#1 Top Oil Stock Pick 2011 - Oil Stocks - Hyperdynamics Corporation (HDY) - While Hyperdynamics (HDY) is my top stock pick of 2010, it is a risky one.  The company has no revenues and does not make any money but could be sitting on a very large pool of oil off the coast of Africa.  Drilling for oil is expected to begin in December 2011.  Hyperdynamics was headed into a downward spiral over the past couple years but changed the management team in 2010 who vowed to take the company in a new direction.  Hyperdynamics has a very large prospective leased area off the coast of the Republic of Guinea.  In November 2010, Hyperdynamics raised $30 million in a private placement from financial giant Blackrock (BLK) which will help in preperation costs to drill for oil in late 2011.  Hyperdynamics did a few surveys and believe they could be sitting on billions of barrels of oil.

As for HDY stock in 2011, It is my top stock to buy and my best trading idea.  I have been trading HDY since the stock was $1.60 in August 2010 and gave it a price target of $4 - $6 for 2011.  HDY hit a high of $3.63 in October 2010 and continues to trade around $3.00 as we head into 2011.  If everything goes as planned and the company does infact sit on top of a large oil pool, we could be looking at a $8-$10 stock by year end 2011 in my opinion.  I gave it a target of $4 - $6 when the stock was hitting $2.60 just to be on the conservative side.  Of coarse, if Hyperdynamics announces any delays or lesser oil reserves, all bets are off.  Pullbacks below $2.50 should be a great buy if you are looking for an entry point.  I currently own HDY stock for the long term and will buy more stock on pullbacks.  If you have any questions or feel like discussing HDY stock, visit my HDY message forum thread.