Sasol Ltd. has seen its shares surge, doubled in value this year after a sharp rally that has drawn investor attention. The Johannesburg‑listed company now trades at a price that reflects a 100 % gain, a performance that has historically been rare for South African energy firms. Market watchers note the dramatic upside as a sign of renewed confidence in the sector.

Yet analysts grow wary. Of the nine reports covering Sasol, only two still carry a buy recommendation, a drop that Bloomberg data flags as the lowest proportion since 2019. Recent downgrades from Nedbank Group and Citigroup have tightened sentiment, suggesting caution amid volatile commodity prices and regulatory uncertainty in the region.

The shift signals that investors may reassess Sasol’s valuation as the company navigates a challenging oil market and stricter emissions rules. With only a handful of analysts bullish, the stock’s future trajectory will hinge on how effectively management addresses cost pressures and aligns its portfolio with global decarbonisation trends.