Goldman Sachs has picked its top Big Oil stocks in Europe for 2021, after they tumbled during the coronavirus pandemic last year.
Analysts from the bank said in a note published Monday that optimism around vaccines and a macro economic recovery was behind energy stocks' improved performance. Their prices have risen by more than 35% since their low in April, the analysts, led by Michele Della Vigna, highlighted.
Looking ahead, they said they see a "further 20% upside" for their stock picks, in addition to a potential 30% bounce in prices they identified in a November note.
Goldman's top oil and gas picks are: