In this article, we will look at the Goldman Sachs Energy Stocks: 10 Stocks to Buy.
US stocks have bounced back significantly from the April rout amid soaring fears of missing out on the rally among investors. Likewise, Goldman Sachs is warning there are valid reasons to approach recent gains with caution. This is especially true in lower-quality parts of the market, where short sellers are under pressure to cover their positions.
“We flagged two weeks ago that the short squeeze the market was facing could provide an opportunity to press shorts lower, and we think that time is getting closer,” said Louis Miller, a managing director at Goldman
The remarks come as Goldman Sachs Asset Management (GSAM) co-head of quantitative investment strategies, Osman Ali, insists on caution in the energy industry.
“Despite the oil shock we are observing now, and the outperformance of energy equities, I think you should be cautious of the sector in general due to the broader weakness in that complex,” Ali said.
Goldman Sachs has already forecasted a geopolitical risk premium of $12 per barrel should geopolitical uncertainty in the Middle East result in supply disruptions.
“While we still assume no significant disruptions to oil and natural gas supply, the downside risks to energy supply and the upside risk to our energy price forecasts have raised,” the team led by Daan Struyven said in a note.
With that in mind, let’s look at Goldman Sachs Energy Stocks: 10 Stocks to Buy
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Our Methodology
To compile the list of the Goldman Sachs Energy Stocks: 10 Stocks to Buy, we scanned the US equity markets focusing on energy stocks that Goldman Sachs holds significant stakes in. We also focused on energy stocks that are popular among elite hedge funds. Finally, we ranked the stocks in ascending order based on Goldman Sachs’ equity stakes in them.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
Goldman Sachs Energy Stocks: Stocks to Buy
10. Antero Midstream Corporation (NYSE:AM)
Goldman Sachs Equity Stakes: $69.74 Million
Number of Hedge Fund Holders: 36
Antero Midstream Corporation (NYSE:AM) is one of Goldman Sachs’ top energy stock picks. On June 3, Morgan Stanley analyst Devin McDermott reiterated an ‘Underweight’ rating on the stock. However, the analyst raised his price target of the stock to $17 from $16.
The price target hike underscores a positive adjustment in the valuation outlook despite the Underweight rating. The increase also underscores Morgan Stanley’s expectations and projections based on the prevailing market conditions.
The price target increase also comes on the heels of Antero Midstream Corp outperforming the overall equity market. The stock is up 22.22% year-to-date.
Antero Midstream Corporation (NYSE:AM) is a midstream energy company that owns, operates, and develops assets in the Appalachian Basin, primarily serving Antero Resources. These assets include gathering systems, compression facilities, processing, and fractionation plants.
9. Cameco Corporation (NYSE:CCJ)
Goldman Sachs Equity Stakes: $118.76 Million
Number of Hedge Fund Holders: 58
Cameco Corporation (NYSE:CCJ) is one of Goldman Sachs’ top energy stock picks. On June 20, RBC Capital reiterated an ‘Outperform’ rating on the stock. The research firm also increased its price target of the stock to C$100 from C$90.
The price target hike underscores RBC Capital’s conviction that Cameco is well-positioned to benefit from accelerating growth in the nuclear industry. Additionally, the firm expects the company to benefit from a tight uranium market, as it owns low-cost, tier-one assets that continue to operate efficiently.
A strategic partnership with Westinghouse positions Cameco to be a key beneficiary of emerging opportunities in the nuclear industry. RBC Capital also pointed out Westinghouse’s “mutually beneficial cooperation with Korean nuclear builders expected to present strategic opportunities that Cameco can capitalize on.”
Cameco Corporation (NYSE:CCJ) is a global provider of uranium fuel for nuclear power plants. It is one of the world’s largest uranium producers, with operations spanning the nuclear fuel cycle, from exploration and mining to refining, conversion, and fuel manufacturing.
8. Coterra Energy Inc. (NYSE:CTRA)
Goldman Sachs Equity Stakes: $136.99 Million
Number of Hedge Fund Holders: 43
Coterra Energy Inc. (NYSE:CTRA) is one of Goldman Sachs’ top energy stock picks. On June 25, JPMorgan reiterated an Overweight rating on the stock. The stance comes as the energy continues to address production challenges at its shale operations. The investment bank also hiked its price target to $34 from $32.
