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Looking to gain exposure to commodities? One way is through basic materials stocks, although it's important to keep in mind that these stocks are also subject to company risks separate from the prices of their underlying commodities.

We began by screening the basic materials sector for stocks that appear to be undervalued relative to earnings growth, with PEG below 1.

We then screened for those with bullish sentiment from institutional buying, with net positive purchases in the quarter representing at least 2% of share float. This indicates "smart money" investors are bullish on these names' prospects.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

(click to enlarge)

Tool provided by Kapitall.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

List sorted by PEG. List Average 1-Year Return: 13%.

1. Gulfport Energy Corp. (NASDAQ:GPOR): Develops, and produces oil and gas in the Louisiana Gulf Coast. Market cap at $1.7B, most recent closing price at $30.61. PEG at 0.26. Net institutional purchases in the current quarter at 3.7M shares, which represents about 7.16% of the company's float of 51.70M shares.

2. Oil States International Inc. (NYSE:OIS): Provides specialty products and services to the oil and gas drilling and production companies worldwide. Market cap at $4.59B, most recent closing price at $83.94. PEG at 0.27. Net institutional purchases in the current quarter at 2.8M shares, which represents about 5.17% of the company's float of 54.18M shares.

3. C&J Energy Services, Inc. (NYSE:CJES): C&J Energy Services, Inc., through its wholly-owned subsidiary, C&J Spec-Rent Services, Inc., provides specialty equipment services for oil and natural gas exploration and production companies in the Texas, Louisiana, and Oklahoma regions of the United States. Market cap at $1.17B, most recent closing price at $22.21. PEG at 0.29. Net institutional purchases in the current quarter at 4.0M shares, which represents about 11.22% of the company's float of 35.66M shares.

4. Calumet Specialty Products Partners LP (NASDAQ:CLMT): Produces and sells specialty hydrocarbon products in North America. Market cap at $1.67B, most recent closing price at $29.09. PEG at 0.36. Net institutional purchases in the current quarter at 2.0M shares, which represents about 5.28% of the company's float of 37.86M shares.

5. CONSOL Energy Inc. (NYSE:CNX): Engages in the production of multi-fuel energy and provision of energy services primarily to the electric power generation industry in the United States. Market cap at $7.24B, most recent closing price at $31.81. PEG at 0.47. Net institutional purchases in the current quarter at 11.4M shares, which represents about 5.03% of the company's float of 226.50M shares.

6. SandRidge Energy, Inc. (NYSE:SD): Operates as an independent natural gas and oil company in the United States. Market cap at $3.63B, most recent closing price at $7.39. PEG at 0.71. Net institutional purchases in the current quarter at 27.3M shares, which represents about 8.28% of the company's float of 329.83M shares.

7. Oasis Petroleum Inc. (NYSE:OAS): Engages in the acquisition and development of oil and natural gas resources primarily in the Williston Basin. Market cap at $2.9B, most recent closing price at $31.04. PEG at 0.73. Net institutional purchases in the current quarter at 3.6M shares, which represents about 5.07% of the company's float of 70.95M shares.

*Institutional purchase data sourced from Fidelity, all other data sourced from Finviz.

Source: Undervalued Basic Materials Stocks With Institutional Buying