NEW YORK ( TheStreet) - US Airways ( LCC), MEMC Electronic Materials ( WFR), Micron Technology ( MU), Amkor Technology ( AMKR), Advantage Oil & Gas ( AAV) and Gran Tierra Energy ( GTE) are trading at less than $7 a share but are expected to outperform their peers and the broader markets, based on their respective 12-month price targets.

We have picked these stocks from sectors such as energy, airlines and semiconductor. They have average buy ratings of 57% and upside potential ranging from 55% to 141%.
6. MEMC Electronic Materials ( WFR) manufactures silicon wafers. The company operates in segments such as semiconductor materials, solar materials and solar energy.

Net sales for the second quarter of 2011 were reported at $745 million, up 66% from the same quarter prior year. Sales were robust on greater sales volume for solar energy systems, improved solar wafer and semiconductor volumes, and wafer prices.

During the quarter, gross margin was 24.3% compared to 17.2% in the corresponding quarter of 2010 and 15.5% in the 2011 March quarter. Net income for the quarter was $47.3 million, vs. a net loss of $4.5 million in the 2011 March quarter and $13.8 million in the 2010 second quarter.

Capital expenditure for 2011 second quarter halved to $103 million as against $206 million in the first quarter of 2011. With cash and cash equivalents of $652 million and operating cash of $199 million at the end of June, the company is comfortably placed to fund its capex program, going ahead. The company estimates 2011 non-GAAP sales between $3.3 and $3.6 billion and non-GAAP EPS of $0.80 to $1.00. Analysts polled by Bloomberg foresee the stock gaining 55% over the next one year. The stock is trading at 7.8 times its 2011 earnings.

5. Gran Tierra Energy ( GTE) is a Canada-based upstream energy company with oil and gas properties in Colombia, Argentina and Brazil.

For the second quarter of 2011, the company reported production of 18,141 boe/d, increasing 36% due to additional production from recent discoveries and existing fields. Revenue and other income increased 93% to $162 million. Net income nearly doubled to $31.6 million during the quarter.

Higher production ensured healthy operating cash flow of $64 million over $50 million reported in the same quarter prior year. Cash and cash equivalents were $211.4 million. Management estimates capital expenditure during 2011 to amount to $357million, with $190 million allocated towards drilling, $87 million for seismic acquisition and $79 million for infrastructure.

Following the acquisition of Petrolifera, management expects 2011 production to average between 17,500 to 19,000 boe/d. Analysts surveyed by Bloomberg expect the stock to gain 57% over the next one year. The stock has 88% buy rating.

4. Amkor Technology ( AMKR) is a leading provider of semiconductor assembly and test services.

Net income for the second quarter of 2011 was $14 million, vs. $25 million in the first quarter of the same year. Second quarter 2011 net income includes $16 million related to debt refinancing charges. Net sales stood at $688 million, up 3% sequentially. Gross margin was flat at 19% in the second quarter of 2011.

On the future, Ken Joyce, Amkor's CEO, said, "Strong demand for communications and the seasonal increase in gaming is expected to drive sequential revenue growth of 5% to 12%. To continue driving technology leadership and innovation and meet the capacity requirements of our leading customers, we are currently planning capital additions of approximately $225 million for the second half of 2011."

For the third quarter, gross margin is estimated between 17% to 20%. On average, analysts expect the stock to gain 68% over the next one year. The stock has buy rating of 50% and is trading at 6.6 times its estimated 2011 earnings.

3. Advantage Oil & Gas ( AAV) engages in the exploration and production of oil and natural gas at its Glacier property in Alberta, Canada.

The company reported second quarter 2011 production of 23,719 barrels oil equivalent per day (boe/d), increasing 22% following the completion of the Phase III development program at Glacier. Management expects Phase IV development work underway at Glacier to drive production growth of 24% over the next one year. Operating expenses for the quarter declined 17%.

Increased production and lower costs during the second quarter ensured robust cash flows from operations at $36.6 million, including hedging gains of $6.2 million. The company pegs capital expenditure at $216 million over the next twelve months, with $200 million likely to be invested in Glacier.

The company has reduced its overall debt by 64% to $103 million during the past six months. Analysts surveyed by Bloomberg expect the stock to have 73% upside over the next one year. Sixty-seven percent analysts recommend a buy on it.

2. Micron Technology ( MU) provides advanced semi conductor solutions and manufactures DRAM, NAND Flash memory and packaging solutions.

During the third quarter of fiscal 2011, consolidated gross margin improved sequentially to 22% from 19% on lower manufacturing costs. Net income stood at $75 million on total revenue of $2.1 billion.

The company repaid $327 million debt and closed the quarter with cash and short-term investments of $2.4 billion. For the quarter, operating cash was reported at $589 million and capital expenditure at $534 million.

During the quarter, the company sold its wafer fabrication facility in Japan to Tower Semiconductor. Analysts polled by Bloomberg project 86% upside over the next one year. The stock is trading at 8.3 times its estimated 2012 earnings and 56% of analysts have a buy rating on it.

1. US Airways Group ( LCC), through its subsidiaries US Airways Shuttle and US Airways Express, operates more than 3,200 passenger flights per day serving 80 million passengers each year. The company is part of the Star Alliance Network and offers scheduled services in the U.S., Europe, the Middle East and South America.

The significant improvement in overall demand coupled with higher passenger yield boosted top-line during the second quarter of 2011. Total revenue was $3.5 billion, up 10.5% from the same quarter prior year and total revenue per available seat mile rose 7% from the earlier year to 15.36 cents. Net income stood at $106 million for the second quarter 2011.

Doug Parker, US Airways Group's CEO, said in a press statement, "We are pleased to report a profit for the second quarter of 2011 -- particularly in spite of a 47% year-over-year increase in fuel price. Overall demand for our services remained strong during the quarter with revenues up more than 10%, while our mainline unit cost excluding special items, fuel and profit sharing increased only one percent." Analysts surveyed by Bloomberg have 141% upside for the stock over the next one year with 57% buy rating.

>>To see these stocks in action, visit the 6 Stocks Under $7 With Upside portfolio on Stockpickr.

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