Hey there, Fools. We're back again to help you identify some of the most attractive micro-cap stocks worthy of your investment dollars. Just as a reminder, we do this because:

1. Underfollowed micro-cap companies offer great returns -- and sometimes even the best returns.

2. Wall Street is covering fewer stocks than ever before, making now a great time to start looking for tiny treasures.

3. Micro-cap stocks can burn if you don't do your homework, so we try to shed more light on the asset class for you.

Microscopic surgery
This column uses our Motley Fool CAPS community intelligence database to turn up promising stocks. The system asks amateur and professional investors alike to rate stocks either to outperform or underperform. In turn, each investor is rated, as is each stock.

The end result is that while only huge companies like Research In Motion (NASDAQ:RIMM) have more than 15 or 20 analysts following them, CAPS harnesses the ideas of thousands to get at the long tail of the stock market with the same depth of coverage.

Drumroll, please ...
So without further ado, here are five CAPS stocks sporting five stars (the highest rating), that have market caps of $100 million to $200 million, and that three or fewer professional analysts are covering.

Company

Market Cap (in millions)

Number of CAPS Ratings

Analysts

Analyst Recommendation

HemoSense (AMEX:HEM)

$178

56

Two

One strong buy,

one buy

CE Franklin (AMEX:CFK)

$174

121

None

N/A

Delta Apparel (AMEX:DLA)

$147

47

Two

Strong buy

Paramount Gold and Silver (AMEX:PZG)

$128

21

None

N/A

Mesa Royalty Trust (NYSE:MTR)

$113

20

None

N/A

Data from Yahoo! Finance and Motley Fool CAPS

As always, don't view these stocks as hearty formal recommendations, but rather as appetizing starters for further analysis. Agreed?

Now that we have that settled, CE Franklin and Delta Apparel might just be a pair of small wonders worthy of your Foolish due diligence.

Let's be frank
It's no secret that our CAPS community -- now 65,000 strong -- loves, well, pretty much everything in the energy sector right now. But when those favored energy plays are small, based in Canada, and have zero bearish All-Stars, then I really start to pay attention. CE Franklin, which supplies equipment to oil and gas producers in Alberta (you know, where all the oil is), fits that description nicely. 

Fueled by the astronomic rise in oil prices over the last three years (and its position in the western Canadian sedimentary basin), CE Franklin has managed to grow sales and net income at a rate of 18% and 78%, respectively, over the past three years. Global demand for commodities is expected to be just as voracious going forward, so our community expects even bigger things from CE over the long run.      

With about $169 million in assets, no long-term debt, and an enterprise value / EBITDA of 6.7, CE Franklin is worth a gander.

CAPS All-Star SmokeyJoeSmokin gets frank:

Undiscovered oil play in the service sector. I like these guys being in Canada. Going forward I think Canada's oil industry will continue to boom. I think the U.S. will rely more and more on Canada to provide us energy. This bodes well for CFK.

Measuring delta
Delta Apparel is another stock in the long tail that piques the interest of our CAPS players. Like CE Franklin, the Georgia-based apparel retailer doesn't have a single All-Star who's bearish about its prospects. A quick glance at Delta's business model gives us a pretty good indication why.     

According to our community, Delta is positioned very well in the casual activewear space -- an industry that's expected to benefit from positive demographic trends. For example, recent moves -- like its acquisition of T-shirt maker Fun-Tees and branded apparel company Junkfood Clothing -- have helped the company post 14.5% revenue growth over the past three years. 

With a forward P/E of 9.4, a dividend yield of 1.10%, and healthy insider ownership of 20%, Delta might be worth trying on for size. 

CAPS player Patrick6k says:  

Delta is in a business that's in an ever growing market. These types of clothing styles are becoming more and more popular as this new generation moves toward the more casual, comfortable, look and feel of the clothes Delta has to offer. I don't think this company is a one trick pony. I look for it to offer up some market smashing returns for at least a couple of decades.

Are we on the same micro-wavelength?
But the real question is whether you believe these companies are real micro marvels or just small shrimps waiting to get squished. Log on to CAPS and let us know how you feel.

It's absolutely free, and within seconds you'll have access to thousands of potential stock ideas. Join now -- more teeny tiny treasures await their discovery.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. The Fool's disclosure policy is never too small to be seen.