5. Callon Petroleum ( CPE) is an oil and gas exploration and production company based in Natchez, Miss. Shares traded close to $30 in 2008 before plunging below $1 in May 2009. Callon finished 2009 at $1.50.

Closing Price: $6.97 (June 16)

Total Return (YTD): 364.7%

Developments in 2010: In March, Callon posted a fourth-quarter profit of $2.27 a share, compared with a net loss of $21.19 a share in the year-ago quarter as revenue surged more than 350% to $70.9 million. In April, the company regained compliance with the New York Stock Exchange's listing requirements, and a month later Callon notched a first-quarter profit of 13 cents a share, which exceeded analysts' targets. Earlier this month, Callon said it has a second on-shore drilling rig in the Permian Basin of West Texas that is set to begin drilling operations on July 1. Callon also said the oil spill in the Gulf of Mexico "has not impacted any of Callon's offshore operations or production."

Valuation: Analysts have a mixed view on Callon Petroleum. The stock has two buy ratings, one hold and one sell from firms covering the stock. The most bullish stock price target is $6, which is below where Callon shares currently trade. With a forward price-to-earnings ratio of 13.47, Callon offers a discount to the average P/E ratio of other oil and gas producers, which is close to 30, according to Bloomberg. Callon also offers value on a price-to-sales ratio, although it is very expensive on a price-to-book ratio. With a book value of 32 cents per share, Callon's P/B ratio is over 20.

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