These stocks won in the first quarter, and Wall Street expects the good times to continue

Published Wed, Mar 30 20222:33 PM EDTUpdated Wed, Mar 30 20223:17 PM EDT

The first quarter comes to an end Thursday, and it's been a difficult ride many hope to leave in the past. But investors looking for a restart may find golden opportunities in some of the period's best performers, according to Wall Street analysts. Increased market volatility characterized much of the start to 2022. As the pandemic eased, markets juggled an aggressive rate hike plan from the Federal Reserve and a war in Ukraine that sent commodities such as oil surging . Investors also watched the yield curve edge toward inversion — a signal to some that a recession could come around the corner — and the market is only just beginning to bounce back after dipping into a correction . But investors looking to start fresh in the new quarter may want to consider betting on some of the first quarter's big winners, which analysts think will continue to rally over the next 12 months. To scope out the so-called winners, CNBC Pro used FactSet to screen for S & P 500 stocks that gained 10% or more in the first quarter. We then narrowed our search to those stocks with average analyst price targets that imply upside of at least 10%. These names also have buy-equivalent ratings from a majority of analysts covering them. Here are some of the stocks that made the cut: Hess generated the largest return of the group in the first quarter, adding 45.5% as oil prices hit their highest level in 13 years amid the war in Ukraine and a ban on Russian oil imports from the U.S. and its allies . Analysts on average see the stock going up nearly 15% over the next year. Four other energy companies, including ConocoPhillips and Diamondback Energy — which are up 39.5% and 28.6% this quarter, respectively — made the list. A screen from CNBC Pro earlier this month found that that this sector performs well on average during rate hike cycles. Analysts also expect ConocoPhillips to gain 15% over the next year. T-Mobile also made the list, rising more than 10% for the quarter. To be sure, the stock is down 14% from its 52-week high, but analysts think the telecommunication giant shows promise and its stock could surge nearly 31% from here. Earlier this month, KeyBanc said the stock offers a "best-in-class 5G network" and upgraded the telecom giant to overweight from sector weight. Barclays listed it among U.S-focused stocks that could benefit as stagflation hits markets abroad. Meanwhile, four financial services companies made the cut, including Raymond James . The stock is up about 12% year to date, and analysts expect it to go up another 23% in the next 12 months as the Fed raises rates further. Some travel stocks hard-hit by pandemic lockdowns also staged a comeback in the first quarter. Alaska Air earned 12% this quarter, and is well-liked by analysts. More than 90% of analysts covering the stock have a buy rating on it, with the consensus price target implying a surge of 29.2% over the next 12 months. Alaska Air CEO Ben Minicucci told CNBC's "Squawk Box" earlier this month that the company already sees strong bookings and a return to business travel .

A boarded up T-Mobile location in New York, after looting occurred the previous night, June 2, 2020.

Dan Magan | CNBC