Goldman Sachs Sees 27% Average Return Potential Across 10 Stocks

Goldman Sachs sees average total-return potential of 27% across 10 energy and power stocks, with the forecasts spanning oil and gas production, power and liquefied natural gas, refining, and natural-gas infrastructure.

The projections use Oct. 7 closing prices and target prices in an Oct. 8 report. The list includes Quanta Services, Duke Energy, Baker Hughes, Golar LNG, ConocoPhillips, Occidental Petroleum, Permian Resources, HF Sinclair, TC Energy and Antero Resources.

The four power and LNG picks were Quanta Services, Duke Energy, Baker Hughes and Golar LNG. Quanta Services has a $902 target price and a projected total return of 29%. Its electricity business accounts for about 80% of revenue, while acquisitions have expanded its role in data-center construction. Goldman Sachs projects annualized revenue growth of about 15% through 2030.

Duke Energy has a $147 target price and projected total return of 31%. Its data-center pipeline totals 15.4 gigawatts, including 7.8 gigawatts covered by signed electric service agreements and 5.2 gigawatts under construction. Goldman Sachs expects management could raise its earnings guidance from 5% to 7% during the fourth-quarter call.

Baker Hughes has a $71 target price and projected total return of 30%. The forecast includes growth from its integration with Chart Industries and an estimated EBITDA margin of about 25% for its industrial and energy technology business by 2031.

Golar LNG has a $67 target price and the highest projected return on the list at 38%. Goldman Sachs sees annualized EBITDA reaching about $1.2 billion by 2030, compared with about $260 million in 2025. The company’s fourth floating LNG (FLNG) vessel has reached a final investment decision, and each MKII vessel could add about $400 million in annualized EBITDA.

The oil and gas exploration and production picks were ConocoPhillips, Occidental Petroleum and Permian Resources, with projected total returns of 15%, 20% and 25%, respectively. Goldman Sachs expects ConocoPhillips’ free cash flow to accelerate after NFE, NFS, Port Arthur and Willow enter production. It also expects the company to return close to 50% of operating cash flow to shareholders in the second half of 2026.

Occidental’s forecast includes deleveraging progress and a goal of reaching $4 billion in additional sustainable free cash flow by 2030. Permian Resources is expected to deliver free-cash-flow-per-share growth of about 20% annually from 2025 through 2028.

HF Sinclair has a $142 target price and projected total return of 25%. Goldman Sachs’ adjusted earnings-per-share estimates are 14% above consensus for 2026, 10% higher for 2027 and 5% higher for 2028.

TC Energy has a $71 target price and projected total return of 25%, with EBITDA growth estimated at about 6% annually from 2025 through 2032. Antero Resources has a $46 target price and projected total return of 29%; its cash costs are expected to decline to $2 per thousand cubic feet by 2028 from $2.70 in 2025, helped by cost synergies and the unwinding of costly firm-transportation agreements.

The listed fourth-quarter catalysts are construction milestones for ConocoPhillips’ Willow project, a possible Duke Energy guidance increase and a commercial contract for Golar LNG’s fourth vessel.