Analysts at Goldman Sachs have named oil stocks it says are set to rally by as much as 54% this year, as the transport market recovers and they start to generate cash returns for investors.
The investment bank expects a "strong" recovery for the sector in the second half of 2021, after oil and gas plunged in 2020 due to a dramatic fall in demand during the coronavirus pandemic.
"As we look farther into 2021, we believe that the combination of oil price recovery, improving downstream margins and cost-cutting will trigger the beginning of a positive earnings revision cycle for the European integrated majors," Goldman's analysts led by Michele Della Vigna wrote in a note published this week.
And while European Big Oil has risen around 40% since October lows, Goldman said it sees about another 20% to 50% upside for its "buy" rated stocks:
"oil" - Google News
February 19, 2021 at 08:40PM
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Goldman Sachs picks an oil stock it believes will rally 50% this year - CNBC
"oil" - Google News
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