With Organization of the Petroleum Exporting Countries (OPEC) cutting crude oil production by two million barrels per day, the fundamental framework for oil stocks to buy just turned positive. Naturally, the cut drew criticism from the U.S. as higher hydrocarbon prices helps Russia’s military aggression in Ukraine. As well, price hikes cause pain for consumers.

Another factor that will likely bolster oil stocks to buy is the aforementioned war in Ukraine. On the battlefield, the Ukrainians gained significant momentum, retaking vast chunks of territory. Representing an embarrassment to the Russians, the Kremlin decided to double down. Therefore, geopolitical forces will likely constrain supply, which will probably send hydrocarbon energy prices higher. If a silver lining exists, it’s that not all hydrocarbon players represent overbought enterprises. Indeed, the below oil stocks to buy are great names at great prices.

Chevron (CVX)

One of the world’s biggest oil stocks to buy, Chevron (NYSE:CVX) covers every area of the oil and gas industries. As of the close of the Oct. 12 session, CVX gained 32% on a year-to-date basis. Still, over the trailing six months, CVX lost a bit over 8%. This means that prospective investors can secure a relative deal before the hydrocarbon sector rises decisively.

Being a vertically integrated company, Chevron enjoys a level of confidence and stability that many other oil stocks to buy can’t match. For instance, the company offers a forward yield of 3.57%. Moreover, Chevron feature 35 years of consecutive dividend increases.

Better yet, Gurufocus.com labels CVX modestly undervalued based on the investor resource platform’s proprietary calculations. Although Chevron’s revenue performance could use some shoring up relative to the industry, it features solid profitability metrics. For example, the company’s return on equity stands at 20.5%, ranking better than nearly 72% of the competition. This also reflects Chevron’s higher quality business.

Finally, the oil giant enjoys a robust balance sheet, particularly a debt-to-EBITDA ratio of 0.46 that sits favorably below 81% of the industry.

Shell (SHEL)

Another top name among oil stocks to buy, Shell (NYSE:SHEL) represents one of the industry’s supermajors. By revenue and by profits, Shell consistently ranks among the world’s biggest companies. Since the start of this year, SHEL gained just under 13%. However, in the trailing six-month period, SHEL slipped nearly 12%, reflecting a relative discount before hydrocarbon prices surge.

According to data from Dividend.com, Shell offers a forward yield of just under 4%. That’s a solid figure that will entice at least some investors. Still, it’s fair to point out that its years of consecutive dividend increases is zero. Therefore, management does have something to prove in the passive income department.

Setting that issue aside, Gurufocusc.om labels SHEL modestly undervalued – and that’s against traditional metrics. The company’s forward price-earnings ratio pings at 4.6%, below the industry median of 6.6%. As well, Shell provides solid profitability metrics, including a return on equity of 21.6%. Here, the industry median is 7.4%.

Enbridge (ENB)

Enbridge (NYSE:ENB) is a multinational pipeline company. It owns and operates pipelines throughout Canada and the U.S., transporting crude oil, natural gas and natural gas liquids. Despite its broader relevance, ENB finds itself down a little over 9% for the year. In the trailing six months, ENB slipped over 23%.

Still, such red ink might attract contrarians seeking compelling oil stocks to buy. What should really grab their attention is Enbridge’s staggeringly high forward yield. At 7.26%, it easily exceeds the energy average yield of 4.24%. Nevertheless, some caution is warranted as the company features zero years of consecutive dividend increases. According to Gurufocus.com, ENB is modestly undervalued based on proprietary calculations. Financially, Enbridge is geared as a profitability machine. For instance, its net margin stands at 10.2%, ranking better than 63% of the competition. In addition, the company enjoys at least 10 years of profitability.

Kinder Morgan (KMI)

Oone of the largest energy infrastructure companies in North America, Kinder Morgan (NYSE:KMI) specializes in owning and controlling oil and gas pipelines and terminals. Specifically, the company owns an interest in or operates approximately 83,000 miles of pipelines and 143 terminals. Since the beginning of this year, KMI only gained a little over 4%, representing a relative deal compared to a possible surge in demand over the horizon.

