<p>今年股市持续上涨，<strong>标准普尔 500 指数</strong> 上涨超过 13%。这使得其交易市盈率超过 20 倍，远高于过去 25 年中位数的十几倍。</p>
<p>尽管整体市场交易溢价，但对于有眼光的投资者来说，仍然存在一些价值洼地。特别是，目前有几只能源股票的价格非常便宜。以下是三只极具吸引力的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzgxMjMvYS1sb29waW5nLXBpcGVsaW5lLXdpdGgtdGhlLXN1bi1zZXR0aW5nLWluLXRoZS1iYWNrZ3JvdW5kLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzgxMjMvYS1sb29waW5nLXBpcGVsaW5lLXdpdGgtdGhlLXN1bi1zZXR0aW5nLWluLXRoZS1iYWNrZ3JvdW5kLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 能源转移</h2>
<p><strong>能源转移</strong>(ET -1.38%) 目前的市盈率不到 9 倍。这是其同行中第二低的水平，同行的平均市盈率约为 12 倍，这也是其当前收益率高达 8% 的原因。尽管自 2020 年以来年复合收益增长率达到 10%，但这家中游巨头的市盈率仍然处于低位。它目前的财务状况也是历史上最强劲的。</p>
<p>这家主有限合伙企业（MLP）未来还有很多增长空间。今年它将在增长资本项目上投入 50 亿美元，这将推动收益的加速增长。同时，它还有计划在 2029 年前投入商业服务的项目。这些增长项目将为 MLP 提供更多动力，以增加其高收益分配，目标是每年增长 3% 到 5%。</p>
<h2>2. MPLX</h2>
<p><strong>MPLX</strong>(MPLX 0.80%) 的估值也很低，这也是其分配收益率达到 7.8% 的原因。与能源转移一样，MPLX 也是一家健康增长的 MLP。自 2021 年以来，其收益和现金流以近 7% 的复合年增长率增长。</p>
<p>这家 MLP 有充足的动力继续增长其分配和支付。它今年将超过 50 亿美元投入增长项目，包括有机扩张项目和增值收购。它有增长资本项目计划在本十年末之前上线，使其在未来能够清晰地看到增长现金流和高收益支付的能力。</p>
<h2>3. 平原全美管道</h2>
<p><strong>平原全美管道</strong>(PAA) 是另一家高收益的 MLP。这家石油管道公司由于其极低的估值，目前的收益率为 9.6%。这家 MLP 自 2021 年以来以 7% 的复合年收益增长率稳步增长，并且处于多年来最强的财务状况。</p>
<p>这家中游公司正在优化其投资组合。它正在出售其加拿大天然气液体资产，以通过剥离价格波动的资产来增强现金流的稳定性。它将这些资本再投资于产生更具韧性现金流的新投资。这一策略将为其提供更多动力，以增长其高收益支付。</p>
<h2>廉价能源股票</h2>
<p>能源转移、MPLX 和平原全美管道的估值较低，部分原因是它们的 MLP 结构，这要求每年向投资者发送 Schedule K-1 联邦税表。尽管报税可能更复杂，但这些 MLP 的高收益收入可以为寻求在当前高价市场中寻找便宜货的投资者证明额外努力的合理性。</p>

<p>股票市场今年上涨超过 13%，但一些能源股票被认为被低估。三个值得注意的选择是：1) Energy Transfer (ET)，市盈率不到 9 倍，收益率为 8%，且具有强劲的增长潜力；2) MPLX，收益率为 7.8%，自 2021 年以来的盈利增长接近 7%；3) Plains All American Pipeline (PAA)，收益率为 9.6%，并优化其投资组合以改善现金流。这些 MLP 尽管税务结构复杂，但仍提供高收益，吸引寻求在高价市场中寻找价值的投资者</p>

