Below, we'll look at two buy-rated ASX energy shares that leading brokers expect could hand investors some outsized gains over the coming months.
If these bullish expectations prove out, those potential future gains will come atop the benchmark-smashing returns both stocks have already delivered over the past year.
The promising ASX energy shares in question are Elixir Energy Ltd (ASX: EXR) and Omega Oil & Gas Ltd (ASX: OMA).
So, just how well have they performed over the last 12 months?
Well, at Monday's closing price of 86 cents, the Omega share price is up 258% in a year. While that's impressive, Elixir Energy has charged ahead of that performance. At Monday's closing price of 14 cents, the Elixir share price has gained 383% in a year.
For some context, the All Ordinaries Index (ASX: XAO) is up 14.4% over this same period.
Now, here's why both stocks look well-positioned to keep outperforming.
Elixir Energy stock tipped to surge on Taroom Trough assets
Last week, the analysts at Euroz Hartleys released a bullish note on Elixir Energy.
That came after the ASX energy share announced it had commenced feasibility work with APA Group (ASX: APA) on a pipeline linking potential Taroom Trough gas production to the Wallumbilla Gas Hub. This will connect Elixir's gas project to east coast domestic and LNG markets.
Located onshore in Queensland, the broker said that interest in the Taroom Trough is rising "due to its scale and proximity to existing infrastructure servicing domestic gas (Wallumbilla) and LNG (Gladstone plants) markets".
As for Elixir Energy, Euroz Hartleys noted:
EXR's Lorelle-3H well recently achieved the longest horizontal well drilled in the basin to date with apparent high case reservoir properties in a deeper reservoir on the western flank, materially de-risking the upcoming flow test.
The broker added:
EXR holds the largest net acreage position and discovered resources in the Taroom with acreage neighbouring/directly on-trend to Shell and aligned to their appraisal strategy of gas-bearing (with associated oil) reservoirs in the Dunk sandstone.
Connecting the dots, Euroz Hartleys reaffirmed its speculative buy rating on the ASX energy share and increased its price target to 28 cents a share, up from the prior 19 cents.
That represents a potential upside of 100% from Elixir Energy's closing price on Monday.
Which brings us to…
ASX energy share riding positive political shifts
Last week also saw the team at Canaccord Genuity up its price target for Omega Oil & Gas shares. Omega owns roughly 19.4% of Elixir Energy.
Commenting on the changing political landscape that could favour the ASX energy share, Canaccord noted:
Queensland Premier David Crissafulli's visit to the Taroom Trough and subsequent press releases calling for the acceleration of permitting represents, in our view, a key turning point in the political narrative regarding oil and gas development.
The broker added, "Energy security will be a key focus in the coming years and Australia's stability and prospectivity should, we believe, result in improved capital allocation."
Canaccord reaffirmed its speculative buy rating and upgraded its price target for the ASX energy share to $1.30 a share, up from the prior 85 cents.
That's 51% above the Omega Oil & Gas closing share price on Monday.
The post Brokers name 2 skyrocketing ASX energy shares to buy today appeared first on The Motley Fool Australia.
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Apa Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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