Bernstein Calls Energy Sector Cheap, Likes Anadarko, Apache, CNOOC, EOG

Strategists at Bernstein issued a note Wednesday morning suggesting stocks in the Energy are currently cheap. The firm's analysts cited a sector multiple at less than 1.2x companies' reserves value; the 10-year average multiple normaly sits around 1.4x. The analysts also pointed at investors being willing to pay a wider premium for North American players compared to companies in Asia. Bernstein believes the Energy group could remain cheap over the near term as commodity prices will likely remain flat and crude oil holds below $90 per barrel. The firm's top picks in the oil and gas sector include: Anadarko APC, Apache APA, CNOOC CEO, EOG Resources EOG and Repsol, to name a few.