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U.S. Energy Sector Analysis

UpdatedMar 12, 2026
DataAggregated Company Financials
Companies433
  • 7D1.1%
  • 3M23.5%
  • 1Y28.4%
  • YTD23.3%

The Energy industry is up 1.1% in the last week, with Chevron up 3.1%. This takes the industry's 12 month performance to a gain of 28%. 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
Thu, 12 Mar 2026US$2.8tUS$1.9tUS$130.7b17.4x21.7x1.5x
Sat, 07 Feb 2026US$2.7tUS$1.9tUS$128.7b15.5x20.8x1.4x
Mon, 05 Jan 2026US$2.4tUS$1.9tUS$126.3b15.5x18.8x1.3x
Wed, 03 Dec 2025US$2.3tUS$1.9tUS$124.8b15.5x18.8x1.3x
Fri, 31 Oct 2025US$2.3tUS$1.9tUS$127.3b14.3x18x1.2x
Sun, 28 Sep 2025US$2.4tUS$1.9tUS$125.9b14.3x19.1x1.3x
Tue, 26 Aug 2025US$2.3tUS$1.9tUS$126.2b13.5x18.2x1.2x
Thu, 24 Jul 2025US$2.3tUS$1.9tUS$132.8b12.4x17x1.2x
Sat, 21 Jun 2025US$2.3tUS$1.9tUS$134.4b12.4x17.4x1.2x
Mon, 19 May 2025US$2.2tUS$1.9tUS$134.5b11.7x16.6x1.2x
Wed, 16 Apr 2025US$2.1tUS$1.9tUS$143.8b11.1x14.5x1.1x
Fri, 14 Mar 2025US$2.3tUS$1.9tUS$143.9b12.3x15.9x1.2x
Sun, 09 Feb 2025US$2.3tUS$1.9tUS$154.8b12.3x15.1x1.2x
Tue, 07 Jan 2025US$2.3tUS$1.9tUS$158.6b11.9x14.7x1.2x
Thu, 05 Dec 2024US$2.5tUS$1.9tUS$158.5b12x15.6x1.3x
Sat, 02 Nov 2024US$2.3tUS$1.9tUS$163.8b11.2x14.1x1.2x
Mon, 30 Sep 2024US$2.3tUS$2.0tUS$172.6b11.4x13.2x1.2x
Wed, 28 Aug 2024US$2.3tUS$2.0tUS$172.2b11.4x13.6x1.2x
Fri, 26 Jul 2024US$2.3tUS$1.9tUS$175.8b11.7x13x1.2x
Sun, 23 Jun 2024US$2.2tUS$1.9tUS$176.0b11.2x12.7x1.2x
Tue, 21 May 2024US$2.4tUS$1.9tUS$174.8b11.6x13.5x1.2x
Thu, 18 Apr 2024US$2.4tUS$2.0tUS$206.1b10.3x11.7x1.2x
Sat, 16 Mar 2024US$2.3tUS$2.0tUS$206.6b9.5x11.3x1.2x
Mon, 12 Feb 2024US$2.1tUS$2.0tUS$218.6b8.7x9.8x1.1x
Wed, 10 Jan 2024US$2.2tUS$2.1tUS$242.2b8.6x9.2x1.1x
Fri, 08 Dec 2023US$2.2tUS$2.1tUS$242.5b8.3x9x1.1x
Sun, 05 Nov 2023US$2.3tUS$2.0tUS$246.5b8.7x9.4x1.1x
Tue, 03 Oct 2023US$2.4tUS$2.2tUS$272.7b7.6x8.8x1.1x
Thu, 31 Aug 2023US$2.3tUS$2.2tUS$272.6b7.6x8.6x1.1x
Sat, 29 Jul 2023US$2.6tUS$2.3tUS$296.8b7.4x8.8x1.1x
Mon, 26 Jun 2023US$2.4tUS$2.4tUS$315.8b6.8x7.6x1x
Wed, 24 May 2023US$2.4tUS$2.4tUS$316.0b7.1x7.7x1x
Fri, 21 Apr 2023US$2.2tUS$2.4tUS$279.9b6.8x8x0.9x
Sun, 19 Mar 2023US$2.0tUS$2.4tUS$280.7b6.5x7.2x0.9x
Price to Earnings Ratio

7.2x


Total Market Cap: US$2.0tTotal Earnings: US$280.7bTotal Revenue: US$2.4tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 13.4x202420252026
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 21.7x which is higher than its 3-year average PE of 13.4x.
  • 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 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-1.47%
Energy1.09%
Oil and Gas1.23%
Energy Services-0.11%
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 17.8%, 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 13.0x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 18% 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
CVX ChevronUS$191.793.1%
+US$11.5b		25.6%PE31.1x
XOM Exxon MobilUS$151.581.2%
+US$7.3b		38.9%PE21.9x
VG Venture GlobalUS$12.4611.6%
+US$3.2b		21.6%PE13.5x
EOG EOG ResourcesUS$132.513.7%
+US$2.5b		6.6%PE14.3x
OXY Occidental PetroleumUS$55.583.7%
+US$1.9b		20.6%PE40.6x

Latest News

XOM
US$151.58
Exxon Mobil
7D
1.2%
1Y
38.9%
TRGP
US$236.52
Targa Resources
7D
-2.7%
1Y
26.5%

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$33.08
Kinder Morgan
7D
-2.5%
1Y
24.7%

