Barring any global surprises, the price of oil and gas will likely be range-bound in 2013, governing the effect commodity price movement will have on stock upside. So what is an investor to evaluate in an E&P stock in the near term?

“Catalysts are important,” says Gabriele Sorbara, vice president of E&P for Imperial Capital LLC. He also considers potential from stacked-pay zones a driving force. “Derisking these newer zones is going to be key to outperformance.”

Companies in the Permian Basin, Eagle Ford, Niobrara Wattenberg and Bakken will garner ...