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U.S. Energy Sector Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies430
  • 7D0.3%
  • 3M35.4%
  • 1Y29.1%
  • YTD32.8%

Over the last 7 days, the Energy industry has remained flat, although notably Chevron declined by 3.8%. The past year has been better, since the industry has gained 29% in that time. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Apr 2026US$3.2tUS$1.9tUS$130.6b17.8x24.2x1.7x
Sat, 28 Feb 2026US$2.8tUS$1.9tUS$131.1b16.9x21.4x1.5x
Mon, 26 Jan 2026US$2.6tUS$1.9tUS$126.3b16.1x20.2x1.4x
Wed, 24 Dec 2025US$2.3tUS$1.9tUS$126.3b15x18.2x1.2x
Fri, 21 Nov 2025US$2.3tUS$1.9tUS$125.2b15.2x18.5x1.2x
Sun, 19 Oct 2025US$2.2tUS$1.9tUS$125.4b13.3x17.9x1.2x
Tue, 16 Sep 2025US$2.3tUS$1.9tUS$125.9b13.6x18.3x1.2x
Thu, 14 Aug 2025US$2.2tUS$1.9tUS$126.4b13.4x17.6x1.2x
Sat, 12 Jul 2025US$2.3tUS$1.9tUS$134.5b12.1x17.3x1.2x
Mon, 09 Jun 2025US$2.2tUS$1.9tUS$134.4b11.7x16.5x1.2x
Wed, 07 May 2025US$2.1tUS$1.9tUS$135.7b11.3x15.6x1.1x
Fri, 04 Apr 2025US$2.5tUS$1.9tUS$143.8b12.3x17.1x1.3x
Sun, 02 Mar 2025US$2.4tUS$1.9tUS$144.4b12.8x16.5x1.3x
Tue, 28 Jan 2025US$2.5tUS$1.9tUS$159.4b12.2x15.6x1.3x
Thu, 26 Dec 2024US$2.3tUS$1.9tUS$158.3b11.8x14.2x1.2x
Sat, 23 Nov 2024US$2.5tUS$1.9tUS$158.6b12.2x15.7x1.3x
Mon, 21 Oct 2024US$2.3tUS$2.0tUS$175.9b11.6x13.3x1.2x
Wed, 18 Sep 2024US$2.2tUS$2.0tUS$172.6b11.5x12.9x1.1x
Fri, 16 Aug 2024US$2.3tUS$2.0tUS$172.2b11.4x13.4x1.2x
Sun, 14 Jul 2024US$2.3tUS$1.9tUS$176.1b11.5x13.1x1.2x
Tue, 11 Jun 2024US$2.3tUS$1.9tUS$176.3b11.6x12.9x1.2x
Thu, 09 May 2024US$2.3tUS$1.9tUS$175.5b11.4x13.3x1.2x
Sat, 06 Apr 2024US$2.5tUS$2.0tUS$206.0b11x12.1x1.3x
Mon, 04 Mar 2024US$2.2tUS$2.0tUS$207.3b9.1x10.8x1.1x
Wed, 31 Jan 2024US$2.3tUS$2.1tUS$238.2b8.7x9.5x1.1x
Fri, 29 Dec 2023US$2.3tUS$2.1tUS$242.2b8.6x9.5x1.1x
Sun, 26 Nov 2023US$2.3tUS$2.1tUS$242.5b8.8x9.4x1.1x
Tue, 24 Oct 2023US$2.4tUS$2.2tUS$273.0b7.4x8.7x1.1x
Thu, 21 Sep 2023US$2.4tUS$2.2tUS$272.6b7.7x8.8x1.1x
Sat, 19 Aug 2023US$2.7tUS$2.2tUS$272.5b7.8x9.9x1.2x
Mon, 17 Jul 2023US$2.5tUS$2.4tUS$315.8b6.9x7.9x1.1x
Wed, 14 Jun 2023US$2.5tUS$2.4tUS$315.8b7.1x7.8x1x
Fri, 12 May 2023US$2.1tUS$2.4tUS$315.7b6.5x6.6x0.9x
Sun, 09 Apr 2023US$2.2tUS$2.4tUS$280.7b6.9x7.9x0.9x
Price to Earnings Ratio

