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U.S. Energy Sector Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies430
  • 7D-3.5%
  • 3M22.7%
  • 1Y43.0%
  • YTD24.5%

Over the last 7 days, the Energy industry has dropped 3.5%, driven by a pullback from Exxon Mobil of 5.1%. On the other hand SLB is actually up 5.0%. Over the past 12 months, the industry was up 43%. Earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Apr 2026US$2.9tUS$1.9tUS$130.6b17.3x22.4x1.6x
Wed, 11 Mar 2026US$2.9tUS$1.9tUS$130.6b17.3x22x1.5x
Fri, 06 Feb 2026US$2.7tUS$1.9tUS$129.1b15.2x20.9x1.5x
Sun, 04 Jan 2026US$2.4tUS$1.9tUS$126.3b15.5x18.8x1.3x
Tue, 02 Dec 2025US$2.3tUS$1.9tUS$124.8b15.4x18.8x1.3x
Thu, 30 Oct 2025US$2.3tUS$1.9tUS$128.1b14.6x17.8x1.2x
Sat, 27 Sep 2025US$2.4tUS$1.9tUS$125.9b14.3x18.9x1.3x
Mon, 25 Aug 2025US$2.3tUS$1.9tUS$126.2b13.4x18.2x1.2x
Wed, 23 Jul 2025US$2.2tUS$1.9tUS$131.8b12.1x17x1.2x
Fri, 20 Jun 2025US$2.3tUS$1.9tUS$134.4b12.5x17.4x1.2x
Sun, 18 May 2025US$2.2tUS$1.9tUS$134.5b11.7x16.7x1.2x
Tue, 15 Apr 2025US$2.1tUS$1.9tUS$143.8b11.4x14.4x1.1x
Thu, 13 Mar 2025US$2.3tUS$1.9tUS$144.1b12.3x15.8x1.2x
Sat, 08 Feb 2025US$2.4tUS$1.9tUS$155.7b12.4x15.3x1.2x
Mon, 06 Jan 2025US$2.3tUS$1.9tUS$158.6b11.9x14.7x1.2x
Wed, 04 Dec 2024US$2.5tUS$1.9tUS$158.5b12.2x15.6x1.3x
Fri, 01 Nov 2024US$2.3tUS$1.9tUS$166.4b11.4x13.9x1.2x
Sun, 29 Sep 2024US$2.3tUS$2.0tUS$172.6b11.4x13.2x1.2x
Tue, 27 Aug 2024US$2.3tUS$2.0tUS$172.2b11.3x13.4x1.2x
Thu, 25 Jul 2024US$2.3tUS$1.9tUS$175.8b11.5x13x1.2x
Sat, 22 Jun 2024US$2.3tUS$1.9tUS$176.0b11.2x12.8x1.2x
Mon, 20 May 2024US$2.4tUS$1.9tUS$174.8b11.7x13.5x1.2x
Wed, 17 Apr 2024US$2.4tUS$2.0tUS$206.1b10.4x11.8x1.2x
Fri, 15 Mar 2024US$2.3tUS$2.0tUS$206.5b9.5x11.2x1.2x
Sun, 11 Feb 2024US$2.1tUS$2.0tUS$218.6b8.7x9.8x1.1x
Tue, 09 Jan 2024US$2.3tUS$2.1tUS$242.2b8.6x9.4x1.1x
Thu, 07 Dec 2023US$2.2tUS$2.1tUS$242.5b8.3x9x1.1x
Sat, 04 Nov 2023US$2.3tUS$2.0tUS$246.5b8.7x9.4x1.1x
Mon, 02 Oct 2023US$2.4tUS$2.2tUS$272.7b7.5x8.8x1.1x
Wed, 30 Aug 2023US$2.3tUS$2.2tUS$272.6b7.5x8.6x1.1x
Fri, 28 Jul 2023US$2.6tUS$2.4tUS$315.4b7.3x8.3x1.1x
Sun, 25 Jun 2023US$2.4tUS$2.4tUS$315.8b6.8x7.6x1x
Tue, 23 May 2023US$2.4tUS$2.4tUS$315.9b7x7.7x1x
Thu, 20 Apr 2023US$2.2tUS$2.4tUS$279.2b6.9x8.1x0.9x
Price to Earnings Ratio

8.1x


Total Market Cap: US$2.2tTotal Earnings: US$279.2bTotal Revenue: US$2.4tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 13.9x202420252026
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 22.4x which is higher than its 3-year average PE of 13.9x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have declined 22% 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 Market3.38%
Energy-3.51%
Energy Services2.97%
Oil and Gas-4.23%
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 18.3%, which is higher than its past year's earnings decline of 30.7% 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 13.4x.
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 31% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 9.7% 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$51.925.0%
+US$3.7b		52.9%PE23.1x
BKR Baker HughesUS$62.834.1%
+US$2.4b		65.6%PE24.1x
FTI TechnipFMCUS$73.793.9%
+US$1.1b		194.8%PE30.6x
WMB Williams CompaniesUS$72.741.0%
+US$904.9m		29.0%PE34x
WFRD Weatherford InternationalUS$102.787.9%
+US$537.2m		139.0%PE17.1x

