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Do you consider yourself a value investor, always searching for stocks that appear to be underestimated and undervalued by the market? For a closer look at potentially undervalued names, we ran a screen.

We began by screening the basic materials sector for stocks with very positive market sentiment, outperforming the market with at least 20% return over the last quarter.

We then screened these names for those that still appear undervalued relative to their EPS trends. Based on the assumption that P/E is equal to a constant k, increases in EPS should be matched by increases in price. When they don't match up, a mispricing may have occurred.

We screened for stocks with faster growth in EPS estimates than price over the last month, which may indicate that these names are being undervalued.

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.

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks will continue to rally higher? Use this list as a starting point for your own analysis.

List sorted by increase in EPS estimate over the last month.

1. Penford Corporation (NASDAQ:PENX): Engages in the development, manufacture, and marketing of specialty natural-based ingredient systems for industrial and food ingredient applications primarily in the United States. Market cap at $102.59M, most recent closing price at $8.30.Performance over the last quarter at 45.10%. The EPS estimate for the company's current year increased from 0.15 to 0.2 over the last 30 days, an increase of 33.33%. This increase came during a time when the stock price changed by 16.72% (from 6.76 to 7.89 over the last 30 days).

2. Helix Energy Solutions Group, Inc. (NYSE:HLX): Operates as an offshore energy company. Market cap at $2.16B, most recent closing price at $20.41.Performance over the last quarter at 23.92%. The EPS estimate for the company's current year increased from 1.69 to 2.19 over the last 30 days, an increase of 29.59%. This increase came during a time when the stock price changed by 13.99% (from 17.8 to 20.29 over the last 30 days).

3. Cytec Industries Inc. (NYSE:CYT): Engages in developing, manufacturing, and selling chemical products worldwide. Market cap at $2.92B, most recent closing price at $63.57.Performance over the last quarter at 26.58%. The EPS estimate for the company's current year increased from 4.05 to 4.58 over the last 30 days, an increase of 13.09%. This increase came during a time when the stock price changed by 5.63% (from 60.79 to 64.21 over the last 30 days).

4. TPC Group Inc (NASDAQ:TPCG): Produces specialized lines of chemical products to chemical and petroleum based companies worldwide. Market cap at $656.99M, most recent closing price at $41.98.Performance over the last quarter at 27.75%. The EPS estimate for the company's current year increased from 2.82 to 3.09 over the last 30 days, an increase of 9.57%. This increase came during a time when the stock price changed by -9.5% (from 44.21 to 40.01 over the last 30 days).

5. Ecopetrol SA (NYSE:EC): Operates as an integrated oil company in Colombia, Peru, Brazil, and the U. Market cap at $130.93B, most recent closing price at $64.70. Performance over the last quarter at 35.07%. The EPS estimate for the company's current year increased from 4.46 to 4.77 over the last 30 days, an increase of 6.95%. This increase came during a time when the stock price changed by 3.31% (from 61.09 to 63.11 over the last 30 days).

6. Delek US Holdings Inc. (NYSE:DK): Engages in refining, wholesaling, and marketing petroleum products in the United States. Market cap at $948.5M, most recent closing price at $16.30. Performance over the last quarter at 33.83%. The EPS estimate for the company's current year increased from 2.39 to 2.55 over the last 30 days, an increase of 6.69%. This increase came during a time when the stock price changed by 5.48% (from 15.51 to 16.36 over the last 30 days).

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

Source: 6 Outperforming Basic Materials Stocks Undervalued By EPS Trends