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One of the most traditional value sectors is utilities, whose stocks often pay large dividends and trade at lower valuations. For a closer look at the sector, we ran a screen.

Based on the theoretical assumption that P/E is equal to a constant k, it follows that increases in EPS should be matched by proportionate increases in price. When they don't match up, a mispricing may have occurred. That is, when earnings rise faster than price, the stock may be undervalued.

We ran a screen on utilities to find those that appear undervalued based on this assumption, with increases in EPS exceeding increases in price over the last 30 days.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Do you think these stocks have more value to price in? Use this list as a starting point for your own analysis.

1. Ameren Corporation (NYSE:AEE): Operates as a public utility company in Missouri and Illinois, the United States. The EPS estimate for the company's current year increased from 2.32 to 2.35 over the last 30 days, an increase of 1.29%. This increase came during a time when the stock price changed by -0.38% (from 31.73 to 31.61 over the last 30 days).

2. American States Water Company (NYSE:AWR): Provides water, electric, and contracted services in the United States. The EPS estimate for the company's current year increased from 2.22 to 2.24 over the last 30 days, an increase of 0.9%. This increase came during a time when the stock price changed by -1.03% (from 37.05 to 36.67 over the last 30 days).

3. CH Energy Group Inc. (NYSE:CHG): Engages in the electric utility, natural gas utility, and fuel distribution business. The EPS estimate for the company's current year increased from 3.15 to 3.22 over the last 30 days, an increase of 2.22%. This increase came during a time when the stock price changed by 0.68% (from 66.22 to 66.67 over the last 30 days).

4. DTE Energy Co. (NYSE:DTE): Operates as an electric and natural gas utility company in Michigan. The EPS estimate for the company's current year increased from 3.76 to 3.79 over the last 30 days, an increase of 0.8%. This increase came during a time when the stock price changed by 0.44% (from 54.34 to 54.58 over the last 30 days).

5. Edison International (NYSE:EIX): Engages in the supply of electric energy in central, coastal, and southern California. The EPS estimate for the company's current year increased from 2.44 to 2.5 over the last 30 days, an increase of 2.46%. This increase came during a time when the stock price changed by 1.58% (from 41.68 to 42.34 over the last 30 days).

6. EQT Corporation (NYSE:EQT): Operates as an integrated energy company in the United States. The EPS estimate for the company's current year increased from 2.27 to 2.3 over the last 30 days, an increase of 1.32%. This increase came during a time when the stock price changed by -3.24% (from 52.71 to 51 over the last 30 days).

7. Exelon Corp. (NYSE:EXC): Operates as a utility services holding company in the United States. The EPS estimate for the company's current year increased from 3.04 to 3.08 over the last 30 days, an increase of 1.32%. This increase came during a time when the stock price changed by -0.23% (from 38.92 to 38.83 over the last 30 days).

8. FirstEnergy Corp. (NYSE:FE): Operates as a diversified energy company. The EPS estimate for the company's current year increased from 3.29 to 3.41 over the last 30 days, an increase of 3.65%. This increase came during a time when the stock price changed by 1.84% (from 43.4 to 44.2 over the last 30 days).

9. National Grid plc (NYSE:NGG): Operates regulated electricity and gas infrastructure networks in the United Kingdom and northeastern United States. The EPS estimate for the company's current year increased from 3.97 to 3.99 over the last 30 days, an increase of 0.5%. This increase came during a time when the stock price changed by -1.2% (from 50.85 to 50.24 over the last 30 days).

10. NRG Energy, Inc. (NYSE:NRG): Operates as a wholesale power generation company. The EPS estimate for the company's current year increased from 0.78 to 0.82 over the last 30 days, an increase of 5.13%. This increase came during a time when the stock price changed by -7.26% (from 17.77 to 16.48 over the last 30 days).

11. ONEOK Inc. (NYSE:OKE): Operates as a natural gas distributor primarily in the United States. The EPS estimate for the company's current year increased from 3.68 to 3.72 over the last 30 days, an increase of 1.09%. This increase came during a time when the stock price changed by -0.52% (from 83.26 to 82.83 over the last 30 days).

12. Southern Union Co. (NYSE:SUG): Engages in the gathering, processing, transportation, storage, and distribution of natural gas in the United States. The EPS estimate for the company's current year increased from 2.02 to 2.03 over the last 30 days, an increase of 0.5%. This increase came during a time when the stock price changed by -0.66% (from 43.87 to 43.58 over the last 30 days).

13. Southwest Gas Corporation (NYSE:SWX): Engages in the purchase, distribution, and transportation of natural gas in Arizona, Nevada, and California. The EPS estimate for the company's current year increased from 2.57 to 2.65 over the last 30 days, an increase of 3.11%. This increase came during a time when the stock price changed by 0.19% (from 42.52 to 42.6 over the last 30 days).

14. UIL Holdings Corporation (NYSE:UIL): Operates in the energy sector in the United States. The EPS estimate for the company's current year increased from 2.19 to 2.2 over the last 30 days, an increase of 0.46%. This increase came during a time when the stock price changed by -2.53% (from 35.58 to 34.68 over the last 30 days).

15. Aqua America Inc. (NYSE:WTR): Operates regulated utilities that provide water or wastewater services in the United States. The EPS estimate for the company's current year increased from 1.08 to 1.09 over the last 30 days, an increase of 0.93%. This increase came during a time when the stock price changed by -0.86% (from 22.13 to 21.94 over the last 30 days).

*Author owns shares of EIX and has no plans to change his position in the next 72 hours. EPS data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 15 Utilities Stocks Undervalued By EPS Trends