Goldman Sachs Picks 10 Energy and Power Stocks for Q4, Sees 27% Average Upside

Goldman Sachs said in an Oct. 8, 2026 report that it sees an average total return potential of 27% across 10 energy and power stocks, all of which carry Buy ratings based on Oct. 7 closing prices. The list spans four themes: oil and gas exploration and production, power and LNG, refining, and natural gas upstream and midstream. Goldman’s core view is that these names offer attractive risk-reward at current levels, with several fourth-quarter catalysts lined up. Among the triggers highlighted in the report are progress at ConocoPhillips’ Willow project, a possible earnings guidance increase from Duke Energy, and a commercial contract announcement tied to Golar LNG’s fourth FLNG vessel. The report, summarized by Chaoxiang Research and cited by MarsBit, also includes target prices and cash flow or earnings assumptions for each company, ranging from refinery operator HF Sinclair to infrastructure and services names such as Quanta Services and Baker Hughes. Goldman said the combination of grid buildout, data center demand, LNG expansion, and tighter refining fundamentals underpins its stock selection.