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U.S. Energy Sector Analysis

UpdatedAug 18, 2026
DataAggregated Company Financials
Companies425
  • 7D3.2%
  • 3M1.6%
  • 1Y43.2%
  • YTD34.4%

The Energy industry is up 3.2% in the last week, with Chevron up 4.0%. In the last 12 months, the industry was up 43%. As for the next few years, earnings are expected to grow by 6.0% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 18 Aug 2026US$3.1tUS$2.1tUS$172.6b15.3x18.1x1.5x
Thu, 16 Jul 2026US$2.9tUS$1.9tUS$125.0b16.3x23.3x1.5x
Sat, 13 Jun 2026US$2.9tUS$1.9tUS$125.1b16x23.1x1.5x
Mon, 11 May 2026US$2.9tUS$1.9tUS$124.8b15.7x22.9x1.5x
Wed, 08 Apr 2026US$3.1tUS$1.9tUS$130.7b17.6x23.4x1.6x
Fri, 06 Mar 2026US$2.9tUS$1.9tUS$130.5b17.9x22x1.5x
Sun, 01 Feb 2026US$2.6tUS$2.4tUS$161.8b16.6x16.2x1.1x
Tue, 30 Dec 2025US$2.3tUS$1.9tUS$126.3b14.9x18.3x1.2x
Thu, 27 Nov 2025US$2.3tUS$1.9tUS$124.8b15.2x18.4x1.2x
Sat, 25 Oct 2025US$2.3tUS$1.9tUS$127.0b14.6x18.3x1.3x
Mon, 22 Sep 2025US$2.3tUS$1.9tUS$125.9b13.6x18.3x1.2x
Wed, 20 Aug 2025US$2.2tUS$1.9tUS$126.2b12.9x17.6x1.2x
Fri, 18 Jul 2025US$2.3tUS$1.9tUS$134.4b11.9x17x1.2x
Sun, 15 Jun 2025US$2.3tUS$1.9tUS$134.4b12.6x17.4x1.2x
Tue, 13 May 2025US$2.2tUS$1.9tUS$135.4b11.7x16.1x1.1x
Thu, 10 Apr 2025US$2.0tUS$1.9tUS$143.8b11.5x13.9x1x
Sat, 08 Mar 2025US$2.2tUS$1.9tUS$144.3b12.4x15.5x1.2x
Mon, 03 Feb 2025US$2.4tUS$1.9tUS$158.2b12.4x15x1.2x
Wed, 01 Jan 2025US$2.3tUS$1.9tUS$158.3b11.7x14.2x1.2x
Fri, 29 Nov 2024US$2.5tUS$1.9tUS$158.5b12.3x15.6x1.3x
Sun, 27 Oct 2024US$2.3tUS$2.0tUS$173.1b11.3x13.5x1.2x
Tue, 24 Sep 2024US$2.3tUS$2.0tUS$172.6b11.8x13.3x1.2x
Thu, 22 Aug 2024US$2.3tUS$2.0tUS$172.2b11.3x13.2x1.2x
Sat, 20 Jul 2024US$2.4tUS$1.9tUS$176.0b11.7x13.4x1.2x
Mon, 17 Jun 2024US$2.2tUS$1.9tUS$176.1b11.1x12.5x1.1x
Wed, 15 May 2024US$2.3tUS$1.9tUS$175.1b11.5x13.3x1.2x
Fri, 12 Apr 2024US$2.5tUS$2.0tUS$206.1b10.8x12.1x1.3x
Sun, 10 Mar 2024US$2.3tUS$2.0tUS$206.9b9.3x10.9x1.1x
Tue, 06 Feb 2024US$2.1tUS$2.0tUS$218.3b8.6x9.8x1.1x
Thu, 04 Jan 2024US$2.3tUS$2.1tUS$242.2b8.9x9.5x1.1x
Sat, 02 Dec 2023US$2.3tUS$2.1tUS$242.5b8.8x9.3x1.1x
Mon, 30 Oct 2023US$2.3tUS$2.1tUS$252.4b7.8x9x1.1x
Wed, 27 Sep 2023US$2.4tUS$2.2tUS$272.6b7.7x8.8x1.1x
Fri, 25 Aug 2023US$2.3tUS$2.2tUS$272.4b7.5x8.4x1.1x
Price to Earnings Ratio

8.4x


Total Market Cap: US$2.3tTotal Earnings: US$272.4bTotal Revenue: US$2.2tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Energy Sector Price to Earnings3Y Average 15.5x202420252026
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 18.1x which is higher than its 3-year average PE of 15.5x.
  • 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 14% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the U.S. Energy sector?

