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The following is a list of stocks approaching 52-week highs. Despite the upward momentum in these names, they all have PEG ratios below 1, signaling that they might be undervalued.

In addition, all of these stocks have bullish options open interest, i.e. a large number of open call option positions relative to put option positions.

Options traders seem to think there's more upside to these names, what do you think?

PEG ratios sourced from Finviz, options data sourced from Scaheffer's.

click for expanded image

The list has been sorted by the Put/Call ratio.

1. American Financial Group Inc. (NYSE:AFG): Property & Casualty Insurance Industry. Market cap of $3.35B. The stock is -1.68% below its 52-week high, with a PEG ratio of 0.79. Call open interest at 862 contracts vs. put open interest at 58 contracts (Put/Call ratio at 0.07).

2. The Ensign Group, Inc. (NASDAQ:ENSG): Long-Term Care Facilities Industry. Market cap of $377.03M. The stock is -3.74% below its 52-week high, with a PEG ratio of 0.72. Call open interest at 1,012 contracts vs. put open interest at 75 contracts (Put/Call ratio at 0.07).

3. Canon Inc. (NYSE:CAJ): Photographic Equipment & Supplies Industry. Market cap of $57.84B. The stock is -2.95% below its 52-week high, with a PEG ratio of 0.97. Call open interest at 111 contracts vs. put open interest at 12 contracts (Put/Call ratio at 0.11).

4. Sapient Corp. (NASDAQ:SAPE): Business Software & Services Industry. Market cap of $1.67B. The stock is -2.6% below its 52-week high, with a PEG ratio of 0.89. Call open interest at 657 contracts vs. put open interest at 114 contracts (Put/Call ratio at 0.17).

5. Safety Insurance Group Inc. (NASDAQ:SAFT): Property & Casualty Insurance Industry. Market cap of $692.12M. The stock is -1.37% below its 52-week high, with a PEG ratio of 0.84. Call open interest at 72 contracts vs. put open interest at 13 contracts (Put/Call ratio at 0.18).

6. MetroPCS Communications, Inc. (PCS): Wireless Communications Industry. Market cap of $3.78B. The stock is -4.89% below its 52-week high, with a PEG ratio of 0.85. Call open interest at 63,090 contracts vs. put open interest at 15,133 contracts (Put/Call ratio at 0.24).

7. DST Systems Inc. (NYSE:DST): Information & Delivery Services Industry. Market cap of $2.16B. The stock is -0.15% below its 52-week high, with a PEG ratio of 0.77. Call open interest at 1,159 contracts vs. put open interest at 349 contracts (Put/Call ratio at 0.3).

8. Dril-Quip, Inc. (NYSE:DRQ): Oil & Gas Equipment & Services Industry. Market cap of $2.71B. The stock is -3.96% below its 52-week high, with a PEG ratio of 0.91. Call open interest at 3,316 contracts vs. put open interest at 1,003 contracts (Put/Call ratio at 0.3).

9. Aspen Insurance Holdings Ltd. (NYSE:AHL): Property & Casualty Insurance Industry. Market cap of $2.39B. The stock is -1.58% below its 52-week high, with a PEG ratio of 0.7. Call open interest at 143 contracts vs. put open interest at 45 contracts (Put/Call ratio at 0.31).

10. Horace Mann Educators Corp. (NYSE:HMN): Property & Casualty Insurance Industry. Market cap of $742.3M. The stock is -0.95% below its 52-week high, with a PEG ratio of 0.86. Call open interest at 30 contracts vs. put open interest at 10 contracts (Put/Call ratio at 0.33).

11. Tyco Electronics, Ltd. (NYSE:TEL): Diversified Electronics Industry. Market cap of $13.91B. The stock is -4.54% below its 52-week high, with a PEG ratio of 0.71. Call open interest at 8,875 contracts vs. put open interest at 3,563 contracts (Put/Call ratio at 0.4).

12. Warner Chilcott plc (NASDAQ:WCRX): Drug Manufacturer. Market cap of $6.14B. The stock is -3.87% below its 52-week high, with a PEG ratio of 0.77. Call open interest at 13,024 contracts vs. put open interest at 5,608 contracts (Put/Call ratio at 0.43).

13. Limited Brands, Inc. (LTD): Apparel Stores Industry. Market cap of $9.38B. The stock is -3.01% below its 52-week high, with a PEG ratio of 0.94. Call open interest at 41,934 contracts vs. put open interest at 18,189 contracts (Put/Call ratio at 0.43).

14. Axis Capital Holdings Ltd. (NYSE:AXS): Property & Casualty Insurance Industry. Market cap of $4.1B. The stock is -1.27% below its 52-week high, with a PEG ratio of 0.78. Call open interest at 829 contracts vs. put open interest at 421 contracts (Put/Call ratio at 0.51).

15. Methanex Corp. (NASDAQ:MEOH): Specialty Chemicals Industry. Market cap of $2.51B. The stock is -0.29% below its 52-week high, with a PEG ratio of 0.91. Call open interest at 1,671 contracts vs. put open interest at 882 contracts (Put/Call ratio at 0.53).

Disclosure: No positions

Source: 15 Undervalued Rally Stocks With Bullish Options Sentiment