support Measured Future Returns

Analysts have raised their price target on Antero Resources from approximately 29 dollars to 32 dollars and 50 cents. This reflects increased confidence in the company’s faster expected revenue growth, stronger profit margins, and a lower assumed future valuation multiple.
CTRA
US$25.41
Coterra Energy
7D
-3.5%
1Y
-6.4%

CTRA: Rising Gas Demand And Share Buybacks Will Drive Future Upside

Analysts have nudged their price target for Coterra Energy slightly higher to $32.36 from $32.32, reflecting incremental optimism around efficiency gains, potential activism catalysts, resumed and future share repurchases, and a constructive long term outlook for U.S. gas demand, despite some mixed target revisions across the Street. Analyst Commentary Recent research updates present a nuanced but generally constructive view on Coterra Energy, with modest target hikes offset by selective trims as analysts recalibrate for commodity price volatility and evolving demand expectations.
EQT
US$52.20
EQT
7D
-2.6%
1Y
6.5%

EQT LNG And Datacenter Demand Will Support Stronger Long Term Gas Pricing

EQT's analyst-derived fair value estimate has edged up by about $1 to roughly $80 per share as analysts grow more optimistic that structurally stronger U.S. gas demand, supported by LNG exports and power-hungry datacenters, will sustain attractive long-term pricing, despite modest tweaks to near-term growth and margin assumptions. Analyst Commentary Recent Street research underscores a constructive backdrop for EQT, with bullish analysts emphasizing both structural demand tailwinds and company specific advantages.