高盛-能源采矿业思考 Energy, Utilities Mining Pulse Investors Asking What Are Idiosyncratic Buy Rated Stocks in Natural Resources0818 2024.docx

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高盛-能源采矿业思考 Energy, Utilities Mining Pulse Investors Asking What Are Idiosyncratic Buy Rated Stocks in Natural Resources0818 2024.docx

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16August2024|12:43PMEDT

Energy,UtilitiesMiningPulse:InvestorsAsking:WhatAreIdiosyncraticBuyRatedStocksinNaturalResources?

Inarelativelyrange-boundcommoditypriceenvironment,investorsarelargely

NeilMehta

+1(212)357-4042|neil.mehta@

focusedongainingexposuretoidiosyncraticstocks.Assuch,thisweekinthePulse,

GoldmanSachsCo.LLC

weaskoursenioranalystteamtohighlightthemostidiosyncraticstockwithintheir

BrianLee,CFA

+1(917)343-3110|brian.k.lee@

coveragewheretheyareBuyrated.Theteamdiscussesthecatalystpath,views

GoldmanSachsCo.LLC

fromcurrentlevelsandinvestorpushback.Stockshighlightedinclude:

JohnMackay

+1(212)357-5379|john.mackay@GoldmanSachsCo.LLC

nMajorsandRe?ners:CalumetInc(CLMT)

CarlyDavenport

nMidstream:KodiakGasServices(KGS)

+1(212)357-1914|

carly.davenport@

GoldmanSachsCo.LLC

nUtilities:PGECorp(PCG)

AtiModak

+1(212)902-9365|ati.modak@

nCleanTechnology:ShoalsTechnologiesGroup(SHLS)

GoldmanSachsCo.LLC

nEnergyServices:BakerHughes(BKR)

nEPs:TalosEnergy(TALO)

MajorsandRe?ners:

WhatisthemostidiosyncraticBuyratedstockinyourcoverage?Whatareyourviewsonthestockandwhatisthecatalystpathfromhere?

WeseeCalumetInc(CLMT)asthemostidiosyncraticBuy-ratedstockinthe

IntegratedOilandRe?nerscoveragegivenincreasingfocusonnear-termcatalysts

forthestock,withthemostnotablecatalystcenteringaroundpotentialapprovalofa

DOEloanwhichwouldallowthecompanytoshiftfrom~60mngal/yrofSAF

_productionto230mngal/yr,WenotethecompanycontinuestopointtoagreaterrelativepremiumforSAFvsRenewableDieseloverthemediumandlongerterm.Whileweremainmindfulofthebelowmid-cycleRDmarginenvironment,we

remainconstructiveonthestockandhighlightourexpectationsforin?ecting

earningsin2025+drivenbyimprovingperformanceatMRLandpotentialDOEloanexpectedtopositionthec