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Do you consider yourself a contrarian investor, always looking for opportunities against market trends? For ideas on how to start your own contrarian search, we ran a screen.

We began by screening for stocks with bearish sentiment, with float shorts above 10%. We then screened for those that also appear undervalued relative to earnings growth, with PEG below 1.

Finally, we screened for those stocks with strong sales trends, comparing growth in revenue to growth in accounts receivable. Since accounts receivable is the portion of revenue not yet received, and there is no guarantee the money will ever be received, the smaller the portion of revenue made up of receivables the healthier the company's revenue.

We screened for stocks seeing faster growth in revenue than accounts receivable year-over-year, as well as accounts receivable comprising a smaller portion of current assets over the same time period.

(click to enlarge)

Tool provided by Kapitall.

Do you think these stocks deserve this negative sentiment? Use this list as a starting point for your own analysis.

List sorted by increase in revenue over the last year.

1. C&J Energy Services, Inc. (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 $928.87M, most recent closing price at $17.27. PEG at 0.26. Float short at 25.94%. Revenue grew by 87.93% during the most recent quarter ($239.05M vs. $127.2M y/y). Accounts receivable grew by 74.36% during the same time period ($125.14M vs. $71.77M y/y). Receivables, as a percentage of current assets, decreased from 76.97% to 45.84% during the most recent quarter (comparing 3 months ending 2012-03-31 to 3 months ending 2011-03-31).

2. Rex Energy Corporation (REXX): Operates as an independent oil and gas company in the Appalachian, Illinois, and Denver-Julesburg Basins. Market cap at $531.47M, most recent closing price at $9.73. PEG at 0.54. Float short at 22.05%. Revenue grew by 46.13% during the most recent quarter ($33.83M vs. $23.15M y/y). Accounts receivable grew by -25.07% during the same time period ($20.71M vs. $27.64M y/y). Receivables, as a percentage of current assets, decreased from 63.21% to 35.58% during the most recent quarter (comparing 3 months ending 2012-03-31 to 3 months ending 2011-03-31).

3. Bill Barrett Corp. (BBG): Engages in the exploration, development, and production of natural gas and crude oil principally in the Rocky Mountain region of the United States. Market cap at $929M, most recent closing price at $18.80. PEG at 0.72. Float short at 14.33%. Revenue grew by 38.8% during the most recent quarter ($223.92M vs. $161.32M y/y). Accounts receivable grew by 13.11% during the same time period ($86.29M vs. $76.29M y/y). Receivables, as a percentage of current assets, decreased from 48.38% to 31.27% during the most recent quarter (comparing 3 months ending 2012-03-31 to 3 months ending 2011-03-31).

4. Green Mountain Coffee Roasters Inc. (GMCR): Engages in the specialty coffee and coffee maker business. Market cap at $3.67B, most recent closing price at $22.85. PEG at 0.35. Float short at 18.58%. Revenue grew by 36.65% during the most recent quarter ($885.05M vs. $647.66M y/y). Accounts receivable grew by 27.81% during the same time period ($303.29M vs. $237.3M y/y). Receivables, as a percentage of current assets, decreased from 34.6% to 26.31% during the most recent quarter (comparing 13 weeks ending 2012-03-24 to 13 weeks ending 2011-03-26).

5. Bio-Reference Laboratories Inc. (BRLI): Provides clinical laboratory testing services for the detection, diagnosis, evaluation, monitoring, and treatment of diseases primarily in the greater New York metropolitan area. Market cap at $534.21M, most recent closing price at $18.69. PEG at 0.82. Float short at 22.65%. Revenue grew by 23.23% during the most recent quarter ($149.92M vs. $121.66M y/y). Accounts receivable grew by 13.11% during the same time period ($147.66M vs. $130.55M y/y). Receivables, as a percentage of current assets, decreased from 71.75% to 70.43% during the most recent quarter (comparing 3 months ending 2012-01-31 to 3 months ending 2011-01-31).

6. BorgWarner Inc. (BWA): Engages in the manufacture and sale of engineered automotive systems and components primarily for power train applications worldwide. Market cap at $8.22B, most recent closing price at $69.63. PEG at 0.64. Float short at 10.70%. Revenue grew by 10.52% during the most recent quarter ($1,912.5M vs. $1,730.4M y/y). Accounts receivable grew by 7.12% during the same time period ($1,369.4M vs. $1,278.4M y/y). Receivables, as a percentage of current assets, decreased from 59.36% to 56.82% during the most recent quarter (comparing 3 months ending 2012-03-31 to 3 months ending 2011-03-31).

7. US Airways Group, Inc. (LCC): Provides air transportation for passengers and cargo. Market cap at $2.15B, most recent closing price at $12.86. PEG at 0.27. Float short at 11.91%. Revenue grew by 10.3% during the most recent quarter ($3,266M vs. $2,961M y/y). Accounts receivable grew by -1.75% during the same time period ($449M vs. $457M y/y). Receivables, as a percentage of current assets, decreased from 13.63% to 12.6% during the most recent quarter (comparing 3 months ending 2012-03-31 to 3 months ending 2011-03-31).

8. Ebix Inc. (EBIX): Provides on-demand software and e-commerce solutions to the insurance industry. Market cap at $634.58M, most recent closing price at $17.06. PEG at 0.49. Float short at 27.34%. Revenue grew by 9.44% during the most recent quarter ($43.83M vs. $40.05M y/y). Accounts receivable grew by -16.55% during the same time period ($29.35M vs. $35.17M y/y). Receivables, as a percentage of current assets, decreased from 43.38% to 39.25% during the most recent quarter (comparing 3 months ending 2012-03-31 to 3 months ending 2011-03-31).

9. CARBO Ceramics Inc. (CRR): Manufactures and supplies ceramic proppants primarily used in the hydraulic fracturing of natural gas and oil wells in the United States and internationally. Market cap at $1.88B, most recent closing price at $78.62. PEG at 0.41. Float short at 40.18%. Revenue grew by 8.18% during the most recent quarter ($163.17M vs. $150.83M y/y). Accounts receivable grew by 3.96% during the same time period ($112.02M vs. $107.75M y/y). Receivables, as a percentage of current assets, decreased from 40.63% to 37.95% during the most recent quarter (comparing 3 months ending 2012-03-31 to 3 months ending 2011-03-31).

*Accounting data sourced from Google Finance, all other data sourced from Finviz.

Source: 9 Highly Shorted, Undervalued Stocks With Positive Receivable Trends