Latest News

BKR
US$62.83
Baker Hughes
7D
4.1%
1Y
65.6%

BKR: Waygate Review And Sector Exposure Will Shape Fairly Valued Outlook

Analysts raised the Baker Hughes price target by about $1 to $62.67, citing slightly adjusted growth, margin and discount rate assumptions, as well as a modestly higher future P/E. Analyst Commentary Recent research has been broadly focused on recalibrating valuation for Baker Hughes, with a series of higher price targets clustered around similar timeframes.
FTI
US$73.79
TechnipFMC
7D
3.9%
1Y
194.8%

TechnipFMC: We Prefer Saipem With More Room To Improve

Apr 11
OXY
US$57.97
Occidental Petroleum
7D
-7.9%
1Y
53.9%

Occidental Petroleum (OXY): The "Permian Fortress" and the 2026 Low-Carbon Pivot

Occidental Petroleum (OXY) closed the April 10, 2026, session at $58.53 USD on the NYSE, experiencing a volatile week where the stock price fluctuated between $58 and $63 alongside shifting geopolitical headlines. The central narrative for 2026 is "The Fortress Transition" : Having spent the last two years aggressively de-leveraging following the CrownRock acquisition, Occidental has emerged as a cash-flow juggernaut with a "Permian First" strategy.
MPC
US$222.62
Marathon Petroleum
7D
-7.9%
1Y
80.4%

MPC: Higher Oil Assumptions And Labor Talks Will Shape Future Returns

The updated analyst price target for Marathon Petroleum increases to $236.61 from $216.17. Analysts attribute this change to adjustments in fair value assumptions, a slightly lower discount rate, revised revenue growth and profit margin inputs, and a different future P/E outlook.
EOG
US$136.19
EOG Resources
7D
-4.5%
1Y
25.5%

EOG: Future Cash Flow Will Reflect Geopolitical Oil Pricing And Inventory Optionality

Analysts have lifted the fair value estimate for EOG Resources by about $8 to $149.73, citing higher oil price assumptions, modest P/E multiple shifts and updated views on margins and long term cash generation. Analyst Commentary Street research on EOG Resources over recent months has been active, with multiple firms updating price targets and oil and gas assumptions.
NOV
US$19.49
NOV
7D
3.8%
1Y
64.6%
CVX
US$188.55
Chevron
7D
-5.2%
1Y
39.0%
VG
US$12.97
Venture Global
7D
-11.4%
1Y
56.6%
PSX
US$159.25
Phillips 66
7D
-9.6%
1Y
63.5%

PSX: Future Cash Flows Will Reflect Midstream Delivery And Venezuela Crude Shift

Analysts have lifted the Phillips 66 fair value estimate from $165.45 to $179.10, citing a series of higher Street price targets and updated assumptions around revenue growth, profit margins, and future P/E levels. Analyst Commentary Recent Street research on Phillips 66 has been active, with a cluster of price target revisions and refreshed models across large banks and sector specialists.
COP
US$122.55
ConocoPhillips
7D
-6.1%
1Y
41.9%

COP: Future Cash Flows Will Reflect Geopolitical Oil Risk And Cash Returns

Analysts have nudged the fair value estimate for ConocoPhillips higher to $131.52 from $128.29 as widespread price target increases reflect updated oil price assumptions, slightly higher future P/E expectations around 20.6x, and revised margin outlooks across recent research. Analyst Commentary Recent research on ConocoPhillips has been active, with a series of price target revisions and rating changes driven largely by updated oil and gas price decks, geopolitical risk, and evolving expectations for cash generation and capital returns.
WMB
US$72.74
Williams Companies
7D
1.0%
1Y
29.0%

The Williams Companies: I See Quality, Just Not Enough Upside

Apr 08
SEI
US$62.39
Solaris Energy Infrastructure
7D
11.8%
1Y
257.3%
XOM
US$152.51
Exxon Mobil
7D
-5.1%
1Y
47.9%
WFRD
US$102.78
Weatherford International
7D
7.9%
1Y
139.0%

WFRD: Structural Offshore And Venezuela Activity Will Support Future Earnings Repricing

Analysts have lifted their price targets on Weatherford International by increments such as $11, $17, $10 and other recent upward revisions, citing structural customer activity, capacity needs and sector EBITDA expectations as key supports for the updated view. Analyst Commentary Recent research commentary around Weatherford International has leaned constructive, with several price target revisions reflecting confidence in the company’s ability to execute against structural customer activity and capacity needs.
SLB
US$51.92
SLB
7D
5.0%
1Y
52.9%

SLB: Venezuela Upside And Production Repositioning Will Shape Future Risk Profile

Analysts have modestly lifted the SLB fair value estimate to $55.43 from $55.05, reflecting incremental tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions, alongside a series of higher Street price targets across the sector. Analyst Commentary Recent research shows a cluster of higher price targets for SLB, tempered by a small group of more cautious voices.
WHD
US$54.34
Cactus
7D
13.7%
1Y
49.9%