Investing.com – Goldman Sachs analysts have selected the utilities stocks and sectors that have both outperformed and underperformed this year. Here are some of their findings:
In the utilities sector, NextEra Energy (NYSE:) posted strong results in 2024. They noted that the stock benefited from the Federal Election Commission’s vote in March to dismiss a case alleging that NextEra’s Florida Power & Light unit violated campaign finance laws. .
Xcel Energy (NASDAQ:), meanwhile, was the worst performer in sector coverage, largely due to the company’s role in sparking the largest wildfire in Texas history earlier this year.
In the oil and gas sector, Antero Resources (NYSE:) outperformed due to “strong execution relative to guidance and capital efficiency outlook” in both the fiscal fourth and first quarters, Goldman Sachs analysts said.
APA Corp., however, faced challenges in its operations in Egypt and the North Sea, analysts warned, adding that the hydrocarbon exploration company had “less growth potential” compared with its peers.
Elsewhere, they said Calgary-headquartered Suncor outperformed in the integrated and large companies category, with shares of Canada’s second-largest oil producer up about 27% year to date. Goldman analysts remain constructive on the stock, citing “improving quarterly performance” and a “commitment to shareholder interests.”
However, Par Pacific has lagged the broader energy industry this year. Analysts said this was due to softer-than-expected first-quarter earnings coupled with a “tighter” refining margin environment in the first quarter.