While the price of oil is still down about 35% relative to the start of the year, it has climbed in recent weeks as demand recovers.
The bank also continues to favor utilities and expects the sector, as a whole, to perform well over the next year. On the flip side, Singer's team is more hesitant to invest in companies that refine crude oil into products like fuel. The bank says that demand is expected to recover, but it adds that "absolute gasoline demand in the US peaked in 2018.
Goldman Sachs also favors Pioneer Natural Resources, Concho Resources, and Hess Corp. In contrast, it expects Continental Resources and Marathon Oil Corporation to underperform, giving them a "sell" rating. Goldman says ConocoPhillips is its top pick among the integrated oil majors — companies involved in exploration and production, in addition to transportation and refining of crude oil.
With that in mind, they're "more selective" on refiner stocks, they said, favoring Marathon Petroleum, Phillips 66, and Par Pacific Holdings. The bank's top picks are Baker Hughes and Halliburton, the analysts say. BKR "offers exposure to industrial-like businesses," they write, "as well as traditional oilfield services and oilfield equipment."
The bank expects Cheniere Energy and Williams Companies to outperform the broader market, in addition to Magellan Midstream Partners and Enterprise Products Partners .
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