Top 5 Small-Cap Stocks With Highest Upside Potential

2. Northern Oil & Gas, Inc. (NYSE:NOG)

Number of Hedge Fund Holders: 26

Northern Oil and Gas, Inc. (NYSE:NOG) is an independent energy company that engages in the acquisition, exploration, development, and production of crude oil and natural gas properties in the United States. Northern Oil and Gas, Inc. (NYSE:NOG) is strengthening its position in the oil and gas market and is making efforts to gain more market share, making it one of the top small-cap stocks with high upside potential. 

This May, Northern Oil and Gas, Inc. (NYSE:NOG) reported its fiscal first-quarter 2022 performance. The company registered an EPS of $1.58 and beat estimates by $0.33. The company reported revenues of $456.46 million, up an astounding 190.13% year over year, and exceeded market consensus by $116.80 million. Northern Oil and Gas, Inc. (NYSE:NOG) reported Q1 production of 71,255 barrels of oil equivalent (BOE) per day, up 85% from the comparable quarter last year. On top of this, the company raised its fiscal year 2022 annual production guidance to 71,000-76,000 BOE per day from 70,000-75,000 BOE per day.

Northern Oil and Gas, Inc. (NYSE:NOG) is attracting multiple “Buy” ratings from expert financial analysts. On April 26,  Citi analyst Scott Gruber raised his price target on Northern Oil and Gas, Inc. (NYSE:NOG) to $36 from $31 and maintained a Buy rating on the shares.

Hedge funds are piling into Northern Oil and Gas, Inc. (NYSE:NOG) and as of the fourth quarter of 2021, 26 hedge funds were long Northern Oil and Gas, Inc. (NYSE:NOG) with stakes worth $241.07 million. As of May 18, Northern Oil and Gas, Inc. (NYSE:NOG) has returned 59.14% to investors over the past twelve months.

Angelo Gordon & Co is the most prominent shareholder in Northern Oil and Gas, Inc. (NYSE:NOG) as of March 31, 2022. The fund’s stakes are valued at $49.96 million, which accounts for 5.61% of its 13F portfolio.