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8 Stocks Under $8 With Upside

6. Gran Tierra Energy (GTE - Get Report) is a Canada-based upstream energy company. The company owns oil and gas properties in Colombia, Argentina and Brazil.

Revenue increased 32% to $123 million during the first quarter of 2011 compared to $93 million in the same quarter in 2010, attributable to a 36% increase in realized crude oil prices. Net income stood at $13.7 million versus $10 million for the same period in 2010.

As of March 2011, cash and cash equivalents were $254 million compared to $355 million in the previous quarter, driven by capital spending.

Commenting on the exploration portfolio, Dana Coffield, the company's CEO, said in a press statement, "Gran Tierra Energy continues to expand its exploration and development portfolio through the successful completion of the Petrolifera acquisition in March. This acquisition added production enhancement opportunity in Argentina, reserve development opportunity in Colombia, and exploration opportunity in Colombia and Peru.

In parallel with the integration of the newly acquired assets, Gran Tierra Energy is continuing appraisal of the Moqueta oil field in Colombia in preparation for long-term testing expected to start in May for the new reserves that continue to grow with each new delineation well." Analysts expect the stock to gain around 47% over the next one year, and it is trading at 10.1 times its estimated 2012 earnings.

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