<p>今年股市持續上漲，<strong>標準普爾 500 指數</strong> 上漲超過 13%。這使得其交易市盈率超過 20 倍，遠高於過去 25 年中位數的十幾倍。</p>
<p>儘管整體市場交易溢價，但對於有眼光的投資者來説，仍然存在一些價值窪地。特別是，目前有幾隻能源股票的價格非常便宜。以下是三隻極具吸引力的股票。</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>圖片來源：Getty Images。</p>
<h2>1. 能源轉移</h2>
<p><strong>能源轉移</strong>(ET -1.38%) 目前的市盈率不到 9 倍。這是其同行中第二低的水平，同行的平均市盈率約為 12 倍，這也是其當前收益率高達 8% 的原因。儘管自 2020 年以來年複合收益增長率達到 10%，但這家中游巨頭的市盈率仍然處於低位。它目前的財務狀況也是歷史上最強勁的。</p>
<p>這家主有限合夥企業（MLP）未來還有很多增長空間。今年它將在增長資本項目上投入 50 億美元，這將推動收益的加速增長。同時，它還有計劃在 2029 年前投入商業服務的項目。這些增長項目將為 MLP 提供更多動力，以增加其高收益分配，目標是每年增長 3% 到 5%。</p>
<h2>2. MPLX</h2>
<p><strong>MPLX</strong>(MPLX 0.80%) 的估值也很低，這也是其分配收益率達到 7.8% 的原因。與能源轉移一樣，MPLX 也是一家健康增長的 MLP。自 2021 年以來，其收益和現金流以近 7% 的複合年增長率增長。</p>
<p>這家 MLP 有充足的動力繼續增長其分配和支付。它今年將超過 50 億美元投入增長項目，包括有機擴張項目和增值收購。它有增長資本項目計劃在本十年末之前上線，使其在未來能夠清晰地看到增長現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。這家石油管道公司由於其極低的估值，目前的收益率為 9.6%。這家 MLP 自 2021 年以來以 7% 的複合年收益增長率穩步增長，並且處於多年來最強的財務狀況。</p>
<p>這家中游公司正在優化其投資組合。它正在出售其加拿大天然氣液體資產，以通過剝離價格波動的資產來增強現金流的穩定性。它將這些資本再投資於產生更具韌性現金流的新投資。這一策略將為其提供更多動力，以增長其高收益支付。</p>
<h2>廉價能源股票</h2>
<p>能源轉移、MPLX 和平原全美管道的估值較低，部分原因是它們的 MLP 結構，這要求每年向投資者發送 Schedule K-1 聯邦税表。儘管報税可能更復雜，但這些 MLP 的高收益收入可以為尋求在當前高價市場中尋找便宜貨的投資者證明額外努力的合理性。</p>

<p>股票市場今年上漲超過 13%，但一些能源股票被認為被低估。三個值得注意的選擇是：1) Energy Transfer (ET)，市盈率不到 9 倍，收益率為 8%，且具有強勁的增長潛力；2) MPLX，收益率為 7.8%，自 2021 年以來的盈利增長接近 7%；3) Plains All American Pipeline (PAA)，收益率為 9.6%，並優化其投資組合以改善現金流。這些 MLP 儘管税務結構複雜，但仍提供高收益，吸引尋求在高價市場中尋找價值的投資者</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>今年股市持續上漲，<strong>標準普爾 500 指數</strong> 上漲超過 13%。這使得其交易市盈率超過 20 倍，遠高於過去 25 年中位數的十幾倍。</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>儘管整體市場交易溢價，但對於有眼光的投資者來説，仍然存在一些價值窪地。特別是，目前有幾隻能源股票的價格非常便宜。以下是三隻極具吸引力的股票。</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>圖片來源：Getty Images。</p>
</div><h2>1. Energy Transfer</h2>
<div class="lb-trans"><h2>1. 能源轉移</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>能源轉移</strong>(ET -1.38%) 目前的市盈率不到 9 倍。這是其同行中第二低的水平，同行的平均市盈率約為 12 倍，這也是其當前收益率高達 8% 的原因。儘管自 2020 年以來年複合收益增長率達到 10%，但這家中游巨頭的市盈率仍然處於低位。它目前的財務狀況也是歷史上最強勁的。</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>這家主有限合夥企業（MLP）未來還有很多增長空間。今年它將在增長資本項目上投入 50 億美元，這將推動收益的加速增長。同時，它還有計劃在 2029 年前投入商業服務的項目。這些增長項目將為 MLP 提供更多動力，以增加其高收益分配，目標是每年增長 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，這也是其分配收益率達到 7.8% 的原因。與能源轉移一樣，MPLX 也是一家健康增長的 MLP。自 2021 年以來，其收益和現金流以近 7% 的複合年增長率增長。</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>這家 MLP 有充足的動力繼續增長其分配和支付。它今年將超過 50 億美元投入增長項目，包括有機擴張項目和增值收購。它有增長資本項目計劃在本十年末之前上線，使其在未來能夠清晰地看到增長現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。這家石油管道公司由於其極低的估值，目前的收益率為 9.6%。這家 MLP 自 2021 年以來以 7% 的複合年收益增長率穩步增長，並且處於多年來最強的財務狀況。</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>這家中游公司正在優化其投資組合。它正在出售其加拿大天然氣液體資產，以通過剝離價格波動的資產來增強現金流的穩定性。它將這些資本再投資於產生更具韌性現金流的新投資。這一策略將為其提供更多動力，以增長其高收益支付。</p>
</div><h2>Bargain-basement energy stocks</h2>
<div class="lb-trans"><h2>廉價能源股票</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>能源轉移、MPLX 和平原全美管道的估值較低，部分原因是它們的 MLP 結構，這要求每年向投資者發送 Schedule K-1 聯邦税表。儘管報税可能更復雜，但這些 MLP 的高收益收入可以為尋求在當前高價市場中尋找便宜貨的投資者證明額外努力的合理性。</p>
</div>

3 只能源股現在是絕佳的交易機會