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U.S. Energy Sector Analysis

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies429
  • 7D3.6%
  • 3M36.3%
  • 1Y31.5%
  • YTD34.4%

In the last week, the Energy industry is up 3.6%, with Exxon Mobil up 6.4%. In the same time, Texas Pacific Land was down 11%. In the last 12 months, the industry was up 31%. Looking forward, 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
Tue, 31 Mar 2026US$3.2tUS$1.9tUS$130.6b18.6x24.5x1.7x
Thu, 26 Feb 2026US$2.8tUS$1.9tUS$128.7b16.4x21.9x1.5x
Sat, 24 Jan 2026US$2.5tUS$1.9tUS$126.3b16.1x20.1x1.4x
Mon, 22 Dec 2025US$2.3tUS$1.9tUS$126.3b14.8x18x1.2x
Wed, 19 Nov 2025US$2.3tUS$1.9tUS$125.2b15x18.6x1.3x
Fri, 17 Oct 2025US$2.3tUS$1.9tUS$125.9b13.3x17.9x1.2x
Sun, 14 Sep 2025US$2.3tUS$1.9tUS$125.9b13.6x18.3x1.2x
Tue, 12 Aug 2025US$2.2tUS$1.9tUS$126.1b12.7x17.7x1.2x
Thu, 10 Jul 2025US$2.3tUS$1.9tUS$134.5b12.1x17.4x1.2x
Sat, 07 Jun 2025US$2.2tUS$1.9tUS$134.4b11.7x16.2x1.1x
Mon, 05 May 2025US$2.2tUS$1.9tUS$135.9b11.4x15.9x1.1x
Wed, 02 Apr 2025US$2.4tUS$1.9tUS$143.8b12.9x17x1.3x
Fri, 28 Feb 2025US$2.3tUS$1.9tUS$145.1b12.7x16.2x1.2x
Sun, 26 Jan 2025US$2.5tUS$1.9tUS$159.4b12.4x15.4x1.3x
Tue, 24 Dec 2024US$2.2tUS$1.9tUS$158.3b11.6x14x1.1x
Thu, 21 Nov 2024US$2.5tUS$1.9tUS$159.9b12.1x15.4x1.3x
Sat, 19 Oct 2024US$2.4tUS$2.0tUS$175.9b11.6x13.4x1.2x
Mon, 16 Sep 2024US$2.2tUS$2.0tUS$172.7b11.2x12.7x1.1x
Wed, 14 Aug 2024US$2.3tUS$2.0tUS$172.3b10.9x13.4x1.2x
Fri, 12 Jul 2024US$2.3tUS$1.9tUS$176.1b11.5x12.9x1.2x
Sun, 09 Jun 2024US$2.2tUS$1.9tUS$176.3b11.5x12.8x1.2x
Tue, 07 May 2024US$2.3tUS$1.9tUS$177.7b10.9x13.1x1.2x
Thu, 04 Apr 2024US$2.5tUS$2.0tUS$206.0b11x12.1x1.3x
Sat, 02 Mar 2024US$2.2tUS$2.0tUS$208.2b9.1x10.6x1.1x
Mon, 29 Jan 2024US$2.3tUS$2.1tUS$239.8b8.6x9.5x1.1x
Wed, 27 Dec 2023US$2.3tUS$2.1tUS$242.2b8.8x9.4x1.1x
Fri, 24 Nov 2023US$2.3tUS$2.1tUS$242.6b8.8x9.3x1.1x
Sun, 22 Oct 2023US$2.4tUS$2.2tUS$273.0b7.5x8.8x1.1x
Tue, 19 Sep 2023US$2.4tUS$2.2tUS$272.6b7.8x8.9x1.1x
Thu, 17 Aug 2023US$2.7tUS$2.2tUS$272.5b7.7x9.8x1.2x
Sat, 15 Jul 2023US$2.5tUS$2.4tUS$315.8b6.9x7.9x1.1x
Mon, 12 Jun 2023US$2.5tUS$2.4tUS$315.8b7.2x7.8x1x
Wed, 10 May 2023US$2.1tUS$2.4tUS$318.9b6.5x6.7x0.9x
Fri, 07 Apr 2023US$2.2tUS$2.4tUS$280.7b7.1x7.9x0.9x
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 24.5x 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-3.50%
Energy3.56%
Oil and Gas3.87%
Energy Services0.83%
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
XOM Exxon MobilUS$171.476.4%
+US$43.1b		44.2%PE24.8x
CVX ChevronUS$210.712.7%
+US$11.0b		26.0%PE34.2x
COP ConocoPhillipsUS$132.894.5%
+US$7.0b		26.5%PE20.4x
OXY Occidental PetroleumUS$66.249.8%
+US$5.9b		34.2%PE48.7x
EOG EOG ResourcesUS$149.897.3%
+US$5.4b		16.9%PE16.1x

