Energy stocks have had a difficult year, but Goldman Sachs sees promising prospects for European oil companies. Here are the Goldmen’s top picks.
“We are currently at an inflection point as the European oil majors have begun to outperform the American oil majors and could close the 40 percent valuation gap with their American competitors,” write the investment bank analysts led by Michele Vigna in a statement issued by CNBC
is quoted.
Goldman analysts also note that “EU oil majors now look attractive thanks to increased share buyback programs that are delivering double-digit cash returns for shareholders.”
They added that the implementation of the EU taxonomy – a classification system designed to help investors direct funds to projects consistent with the goal of decarbonizing the economy – was another factor in the shift in favor of European Big Oil .
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