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Earnings season is in full swing, with over 500 companies reporting their Q4 2011 earnings next week - do you have a watch list prepared?

For ideas, we ran a screen on next week's reporting companies for those trading at steep discounts to even their lowest analyst target prices.

Target prices indicate where analysts expect the stock to trade within the next year.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

List sorted by potential upside implied by target price.

1. Patriot Coal Corporation (PCX): Engages in the mining, production, and sale of thermal coal primarily to electricity generators in the eastern United States. Market cap of $686.26M. Earnings to be announced on 02/02. Of the 13 analysts that have set a target price on the stock, the lowest price target stands at $10.00. This implies a current upside of 33.16% from current levels around $7.51. This is a risky stock that is significantly more volatile than the overall market (beta = 2.95). It's been a rough couple of days for the stock, losing 16.74% over the last week.

2. Hawaiian Holdings Inc. (NASDAQ:HA): Engages in the scheduled air transportation of passengers and cargo. Market cap of $306.29M. Earnings to be announced on 01/31. Of the 6 analysts that have set a target price on the stock, the lowest price target stands at $8.00. This implies a current upside of 32.67% from current levels around $6.03. The stock is a short squeeze candidate, with a short float at 8.98% (equivalent to 8.09 days of average volume). The stock has lost 19.47% over the last year.

3. Patterson-UTI Energy Inc. (NASDAQ:PTEN): Provides onshore contract drilling services to oil and natural gas operators. Market cap of $2.91B. Earnings to be announced on 02/02. Of the 23 analysts that have set a target price on the stock, the lowest price target stands at $22.00. This implies a current upside of 18.85% from current levels around $18.51. The stock is currently stuck in a downtrend, trading 7.56% below its SMA20, 8.74% below its SMA50, and 24.82% below its SMA200. The stock has lost 8.24% over the last year.

4. National Fuel Gas Co. (NYSE:NFG): Operates as a diversified energy company primarily in the United States. Market cap of $4.04B. Earnings to be announced on 02/03. Of the 10 analysts that have set a target price on the stock, the lowest price target stands at $57.00. This implies a current upside of 17.55% from current levels around $48.49. The stock is currently stuck in a downtrend, trading 5.03% below its SMA20, 9.31% below its SMA50, and 18.68% below its SMA200. The stock has lost 25.34% over the last year.

5. OYO Geospace Corp. (OYOG): Engages in designing and manufacturing instruments and equipments used in the acquisition and processing of seismic data; and in the characterization and monitoring of producing oil and gas reservoirs. Market cap of $550.93M. Earnings to be announced on 02/03. Of the 5 analysts that have set a target price on the stock, the lowest price target stands at $102.00. This implies a current upside of 17.04% from current levels around $87.15. The stock has had a good month, gaining 22.65%.

6. McKesson Corporation (NYSE:MCK): Offers medicines, pharmaceutical supplies, and information and care management products and services for the healthcare industry. Market cap of $18.79B. Earnings to be announced on 01/30. Of the 16 analysts that have set a target price on the stock, the lowest price target stands at $89.00. This implies a current upside of 16.80% from current levels around $76.20. The stock has gained 4.75% over the last year.

7. Royal Gold, Inc. (NASDAQ:RGLD): Operates precious metals royalties. Market cap of $3.97B. Earnings to be announced on 02/02. Of the 8 analysts that have set a target price on the stock, the lowest price target stands at $79.00. This implies a current upside of 15.89% from current levels around $68.17. The stock has gained 46.98% over the last year.

8. Crown Holdings Inc. (NYSE:CCK): Engages in the design, manufacture, and sale of packaging products for consumer goods. Market cap of $5.23B. Earnings to be announced on 02/01. Of the 9 analysts that have set a target price on the stock, the lowest price target stands at $40.00. This implies a current upside of 15.31% from current levels around $34.69. The stock has gained 5.13% over the last year.

*Analyst target price data sourced from Thomson/First Call (via Yahoo! Finance), all other data sourced from Finviz.

Source: 8 Companies Releasing Earnings Next Week Deeply Undervalued By Target Price