11 Oil Stocks with Highest Upside Potential

In this article, we will look at the 11 Oil Stocks with Highest Upside Potential.

On March 3, Tom Lee, Fundstrat, appeared on CNBC’s ‘Closing Bell’ to talk about the issues investors need to keep their eyes on and factors that may point to an equity bottom. He was of the view that while the headlines have been scary and no one wishes to see the United States in a conflict, the markets have been taking it much better than expected. He does not think we can say that we are bottomed yet, but this looks like the making of a bottom; we get bad news, and the markets are taking it in stride. More importantly, he thinks that we have had a position reset, and so on the other side of this, there is going to be a lot of opportunity.

READ ALSO: 14 Best Semiconductor Equipment Stocks to Invest In Now AND 15 Cheap Stocks Under $50 to Buy Right Now. 

Talking about signs of a bottom, Lee stated that if we go back to April, the VIX making a spike to over 40 would be a sign. Last year was 80, but we won’t get to it this time. Retracing would also be a clear sign, as that is so much derisking. Another sign would be us getting a scary headline and gold continuing to sell off, and then stocks actually turn green on the day, because that means we have washed things out. He believes we are pretty close.

With these trends in view, let’s look at the best oil stocks with the highest upside potential.

Our Methodology

For this list, we reached a consensus to compile a list of the best stocks operating in the oil industry that analysts are bullish on and selected the top 11 most popular among elite hedge funds as of Q3 2025. We limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment

Note: All data was recorded on March 5.

​Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).

11 Oil Stocks with Highest Upside Potential

11. Riley Exploration Permian, Inc. (NYSE:REPX)

Riley Exploration Permian, Inc. (NYSE:REPX) is one of the best oil stocks with highest upside potential. Riley Exploration Permian, Inc. (NYSE:REPX) reported financial and operating results for fiscal Q4 and full year 2025 on March 4, reporting that it averaged 35.5 MBoe/d of total equivalent production (oil production of 20.1 MBbls/d) in the quarter. The company also generated $65 million of operating cash flow, $85 million of net income, $66 million of Adjusted EBITDAX, $1 million of Total Free Cash Flow, and $17 million of Upstream Free Cash Flow in the quarter.

Results for the full year 2025 showed that Riley Exploration Permian, Inc. averaged 29.2 MBoe/d of total equivalent production (oil production of 17.3 MBbls/d), and generated $213 million of operating cash flow and $161 million of net income. The company also delivered full-year 2026 guidance for total production of 35.0 – 37.0 MBoe/d (oil production of 21.0 – 22.0 MBbls/d), along with full-year 2026 guidance for activity-based capital expenditures before acquisitions of $190 – 210 million.

Riley Exploration Permian, Inc. is an independent oil and natural gas company that focuses on the acquisition, exploration, development, and production of oil, natural gas, and natural gas liquids in Texas and New Mexico.

10. Vista Energy, S.A.B. de C.V. (NYSE:VIST)

Vista Energy, S.A.B. de C.V. (NYSE:VIST) is one of the best oil stocks with highest upside potential. Goldman Sachs lifted the price target on Vista Energy, S.A.B. de C.V. (NYSE:VIST) to $66.90 from $53.20 on March 4, reiterating a Buy rating on the shares. The company announced financial results for fiscal Q4 and the full year 2025 on February 26, reporting that it continued to deliver robust production growth in the quarter, primarily on the back of new well tie-ins and strong productivity in Bajada del Palo Este, Aguada Federal, and La Amarga Chica.

Total production reached 135,000 BOEs per day, reflecting a growth of 59% year-over-year and 7% quarter-over-quarter. Oil production was 118,000 barrels per day, an interannual growth of 61% and 8% sequentially. Management further reported that total revenues during the quarter reached $689 million, 46% above the same quarter of the last year and 2% below the previous quarter. This was primarily driven by lower oil prices. Vista Energy, S.A.B. de C.V. also reported that the lifting cost was $4.1 per BOE, 20% below year-over-year and 8% below vis-à-vis Q3.

Vista Energy, S.A.B. de C.V. is an oil and gas company that explores and produces oil and gas. The company’s operations are divided into the Argentina and Mexico geographical segments, and its assets include Vaca Muerta, the largest shale oil and gas play under development outside North America.

