The energy industry is the only major stock sector trading in the green so far in 2026, mainly thanks to the sudden surge in crude oil prices following the start of the war in Iran.

The Energy Select Sector SPDR Fund (NYSE:XLE) is up nearly 40% so far this year, helping mask a weak overall market and declining economic sentiment. 

That means the gains in the larger, more obvious energy stocks have already been made.

But if you know where to look, it’s not too late to get in on this rally.

Here are five energy stocks that still have upside ahead.

Each of these companies has a market cap under $3 billion and a minimum Benzinga Edge Value Score of 92, indicating that there's fundamental strength to build a rally on.

Amplify Energy Corp.

Benzinga Edge Value Score: 95.28

Despite a year-to-date (YTD) gain of more than 40%, Amplify Energy (NYSE:AMPY) remains an undervalued gem in the independent exploration and extraction industry. The company is tiny, with a market cap of just over $270 million and annual sales totalling about $260 million. But the stock trades at just 6.4 times earnings and 1.1 times sales, and the company's primary operations are in the Gulf Coast of the United States, leaving it mostly unaffected by the Strait of Hormuz closure.

AMPY shares popped back in October when news of its Texas asset divestiture plans hit the market, which enabled the company to retire a significant chunk of its debt. After a shaky finish to 2025, the stock is once again breaking through the $6.50 level, and even a top and bottom line earnings miss earlier this month didn't derail the rally. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators continue to show strong underlying momentum in the uptrend, suggesting this rally still has room to run.

The Setup Behind Some of March’s Biggest Trades Is Still Active

In March, oil moved more than 10% in days, metals swung 3–5% in a session, and the S&P had no clean direction. While most traders waited, an expert trader was already positioned across energy, metals, and index volatility, capturing some of the fastest gains of the year. That same combination of conditions is still in place right now.

On April 1 at 6 PM ET, he’s walking through exactly how he read March and where he’s setting up for what comes next.

Reserve Your Spot for April 1 →

Diversified Energy Co.

Benzinga Edge Value Score: 94.98

Diversified Energy (NYSE:DEC) has (wait for it) a diversified portfolio of natural gas and oil wells across the United States, supported by infrastructure and transportation services that generate recurring revenue. The stock has a market cap of $1.25 billion and yields a 6.5% dividend with a very reasonable 25% dividend payout ratio (DPR). And despite a gain of more than 30% over the last month, DEC shares still trade at just 3.9 times earnings and 0.8 times sales. 

DEC shares have broken out in a big way this month following a long period of consolidation, although the MACD and RSI had already indicated the uptrend was on its way. A bullish MACD crossover in January showed that buyers had begun flowing into the market, and the RSI steadily rose above the 50 level that indicates bullish momentum.

Finally, a push above the 50-day and 200-day moving averages confirmed the breakout, and now the RSI has reached overbought territory. The RSI is an indicator to watch moving forward, but the stock is still a consensus Buy, with an average price target of $22.57, which is nearly 20% above the current market price.

Tsakos Energy Navigation Ltd.

Benzinga Edge Value Score: 93.69

Tsakos Energy Navigation (NYSE:TEN) is a ‘picks and shovels' investment in the energy sector, that is, if the picks and shovels are gigantic tanker ships. The company manufactures very large crude carriers (VLCC), the massive vessels that transport millions of barrels of crude oil around the globe every day. The war in Iran has highlighted the crucial role of these tankers in global commerce, and Tsakos's $4 billion backlog suggests business will remain strong for the foreseeable future.

The most direct beneficiary of the Strait of Hormuz jam, Tsakos crushed Q4 2025 earnings, delivering a 38% upside EPS surprise and revenue of more than $222 million. With tanker rates soaring due to the Iran war, management expects strong income growth in 2026, especially given the company's clientele, which includes major players like Shell and ExxonMobil.

The stock began its uptrend last summer following a Golden Cross, which pushed the share price above the 50-day moving average. The 50-day has been a healthy support line ever since, and TEN shares are up more than 120% over the last 12 months (including 68% in the last 3 months alone). The RSI has also receded from overbought territory, potentially opening new opportunities for prospective buyers.

Bristow Group Inc.

Benzinga Edge Value Score: 92.45

Bristow Group (NYSE:VTOL) provides transportation services to offshore energy sites, but it doesn't transport petroleum. Instead, Bristow is another ‘picks and shovels' play that uses fleets of helicopters to fly personnel and equipment to offshore installations. These services are difficult to provide, and helicopters are in short supply, which gives the company pricing power. Most of its offshore energy contracts have high renewal rates with lucrative terms, and it also serves government and military clients.

VTOL shares have a $1.33 billion market cap, but trade at just 10.7 times earnings and 0.9 times sales. The stock is also back at its 50-day moving average, which has previously been a good entry point for new buyers. The RSI has moved back above 50, the common threshold for a bullish uptrend, and the MACD is also trending higher. Management provided strong 2026 guidance during its Q4 2025 earnings report, so this momentum has plenty of fundamental and technical tailwinds.

Obsidian Energy Ltd. 

Benzinga Edge Value Score: 92.41

Obsidian Energy(NYSE:OBE) is an Alberta-based upstream company with most of its exploration assets in Canada, and generates income from the sale of raw petroleum. Like Amplify Energy, Obsidian recently reduced its debt burden through some strategic divestitures and has embarked on a series of share repurchase agreements, including a $1 million in share buybacks so far in 2026.

OBE shares are in a strong uptrend, trading well above the 50-day and 200-day moving averages with confirmation from the MACD. A bullish MACD crossover began the rally in December, and now the indicator continues to show strong upward momentum without reaching unsustainable levels.