In this article, we will discuss the energy stocks gaining this week.

The S&P energy index posted gains of 3.11% between January 16 and January 23, outperforming the overall S&P 500, which declined 0.35% over the same period.

The surge was primarily driven by a strong rebound in natural gas prices. US natural gas futures rose by 70% over the last week, nearing a 3-year high they achieved in December 2025, as the market continued to brace for a historic winter storm. According to BloombergNEF, the freezing weather will lead to a near-record withdrawal of gas from storage for heating purposes.

The US Energy Information Administration, in its short-term energy outlook released on January 13, forecasted the Henry Hub natural gas spot price to average $3.46 per MMBtu in 2026 and $4.59 per MMBtu in 2027. The commodity averaged $3.53 per MMBtu in 2025.

Similarly, WTI crude oil futures have risen by 9% since January 7, following renewed warnings from President Trump toward Iran, which has raised concerns about potential military action that could disrupt oil flows in the Middle East. According to a US official, American warships, including an aircraft carrier and guided-missile destroyers, will arrive in the region in the coming days.

Supply concerns were further intensified by the ongoing outages in Kazakhstan, as oil output at the country’s giant Tengiz field has yet to resume after a shutdown caused by a fire earlier this week.

Our Methodology

To collect data for this article, we used several stock screeners to identify energy stocks that have surged the most between January 16 and January 23, 2026. The following are the Energy Stocks that Gained the Most This Week. The stocks are ranked according to their share price surge during this period.

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 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).

10. Cameco Corporation (NYSE:CCJ)

Share Price Gains Between Jan. 16 – Jan. 23: 6.53%

Cameco Corporation (NYSE:CCJ) is one of the largest global providers of uranium fuel, which powers the ongoing nuclear energy renaissance.

On January 15,  Raymond James analyst Brian MacArthur raised the firm’s price target on Cameco Corporation (NYSE:CCJ) from C$150 to C$165, while maintaining an ‘Outperform’ rating on the shares. The revision comes as part of the analyst firm’s latest mining update. Raymond James continues to favor copper in the base metals complex, with the firm expecting growing deficits in the medium- to long-term.

As one of the largest global suppliers of nuclear fuel, Cameco Corporation (NYSE:CCJ) also received a boost from the recent jump in prices of uranium. Uranium futures surged past $88 per pound on January 23, their highest level in 18 months, as signs of stronger long-term demand spurred by fresh buying from physical funds.

9. EQT Corporation (NYSE:EQT)

Share Price Gains Between Jan. 16 – Jan. 23: 9.85%

EQT Corporation (NYSE:EQT) is a leading natural gas producer in the US with production and midstream operations focused in the Appalachian Basin.

On January 18, Jefferies analyst Lloyd Byrne raised the firm’s price target on EQT Corporation (NYSE:EQT) from $68 to $71, while maintaining a ‘Buy’ rating on the shares. The revised target, which indicates an upside of almost 28% from the current levels, comes as part of the analyst’s Q4 preview of EQT. Jefferies expects the natural gas producer to post EBITDA near the high end of guidance in its Q4 report next month.

EQT Corporation (NYSE:EQT) also received a boost from the recent surge in natural gas prices, with US natural gas futures jumping by 70% over the last week. The rise was driven by forecasts for widespread below-normal temperatures across most of the United States.

8. AleAnna, Inc. (NASDAQ:ANNA)

Share Price Gains Between Jan. 16 – Jan. 23: 12.06%

AleAnna, Inc. (NASDAQ:ANNA) is an energy company that is helping secure Italy’s and Europe’s energy future by delivering immediate, reliable natural gas while advancing renewable natural gas solutions.

AleAnna, Inc. (NASDAQ:ANNA) announced on January 20 that it had received a production concession for its Gradizza natural gas field from the Italian Ministry of Environment and Energy Security. The regulatory approval allows an initial 20-year production period from the field, in which AleAnna owns a 100% working interest. The company is targeting initial production from the project in the first quarter of 2027, following the submission and approval of a 12-month seismic and subsidence monitoring study that it has already begun.

Marco Brun, CEO of AleAnna, Inc. (NASDAQ:ANNA), stated:

“Receipt of the Gradizza Production concession is strong validation of AleAnna’s success in bringing new sources of natural gas to Italy. AleAnna has worked tirelessly to engage constructively with national, regional, and community stakeholders to advance projects that contribute to Italy’s energy independence and support Europe’s broader energy transition goals. Gradizza represents a major step forward for the company as our first fully owned and operated development.”

AleAnna, Inc. (NASDAQ:ANNA) also received a lift from the recent jump in natural gas prices, with European natural gas futures rising past €39/MWh, the highest since June, driven primarily by elevated withdrawals amid the unusually cold weather.

7. Venture Global, Inc. (NYSE:VG)

Share Price Gains Between Jan. 16 – Jan. 23: 12.27%

Venture Global, Inc. (NYSE:VG) develops and constructs LNG export projects to provide clean, affordable energy to the world. The company is currently the second-largest LNG exporter in the United States.

