NEW YORK ( TheStreet) -- Chevron ( CVX) and Chesapeake Energy ( CHK) are among the energy stocks trading at discounts to their peers and the broader market.

These stocks failed to fully participate in the energy run-up that took place in October. The S&P 500 Energy Index surged 5.6% for the month, while the S&P 500 Index gained 3.7%.

The stocks featured below recently had forward price-to-earnings ratios of less than 9. In comparison, the S&P 500 has a forward P/E of 14.

Chevron ( CVX) is an integrated energy company operating worldwide. It produces, refines, markets and transports crude oil and natural gas. Chevron is also involved in chemical manufacturing, mining operations, power generation and energy services.

In early October, the company announced a stock buyback, targeting a repurchase rate of $500 million to $1 billion per quarter. This action signals the company's resolve to exploit the stock's currently discounted price. Chevron has light downstream exposure, backed by a very credible restructuring theme and a high quality, growth-oriented upstream portfolio, according to analysts at J.P. Morgan.

The company is expected to report earnings of $8.96 per share for 2010 and $9.36 per share for 2011, up from $5.24 a share in 2009, according to analysts polled by Bloomberg. Of the 25 analysts covering the stock, 19 have buy recommendations and six have hold recommendations.

Currently, the stock is trading at an attractive forward price-to-earnings ratio of 8.9. That compares with 11.4 for Exxon Mobil's ( XOM), 10.0 for ConocoPhillips ( COP) and 14.2 for Occidental Petroleum ( OXY).

GT Solar ( SOLR)

GT Solar is a supplier of polysilicon production equipment, and sapphire and silicon crystalline growth systems for the solar, LED and other specialty markets.

For the quarter ended July 3, GT Solar's results were ahead of analysts' expectations because of strong order momentum and backlog. "This continued high level of demand and improving solar industry fundamentals provide the foundation for us to increase our expectations for the balance of the fiscal year," said Tom Gutierrez, the company's CEO.

The company has raised its 2011 guidance for revenue, gross margin and earnings. It's anticipated to report earnings of 23 cents per share for the second quarter of fiscal 2011, compared vs. 6 cents a share in the year-ago period, according to analysts polled by Bloomberg.

Of the 14 analysts covering the stock, 10 have buy recommendations and four have sell recommendations.

The stock has gained 61.1% since June 2009, yet it still trades at an attractive forward P/E of 8.9, vs. 18.1 for First Solar ( FSLR), 10.8 for Yingli Green Energy ( YGE) and 10.5 for LDK Solar ( LDK).

Eni S.p.A. ( E)

Eni is an Italian oil and natural gas company, with operations spread across Italy, Africa, the North Sea, the Gulf of Mexico, Kazakhstan and Australia. The company generates and trades electricity, refines oil and operates gasoline service stations.

Eni's strong presence in North Africa and the Middle East is likely to result in growth, according to Zacks Investment Research. Moreover, additional production is expected from acquired properties in the Gulf of Mexico and Congo as well as the buildup of gas production in Libya. The company's long-term fundamentals remain robust on the initiatives to expand and improve exploration and production activities.

For the first nine months of 2010, net profit zoomed 39%, despite challenging conditions in the gas market. For the full year, EPS is estimated at $1.90, and for 2011, it's estimated at $2.11, according to analysts polled by Bloomberg. In 2009, EPS was $1.15.

The stock is trading at an attractive forward P/E of 8.8. In comparison, Royal Dutch Shell ( RDS.A) has a P/E of 10.7, while Tenaris ( TS) has a P/E of 17.2 and Statoil ( STO) has a P/E of 20.7.

Petroleo Brasileiro ( PBR)

Petroleo Brasileiro, better known as Petrobras, is the largest integrated oil and gas company in Brazil. The state-run entity is engaged in the exploration and production of crude oil and natural gas, and operates the country's existing oil refining capacity.

The company will benefit from Brazil's growing demand for refined products. A state-owned enterprise, Petrobras is less vulnerable to price volatility, something that impacts U.S. refiner's profit margins. However, the company is subject to political interference.

Petrobras has a competitive advantage in deep-water drilling. The company has gained traction in the Gulf of Mexico and offshore near West Africa. Petrobras has fixed capital expenditure plans until 2014, ensuring faster growth. The company is likely to benefit from investments in Espirito Santo, Campos, and Santos pre-salt oil reserve basins.

During the past 12 months, the company's return on equity has been 19.2%, higher than many competitors.

Atwood Oceanics ( ATW)

Atwood Oceanics is engaged in offshore drilling, exploration and the development of oil and gas wells.

For the quarter ended June 30, earnings before interest, taxes, depreciation and amortization (EBITDA) was $95 million, better than analysts expected. The results stemmed from improved utilization of the deep-water semisubmersibles Eagle and Falcon and stable operating expenses. The company's earnings per share increased from 21 cents in 2004 to $3.89 in 2009. Analysts polled by Bloomberg expect EPS of $4.02 and $4.24 for 2010 and 2011, respectively.

Of the 21 analysts covering the stock, 10 have buy recommendations, seven have holds and four have sells. Although the stock has gained 34.3% since August 23, it's still trading at an attractive forward P/E of 8.3.

During the past 12 months, the company's return on equity has been 20.5%. This compares with 16.0% for Schlumberger ( SLB), 16.0% for Halliburton ( HAL) 11.0% for National-Oilwell Varco ( NOV) and 14.2% for Transocean ( RIG).

