EOG Resources is cheap against its sales, with fair value at $221.66 to $282.12, or 5x mid-cycle sales give or take 12%. At $141.31 it trades 36% below the low end of fair, with a pullback zone at $115.65. This is a levels-only read off reported earnings and revenue estimates, with no fundamental work. x.com 

Low forward earnings multiples alongside strong investor sentiment put these S&P 500 stocks atop the smart-value ranking. APA, Viatris, EOG, Marathon Petroleum, Valero, Phillips 66, Allstate, Diamondback, Everest and Centene trade at 6-15x forward earnings after one-year gains of 17-150%; the accompanying ranking also weighs free-cash-flow yield and momentum. x.com 

TotalEnergies looks cheap against its earnings at 11x trailing and 8x next year's, while oil and gas producers usually get 14x. Applying 14x to mid-cycle EPS of $8.01 gives a fair range of $98.74 to $125.67 versus $90.94 now. Trailing and forward earnings differ by 34%, widening the range. This is a valuation read only, not fundamental work. x.com 

Infinity Natural Resources' lower trailing EV/EBITDA than Appalachian peers supports its value case. It trades at 4x versus 5-7x for EQT, Range Resources, CNX and Antero, while its P/E is 5 and trailing EBITDAX is $366 million. A somewhat bullish outlook for natural gas prices also underpins the view that Appalachian E&Ps offer value. x.com 

Occidental Petroleum is mispriced at about 8.4x trailing earnings and an 8.7% free cash flow yield during an oil shock. Eight times earnings in an oil shock is not a valuation but a clerical error with a ticker symbol. Iran cannot beat the US Navy, so it is waiting out America's vote in 49 days, since Iran does not vote until 2028; owning Occidental beats hiding in Treasuries. x.com 

EQT, Range Resources, Expand Energy, Magnolia Oil & Gas and EOG Resources are cyclicals catching an earnings tailwind before the crowd notices, the setup Peter Lynch loved. They passed a screen alongside Coterra, all natural gas or oil producers with disciplined balance sheets and forward P/Es of 9-12. x.com 

Epsilon Energy is uninteresting now because its natural gas windfall window has passed and its pivot to oil is poorly timed. It burned through reserves waiting for a gas recovery after prices fell in 2022, then made a mediocre acquisition and is plowing oil capex into a heavily backwardated curve. Its midstream asset is diluted, SG&A is bloated, and incentives and hedges are poor. Oil above $80 to lock in, stronger gas, organic reserve growth or a price of $5.50 or lower would change that. x.com 

US energy stocks are too cheap to ignore while investors pay up for richly valued growth names. The sector trades at 6 to 8 times earnings with massive free cash flow, yet makes up only 3.5% of the S&P 500. SpaceX and Tesla combined are worth more than the entire energy sector, with the crowd paying 90 times revenue for a rocket company. x.com 

Oil majors such as Shell, BP, ExxonMobil and Chevron deserve their multiples because they have consistently generated 10%+ returns across complete energy cycles. They are integrated, now diversified, and control a key commodity for decades ahead. Investors will do fine if they hold for the long term. x.com 

Delek US Holdings looks cheap against its earnings. The integrated downstream energy company trades at 20x trailing earnings but 9x next year's, while oil and gas producers usually get 14x. Applying 14x to next year's estimated $8.26 a share, give or take 12%, gives fair value of $101.73-129.47, with the stock 27% below the bottom of that range. The read leans on forecasts, with forward earnings 125% above trailing, and is based on valuation levels only, with no fundamental work. x.com