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Almost all energy related stocks have seen large gains lately, as oil has surged about 25% since the violence started in Libya. I have been looking for companies that have not fully participated in the energy rally, or that are lesser known names that have further upside potential. I have been a big fan of energy stocks but due to the big gains, I have been taking profits in certain names and I believe it makes sense to be selective when buying oil stocks now.

I think exposure to oil is a must for investors in the long run. In the short term, it has been paying off to buy the dips in energy stocks when they occur. We should see the usual spike in oil/gas prices as the summer driving season will be starting up in June. However, I won't be surprised if oil dips back under $100 at some point and that could provide a better buying opportunity in the energy sector. Here are the six stocks you might want to consider now:

ENI SPA (NYSE:E) is trading around $49.22. ENI is a major integrated oil and gas company, based in Italy. These shares have traded in a range between $35.10 to $50.30 in the last 52 weeks. The 50 day moving average is $48.59 and the 200 day moving average is $43.58. E is estimated to earn about $5.08 per share in 2011 and $6.41 for 2012.

What might make ENI a solid investment: ENI is one of the least known, of all the major integrated oil companies. Because of this, it is also one of the cheapest. According to Yahoo Finance, ENI has revenues of about $140 billion per year, so this is a major company even if it is not well known to U.S. investors. The PE ratio is less than 10 times earnings and E pays a strong dividend with a yield around 4%. ENI has operations in Libya, so it might be impacted by the crisis there.

Energy Partners Ltd. (NYSE:EPL) is trading around $17. Energy Partners is a independent oil and gas company, based in Louisiana. These shares have traded in a range between $9.61 to $16.88 in the last 52 weeks. The 50 day moving average is $15.54 and the 200 day moving average is $13.08. EPL is estimated to earn about $1.29 per share in 2011.

What might make Energy Partners a solid investment: Analysts see earnings estimates for EPL jumping from $1.29 to $1.56 in 2012, as rising energy prices boost profit margins. Also, this company should benefit as waiting times and regulations for drilling permits in the Gulf of Mexico improve. Another plus is that insiders have been buying shares recently.

Ferrellgas Partners (NYSE:FGP) is trading around $25.98. Ferrellgas is a leading distributor of propane fuel products, based in Kansas. These shares have traded in a range between $19.05 to $29 in the last 52 weeks. The 50 day moving average is $27.20 and the 200 day moving average is $24.95. FGP is estimated to earn about $2.98 per share in 2011. You can see the insider buying here.

What might make Ferrellgas a solid investment: Ferrellgas could benefit significantly as the U.S. economy continues to improve. More propane will be used by businesses, and consumers and pricing power should improve for Ferrellgas. Also, FGP pays a generous dividend, $2 per share which is equivalent to a 7.4% yield.

BMB Munai (NYSEMKT:KAZ) is trading around $1. BMB Munai is a independent oil and gas company based in Kazakhstan. These shares have traded as high as $1.22 in the last 52 weeks. KAZ has a book value of about $4.08 per share, see more financial data here. P1 reserves for KAZ is about 23 million barrels of oil (about 82 million in P2 reserves).

What might make KAZ a solid investment: KAZ has received a buyout offer from MIE Holdings which values the company at about $170 million or roughly $1.40 per share. Under the terms of the agreement, KAZ shareholders would receive an initial cash payment of somewhere between $1.04 to $1.10 at the time of closing and be entitled to an additional payment later which the company states as follows: "The company intends to make a second distribution to stockholders that could range up to approximately $0.30 per share following termination of the escrow ... " This gives a total possible cash payout of around $1.40 per share, if you are patient for the deal to close. Since KAZ is selling the operating subsidiary, it could be that in addition to the cash payments, KAZ shares will still be trading with some potential value which could increase the returns for KAZ shareholders. You can read about the buyout deal here.

Amerigas Partners (NYSE:APU) is trading around $46.05. Amerigas is a leading distributor of propane fuel products, based in Pennsylvania. These shares have traded in a range between $35 to $51.50 in the last 52 weeks. The 50 day moving average is $48.41 and the 200 day moving average is $44.93. APU is estimated to earn about $2.98 per share in 2011.

What might make Amerigas a solid investment: Amerigas could benefit significantly as the U.S. economy continues to improve. More propane will be used by businesses, and consumers and pricing power should improve for Amerigas. Also, APU pays a generous dividend, $2.82 per share which is equivalent to a 6.2% yield. Insiders have been buying shares at this company recently.

Weatherford International (NYSE:WFT) is trading around $22. Weatherford is a leading provider of equipment and services to the oil and gas industry, based in Switzerland. These shares have traded in a range between $12.34 to $26.25 in the last 52 weeks. The 50 day moving average is $22.70 and the 200 day moving average is $19. WFT is estimated to earn about $1.08 per share in 2011 and $1.66 for 2012.

What might make Weatherford a solid investment: Weatherford could benefit significantly as the demand for oil drilling rises. These shares dropped recently after the company lowered first quarter guidance, and said it had to delay filing its annual report and restate financial results which you can read about here.

The data is sourced from Yahoo Finance and Stockcharts.com. The information and data is believed to be accurate, but no guarantees or representations are made. Rougemont is not a registered investment advisor and does not provide specific investment advice. The information contained herein is for informational purposes.

Source: 6 Under the Radar Energy Stocks