9. Vitesse Energy, Inc. (NYSE:VTS) 

Vitesse Energy, Inc. (NYSE:VTS) is one of the best oil stocks with highest upside potential. On March 4, Northland cut the price target on Vitesse Energy, Inc. (NYSE:VTS) to $19 from $20 while keeping a Market Perform rating on the shares and telling investors that the company’s fiscal Q4 results came in below expectations and it provided 2026 guidance with lower CapEx that improves dividend coverage.

Vitesse Energy, Inc. released its fiscal Q4 and full-year 2025 financial results on March 2 and also announced the signing of a definitive agreement to acquire non-operated assets in the Powder River Basin of Wyoming for $35 million of Vitesse common stock, with an effective date of January 1, 2026. For the full year 2025, Vitesse Energy, Inc. reported net income of $25.3 million and adjusted net income of $30.4 million, with adjusted EBITDA of $179.3 million.

Vitesse Energy, Inc. further reported that oil and natural gas production averaged 17,444 Boe per day, reflecting a sequential growth of 34% from full year 2024. Oil represented 65% of production and 89% of total oil and natural gas revenue. Total revenue, including the effects of realized hedges, was $291.1 million.

Vitesse Energy, Inc. is involved in the acquisition, ownership, exploration, development, management, production, exploitation, and disposition of oil and gas properties. The company’s focus is on acquiring non-operated working interest and royalty interest ownership primarily in the core of the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana.

8. Flowco Holdings Inc. (NYSE:FLOC)

Flowco Holdings Inc. (NYSE:FLOC) is one of the best oil stocks with highest upside potential. Flowco Holdings Inc. (NYSE:FLOC) announced on March 3 the completion of its previously announced acquisition of Valiant Artificial Lift Solutions, LLC. The company reported that the total consideration for the transaction, net of Valiant’s cash on hand, was approximately $200 million. Flowco Holdings Inc. funded the $170 million of net cash consideration, subject to certain purchase price adjustments, using available capacity under its ABL facility, with the balance of the consideration comprising approximately 1.5 million shares of Flowco Class A common stock.

In another development, Evercore ISI lifted the price target on Flowco Holdings Inc. to $28 from $25 on February 27, maintaining an Outperform rating on the shares. Jefferies also lifted the price target on the stock to $31 from $30 on the same day, reiterating a Buy rating on the shares. It told investors that Flowco Holdings Inc. posted a solid fiscal Q4 beat, and it anticipates a continuation of the momentum and execution in 2026, with the company positioned to maintain a robust margin and free cash flow profile.

Flowco Holdings Inc. is an investment holding company that offers production optimization, artificial lift, and methane abatement solutions for the oil and natural gas industry. The company’s operations are divided into the Production Solutions and Natural Gas Technologies segments.

7. Cactus, Inc. (NYSE:WHD)

Cactus, Inc. (NYSE:WHD) is one of the best oil stocks with highest upside potential. Citi lifted the price target on Cactus, Inc. (NYSE:WHD) to $63 from $55 on March 3, maintaining a Buy rating on the shares and stating that it views the company’s fiscal Q4 report as solid. It added that shares sold off as elevated expectations for its new International Pressure Control business were not met, and the firm views the shares as attractive at current levels.

Barclays also lifted the price target on Cactus, Inc. to $62 from $56 on March 2 and reiterated an Overweight rating on the shares. It sees the post-earnings selloff in the shares as a “surprising overreaction” given the company’s “significant opportunity” in the Middle East over the next several years.

Cactus, Inc. reported its fiscal Q4 and full year 2025 results on February 25, reporting a revenue of $261.2 million and an operating income of $59.9 million in the quarter. Net income for fiscal Q4 reached $48.3 million, and diluted earnings per Class A share were $0.57. Management also reported an adjusted net income of $52.1 million and diluted earnings per share, as adjusted, of $0.65.

Cactus, Inc. operates in the oil and gas equipment and services industry and is involved in the design, manufacture, sale, and rental of engineered pressure control and spoolable pipe technologies. The company’s operations are divided into the Pressure Control and Spoolable Technologies segments.