<p>The stock market has continued to rise this year, with the <strong>S&amp;P 500</strong> up over 13%. That has it trading at more than 20 times earnings, well above its average in the mid-teens over the past quarter-century.</p>
<div class="lb-trans"><p>今年股市持续上涨，<strong>标准普尔 500 指数</strong> 上涨超过 13%。这使得其交易市盈率超过 20 倍，远高于过去 25 年中位数的十几倍。</p>
</div><p>While the broader market trades at a premium, there are still pockets of value for discerning investors. In particular, several energy stocks are screaming deals right now. Here are three dirt-cheap ones.</p>
<div class="lb-trans"><p>尽管整体市场交易溢价，但对于有眼光的投资者来说，仍然存在一些价值洼地。特别是，目前有几只能源股票的价格非常便宜。以下是三只极具吸引力的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzgxMjMvYS1sb29waW5nLXBpcGVsaW5lLXdpdGgtdGhlLXN1bi1zZXR0aW5nLWluLXRoZS1iYWNrZ3JvdW5kLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F838123%2Fa-looping-pipeline-with-the-sun-setting-in-the-background.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. Energy Transfer</h2>
<div class="lb-trans"><h2>1. 能源转移</h2>
</div><p><strong>Energy Transfer</strong>(ET -1.38%) currently trades at less than 9 times earnings. That's the second-lowest level in its peer group, where the average is around 12 times, which is why it currently yields an eye-popping 8%. The midstream giant trades at a low level despite delivering brisk growth (10% compound annual earnings growth rate since 2020). It's also in its strongest financial position in history.</p>
<div class="lb-trans"><p><strong>能源转移</strong>(ET -1.38%) 目前的市盈率不到 9 倍。这是其同行中第二低的水平，同行的平均市盈率约为 12 倍，这也是其当前收益率高达 8% 的原因。尽管自 2020 年以来年复合收益增长率达到 10%，但这家中游巨头的市盈率仍然处于低位。它目前的财务状况也是历史上最强劲的。</p>
</div><p>The master limited partnership (MLP) has plenty of growth ahead. It's spending $5 billion this year on growth capital projects, which should fuel accelerated earnings growth. Meanwhile, it has projects in the backlog scheduled to enter commercial service through 2029. These growth projects will give the MLP more fuel to increase its high-yielding distribution, which it aims to grow by 3% to 5% each year.</p>
<div class="lb-trans"><p>这家主有限合伙企业（MLP）未来还有很多增长空间。今年它将在增长资本项目上投入 50 亿美元，这将推动收益的加速增长。同时，它还有计划在 2029 年前投入商业服务的项目。这些增长项目将为 MLP 提供更多动力，以增加其高收益分配，目标是每年增长 3% 到 5%。</p>
</div><h2>2. MPLX</h2>
<div class="lb-trans"><h2>2. MPLX</h2>
</div><p><strong>MPLX</strong>(MPLX 0.80%) also trades at a low valuation, which is why it has a 7.8% distribution yield. Like Energy Transfer, MPLX is an MLP that's growing at a healthy rate. It has grown its earnings and cash flow at a nearly 7% compound annual rate since 2021.</p>
<div class="lb-trans"><p><strong>MPLX</strong>(MPLX 0.80%) 的估值也很低，这也是其分配收益率达到 7.8% 的原因。与能源转移一样，MPLX 也是一家健康增长的 MLP。自 2021 年以来，其收益和现金流以近 7% 的复合年增长率增长。</p>
</div><p>The MLP has ample fuel to continue growing its distribution and payout in the future. It's deploying over $5 billion into growth initiatives this year, including spending on organic expansion projects and making accretive acquisitions. It has growth capital projects lined up to come online through the end of the decade, giving it lots of visibility into its ability to grow its cash flow and high-yielding payout in the future.</p>
<div class="lb-trans"><p>这家 MLP 有充足的动力继续增长其分配和支付。它今年将超过 50 亿美元投入增长项目，包括有机扩张项目和增值收购。它有增长资本项目计划在本十年末之前上线，使其在未来能够清晰地看到增长现金流和高收益支付的能力。</p>
</div><h2>3. Plains All American Pipeline</h2>
<div class="lb-trans"><h2>3. 平原全美管道</h2>
</div><p><strong>Plains All American Pipeline</strong>(PAA) is another high-yielding MLP. The oil pipeline company currently yields 9.6% due to its rock-bottom valuation. The MLP has been growing at a solid clip -- 7% compound annual earnings growth since 2021 -- and is in its strongest financial position in years.</p>
<div class="lb-trans"><p><strong>平原全美管道</strong>(PAA) 是另一家高收益的 MLP。这家石油管道公司由于其极低的估值，目前的收益率为 9.6%。这家 MLP 自 2021 年以来以 7% 的复合年收益增长率稳步增长，并且处于多年来最强的财务状况。</p>
</div><p>The midstream company is in the middle of optimizing its portfolio. It's selling its Canadian natural gas liquids assets to enhance the durability of its cash flows by shedding assets with commodity price volatility. It's recycling that capital into new investments that produce more resilient cash flows. This strategy will give it more fuel to grow its high-yielding payout.</p>
<div class="lb-trans"><p>这家中游公司正在优化其投资组合。它正在出售其加拿大天然气液体资产，以通过剥离价格波动的资产来增强现金流的稳定性。它将这些资本再投资于产生更具韧性现金流的新投资。这一策略将为其提供更多动力，以增长其高收益支付。</p>
</div><h2>Bargain-basement energy stocks</h2>
<div class="lb-trans"><h2>廉价能源股票</h2>
</div><p>Energy Transfer, MPLX, and Plains All American Pipeline trade at low valuations, in part due to their MLP structures, which require sending investors a Schedule K-1 Federal Tax Form each year. While tax filing can be more complex, the high-yield income from these MLPs can justify the extra effort for investors seeking bargains in today's high-priced market.</p>
<div class="lb-trans"><p>能源转移、MPLX 和平原全美管道的估值较低，部分原因是它们的 MLP 结构，这要求每年向投资者发送 Schedule K-1 联邦税表。尽管报税可能更复杂，但这些 MLP 的高收益收入可以为寻求在当前高价市场中寻找便宜货的投资者证明额外努力的合理性。</p>
</div>

3 只能源股现在是绝佳的交易机会