Venture Global, Inc. (NYSE:VG) soared on January 21 after an arbitration tribunal ruled in its favor in a dispute with Spain’s Repsol. The arbitration involved the sale of LNG cargoes from the company’s Calcasieu Pass export plant in Louisiana under a 20-year long-term contract. The International Chamber of Commerce denied Repsol’s claims and awarded fees to VG after it found that the LNG operator had acted as a ‘reasonable and prudent operator’.

This marks the second such decision in favor of Venture Global, Inc. (NYSE:VG), following the company’s August 2025 victory in a similar case against Shell. However, the firm lost a similar arbitration fight with BP in October, with the London-based energy giant seeking more than $1 billion in damages. Other companies, including Poland’s Orlen, Portugal’s Galp Energia, Italy’s Edison, and China’s Sinopec, have also filed similar arbitration cases against Venture Global, which are still pending.

The aforementioned parties have claimed that Venture Global, Inc. (NYSE:VG) profited from selling its LNG on the spot market when prices soared after Russia invaded Ukraine, rather than delivering the cargoes they had booked years in advance.

6. National Energy Services Reunited Corp. (NASDAQ:NESR)

Share Price Gains Between Jan. 16 – Jan. 23: 12.33%

National Energy Services Reunited Corp. (NASDAQ:NESR) provides oilfield services in the Middle East and North Africa region.

On January 21, UBS analyst Josh Silverstein initiated coverage of National Energy Services Reunited Corp. (NASDAQ:NESR) with a ‘Buy’ rating and a price target of $25, indicating an upside of over 22% from the current levels. The analyst praised the company’s ‘stable growth’ across the Middle East and North Africa region and sees it benefiting from the recovery in Saudi activity. UBS also highlighted the recent 5-year, multi-billion-dollar Jafurah contract that NESR secured from Saudi Aramco. The analyst expects these developments to drive the company’s sales and EBITDA growth above market estimates.

Moreover, earlier on January 12, Maxim raised its price target on National Energy Services Reunited Corp. (NASDAQ:NESR) from $20 to $30, while maintaining a ‘Buy’ rating on the shares. The analyst expressed confidence in NESR’s position as the leading hydraulic fracturing company in the Middle East, where it expects the company to complete up to 68 fracturing stages per day at the Jafurah project in Saudi Arabia – significantly up from the peak of 32 frac stages per day in June 2025. Moreover, Maxim expects the recent developments in Iran and Venezuela to cause a spike in demand for a consistent oil supply from Saudi Arabia, which happens to be the company’s largest revenue source.

5. Enphase Energy, Inc. (NASDAQ:ENPH) 

Share Price Gains Between Jan. 16 – Jan. 23: 12.81%

Enphase Energy, Inc. (NASDAQ:ENPH) is a global energy management technology company that provides residential and commercial solar plus storage solutions.

On January 22, Citi analyst Vikram Bagri upgraded Enphase Energy, Inc. (NASDAQ:ENPH) from ‘Sell’ to ‘Neutral’, while also raising the stock’s price target from $31 to $37. The analyst sees limited downside risk for the company and noted that its risks are more skewed to the upside at current share levels. Moreover, Mr. Bagri highlighted ENPH’s stabilized market share in California, which could increase with the new competitively priced storage launch vs. Powerwall. The analyst added that the unloved stock is ‘ranking as the least crowded long and most crowded short in its coverage, which could amplify any positive developments’.

Similarly, on January 20, Goldman Sachs upgraded Enphase Energy, Inc. (NASDAQ:ENPH) from ‘Neutral’ to ‘Buy’, increasing its price target from $29 to $45, indicating an upside of 14% from the current share price. The analyst believes that recent safe-harbor activity should drive the company’s Q1 2026 results above current consensus estimates. Moreover, the company likely benefited from the stronger-than-expected volume demand in Q4 2025, amid market share gains and strong year-end follow-through from the cash and loan customer end market ahead of the 25D tax credit expiration. Goldman believes that Enphase is poised to enter 2026 with momentum and lean channel inventories.

4. Profrac Holding Corp (NASDAQ:ACDC)

Share Price Gains Between Jan. 16 – Jan. 23: 14%

Next on our list of Energy Stocks that Gained This Week is ProFrac Holding Corp. (NASDAQ:ACDC), a technology-focused energy services company operating in the United States.

On January 21, Morgan Stanley raised its price target on ProFrac Holding Corp. (NASDAQ:ACDC) from $3.50 to $4, while maintaining an ‘Underweight’ rating on the shares. As the Q4 earnings season approaches, the firm’s outlook broadly aligns with consensus expectations across its energy services and equipment coverage, both for Q4 results and 2026 EBITDA estimates.

Following the recent gains, the share price of ProFrac Holding Corp. (NASDAQ:ACDC) has surged by 25% since the beginning of 2026.

3. Comstock Resources, Inc. (NYSE:CRK)

Share Price Gains Between Jan. 16 – Jan. 23: 14.35%

Comstock Resources, Inc. (NYSE:CRK) is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas.

