Golden Cross Pattern Emerges In US Energy Stocks: Goldman Sachs Names 5 'Top Upstream Oil Picks'
Portfolio Pulse from Piero Cingari
U.S. energy stocks, as indicated by the Energy Select Sector SPDR Fund (XLE), have formed a 'golden cross,' a bullish signal. Goldman Sachs analyst Neil Mehta named ConocoPhillips (COP), Canadian Natural Resources Ltd. (CNQ), Devon Energy Corp. (DVN), Kosmos Energy Ltd. (KOS), and Magnolia Oil & Gas Corp. (MGY) as top upstream oil picks, expecting a 15% average return with Brent at $80 a barrel. Kosmos Energy has the highest potential upside of 26%.
March 27, 2024 | 8:43 pm
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POSITIVE IMPACT
Canadian Natural Resources Ltd. is among Goldman Sachs' top oil picks, poised for growth with rising oil prices.
CNQ's inclusion in Goldman Sachs' top picks suggests a favorable short-term outlook, supported by positive oil price trends.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
ConocoPhillips named as a top upstream oil pick by Goldman Sachs, expected to benefit from bullish oil price trends.
As one of Goldman Sachs' top picks, COP is likely to see positive short-term price movement, especially with bullish oil price forecasts.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Devon Energy Corp. selected by Goldman Sachs as a top oil stock, expected to thrive with favorable oil market conditions.
DVN's position as a top pick by Goldman Sachs indicates a bullish short-term outlook, buoyed by optimistic oil price projections.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Kosmos Energy Ltd. stands out with the highest potential upside of 26% among Goldman Sachs' oil stock picks.
KOS's forecasted 26% upside, the highest among Goldman Sachs' picks, suggests a strong short-term growth potential.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Magnolia Oil & Gas Corp. is highlighted by Goldman Sachs as a top oil investment, expected to benefit from bullish oil trends.
MGY's inclusion in Goldman Sachs' top picks indicates a positive short-term outlook, driven by favorable oil market forecasts.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
The Energy Select Sector SPDR Fund (XLE) has formed a golden cross, indicating a bullish trend continuation.
The formation of a golden cross in XLE, based on historical performance, suggests a potential for continued upward movement in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90