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If you are an equity investor looking for exposure in the commodity markets, the following list might provide you with an interesting staring point for your own analysis.

To compile this list, we started with a universe of about 40 commodity related stocks. We then collected data on levered free cash flow, and identified the companies that had significant levels levered free cash flow when compared to its current market cap. (Note: Levered free cash flow is the free cash flow available to the company after paying interest on outstanding debt. It is a measure of the cash flow that is truly available to the company).

Having this information in mind, which of these companies do you find to be more attractively priced? Full details below.

click for expanded image

List sorted by levered free cash flow as a percentage of market cap.

1. Petrobras Argentina SA (NYSE:PZE): Major Integrated Oil & Gas Industry. Market cap of $2.27B. TTM levered free cashflow at $531.74M, which represents about 23.46% of the company's market cap. Offers a good dividend, and appears to have good liquidity to back it up--dividend yield at 3.08%, current ratio at 1.48, and quick ratio at 1.25. The stock has gained 41.46% over the last year.

2. Exterran Holdings, Inc. (NYSE:EXH): Oil & Gas Equipment & Services Industry. Market cap of $1.50B. TTM levered free cashflow at $294.60M, which represents about 19.65% of the company's market cap. The stock is a short squeeze candidate, with a short float at 10.57% (equivalent to 10.17 days of average volume). The stock has lost 2.43% over the last year.

3. Crosstex Energy Inc. (XTXI): Oil & Gas Refining & Marketing Industry. Market cap of $473.05M. TTM levered free cashflow at $80.68M, which represents about 17.06% of the company's market cap. The stock is a short squeeze candidate, with a short float at 5.38% (equivalent to 7.41 days of average volume). The stock has gained 24.23% over the last year.

4. TPC Group Inc (NASDAQ:TPCG): Chemicals Industry. Market cap of $523.15M. TTM levered free cashflow at $82.00M, which represents about 15.67% of the company's market cap. Might be undervalued at current levels, with a PEG ratio at 0.72, and P/FCF ratio at 6.4. The stock has had a couple of great days, gaining 5.14% over the last week.

5. Gibraltar Industries, Inc. (NASDAQ:ROCK): Steel & Iron Industry. Market cap of $338.96M. TTM levered free cashflow at $52.84M, which represents about 15.59% of the company's market cap. The stock has lost 13.97% over the last year.

6. Ferro Corp. (NYSE:FOE): Specialty Chemicals Industry. Market cap of $1.37B. TTM levered free cashflow at $207.83M, which represents about 15.19% of the company's market cap. This is a risky stock that is significantly more volatile than the overall market (beta = 3.33). The stock has gained 78.72% over the last year.

7. Energy Partners Ltd. (NYSE:EPL): Independent Oil & Gas Industry. Market cap of $719.22M. TTM levered free cashflow at $101.78M, which represents about 14.15% of the company's market cap. Exhibiting strong upside momentum--currently trading 13.69% above its SMA20, 12.56% above its SMA50, and 34.47% above its SMA200. The stock has had a couple of great days, gaining 16.38% over the last week.

8. Gulf Island Fabrication Inc. (NASDAQ:GIFI): Oil & Gas Drilling & Exploration Industry. Market cap of $450.88M. TTM levered free cashflow at $60.05M, which represents about 13.32% of the company's market cap. This is a risky stock that is significantly more volatile than the overall market (beta = 2.29). The stock has gained 62.55% over the last year.

9. CF Industries Holdings, Inc. (NYSE:CF): Agricultural Chemicals Industry. Market cap of $9.11B. TTM levered free cashflow at $1.00B, which represents about 10.97% of the company's market cap. The stock has gained 38.11% over the last year.

10. Grupo Simec S.A.B. de C.V. (NYSEMKT:SIM): Steel & Iron Industry. Market cap of $1.33B. TTM levered free cashflow at $137.89M, which represents about 10.36% of the company's market cap. The stock has lost 3.37% over the last year.

11. Solutia Inc. (NYSE:SOA): Specialty Chemicals Industry. Market cap of $3.01B. TTM levered free cashflow at $307.25M, which represents about 10.21% of the company's market cap. The stock has gained 50.7% over the last year.

*Levered free cash flow data sourced from Yahoo Finance, all other data sourced from Yahoo! Finance.

Source: Value Ideas: 11 Commodity Related Companies With Significant Levered Free Cash Flow