Founded in 1869, Goldman Sachs is the world’s second-largest investment bank by revenue and is ranked 55th on the Fortune 500 list of the largest United States corporations by total revenue. The Wall Street white-glove giant offers financing, advisory services, risk distribution, and hedging for the firm’s institutional and corporate clients. Goldman Sachs is the acknowledged leader in the investment landscape on Wall Street and worldwide. The firm’s top-notch research department continues to provide institutional and high-net-worth clients with the best ideas across the investment spectrum and is likely to do so for years to come.
The energy team at Goldman Sachs conducted an extensive deep dive into U.S. companies heavily weighted to natural gas production. With Spring right around the corner and temperatures rising, many investors are shunning natural gas stocks. But with the war in Iran complicating LNG production and distribution, three outstanding stocks, some with double-digit upside, remain compelling for investors. The Goldman Sachs analysts noted this in a recent research report:
Amongst natural gas E&Ps, we continue to focus on (a) cost reduction and margin enhancement progress to increase Free-cash-flow per share over time, (b) access and willingness to gain exposure to power, LNG, and industrial end markets directly at premium pricing, (c) producer discipline in an uncertain gas macro outlook, and (d) the outlook for consolidation across the industry more broadly.
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Antero Resources
This company is a sector leader, and Goldman Sachs likes it as a strong momentum idea. Antero Resources (NYSE: AR | AR Price Prediction) is an independent natural gas and natural gas liquids (NGLs) company. The company is engaged in the acquisition, development, and production of unconventional oil and gas properties located in the Appalachian Basin in West Virginia and Ohio. The Goldman Sachs team said this about the company:
Antero Resources continued to highlight a constructive outlook for natural gas prices driven by both incremental power demand and LNG exports. Management reiterated the benefits of AR’s direct exposure to TGP 500L, which has continued to drive strong, positive regional basis pricing relative to Henry Hub. On local, in-basin pricing, we note that management highlighted that the company is participating in several conversations on power-related agreements with an expectation to secure an agreement over time. On NGL pricing, management noted that the export capacity expansions from 2025 are expected to drive better pricing realizations in 2026+ given the debottlenecking of the US Gulf Coast.
The company’s segments include the exploration, development, and production of natural gas, NGLs, and oil; the marketing of excess firm transportation capacity; and midstream services through its equity-method investment in Antero Midstream.
Antero Resources targets large, repeatable resource plays where horizontal drilling and advanced fracture stimulation technologies enable the economic development and production of natural gas, NGLs, and oil from unconventional formations. The Company holds approximately 521,000 net acres of natural gas, NGLs, and oil properties located in the Appalachian Basin, primarily in West Virginia and Ohio.
The Goldman Sachs target price is $44.
EQT
This top company is one of the largest natural gas producers in the U.S., with a 1.0% dividend, particularly in the Appalachian Basin, and is noted for being a low-cost producer. EQT (NYSE: EQT) is a premier, vertically integrated American natural gas company with production and midstream operations focused on the Appalachian Basin. It has operations in Pennsylvania, West Virginia, and Ohio.
Goldman Sachs noted this in the report:
We remain constructive on EQT and continue to highlight the company’s strong track record of execution, low-cost supply supported by the integrated upstream/midstream business model, and strategic optimization in periods of volatility.
Its strategic location in the Southeast, especially near data center hubs such as Northern Virginia, makes it a key supplier for AI-driven energy needs. EQT has secured agreements to supply natural gas to major data center campuses, such as the redevelopment of a former coal plant in Homer City, Pennsylvania, into a natural gas-powered data center.
EQT owns or leases approximately 610,000 net acres in Pennsylvania. Most of the acreage is located in the southwestern region of the state, with the majority located in Greene and Washington Counties. The company is developing the Marcellus Shale and Upper Devonian Shale in this area. It also owns or leases 405,000 net acres in West Virginia. Most of the acreage is located in the northwestern region of the state, with the majority located in Doddridge, Marion, Tyler, and Wetzel Counties.
It owns or leases 65,000 net acres in eastern Ohio and is developing the Utica Shale in Belmont County. It operates Utica wells throughout its Ohio acreage. The Marcellus Shale lies nearly a mile or more beneath the surface throughout much of Ohio, Pennsylvania, New York, and West Virginia.
One of our top 24/7 Wall St. writers conducted a thorough review of the EQT shares earlier this year and explained in depth why they are a massive buy now.
The Goldman Sachs target price is $68.
Expand Energy
While somewhat off the radar, this company has double-digit upside to the Goldman Sachs target price and offers a solid 2.96% dividend. Expand Energy (NYSE: EXE) is an independent natural gas producer in the United States. The company is focused on developing a supply of natural gas, oil, and NGLs to expand energy access for all.
The Goldman Sachs analysts noted this:
Expand Energy highlighted an expectation for continued operational efficiencies in Fiscal year 2026, and in the Haynesville, the company expects 2026 well productivity (12-month Mcfe per ft of lateral length) to continue to increase relative to 2025 alongside lower capital costs per foot of lateral length.
Its operations are located in:
- Louisiana, in the Haynesville and Bossier Shales (Haynesville)
- Pennsylvania in the Marcellus Shale (northeast Appalachia)
- West Virginia and Ohio in the Marcellus and Utica Shales (southwest Appalachia), and include interests in approximately 8,000 gross natural gas and oil wells
The company’s operations include drilling, completion, and production. It also operates drilling rigs and provides certain oilfield products and services, principally serving the company’s E&P operations through vertical integration. Haynesville is rich in natural gas and is proximate to LNG export infrastructure. The company’s operations in Ohio and West Virginia target the Marcellus and Utica shales and provide oil and natural gas liquids.
Goldman Sachs has a $122 price target.
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