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).

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