Analysts are always on the lookout for opportunities on the ASX share market. By responding to share price volatility and regular business updates, investors have a great chance to grab an undervalued stock.
We're going to look at two ASX shares that are highly rated by analysts. These businesses haven't received just one buy rating, but multiple positive ratings.
When numerous experts think an ASX share is a buy, it could suggest there's good potential returns on offer.
Let's look at two of the most heavily-backed businesses on the ASX.
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Santos Ltd (ASX: STO)
Santos is an ASX oil and gas share with a market capitalisation of $27 billion.
According to CMC Invest, there have been eight ratings on the business within the last three months, with nearly all of those coming after the company released its FY26 half-year result. Six of the eight ratings were a buy and two were a hold.
The ASX share reported first-half production of 45.6 million barrels of oil equivalent (mmboe), which was 3% higher year-over-year.
It delivered revenue of US$2.6 billion, operating profit (EBITDAX) of $1.6 billion, underlying net profit of $397 million and net profit after tax (NPAT) of $355 million.
Santos also managed to generate free cash flow from operations from its strong base business performance.
The Santos board of directors decided to pay an unfranked annual dividend per share of US 11.6 cents per share for a total of $377 million.
The ASX oil and gas share has been making progress with its projects. Santos said Pikka's first oil was achieved in May, with continuous production from June and the first crude oil cargo was lifted in August.
Santos also said that Barossa delivered seven cargoes by the end of June, with another five cargoes delivered since 1 July.
The company is primed to increase its production in the coming reporting periods, which could help boost earnings.
Goodman Group (ASX: GMG)
Goodman is another ASX share that is heavily backed by analysts. It describes itself as a provider of essential infrastructure – the business owns, develops and manages high quality, sustainable logistics properties and data centres in major global cities that are important for the digital economy.
According to CMC Invest, there have been nine ratings on the business within the last three months, with seven of those being a buy.
The business had a solid FY26, with its total portfolio reaching $89 billion, which benefited from revaluation gains of $3.1 billion across Goodman.
It reported portfolio occupancy of 95.6% and like-for-like net property income (NPI) growth of 4%. This helped the business deliver 15.7% operating profit growth of 15.7% to $2.67 billion and 10.1% growth in per-security terms to 129.9 cents.
The ASX share ended FY26 with work in progress (WIP) of $19.7 billion across 50 projects in 12 countries, with a forecast yield on cost of 8.2%. Data centres currently make up 78% of the development WIP. This could help drive earnings for the foreseeable future.
Goodman is aiming for operating EPS growth of 9% in FY27, which is a solid growth rate for a real estate business.