Latest News

LEU
US$168.52
Centrus Energy
7D
-13.0%
1Y
170.9%
EOG
US$149.89
EOG Resources
7D
7.3%
1Y
16.9%
COP
US$132.89
ConocoPhillips
7D
4.5%
1Y
26.5%
OXY
US$66.24
Occidental Petroleum
7D
9.8%
1Y
34.2%
BKR
US$60.68
Baker Hughes
7D
-3.0%
1Y
38.1%

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

Analysts have nudged Baker Hughes' average price target higher, with a cluster of recent increases ranging from $2 to $14 as they update models for slightly revised fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Recent Street research on Baker Hughes clusters around a series of price target changes, with most moves pointing to modestly higher fair value estimates and one trim within a relatively tight range.
CVX
US$210.71
Chevron
7D
2.7%
1Y
26.0%
VLO
US$250.27
Valero Energy
7D
5.4%
1Y
89.5%

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.
MPC
US$245.16
Marathon Petroleum
7D
5.4%
1Y
68.3%

MPC: Elevated Oil Assumptions And Labor Uncertainty Will Pressure Future Returns

Narrative Update on Marathon Petroleum The analyst price target for Marathon Petroleum has shifted from about $202.50 to roughly $216.17. Analysts have cited updated oil price assumptions, recent Middle East related supply risk, and refiners' earnings estimates as key drivers behind their revised outlook.
SLB
US$51.53
SLB
7D
4.6%
1Y
23.3%
XOM
US$171.47
Exxon Mobil
7D
6.4%
1Y
44.2%
AROC
US$34.49
Archrock
7D
-6.3%
1Y
31.4%
TPL
US$467.37
Texas Pacific Land
7D
-11.5%
1Y
5.8%

TPL: Overvaluation Will Persist Despite Higher Dividend And Rich Future P/E

Analysts kept their price target for Texas Pacific Land steady at $444.50. This reflects unchanged views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions that continue to underpin their valuation framework.
NOV
US$18.56
NOV
7D
-3.7%
1Y
21.9%

NOV: Structural Oilfield Activity And Capital Returns Will Support Future Re Rating

Analysts have nudged NOV's price targets higher into the high teens and low $20s, citing what they see as structural demand for oilfield services and opportunities arising from geopolitical dislocations. At the same time, the model inputs around revenue growth, profit margins and future P/E remain broadly consistent with prior assumptions.
WMB
US$72.47
Williams Companies
7D
-1.5%
1Y
21.3%

WMB: Future Gas Infrastructure Investments Will Support Long Term EBITDA Visibility

Analysts have raised the Williams Companies fair value estimate to $90.00 from $89.00, citing a series of upward price target revisions and more constructive views on revenue growth, profit margins, and future P/E support across recent research updates. Analyst Commentary Recent research updates on Williams Companies have leaned constructive, with several bullish analysts lifting price targets and, in one case, adding the stock to a high-conviction idea list.
EQT
US$64.44
EQT
7D
-1.2%
1Y
20.6%

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.
SEI
US$52.84
Solaris Energy Infrastructure
7D
-13.2%
1Y
142.8%

SEI: Expanded Capacity And Hyperscaler Contracts Will Support Data Center Power Demand

Analysts have raised the Solaris Energy Infrastructure price target to about $61, up from $60, citing planned capacity additions, growing data center and hyperscaler demand, and updated P/E assumptions that incorporate recent Street research from firms across the sector. Analyst Commentary Recent Street research on Solaris Energy Infrastructure highlights a mix of optimism around capacity growth and data center demand, alongside a more cautious thread focused on valuation and execution risks.