As with other midstream players, Kinder Morgan appeals to investors of oil stocks to buy because of passive income opportunities. Per Dividend.com, the company offers a forward yield of 6.5%, conspicuously exceeding the industry average. It features five years of consecutive dividend increases; not particularly outstanding but not zero either.

Per Gurufocus.com, KMI rates as modestly undervalued based on proprietary assessments. Financially, Kinder Morgan’s greatest strength lies in the bottom line. Its net margin of 13.8% ranks higher than nearly 68% of the competition. However, it also features strengths on the top line. For instance, the company’s three-year free cash flow (FCF) growth rate stands at 26.5%. This contrasts favorably with the industry median of 10.1%.

Petrobras (PBR)

Based in Brazil, Petrobras (NYSE:PBR) as the company is best known as specializes in petroleum and petroleum-related products. It’s also involved in natural gas, lubricants, biofuels and fertilizers, the latter which could be significant given food-commodity shortages. However, investors should realize that PBR features a higher risk profile than other oil stocks to buy because of its domestic politics.

However, recent rumblings in the country’s presidential election process may bode well for Petrobras. We’ll have to see how circumstances hold up. For now, PBR features a YTD performance of almost 25% up, which is decent considering the circumstances. However, according to Dividend.com, Petrobras suspended its dividend payouts, which represents a drag.

Nevertheless, if you’re seeking undervalued oil stocks to buy and are willing to accept volatility risks, PBR could be interesting. According to Gurufocus.com, it rates as modestly undervalued, particularly based on traditional metrics. For instance, the security’s forward PE ratio pings at just under 4 times. As mentioned earlier, the industry median is 6.6 times. Plus, Petrobras enjoys strong growth and profitability trends that geopolitical forces will likely bolster. As a bonus, it also features decent strengths in the balance sheet, especially a debt-to-EBITDA ratio of 0.85 that slips favorably below 71% of the competition.

Suncor Energy (SU)

Suncor Energy (NYSE:SU) specializes in production of synthetic crude from oil sands. With hydrocarbon energy supply chains becoming a massively important topic, Suncor’s primary business commands fundamental relevance. For the year, SU gained nearly 22%, representing one of the solid performers among major oil stocks to buy.

Notably, though, in the trailing six months, SU declined by over 6%. While not the most impressive discount, investors may want to take what they can get before the hydrocarbon sector potentially shoots much higher. According to Dividend.com, Suncor offers a forward yield of 4.6%. That’s slightly above average for the industry. However, the company lacks consecutive years of dividend increase.

Per Gurufocus.com, Suncor features a modestly undervalued business. Currently, the company’s PE ratio pings at 6.5%, below the industry median’s 8.7%. Also, Suncor’s price-to-FCF ratio stands at 6.2 times. The median for the industry is 8.5 times, reflecting decent value.

Valero Energy (VLO)

Valero Energy (NYSE:VLO) is an international manufacturer and marketer of transportation fuels, other petrochemical products, and power. Throughout the U.S. and Canada, Valero owns and operates 15 refineries. It also has one in Wales. Since the start of this year, VLO gained an impressive 49%. Therefore, it’s one of those energy stocks to buy that may ride higher on present momentum.

Based on present charting data, there may still be time to get on this train before it takes off again. In the trailing month, VLO gained “only” 3.5%. In addition to its capital gains potential, Valero provides something for the passive income folks. Per Dividend.com, the company offers a forward yield of 3.4%. Moreover, it features 10 years of consecutive dividend increases.

According to Gurufocus.com, VLO rates as modestly undervalued. Presently, its PE ratio is 6.6 times, below the industry median 8.7 times. Further, the company offers a high-quality profile. Its return on equity stands at nearly 38%. That’s well above the industry median of 7.4%.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.