A Nabors Industries floor hand uses a towel to wipe drilling fluid from a section of pipe on a crude oil rig outside New Town, N.D.

Wall Street believes many oil stocks will emerge from their funk this year, according to a report from Birinyi Associates.

The firm compiled analyst recommendations and 12-month price targets for stocks. Seven of the 10 most bullish analyst picks have a hand in the struggling oil and gas sector, based on price targets compared to the stock's January close.

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Sluggish past performance, of course, leave room for upside. For instance, shares in top pick Freeport-McMoRan have dropped about 40 percent in the last year amid free falling U.S. crude oil prices.