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Do you consider yourself a value investor, always looking for underestimated and potentially undervalued names? For ideas on how to start your own value search, we ran a screen.

We began by screening the utilities sector for stocks with strong upward momentum, trading above their 20-day, 50-day, and 200-day moving averages.

We then screened for those that also 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 off of 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.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the 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 should be trading higher? Use this list as a starting point for your own analysis.

List sorted by potential upside implied by the Graham Number.

1. CenterPoint Energy, Inc. (NYSE:CNP): Operates as a public utility holding company in the United States. Market cap at $8.47B, most recent closing price at $20.15. The stock is currently trading 1.82% above its 20-day moving average, 3.48% above its 50-day MA, and 5.07% above its 200-day MA. Diluted TTM earnings per share at 3.16, and a MRQ book value per share value at 10.03, implies a Graham Number fair value = sqrt(22.5*3.16*10.03) = $26.70. Based on the stock's price at $20.17, this implies a potential upside of 32.4% from current levels.

2. American States Water Company (NYSE:AWR): Provides water, electric, and contracted services in the United States. Market cap at $697.07M, most recent closing price at $37.01. The stock is currently trading 2.60% above its 20-day moving average, 2.31% above its 50-day MA, and 5.80% above its 200-day MA. Diluted TTM earnings per share at 2.55, and a MRQ book value per share value at 40.11, implies a Graham Number fair value = sqrt(22.5*2.55*40.11) = $47.97. Based on the stock's price at $37.15, this implies a potential upside of 29.13% from current levels.

3. Great Plains Energy Incorporated (NYSE:GXP): Engages in the generation, transmission, distribution, and sale of electricity in the United States. Market cap at $2.77B, most recent closing price at $20.37. The stock is currently trading 1.03% above its 20-day moving average, 1.40% above its 50-day MA, and 1.87% above its 200-day MA. Diluted TTM earnings per share at 1.18, and a MRQ book value per share value at 21.53, implies a Graham Number fair value = sqrt(22.5*1.18*21.53) = $23.91. Based on the stock's price at $20.4, this implies a potential upside of 17.2% from current levels.

4. Public Service Enterprise Group Inc. (NYSE:PEG): Operates in the energy industry primarily in the northeastern and mid Atlantic United States. Market cap at $16.01B, most recent closing price at $31.69. The stock is currently trading 1.49% above its 20-day moving average, 3.70% above its 50-day MA, and 1.12% above its 200-day MA. Diluted TTM earnings per share at 2.89, and a MRQ book value per share value at 21, implies a Graham Number fair value = sqrt(22.5*2.89*21) = $36.95. Based on the stock's price at $31.89, this implies a potential upside of 15.88% from current levels.

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

Source: 4 Rallying Utilities Stocks Undervalued By The Graham Number