The company had reported complications and problems with water production at its Harkey Shale wells. It had experienced abnormally high water production on 11 of its 22 wells at the Windham Row project. Following the challenges, Coterra put a pause on Harkey development to try and address the issues across the affected wells.
Coterra Energy Inc. (NYSE:CTRA) is an independent exploration and production (E&P) company. It explores and develops oil, natural gas, and natural gas liquids within the continental United States.
7. Halliburton Company (NYSE:HAL)
Goldman Sachs Equity Stakes: $218.70 Million
Number of Hedge Fund Holders: 54
Halliburton Company (NYSE:HAL) is one of Goldman Sachs’ top energy stock picks. On June 19, the company inked a strategic collaboration with Petronas Carigali Sdn. Bhd. The two are joining forces to advance subsurface modeling and reservoir management.
Petronas Carigali Sdn. Bhd. is to deploy Halliburton Landmark’s DecisionSpace 365 Geosciences Suite and Unified Ensemble Modeling solutions to enhance exploration and development workflows and accelerate time to first oil. The technologies should allow Petronas Carigali Sdn. Bhd. Exploration and asset teams collaborate more effectively and in real time, thereby achieving accurate reserve estimations through ensemble modeling.
The Unified Ensemble Modeling solution is designed to automate the generation of multiple probabilistic geological scenarios. Therefore, it’s able to enhance forecast precision and accelerate scenario analysis.
Halliburton Company (NYSE: HAL) offers a diverse range of products and services to the energy industry. It’s specifically focused on oil and gas exploration, development, and production. It also offers solutions throughout the entire lifecycle of a reservoir, from initial geological data and drilling to well construction and production optimization.
6. Baker Hughes Company (NASDAQ:BKR)
Goldman Sachs Equity Stakes: $251.59 Million
Number of Hedge Fund Holders: 50
Baker Hughes Company (NASDAQ:BKR) is one of Goldman Sachs’ top energy stock picks. On June 2, 2025, BKR announced a joint venture with a subsidiary of Cactus, Inc. (NYSE:WHD), contributing to its Surface Pressure Control (SPC) product line. The Cactus subsidiary will lead operations with a 65% stake, while Baker Hughes retains 35%.
Operating independently from Cactus’ existing pressure control business, the new venture aims to grow its presence in global wellhead and production system markets. The deal supports Baker Hughes’ portfolio optimization strategy and is expected to close in the second half of 2025, pending regulatory approvals.
“This transaction marks an important step in our ongoing portfolio optimization strategy, enabling us to sharpen our focus on core growth areas while continuing to drive higher returns, reinforcing our commitment to long-term value for our shareholders,” said Baker Hughes Chairman and CEO Lorenzo Simonelli.
Baker Hughes Company (NASDAQ:BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. It offers a wide range of products and services, including drilling equipment, subsea systems, and industrial power generation solutions.
5. Kinder Morgan, Inc. (NYSE:KMI)
Goldman Sachs Equity Stakes: $476.89 Million
Number of Hedge Fund Holders: 65
Kinder Morgan, Inc. (NYSE:KMI) is one of Goldman Sachs’ top energy stock picks. On June 16, UBS reiterated a ‘Buy’ rating and a $38 price target on the stock. The bullish stance is in response to the proposed expansion of Arizona projects expected to increase the company’s project backlog.
UBS is optimistic that Kinder Morgan will be one of the beneficiaries of the Arizona Corporation Commission’s expansion of natural gas infrastructure in the state. The expansion will result in substantial demand for gas transportation to the state and the Desert Southwest region, driven by industrial use, population growth, and coal plant retirement.
Kinder Morgan has already proposed the Cooper State Connector Project and Arizona Storage projects. The projects are poised to add 0.5Bcf/d of incremental load, supporting the need for expanded infrastructure. Additionally, the company’s strong financial position and track record of raising dividends position it to take advantage of expansion opportunities.
Kinder Morgan, Inc. (NYSE:KMI) is one of the largest energy infrastructure companies in the world. It owns and operates pipelines that transport natural gas, gasoline, crude oil, and other products, as well as terminals that store and handle various commodities.
4. Canadian Natural Resources Limited (NYSE:CNQ)
Goldman Sachs Equity Stakes: $688.29 Million
Number of Hedge Fund Holders: 52
Canadian Natural Resources Limited (NYSE:CNQ) is one of Goldman Sachs’ top energy stock picks. On June 20, the company reached an agreement with Canada’s Competition Bureau to settle competition concerns tied to its acquisition of Schlumberger’s stake in a joint natural gas venture.