On January 23, Morgan Stanley slightly nudged up its price target on Comstock Resources, Inc. (NYSE:CRK) from $19 to $20, while keeping an ‘Equal Weight’ rating on the shares. Morgan Stanley marked its 2026-27 oil price forecasts as of January 7 in conjunction with its Q4 preview for E&P companies, oil majors, and Canadian oil producers. The firm expects Q4 operational updates to be ‘fairly clean’, but projects lighter cash flow from price realizations.

Comstock Resources, Inc. (NYSE:CRK) also received a lift from the recent rebound in natural gas prices. US natural gas futures rose by 70% over the last week, nearing a 3-year high they achieved in December 2025, as the market continued to brace for a historic winter storm.

Comstock Resources, Inc. (NYSE:CRK) posted gains of over 27% last year, putting it among the 11 Best Performing Energy Stocks in 2025.

2. Energy Fuels Inc. (NYSEAMERICAN:UUUU)

Share Price Gains Between Jan. 16 – Jan. 23: 16.23%

Energy Fuels Inc. (NYSEAMERICAN:UUUU) is a leading US-based critical minerals company, focused on uranium, rare earth elements, heavy mineral sands, vanadium, and medical isotopes.

Energy Fuels Inc. (NYSEAMERICAN:UUUU) announced on January 20 that it had agreed to acquire rare earth metals producer Australian Strategic Materials in an all-stock deal worth $299 million. The strategic move is part of the company’s efforts to build ‘the largest, fully integrated rare earth elements mine-to-metal and alloy producer outside of China’. The acquisition will combine ASM’s Korean Metals Plant, one of the few facilities outside China currently producing REE metals and alloys, with Energy Fuels’ own REE oxide production at its White Mesa Mill in Utah.

Mark S. Chalmers, CEO of Energy Fuels Inc. (NYSEAMERICAN:UUUU), commented:

“Energy Fuels is executing our plan to create the largest fully integrated producer of REE materials outside of China, including REE oxides, metals and alloys, while supporting U.S. and allied critical mineral supply chains. The proposed acquisition of Australian Strategic Materials brings us much closer to that goal.

We see an opportunity to deliver an expanded suite of REE products by combining U.S. rare earth oxide production at our White Mesa processing facility in the U.S. with downstream metal and alloy manufacturing capacity at ASM’s Korean Metals Plant, one of the only producing REE metals and alloys facilities outside of China. ASM’s proven skills and intellectual property will also allow us to expand REE metal and alloy capacity in the U.S. Furthermore, we would gain access to ASM’s significant Dubbo Project, providing additional long term REE development and growth opportunities to our existing mineral resource portfolio.”

Energy Fuels Inc. (NYSEAMERICAN:UUUU) garnered significant analyst attention following the announcement, and on January 20, B. Riley raised its price target on the stock from $22 to $27 while maintaining a ‘Buy’ rating. Similarly, on January 22, Canaccord also increased its price target on Energy Fuels Inc. (NYSEAMERICAN:UUUU) from C$26 to C$37, and kept a ‘Buy’ rating on the shares.

1. Anfield Energy Inc. (NASDAQ:AEC) 

Share Price Gains Between Jan. 16 – Jan. 23: 20.86%

Topping our list of Energy Stocks that Gained This Week is Anfield Energy Inc. (NASDAQ:AEC). The company engages in the exploration, evaluation, development, and production of mineral properties in the United States. Anfield primarily explores for vanadium, uranium, and gold deposits.

Anfield Energy Inc. (NASDAQ:AEC) shot up after President Trump signed a Section 232 proclamation on January 14, targeting US imports of processed critical minerals, including uranium. The proclamation is part of the Trump administration’s efforts to ensure a domestic supply of nuclear fuel and reduce reliance on imports from Russia, given the current geopolitical landscape. The move comes after uranium was reinstated to the US Geological Survey’s Critical Minerals List in November 2025, and the DOE awarded $2.7 billion in funding for local uranium enrichment earlier this month.

Corey Dias, CEO of Anfield Energy Inc. (NASDAQ:AEC), stated:

“President Trump’s Section 232 proclamation delivers a clear commitment to protecting America’s domestic uranium industry from unfair foreign import practices while rebuilding resilient supply chains. For Anfield, this means a more level playing field, faster project advancement, and greater confidence in delivering secure, American-sourced uranium starting in 2026. Combined with recent DOE enrichment investments and uranium’s critical mineral designation, these developments create an unprecedented environment for U.S. producers. We are proud to be in a position to contribute to national energy security, the nuclear renaissance, and a cleaner, more independent energy future.”

Anfield Energy Inc. (NASDAQ:AEC) also received a boost from a $10 million financing closed on January 13, which the company intends to use to fund acceleration. Moreover, the recent surge in uranium prices has worked in Anfield’s favor. Uranium futures are currently hovering at their highest level in 18 months as signs of stronger long-term demand spurred fresh buying from physical funds.

While we acknowledge the potential of AEC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AEC and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Best Performing Utility Stocks in 2025 and 11 Best Performing Energy Stocks in 2025.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.