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. Founded in 1869, Goldman Sachs is the world’s second-largest investment bank by revenue and is ranked 82nd on the Fortune 500 list of the largest U.S. 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. In addition, it provides advice, investing, and execution for institutions and individuals across public and private markets. At 24/7 Wall St., we have followed the company’s research for 15 years to bring our readers top stock ideas.
With 30% of the S&P 500 already reporting first-quarter results, a massive 30% more are set to report this week, for the busiest reporting week of the season. We wanted to find stock ideas with commentary from Wall Street, specifically from Goldman Sachs, before the results were posted. In this week’s Energy, Mining, and Utility research piece, the firm focuses on five dividend-paying giants in their respective sectors, all of which they are reporting on before results hit the tape. All are rated Buy and are outstanding ideas for growth and income investors seeking stocks with the potential to deliver positive catalysts alongside solid results.
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Goldman Sachs Research ranks among the best for its unmatched breadth—covering over 3,000 securities, 45+ economies, and all major markets—and rigorous, data-driven analysis. The team delivers thousands of proprietary forecasts, models, and unique indicators, backed by top-tier global analysts and innovative thought leadership on macro, industries, and trends, earning consistent recognition as a trusted resource for institutional investors and high-net-worth investors.
ConocoPhillips
The big always gets bigger, and this company completed a $22.5 billion purchase of Marathon Oil in November of 2024. This deal added high-quality assets, particularly in the Eagle Ford and Bakken shales, to the company’s portfolio. ConocoPhillips (NYSE: COP | COP Price Prediction) is an exploration and production company with a rich dividend yield of 2.56%. The Goldman Sachs team had this to say about the integrated giant, which will report on Wednesday:
Our constructive view of the company is predicated on a free cash flow inflection driven by major growth projects, particularly Willow. The combination of these growth projects, alongside ~$1 bn in cost reductions, should deliver a ~20-25% CAGR in free cash flow per share through 2030. We expect over two decades of low-cost inventory to support strong free cash flow generation and, in turn, steady shareholder returns (45% of cash from operations). We highlight positions in Alaska, the Lower 48, and Canada that offer greater OECD exposure and lower geopolitical risk than peers.
Its Alaska segment primarily explores for, produces, transports, and markets crude oil, natural gas, and natural gas liquids. The Lower 48 segment comprises operations in the 48 contiguous states of the United States and the Gulf of America. Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia, and commercial operations.
The Europe, Middle East, and North Africa segment consists of operations principally located in:
- The Norwegian sector of the North Sea
- The Norwegian Sea
- Qatar
- Libya
- Equatorial Guinea
- The United Kingdom
The Asia Pacific segment has exploration and production operations in China, Malaysia, and Australia, as well as commercial operations in China, Singapore, and Japan. The Other International segment includes interests in Colombia as well as contingencies associated with prior operations in other countries.
Goldman Sachs has set a price target of $144 for the stock.
Nucor
Based in North Carolina, this is one of the largest steel companies in the country and also pays a 1.04% dividend. Nucor (NYSE: NUE) is a manufacturer of steel and steel products with operating facilities in the United States, Canada, and Mexico. The company also produces and procures ferrous and non-ferrous materials primarily for use in its steel manufacturing business. The Goldman Sachs team had this to say about the company that reports today:
Heading into Week 2 of earnings season, our top focus is Buy-rated Nucor, which reports on 4/27 post close. We are constructive on the US steel industry as we continue to see fundamentals improve. The ongoing reduction in steel imports, supported by trade policy actions including Section 232 tariffs, will underpin domestic pricing strength and support increased production and shipments for US steel producers through 2026. On the cost side, steel scrap, which accounts for Nucor’s largest input cost, has remained largely elastic, and we expect input-cost pricing to remain muted, setting the stage for meaningful metal-margin expansion and higher earnings power over the next 12–18 months. When Nucor reports, we will closely watch realized prices and scrap costs to validate our margin-expansion thesis.
Its segments include Steel Mills, Steel Products, and Raw Materials, and its products include:
- Carbon and alloy steel in bars, beams
- Sheet and plate
- Hollow structural section tubing
- Electrical conduit
- Steel racking
- Steel piling
- Steel joists and joist girders
- Steel deck
- Fabricated concrete reinforcing steel
- Cold finished steel
- Precision castings
- Steel fasteners
- Metal building systems
- Insulated metal panels
- Overhead doors
- Steel grating
- Wire and wire mesh
- Utility structures
The company, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron, and hot-briquetted and direct-reduced iron, and it supplies ferro-alloys and processes ferrous and nonferrous scrap.
The Goldman Sachs price target for the shares is $210.
Xcel Energy
With a solid 2.87% dividend and a dependable cash-rich business, this is an outstanding idea for conservative accounts seeking growth and income. Xcel Energy (NASDAQ: XEL) is an electric and natural gas delivery company. The Goldman Sachs analysts noted this while waiting for the company to report on Wednesday:
Ahead of earnings this week, we are highly focused on Xcel Energy, where we continue to see upside to its incremental capex opportunities of ~$10bn and forecast peer-leading earnings growth of ~9% annually through 2030. Since last quarter, XEL has received approvals for 600 MW of wind, providing a line of sight into its incremental capex opportunities. We look to the call for color on when these additional investment opportunities are expected to be rolled into the capital plan, where we see potential for XEL to grow EPS at an ~11% CAGR through 2030, driven by ~$12.4 bn of investment in its outlined RFP and transmission opportunities. Key risks to our rating include 1) negative rate case outcomes, 2) litigation, 3) failure to close the gap between earned vs authorized ROE, and 4) cost management.
The company provides a comprehensive portfolio of energy-related products and services to approximately 3.9 million electric customers and 2.2 million natural gas customers through four utility subsidiaries:
- NSP-Minnesota
- NSP-Wisconsin
- PSCo
- SPS
The company operates through two segments. Its regulated electric utility segment generates, purchases, transmits, distributes, and sells electricity in Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. In addition, this segment includes sales for resale and provides wholesale transmission service to various entities in the United States. The segment also includes wholesale commodity and trading operations.
The regulated natural gas utility segment purchases, transports, stores, distributes, and sells natural gas primarily in portions of Colorado, Michigan, Minnesota, North Dakota, and Wisconsin.
The Goldman Sachs target price for the stock is $91.
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