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.
MPC
US$226.74
Marathon Petroleum
7D
2.7%
1Y
65.4%

MPC: Refining Conditions Labor Talks And Buybacks Will Shape Future Outcomes

The analyst fair value estimate for Marathon Petroleum has edged up by about $3 to $202.50, reflecting recent price target revisions across the Street as analysts weigh slightly adjusted discount rate and P/E assumptions, along with their updated views on refining conditions into 2026. Analyst Commentary Recent Street research on Marathon Petroleum has been mixed, with several firms adjusting price targets in both directions as they reassess refining fundamentals, crude assumptions, and where consensus sits for 2026.
COP
US$117.03
ConocoPhillips
7D
1.2%
1Y
19.7%

COP: Future Cash Flows Will Reflect Dividend Capacity And Geopolitical Oil Risk

Analysts have nudged our fair value estimate for ConocoPhillips up from $114.74 to $118.15, reflecting higher Street price targets tied to increased long term oil price assumptions, modest valuation multiple expansion, and expectations for stronger free cash flow as recent project spending rolls off. Analyst Commentary Recent Street research on ConocoPhillips reflects a wide range of opinions, with some focusing on upside from higher long term oil price assumptions and free cash flow, and others flagging valuation and commodity risk.
TPL
US$524.83
Texas Pacific Land
7D
-2.1%
1Y
16.8%

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).
VG
US$12.46
Venture Global
7D
11.6%
1Y
21.6%
OXY
US$55.58
Occidental Petroleum
7D
3.7%
1Y
20.6%

OXY: Capital Efficiency And Geopolitical Pricing Are Expected To Support Deleveraging

Narrative Update Our fair value estimate for Occidental Petroleum has moved to $52.52 from $48.94 as analysts lift price targets into the mid to high $50s, citing updated oil price assumptions, improved capital efficiency and free cash flow outlooks, and the impact of heightened geopolitical risk on energy markets. Analyst Commentary Recent Street research on Occidental clusters around higher fair value views, with most price targets now in the mid to high $50s and a few outliers on either side.
DTM
US$138.86
DT Midstream
7D
-2.5%
1Y
48.6%
EOG
US$132.51
EOG Resources
7D
3.7%
1Y
6.6%

EOG: Future Cash Flow Will Reflect Geopolitical Price Risk And Production Outlook

Analysts have nudged their price targets for EOG Resources higher, with the updated fair value estimate rising about $2 to $134.86. This reflects adjustments to oil price assumptions, modest valuation multiple changes, and expectations for stronger free cash flow sensitivity to potential geopolitical supply risks.
PSX
US$169.50
Phillips 66
7D
2.9%
1Y
36.7%
WMB
US$74.40
Williams Companies
7D
-1.8%
1Y
32.1%

WMB: Power Expansion And Gas Assets Will Shape Balanced Long Term Returns

The analyst fair value estimate for Williams Companies has been raised from $68.22 to $76.75, reflecting higher Street price targets in the $71 to $90 range as analysts incorporate updated models, growth capex plans and expectations for continued EBITDA strength. Analyst Commentary Street research on Williams Companies has clustered around higher price targets and generally constructive views, with most of the recent updates tied to refreshed models, growth capex plans and EBITDA expectations through and beyond 2030.
TDW
US$76.51
Tidewater
7D
-8.7%
1Y
90.1%

TDW: Strong 2025 Finish And High Margins Will Support Further Upside

Analysts have raised their Tidewater fair value estimate from $75 to $117, citing updated Street price targets and commentary that Tidewater's position at the close of 2025 sets a constructive stage for 2026. Analyst Commentary Recent research updates reflect a more constructive tone on Tidewater, with bullish analysts pointing to the setup at the end of 2025 as a key support for higher valuation expectations into 2026.
BKR
US$58.97
Baker Hughes
7D
-3.1%
1Y
38.8%

BKR: IET Execution And Waygate Review Will Support Fairly Valued Outlook

Analysts have nudged their average price target for Baker Hughes higher to about $61.38, reflecting updated views that slightly stronger revenue growth, modestly higher profit margins, and a similar forward P/E profile are supported by a recent wave of upward target revisions across major research firms. Analyst Commentary Recent research has clustered around upward price target revisions, with only one modest cut, giving you a fairly clear snapshot of how the Street is thinking about Baker Hughes today.
FRO
US$33.50
Frontline
7D
-7.7%
1Y
115.2%

FRO: Fleet Renewal And Time Charters Will Support Higher Future Earnings Multiples

Analysts have lifted their Frontline price target by $9.25 to $41.25, citing updated expectations around fair value, discount rates, revenue growth, profit margins, and future P/E assumptions as reflected in recent rating and target changes. Analyst Commentary Recent research takes a more constructive view on Frontline, with price targets clustered around the mid to high $20s and some analysts now willing to ascribe higher fair value based on updated assumptions for earnings power and risk.
CVX
US$191.79
Chevron
7D
3.1%
1Y
25.6%

CVX: Venezuela Policy And Permian Cash Generation Will Influence Future Dividend Resilience

Chevron's fair value estimate has been nudged higher to $185.92 from $183.46 as analysts point to higher price targets and see support from stronger cash generation potential, renewed exploration plans, and a tighter crude supply backdrop linked to geopolitical risks. Analyst Commentary Recent Street research around Chevron highlights a split view on how sustainable the current setup is for the shares, with several price target increases sitting alongside a few cuts and downgrades.