6 Mid-Cap Growth Stocks to Watch

NEW YORK (TheStreet) -- Analysts' consensus estimate polled by Bloomberg, projects potential upside of 21% to 56% for these stocks. Based on positive company developments and favorable earnings, analysts have assigned significant buy and hold ratings for these stocks.

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6. Plains Exploration & Production (PXP), an independent oil and gas company, engages in the upstream oil and gas business. The company operates in the U.S. and owns oil and gas properties onshore and offshore California, the Gulf Coast, the mid-continent region and the Rocky Mountains.

Of the 17 analysts covering the stock, 71% recommend a buy and the remaining rate a hold. There are no sell ratings on the stock. Analysts polled by Bloomberg expect the stock to gain an average 21% to $44.14 in the next 12 months.

For its first quarter of 2011, the company recorded ROE of 3.1% and $6.5 in cash flow per share. Net income for the quarter came in at $70.98 million or 49 cents per share, compared to $58.53 million or 41 cents per share in the year-ago quarter. Revenue increased to $430.31 million vs. $384.05 million in first quarter of 2010.

Up ahead, the company expects full year 2011 cash margin of more than 25% compared to the first quarter of 2010 and a 30% increase from the full year 2010 average. These estimates are based on the current crude oil price outlook and improved crude oil differentials. The company's CEO adds that full year operational growth objectives are on track with average daily sales ranging between 95,000 and 100,000 barrels of oil equivalent.

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