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Do you consider yourself a value investor? If so, we ran a screen looking for potentially undervalued oil and gas drilling stocks that may interest you.

We screened a universe of oil and gas drilling stocks for those that appear undervalued relative to the Graham Number. The Graham Number is a measure of maximum fair value created by the "godfather of value investing," Benjamin Graham.

It is based on a stock's EPS and book value per share (BVPS).

Graham Number = SQRT(22.5 x TTM EPS x MRQ BVPS)

The equation assumes that P/E should not be higher than 15, and P/BV should not be higher than 1.5. Stocks trading well below their Graham Number may be undervalued.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

1. Delek US Holdings Inc. (DK): Engages in refining, wholesaling, and marketing petroleum products in the United States. Market cap at $1.61B, most recent closing price at $26.98. Diluted TTM earnings per share at 3.53, and a MRQ book value per share value at 14.33, implies a Graham Number fair value = sqrt(22.5*3.53*14.33) = $33.74. Based on the stock's price at $25.93, this implies a potential upside of 30.11% from current levels.

2. Marathon Petroleum Corporation (MPC): Engages in refining, transporting, and marketing petroleum products primarily in the United States and internationally. Market cap at $21.3B, most recent closing price at $62.79. Diluted TTM earnings per share at 7.36, and a MRQ book value per share value at 33.83, implies a Graham Number fair value = sqrt(22.5*7.36*33.83) = $74.85. Based on the stock's price at $62.55, this implies a potential upside of 19.66% from current levels.

3. Marathon Oil Corporation (MRO): Operates as an international energy company with operations in the United States, Canada, Africa, the Middle East, and Europe. Market cap at $22.8B, most recent closing price at $32.28. Diluted TTM earnings per share at 2.55, and a MRQ book value per share value at 25.59, implies a Graham Number fair value = sqrt(22.5*2.55*25.59) = $38.32. Based on the stock's price at $32.01, this implies a potential upside of 19.7% from current levels.

4. Tesoro Corporation (TSO): Engages in refining and marketing petroleum products in the United States. Market cap at $6.02B, most recent closing price at $42.85. Diluted TTM earnings per share at 4.19, and a MRQ book value per share value at 31.45, implies a Graham Number fair value = sqrt(22.5*4.19*31.45) = $54.45. Based on the stock's price at $42.54, this implies a potential upside of 28% from current levels.

5. C&J Energy Services, Inc. (CJES): Through its wholly-owned subsidiary, C&J Spec-Rent Services, Inc., provides specialty equipment services for oil and natural gas exploration and production companies in the Texas, Louisiana, and Oklahoma regions of the United States. Market cap at $1.19B, most recent closing price at $22.49. Diluted TTM earnings per share at 3.82, and a MRQ book value per share value at 10.61, implies a Graham Number fair value = sqrt(22.5*3.82*10.61) = $30.20. Based on the stock's price at $21.95, this implies a potential upside of 37.58% from current levels.

6. GulfMark Offshore, Inc. (GLF): Runs a worldwide fleet of vessels offering marine specialty services to offshore oil and natural gas drilling rigs and platforms. Market cap at $960.68M, most recent closing price at $35.66. Diluted TTM earnings per share at 1.82, and a MRQ book value per share value at 39.4, implies a Graham Number fair value = sqrt(22.5*1.82*39.4) = $40.17. Based on the stock's price at $34.71, this implies a potential upside of 15.72% from current levels.

*EPS and BVPS data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 6 Oil And Gas Stocks Undervalued Compared To The Graham Number