5 energy stocks with double-digit return potential as oil prices head toward $100, according to Goldman

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Watch these energy stocks as oil prices continue to climb into the end of the year, Goldman Sachs says.

Goldman Sachs sees the recent rise in oil prices as the beginning of a bigger uptrend and says these buy-rated energy stocks that promise as much as double-digit returns are the way to play it. "We believe we are in a structural upcycle that should result in sustained strong FCF [free cash flow] and returns, on average, over the course of this decade," Goldman Sachs analyst Neil Mehta wrote in a Thursday note.

PSX YTD mountain Phillips 66 stock has added more than 15% from the start of the year. "Based on investor conversations, many are positive on the diversified business mix, which should provide better insulation if margins normalize from current levels ," Mehta said. Canada-based Cenovus stock has ticked up 3.4% from the start of the year, and nearly 23% over the past three months.

 

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