Regulators had raised concerns over the company’s push to acquire 87.5% interest in a portfolio of 16 natural gas processing plans. There were concerns that the acquisition would strengthen the company’s edge in the sector and throttle competition, especially around Schlumberger’s stake in a joint natural gas venture.
The Competition Bureau had argued that the acquisition would lead to significant market concentration and reduce customer choices. There were also fears that the consolidation could drive up prices for natural gas producers. In its agreement with the competition authority, Canadian Natural Resources has agreed to divest a 75% stake in the Seiu Lake facility to North 40 Resources Inc.
Canadian Natural Resources Limited (NYSE:CNQ) is an independent producer of crude oil and natural gas. It operates across a diversified portfolio of assets, including conventional natural gas and light crude oil.
3. Cheniere Energy, Inc. (NYSE:LNG)
Goldman Sachs Equity Stakes: $697.32 Million
Number of Hedge Fund Holders: 75
Cheniere Energy, Inc. (NYSE:LNG) is one of Goldman Sachs’ top energy stock picks. On June 26, Jefferies raised its price target on Cheniere Energy (NYSE:LNG) from $282 to $288, reaffirming a Buy rating. The revision came after Cheniere’s final investment decision to expand its Corpus Christi Liquefaction facility with Trains 8 and 9.
The $52.6 billion LNG company plans to invest over $25 billion this decade, targeting 75 million tonnes per annum (mtpa) in production capacity—with the potential to hit 100 mtpa—while simultaneously reducing debt and boosting shareholder returns. Jefferies highlighted strong investor response to this well-rounded growth strategy.
Cheniere Energy, Inc. (NYSE:LNG) is a leading producer and exporter of liquefied natural gas (LNG) in the United States and a major global player in the LNG market. They are a full-service LNG provider involved in gas procurement, liquefaction, vessel chartering, and LNG delivery.
2. Chevron Corporation (NYSE:CVX)
Goldman Sachs Equity Stakes: $1.39 Billion
Number of Hedge Fund Holders: 81
Chevron Corporation (NYSE:CVX) is one of Goldman Sachs’ top energy stock picks. On June 27, Chevron-backed Tengizchevroil (TCO) completed its first-ever oil shipment to Germany via Russia’s Druzhba pipeline, delivering 100,000 metric tons. This milestone opens a new export route to European markets as Kazakhstan ramps up production from its massive Tengiz oilfield.
Chevron holds a 50% stake in TCO, making it the lead partner in the consortium alongside ExxonMobil, KazMunayGaz, and Lukoil. The move signals Chevron’s deepening involvement in Eurasian energy logistics, leveraging existing infrastructure to tap new markets and support rising output from the Tengiz field.
Chevron Corporation (NYSE:CVX) is a global energy company primarily involved in the exploration, production, refining, and marketing of oil and natural gas. It also invests in renewable energy sources and develops lower-carbon solutions.
1. Energy Transfer LP (NYSE:ET)
Goldman Sachs Equity Stakes: $1.43 Billion
Number of Hedge Fund Holders: 36
Energy Transfer LP (NYSE:ET) is one of Goldman Sachs’ top energy stock picks. On June 25, the company confirmed the signing of an incremental Sale and Purchase Agreement with Chevron USA through its subsidiary Energy Transfer LNG Export.
The 20-year sale and purchase agreement for 1.0 million tons per annum (mtpa) is set to increase Chevron’s total contracted volume to 3.0 mtpa, along with Energy Transfer’s total contracted volume. The LNG is to be supplied on a free-on-board (FOB) basis. The Purchase price will consist of a fixed liquefaction charge and a gas supply component indexed to the Henry Hub benchmark.
The new agreement affirms the growing partnership between Energy Transfer and Chevron. It also affirms the ever-increasing demand for reliable and long-term LNG supply. The deal also underscores Energy Transfer’s momentum in securing long-term LNG commitment. The company has already signed a Heads of Agreement with MidOcean Energy and a SPA agreement with Kyushu Electric Power Company for 1.0 million tonnes per annum (mtpa).
Energy Transfer LP (NYSE:ET) is an energy company focused on the midstream sector, which involves transporting, storing, and processing natural gas, crude oil, natural gas liquids (NGLs), and refined products. It operates a vast network of pipelines and facilities across the United States.
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