6. Select Water Solutions, Inc. (NYSE:WTTR)

Select Water Solutions, Inc. (NYSE:WTTR) is one of the best oil stocks with highest upside potential. Piper Sandler lifted the price target on Select Water Solutions, Inc. (NYSE:WTTR) to $16 from $14 on February 26, reiterating an Overweight rating on the shares. It stated that the company delivered solid fiscal Q4 results, backed by factors such as an upward revision to its WI 2026 topline guide to 20-25% year-over-year from 20%, impressive Water Infrastructure margin expansion, market share gains in Chemical Technologies, and a more favorable 2026 free cash flow outlook. Piper added that Select Water Solutions, Inc. announced a $175M equity offering two days later, which is intended to be used for Water Infrastructure growth projects, debt repayment, or potential acquisitions.

Select Water Solutions, Inc. also received a rating update from Citi the same day. The firm lifted the price target on the stock to $16.50 from $15, reaffirming a Buy rating on the shares. It told investors that it updated the company’s model post the Q4 report, adding that it believes the shares remain attractively valued.

Select Water Solutions, Inc. is a leader in water management and chemical technology serving customers in the oil and gas industry and other industrial applications. Its operations are divided into the following business segments: Water Infrastructure, Water Services, and Chemical Technologies.

5. National Energy Services Reunited Corp. (NASDAQ:NESR)

National Energy Services Reunited Corp. (NASDAQ:NESR) is one of the best oil stocks with highest upside potential. National Energy Services Reunited Corp. (NASDAQ:NESR) received several rating updates following the release of its fiscal Q4 and full year 2025 results on February 17. UBS lifted the price target on the stock to $31 from $25 on February 19, reiterating a Buy rating on the shares and stating that it updated its model following the Q4 earnings report.

Barclays also raised the price target on National Energy Services Reunited Corp. to $34 from $25 on February 18, keeping an Overweight rating on the shares. The firm told investors in a research note that the company delivered fiscal Q4 financial results ahead of expectations with a “clean beat”, driven by factors such as “resilient” margins and the early Jafurah ramp. Barclays sees a “strong setup” for the company’s 2026 as Jafurah scales.

In its fiscal Q4 and full year 2025 results, National Energy Services Reunited Corp. reported that revenue for the quarter reached $398.3 million, up 34.9% sequentially and 15.9% year-over-year. Operating cash flow for the year ended December 31, 2025, was $264.2 million, up 15.2% year-over-year.

National Energy Services Reunited Corp. is involved in the provision of oilfield services, with the company’s operations divided into the Production Services and Drilling and Evaluation Services.

4. NextDecade Corp. (NASDAQ:NEXT)

NextDecade Corp. (NASDAQ:NEXT) is one of the best oil stocks with highest upside potential. NextDecade Corp. (NASDAQ:NEXT) provided an update on the developmental and strategic activities for fiscal Q4 2025 and early fiscal Q1 2025 on March 2. The company reported that it commercialized and attained positive final investment decisions (FIDs) on Trains 4 and 5 at the Rio Grande LNG Facility in 2025, with strong anticipated economic returns.

Management further stated that with 30 million tonnes per annum of expected LNG production capacity under construction and the goal of doubling its capacity to 60 MTPA on site, growth at attractive returns remains a primary focus for NextDecade Corp.. The company initiated the pre-filing process with the Federal Energy Regulatory Commission for Train 6 in November 2025, and anticipates filing a full application for Train 6 by mid-year. It also expects to advance the development of Trains 7 and 8 throughout the year.

NextDecade Corp. further stated that another area of focus for the company is continuing to construct Trains 1 through 5 at the Rio Grande LNG Facility safely, on budget, and on or ahead of schedule. Trains 1 through 3 continue to track ahead of their guaranteed substantial completion dates, and the company is preparing to start commissioning activities at the facility this year. It expects the first LNG production in the first half of 2027.

NextDecade Corp. is a development company with a focus on liquefied natural gas (LNG) export projects and associated pipelines. The company manages and develops floating and land-based liquefied natural gas projects in the Gulf Coast, with a focus on the Rio Grande LNG.

