BOSTON (TheStreet) -- The following oil-and-gas stocks have at least quintupled since the March 2009 low. Rising commodity prices could continue to bolster performance.

3. Northern Oil & Gas

(NOG) - Get Report

has soared 396% in the past year. It has outperformed peers over numerous time frames, as demonstrated in the chart above. Northern Oil & Gas controls leasehold positions adjacent to North Dakota's Parshall Field, a significant discovery location of the past 30 years.

Quarter

: Fourth-quarter profit decreased 24% to $1.1 million, or 3 cents, as revenue more than tripled to $6.4 million. The gross margin dropped from 93% to 86% and the operating margin fell from 27% to 21%. Northern Oil & Gas holds $31 million of cash, equating to a quick ratio of 4.3, and $1.3 million of debt.

Valuation

: The stock trades at a price-to-book ratio of 4.6, a discount to its peer-group average. It's expensive when considering sales and cash flow. Its PEG ratio, a measure of value relative to expected growth, of 0.3 reflects a 57% discount to the industry average. A PEG ratio below 1 signifies cheap shares.

Consensus

: Of four analysts covering Northern Oil & Gas, three advise purchasing its shares while one recommends holding them.

Stockcross Financial

offers the loftiest price target, expecting the stock to more than triple to $40.

TheStreet's

stock model is less optimistic, rating Northern Oil & Gas "hold."

2. Houston American Energy

(HUSA) - Get Report

has rocketed 546% during the past twelve months, beating U.S. benchmarks and oil-and-gas peers. The company explores in the U.S. Gulf Coast region and Colombia. CEO John Terwilliger owns 31% of shares outstanding.

Quarter

: Third-quarter net income decreased 46% to $430,000, or 2 cents, as revenue inched up 2.3% to $2.4 million. Houston's gross margin dropped from 66% to 55% and its operating margin declined from 34% to 5.6%. Its balance sheet stores $4.7 million of cash, equating to a quick ratio of 97, and no debt.

Valuation

: The stock appears overvalued at a price-to-book ratio of 20 and a price-to-projected-earnings ratio of 95. Still, institutional investors continue to purchase shares. In the fourth quarter,

Columbia Wanger Asset Management

purchased 2.4 million shares, bringing its stake to 8.6% of the float.

Consensus

: With a market value of $441 million, only one sell-side firm,

Global Hunter Securities

, covers Houston American Energy. It rates the stock "buy" with a price target of $14, implying that little upside remains.

TheStreet's

model rates it "hold" due to recently erratic operating results and volatile shares.

1. Brigham Exploration

( BEXP) has risen 14-fold in the past year, trouncing peers and benchmarks. The company uses advanced technologies, including 3D seismic imaging and multi-stage fracture simulations, to explore for oil and gas in the U.S.

Quarter

: Brigham swung to a fourth-quarter profit of $2.6 million, or 3 cents, from a loss of $181 million, or $3.95, a year earlier. Revenue decreased 30% to $21 million. Its gross and operating margins climbed from negative territory to 73% and 20%. The balance sheet stores $121 million of cash and $169 million of debt.

Valuation

: The stock trades at a price-to-projected-earnings ratio of 27, a 90% premium to its peer-group average. It's also expensive based on sales and cash flow.

Fidelity Management

owns 4.3% of the float. Interestingly, all of the stock's nine biggest holders enlarged their positions in the fourth quarter.

Consensus

: Of analysts covering Brigham Exploration, nine, or 53%, advocate purchasing its shares, six suggest holding and two counsel selling them.

Raymond James Financial

expects the stock to advance 33% to $23.

Credit Suisse

and

Thomas Weisel

are also bullish on the stock.

-- Reported by Jake Lynch in Boston.