US Market0.11%
Energy3.18%
Oil and Gas3.18%
Energy Services3.13%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 21.7x.
    • Analysts are expecting annual earnings growth of 22.9%, which is higher than its past year's earnings decline of 14.0% 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 15.2x.
Forecasted Growth
  • Analysts are most optimistic on the Energy Services industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings decline of 14% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 4.1% 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$202.704.0%
+US$15.3b		30.5%PE19.3x
MPC Marathon PetroleumUS$358.1811.8%
+US$10.6b		120.2%PE11.8x
PSX Phillips 66US$240.5511.6%
+US$10.0b		95.8%PE13.5x
VLO Valero EnergyUS$347.1910.2%
+US$9.3b		153.8%PE13.9x
XOM ExxonMobil HoldingsUS$161.461.0%
+US$6.9b		51.3%PE20.3x

Latest News

DVN
US$47.57
Devon Energy
7D
4.9%
1Y
41.8%
CVX
US$202.70
Chevron
7D
4.0%
1Y
30.5%
EQT
US$53.01
EQT
7D
-2.0%
1Y
5.0%
Narrative Update • Aug 17

EQT: Future Returns Will Hinge On Gas Demand And Execution Delivery

Analysts now see EQT's fair value at $55.45, up from $53.52. This reflects updated views on revenue growth, profit margins, and a slightly lower future P/E multiple, alongside a recent cluster of Street price target tweaks in the $65 to $79 range.
MPC
US$358.18
Marathon Petroleum
7D
11.8%
1Y
120.2%
PSX
US$240.55
Phillips 66
7D
11.6%
1Y
95.8%
VG
US$13.75
Venture Global
7D
-3.6%
1Y
11.1%
COP
US$127.56
ConocoPhillips
7D
3.7%
1Y
35.7%
AR
US$36.40
Antero Resources
7D
-1.8%
1Y
20.6%
Narrative Update • Aug 13

AR: Raised 2026 Production Guidance And Cost Efficiencies Will Support Future Returns

Analysts have raised their price target on Antero Resources from $48.25 to $49.35 as they adjust fair value assumptions, discount rates, revenue growth expectations, profit margin forecasts, and future P/E estimates. What’s in the News for Antero Resources Antero Resources reported Q2 2026 revenue of US$1.56b and net income of US$279 million, supported by record quarterly production and an 11% reduction in cash operating costs year over year.
OKE
US$95.32
ONEOK
7D
5.5%
1Y
30.5%
Analysis Article • Aug 13

New Forecasts: Here's What Analysts Think The Future Holds For ONEOK, Inc. (NYSE:OKE)

ONEOK, Inc. ( NYSE:OKE ) shareholders will have a reason to smile today, with the analysts making substantial upgrades...
SOC
US$4.02
Sable Offshore
7D
-21.0%
1Y
-86.0%
Analysis Article • Aug 13

Earnings Miss: Sable Offshore Corp. Missed EPS And Analysts Are Revising Their Forecasts

Sable Offshore Corp. ( NYSE:SOC ) shareholders are probably feeling a little disappointed, since its shares fell 5.4...
CRK
US$13.55
Comstock Resources
7D
-5.6%
1Y
-9.8%
Narrative Update • Aug 12

CRK: Production Gains And Pinnacle Stake Sale Will Support Future Cash Flows

Comstock Resources' updated analyst price target of $19, reduced from $24.25 in the prior narrative, reflects a series of lower Street targets as analysts factor in softer cash flows, higher debt costs, and mixed operating trends despite sequential production growth. Analyst Commentary Recent Street research on Comstock Resources has tilted more cautious on near term cash generation and leverage, yet it still highlights some constructive points for investors who focus on valuation, production trends, and potential execution improvement.
VLO
US$347.19
Valero Energy
7D
10.2%
1Y
153.8%
EXE
US$94.18
Expand Energy
7D
-3.5%
1Y
1.2%
Narrative Update • Aug 07

EXE: Twin Eagle Deal And Buybacks Will Shape Balanced Outlook

Analysts have reduced their price target for Expand Energy to $93 from $99.71, as they now expect softer revenue trends, a slightly higher discount rate and a lower future P/E multiple, partly offset by an improved profit margin outlook. What’s in the News for Expand Energy Expand Energy agreed to acquire Twin Eagle Holdings, an asset backed natural gas marketing and optimization business, in a US$1.25b transaction.
XOM
US$161.46
ExxonMobil Holdings
7D
1.0%
1Y
51.3%
HESM
US$39.66
Hess Midstream
7D
-2.4%
1Y
-3.0%
Analysis Article • Aug 06

Hess Midstream LP Just Beat EPS By 14%: Here's What Analysts Think Will Happen Next

Hess Midstream LP ( NYSE:HESM ) last week reported its latest second-quarter results, which makes it a good time for...
RRC
US$39.36
Range Resources
7D
-2.3%
1Y
18.8%
Seeking Alpha • Aug 01

Range Resources: The Prime Appalachian Beneficiary Of The AI Energy Transition

Summary Range Resources delivered a staggering Q2 2026 EPS beat of 20.54%, reporting $0.79 EPS and an 11.92% revenue surprise at $833.57 million. RRC's production is set to rise from 2.3 Bcfe/d to 2.5 Bcfe/d by year-end, targeting 2.6 Bcfe/d in 2027, supporting multi-year growth on supply from assets alone. Technical analysis projects an 85%–140% long-term upside, with multi-year bullish cup-and-handle and fractal patterns aligning with consistent robust operational performance. RRC's core Appalachian assets are positioned to benefit from surging PJM power demand, driven by AI data center growth and regional supply constraints. Read the full article on Seeking Alpha