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.
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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. (NYSE:REPX) 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. (NYSE:REPX) 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. (NYSE:VIST) 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. (NYSE:VIST) 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. (NYSE:VTS) 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. (NYSE:VTS) 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. (NYSE:VTS) 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. (NYSE:VTS) 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. (NYSE:FLOC) 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. (NYSE:FLOC) 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. (NYSE:FLOC) 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. (NYSE:FLOC) 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. (NYSE:WHD) 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. (NYSE:WHD) 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. (NYSE:WHD) 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. (NYSE:WTTR) 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. (NYSE:WTTR) 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. (NYSE:WTTR) 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.
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