Woodside Energy Group Ltd (ASX: WDS) shares are a popular option in the energy sector.
However, with its shares rising strongly over the past 12 months, investors might find better returns elsewhere.
But where? Let's look at one ASX energy stock that Bell Potter is tipping as a buy.
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Which ASX energy stock is Bell Potter bullish on?
The stock Bell Potter is recommending to clients is Amplitude Energy Ltd (ASX: AEL).
It is an energy exploration and development company focused on conventional gas projects in southeast Australia.
Bell Potter was pleased with the energy stock's performance in the third quarter of FY 2026. It highlights that production and sales volumes were ahead of expectations. It said:
AEL reported March 2026 quarterly production of 6.9PJe (BP est. 6.7PJe), gas sales of 6.8PJe (BP est. 6.7PJe) and revenue of $74m (BP est. $81m). The Orbost Gas Plant continues to perform strongly (quarter average at nameplate of 68TJ/day) with trials above nameplate achieving a 7-day average of 71TJ/day. Otways field decline continued, though should benefit in future quarters from re-establishment of production at the Casino-4 well.
Realised prices were again higher at $10.74/GJ, with weaker spot gas prices offsetting contract prices which reset higher from 1 January 2026. The company noted that group production, with year-to-date averaging 75.7TJe/day, is tracking to the upper end of FY26 guidance (73-77TJe/day).
Big potential returns
In response to the update, Bell Potter has retained its buy rating and $2.70 price target on the ASX energy stock.
Based on its current share price of $1.58, this implies potential upside of 70% for investors over the next 12 months.
Commenting on its buy recommendation, the broker said:
AEL's conventional gas assets deliver into Australia's east coast market. Debottlenecking at Orbost should incrementally lift near-term production. AEL's realised prices should incrementally lift as new Gas Sales Agreements are signed.
Spot gas prices in peak seasons provide some upside. AEL's ESCP is fully funded and should lift group production from 2028, with the development of an existing discovery and at least one relatively low-risk exploration prospect. The ESCP utilises latent capacity in existing pipeline and processing infrastructure.
All in all, this could make it worth considering if you are looking for alternatives to Woodside shares right now.