3. Weatherford International plc (NASDAQ:WFRD)

Weatherford International plc (NASDAQ:WFRD) is one of the best oil stocks with highest upside potential. Goldman Sachs lifted the price target on Weatherford International plc (NASDAQ:WFRD) to $107 from $83 on March 4, reiterating a Neutral rating on the shares and telling investors that while geopolitical risks may create near-term challenges, early signs of dislocations exist, which could present opportunities when compared to fundamentals. Goldman Sachs does not anticipate the current geopolitical concerns to meaningfully impact long-term customer plans, as significant portions of the activity increases are structural in offsetting decline rates and increasing production capacity.

In a separate development, Weatherford International plc (NASDAQ:WFRD) announced on February 12 that it has been awarded a multi-year Integrated Completions contract by TotalEnergies in Denmark. Management reported that the contract reflects TotalEnergies’ confidence in Weatherford International’s (NASDAQ:WFRD) technical expertise, execution capabilities, and commitment to delivering high-quality well solutions. According to the terms of the agreement, Weatherford International plc (NASDAQ:WFRD) will deliver leading completions products and services supporting offshore operations in Denmark.

Weatherford International plc (NASDAQ:WFRD) provides services and equipment to the natural gas and oil exploration and production industry. The company has operations in the Drilling and Evaluation (DRE), Well Construction and Completions (WCC), and Production and Intervention (PRI) segments.

2. Solaris Energy Infrastructure, Inc. (NYSE:SEI)

Solaris Energy Infrastructure, Inc. (NYSE:SEI) is one of the best oil stocks with highest upside potential. Morgan Stanley lifted the price target on Solaris Energy Infrastructure, Inc. (NYSE:SEI) to $72 from $68 on February 26, reiterating an Overweight rating on the shares and telling investors that it is “encouraged” by the progress on new data center deals and line of sight on new equipment procurement. It added that it incorporates the recent DC contract into its valuation and raised its implied multiple.

Solaris Energy Infrastructure, Inc. also received a rating update from Barclays the same day. The firm lifted the price target on the stock to $63 from $61, maintaining an Overweight rating on the shares and stating that the company reported “another quarter of strong results” as it continually executes, adding capacity.

Solaris Energy Infrastructure, Inc. announced financial and operational results for fiscal Q4 2025 on February 24 and provided updated earnings guidance. Revenue for fiscal Q4 reached $180 million, up 8% sequentially compared to fiscal Q3 2025. Full year 2025 saw revenue growth of 99% compared to 2024 and net income growth of 102%, while adjusted EBITDA rose 137% year over year. Solaris Energy Infrastructure, Inc. increased its fiscal Q1 2026 adjusted EBITDA guidance to $72-77 million from previous guidance of $70-75 million and established Q2 2026 adjusted EBITDA guidance at $76-84 million.

Solaris Energy Infrastructure, Inc. manufactures patented mobile proppant management systems that store, unload, and deliver proppant to natural gas and oil well sites. The company’s products include Inventory Management Software and Mobile Proppant and Mobile Chemical Management Systems.

1. Expand Energy Corporation (NASDAQ:EXE)

Expand Energy Corporation (NASDAQ:EXE) is one of the best oil stocks with highest upside potential. Expand Energy Corporation (NASDAQ:EXE) announced on March 3 that it has formed and strengthened partnerships with leading brands aimed at streamlining and enhancing its operations, with each partnership reflecting the benefits of the adoption of the latest technology. They also highlight how the company approaches operational improvement across its advantaged portfolio. These partnerships include deploying Leucipa’s automated field production solution to improve operational efficiencies with partner Baker Hughes, adopting a leading data integration platform to unify and activate data for smarter operational decision-making with partner Snowflake, and bringing next-generation, low-emission electric pressure pumping technology to NE App with partner Evolution Well Services.

Expand Energy Corporation has received several rating updates from analysts following its earnings release for fiscal Q4 and full year 2025. UBS cut the price target on the stock to $135 from $150 on February 23, reiterating a Buy rating on the shares. The same day, Wells Fargo also raised the price target on Expand Energy Corporation to $123 from $120 and maintained an Equal Weight rating on the shares.

Expand Energy Corporation is involved in the production and development of oil, natural gas, and natural gas liquids. Its operations include Haynesville, Northeast Appalachia, and Southwest Appalachia.

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