7.9x


Total Market Cap: US$2.2tTotal Earnings: US$280.7bTotal Revenue: US$2.4tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 13.7x202420252026
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 24.2x which is higher than its 3-year average PE of 13.7x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.7x.
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-0.61%
Energy0.27%
Oil and Gas0.37%
Energy Services-0.71%
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 18.4%, which is higher than its past year's earnings decline of 33.0% 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 13.3x.
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
VLO Valero EnergyUS$241.463.0%
+US$2.1b		80.7%PE30.8x
CLMT CalumetUS$34.5915.3%
+US$399.2m		163.0%PS0.7x
OXY Occidental PetroleumUS$62.230.6%
+US$376.8m		26.2%PE45.7x
PR Permian ResourcesUS$20.60-1.5%
US$367.4m		45.3%PE18.4x
TDW TidewaterUS$83.447.2%
+US$278.6m		92.7%PE12.4x

Latest News

TPL
US$439.20
Texas Pacific Land
7D
-17.2%
1Y
-5.3%
REX
US$44.46
REX American Resources
7D
7.4%
1Y
132.1%
CVX
US$197.41
Chevron
7D
-3.8%
1Y
18.6%
OKE
US$87.36
ONEOK
7D
-5.2%
1Y
-13.0%

OKE: Future Gas Demand And Operating Leverage Will Drive Upside

ONEOK's analyst fair value target has shifted from $118.38 to $108.00 as analysts reset growth and valuation assumptions, while still pointing to a mix of recent upgrades, target tweaks and neutral initiations that reflect ongoing debate around the company's long term volume growth and earnings trajectory. Analyst Commentary Recent Street research around ONEOK highlights a split view, with some firms trimming targets and others turning more constructive.
FRO
US$34.83
Frontline
7D
3.2%
1Y
133.0%
PR
US$20.60
Permian Resources
7D
-1.5%
1Y
45.3%
OXY
US$62.23
Occidental Petroleum
7D
0.6%
1Y
26.2%
VLO
US$241.46
Valero Energy
7D
3.0%
1Y
80.7%

VLO: Bearish Crude Outlook Will Limit Future Multiple Despite Stronger Refining Margins

Analysts have lifted the fair value estimate for Valero Energy to $218.39 from $202.72, linking the higher price target range across firms to updated oil price assumptions, refined product supply and demand expectations, and adjustments to forward P/E and margin forecasts. Analyst Commentary Recent research on Valero Energy points to a mix of optimism and caution, with several firms revising price targets and updating sector views based on oil price assumptions, geopolitical risks, and refining market expectations.
SLB
US$50.03
SLB
7D
-3.6%
1Y
18.6%
CLMT
US$34.59
Calumet
7D
15.3%
1Y
163.0%
XOM
US$160.78
Exxon Mobil
7D
-1.5%
1Y
35.5%
KMI
US$32.88
Kinder Morgan
7D
-3.2%
1Y
13.7%

KMI: Project Backlog And Gas Exposure Will Shape Future Risk Reward Balance

Analysts have lifted the Kinder Morgan fair value estimate by about $1 to $34.14, citing updated models that factor in adjusted long term revenue growth, slightly higher profit margins, and revised future P/E assumptions reflected in a series of recent price target increases across the Street. Analyst Commentary Recent research coverage shows a cluster of higher price targets on Kinder Morgan, along with a mix of positive and more cautious views on execution, valuation, and long term growth prospects.
INSW
US$72.23
International Seaways
7D
2.8%
1Y
118.1%
TDW
US$83.44
Tidewater
7D
7.2%
1Y
92.7%

TDW: Raised Outlook Into 2026 Will Face Execution And Timing Risks

The updated analyst work lifts Tidewater's fair value estimate from $45 to $52, with the higher target supported by Street research highlighting a raised $94 price target and expectations for a stronger setup into 2026. Analyst Commentary The latest Street research highlights a higher price target of $94 and an In Line rating.
VG
US$14.68
Venture Global
7D
-12.1%
1Y
47.4%
EQT
US$61.09
EQT
7D
-10.1%
1Y
11.8%

EQT: Future Cash Flow Resilience Will Rely On Gas Price Execution

EQT's updated analyst price target holds at $76, as analysts balance mixed target revisions with views on commodity price assumptions, cash flow potential, and the company's gas focused profile. Analyst Commentary Recent Street research on EQT points to a generally constructive stance, with several bullish analysts adjusting their models around commodity assumptions, cash flow potential, and EQT's gas focused profile.