China Petroleum & Chemical ( SNP)

China Petroleum & Chemical, also known as Sinopec, is an integrated energy and chemical company with upstream, midstream, and downstream operations. Sinopec trades on the Hong Kong, New York, London and Shanghai stock exchanges.

For the first three quarters, the company's turnover and net profit surged 59.8% and 11.5%, respectively, on domestic demand for oil and chemical products. Beijing's fuel price hikes have improved Sinopec's overall revenues. However, this increase has been lower than the price increase for crude imports, thereby reducing net profit in comparison with the surge in sales.

Going forward, Sinopec is set to benefit from China's surging oil demand. The country has surpassed the U.S. as the largest oil consumer this year, according to an International Energy Agency report. A decade earlier, China accounted for only about half of the U.S.'s energy consumption.

The stock is trading at an attractive forward P/E of 8.2, in comparison with Petro China's ( PTR) 11.7 and CNOOC's ( CEO) 12.4.

Of the 30 analysts covering the stock, 22 have buy recommendations, and eight have hold recommendations.

ReneSola ( SOL)

China-based ReneSola is a leading global manufacturer of solar wafers and solar power products.

For 2010 second quarter, the company reported a gross profit margin of 30.2%, compared with 17.1% during the first quarter. Meanwhile, revenue increased 22.9% from the first quarter. "Strong market demand coupled with our cost-efficient structure should place ReneSola in a position to increase profitability in the coming quarters," said Xianshou Li, ReneSola's CEO, in a press release.

ReneSola is anticipated to report earnings of 70 cents per share for 2010 and 96 cents per share for 2011, according to analysts polled by Bloomberg, a significant turnaround from losses of 42 cents per share in 2008 and 43 cents per share in 2009.

Of the 10 analysts covering the stock, six have buy recommendations, two have hold recommendations and two have sell recommendations. Over the past one year, the stock's growth was a stellar 236%, while peers returned only 66.1%.

The stock is trading at an attractive forward P/E of 7.5. In comparison, Kyocera ( KYO) has a P/E of 13.9, MEMC Electronic Materials ( WFR) has a P/E of 29.7 and Suntech Power Holdings ( STP) has a P/E of 12.1.

JA Solar Holdings ( JASO)

JA Solar Holdings is a China-based company engaged in the design, development, manufacture and marketing of high-end performance solar energy products. The company has two main solar cell manufacturing facilities. They're located in Ningjin in Hebei Province and Yangzhou in Jiangsu Province. They have a total capacity of 1 gigawatt.

For the quarter ended Sept. 30, the company's shipments exceeded 410 megawatts on strong customer orders, from the earlier guidance of 375 MW given on Aug. 10. The new guidance is 31.8% higher than the shipments in the second quarter, and up 131.6% from the third quarter of 2009.

Early this month, JA Solar announced supply agreements with BP ( BP) solar to supply 185 megawatts of monocrystalline and multicrystalline solar cells in 2010 and through 2011. The company also announced a supply agreement for 13 MW of monocrystalline solar cells with a leading U.S. solar manufacturer.

Focusing on R&D, JA Solar is improving its solar cells conversion efficiency through a commercial launch of "SECIUM" solar cells, which could boost profit margins and improve market traction. In addition, the company, unlike its competitors, met its capital obligations through low-cost borrowings.

Despite gaining 96.0% after testing lows on June 2009, the stock is trading at an attractive forward P/E multiple of 7.4.

Chesapeake Energy ( CHK)

Headquartered in Oklahoma City, Chesapeake Energy is the second-largest producer of natural gas and the most active driller of new wells in U.S.

Recently, the company sold a 33.3% interest in its company's Eagle Ford Shale project in South Texas to China's CNOOC for $1.08 billion cash. Early this year, as a leader in the shale gas technology, Chesapeake struck a similar deal with Total.

The company plans to fund its capital expenditure through these joint ventures in the shale gas space. In the most recent outlook, dated Oct. 12, the company anticipates production increases of 12%-14% for 2010, 16-20% for 2011 and 9-15% for 2012. Production growth will likely remain well above the industry average on continued robust output from the shale gas drilling.

The stock is trading at an attractive P/E multiple of 7.4. In comparison, Cenovus Energy ( CVE) has a P/E of 22.1, EnCana ( ECA) has a P/E of 23.2 and Talisman Energy ( TLM) has a P/E of 27.3.

BP ( BP)

BP is one of the largest energy companies in the world and operates in more than 80 countries. The company produces oil and natural gas, and refines and markets petroleum products.

Between April 23 and June 28, the stock plunged nearly 54.8% because of the costs involved in the massive cleanup of the oil spill disaster in the Gulf of Mexico earlier this year. Since late June, the stock has gained around 51.2%, while the company has been selling assets to pay the costs.

The oil spill weighed heavily on the company's earnings, and BP reported a loss of 91 cents per share in the second quarter. In the third quarter, strong operating performance helped the company to return to profitability.

The company has agreed to sell its upstream and pipeline assets in Venezuela and Vietnam to its 50%-owned Russian joint venture TNK-BP for $1.8 billion cash. BP is progressing toward the halfway mark of its goal of divesting $25 billion to $30 billion by the end of 2011, according to a J.P. Morgan report.

Of the 40 analysts covering the stock, 25 have buy recommendations, 13 have hold recommendations and two have sell recommendations.

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