While energy may not see the whopping outperformance it had in 2022, the backdrop is still constructive for energy equities, analyst Neil Mehta said.
It should be another good year for energy stocks, according to Goldman Sachs. The sector outperformed the S & P 500 by 78% in 2022, and while it is unlikely there will be a repeat of that magnitude, the backdrop is still constructive for energy equities, analyst Neil Mehta said in a note Tuesday.
The stocks with the highest total return are Antero Resources and Cheniere Energy , both at 48%, according to Goldman Sachs. Antero Resources gained a whopping 77% in 2022 and was down nearly 9% so far this year. Natural gas exporter Cheniere Energy gained nearly 28% in 2022, but so far is down around 5% since the start of the year. Cheniere was also named a top conviction pick for 2023 by UBS in December, thanks to its exposure to the under-supplied liquid natural gas industry.
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