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Earnings season is well underway, with over 500 companies reporting their latest quarterly earnings next week - do you have a watch-list prepared?

We ran a screen with this idea in mind, beginning with next week's reporting stocks. We screened these names for those that appear undervalued relative to earnings growth, with PEG below 1.

We then screened for those with the optimism of smart money institutional investors, such as hedge fund managers and mutual fund managers. We screened for those with significant net institutional purchases over the last quarter, representing at least 5% of share float. This indicates that institutional investors expect these stocks to outperform.

Interactive Chart: Press Play to compare changes in market cap 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 will report positive earnings surprises next week? Use this list as a starting point for your own analysis.

List sorted by net institutional purchases over the last quarter as a percent of share float.

1. Susser Holdings Corporation (NYSE:SUSS): Operates convenience stores and distributes motor fuels in Texas, New Mexico, Oklahoma, and Louisiana. Market cap at $577.8M, most recent closing price at $27.56. PEG at 0.84. Earnings to be released on 05/09. Net institutional purchases in the current quarter at 3.2M shares, which represents about 29.52% of the company's float of 10.84M shares.

2. C&J Energy Services, Inc. (NYSE:CJES): Provides specialty equipment services for oil and natural gas exploration and production companies in the Texas, Louisiana, and Oklahoma regions of the United States. Market cap at $996.4M, most recent closing price at $19.04. PEG at 0.31. Earnings to be released on 05/09. Net institutional purchases in the current quarter at 10.0M shares, which represents about 27.87% of the company's float of 35.88M shares.

3. Coleman Cable, Inc. (NASDAQ:CCIX): Designs, develops, manufactures, and supplies electrical wire and cable products for consumer, commercial, and industrial applications in the United States and Canada. Market cap at $147.1M, most recent closing price at $8.38. PEG at 0.85. Earnings to be released on 05/07. Net institutional purchases in the current quarter at 1.2M shares, which represents about 17.83% of the company's float of 6.73M shares.

4. Resolute Energy Corporation (NYSE:REN): Engages in the acquisition, exploration, exploitation, and development of oil and gas properties primarily in onshore properties in the United States. Market cap at $655.71M, most recent closing price at $10.55. PEG at 0.81. Earnings to be released on 05/07. Net institutional purchases in the current quarter at 3.5M shares, which represents about 12.76% of the company's float of 27.44M shares.

5. Walker & Dunlop, Inc. (NYSE:WD): Provides commercial real estate financial services for owners and developers of commercial real estate in the United States. Market cap at $285.07M, most recent closing price at $12.69. PEG at 0.69. Earnings to be released on 05/09. Net institutional purchases in the current quarter at 1.6M shares, which represents about 10.04% of the company's float of 15.94M shares.

6. Akorn, Inc. (NASDAQ:AKRX): Engages in the manufacture and marketing of diagnostic and therapeutic pharmaceutical products, hospital drugs, and injectable pharmaceuticals in the United States and internationally. Market cap at $1.15B, most recent closing price at $11.95. PEG at 0.65. Earnings to be released on 05/08. Net institutional purchases in the current quarter at 6.8M shares, which represents about 9.71% of the company's float of 70.06M shares.

7. Grand Canyon Education, Inc. (NASDAQ:LOPE): Provides postsecondary education services in the United States. Market cap at $761.12M, most recent closing price at $16.83. PEG at 0.74. Earnings to be released on 05/07. Net institutional purchases in the current quarter at 3.7M shares, which represents about 8.86% of the company's float of 41.77M shares.

8. Medifast Inc. (NYSE:MED): Engages in the production, distribution, and sale of weight management and disease management products, and other consumable health and diet products in the United States. Market cap at $291.9M, most recent closing price at $18.90. PEG at 0.83. Earnings to be released on 05/08. Net institutional purchases in the current quarter at 795.3K shares, which represents about 6.43% of the company's float of 12.37M shares.

9. Gulfport Energy Corp. (NASDAQ:GPOR): Develops, and produces oil and gas in the Louisiana Gulf Coast. Market cap at $1.51B, most recent closing price at $26.54. PEG at 0.25. Earnings to be released on 05/08. Net institutional purchases in the current quarter at 2.8M shares, which represents about 5.67% of the company's float of 49.41M shares.

10. The Andersons, Inc. (NASDAQ:ANDE): Engages in the agriculture and transportation businesses in the United States. Market cap at $928.3M, most recent closing price at $49.85. PEG at 0.73. Earnings to be released on 05/07. Net institutional purchases in the current quarter at 911.1K shares, which represents about 5.28% of the company's float of 17.25M shares.

11. Ameresco, Inc. (NYSE:AMRC): Provides energy efficiency solutions for facilities in North America. Market cap at $539.59M, most recent closing price at $12.13. PEG at 0.99. Earnings to be released on 05/08. Net institutional purchases in the current quarter at 843.5K shares, which represents about 5.12% of the company's float of 16.48M shares.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 11 Undervalued Hedge Fund Stock Picks Reporting Earnings Next Week