Canada Energy Stocks Trade at 20% Premium Versus U.S. Rivals -- Market Talk

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Canada Energy Stocks Trade at 20% Premium Versus U.S. Rivals -- Market Talk

Dow Jones03-24

1609 ET - Canadian PM Mark Carney's efforts to drum up demand for the country's oil and gas, and receptiveness to resource-project development, is pushing energy valuations on the main Toronto stock market to near-decade highs, says National Bank Financial. The firm says valuations in the S&P/TSX energy component have climbed to 24 times forward earnings. That's sharply higher than in 2022, when energy prices surged after Russia's invasion of Ukraine. In 2022, former PM Justin Trudeau played down expectations of Canada ramping up energy production to meet new demand in Europe. Carney's tone stands in contrast, NBF says, adding that might help explain why Canadian energy stocks are trading at a roughly 20% premium relative to their U.S. counterparts. (paul.vieira@wsj.com; @paulvieira)

(END) Dow Jones Newswires

March 23, 2026 16:09 ET (20:09 GMT)

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In 2022, former PM Justin Trudeau played down expectations of Canada ramping up energy production to meet new demand in Europe. Carney's tone stands in contrast, NBF says, adding that might help explain why Canadian energy stocks are trading at a roughly 20% premium relative to their U.S. counterparts. 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