In this piece, we discuss the 8 Undervalued Infrastructure Stocks to Buy Now.
Infrastructure investing is having a defining moment, with the PwC-Oxford Economics Global Infrastructure Outlook, published on May 5, 2026, estimating that the U.S. alone requires a baseline of $32.7 trillion in infrastructure investment through 2050, rising to $42 trillion under a desired spending benchmark that would put the country on par with high-performing peers. Annual U.S. infrastructure spending is forecast to climb from $952 billion in 2024 to $1.5 trillion by 2050, a 60% increase, with power infrastructure alone requiring a $7.7 trillion (cumulative spending by 2050) as electricity demand is projected to rise 150% from the data center boom and AI workloads.
That capital cycle is colliding with a rapidly shifting geopolitical backdrop.
On June 15, 2026, Reuters reported that the U.S. and Iran agreed to end their war and reopen the Strait of Hormuz, sending Brent crude down 5% to $83 a barrel, well off its May peak of $126.41. The deal drove global equity markets higher, with Saxo Bank strategist John Hardy calling it “about as supportive as you can get” for market sentiment, and eased pressure on central banks meeting this week to tighten policy against energy-driven inflation.
For infrastructure investors, the combination of a multi-decade domestic spending mandate and a de-escalating energy shock creates a backdrop where quality names trading at depressed valuations deserve a closer look. Thus, let’s jump to our list of the undervalued infrastructure stocks to buy now.
Our Methodology
To curate our list for this article, we screened ETFs and financial media to identify infrastructure stocks trading at a forward price-to-earnings multiple at least 25% below the S&P 500’s multiple of 25.10x, as of June 12, 2026. Additionally, we incorporated hedge fund sentiment surrounding the stocks, using Insider Monkey’s hedge fund database, which tracks over 1,000 elite hedge fund managers as of Q1 2026. Our list is ranked in descending order by forward P/E multiple.
Note: All data sourced on June 15, 2026.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Insider Monkey’s quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).
8. ONEOK, Inc. (NYSE:OKE)
Forward Price-to-Earnings Multiple: 16.23x
Number of Hedge Fund Holders: 50
ONEOK, Inc. (NYSE:OKE) ranks among the undervalued infrastructure stocks to buy now. The pipeline operator has drawn bullish notes from Wall Street, as analysts point to a stronger-than-expected first quarter and an improved 2026 outlook.
On May 27, 2026, BofA raised its price target on ONEOK, Inc. to $96 from $94 and kept a “Buy” rating on the shares. The midstream group’s results came in broadly better than anticipated, the analyst said, with several names posting beats and raising guidance midpoints in a Q1 earnings recap.
That view followed a May 13, 2026, note from Goldman Sachs, which raised its price target on ONEOK, Inc. to $88 from $85 while maintaining a “Neutral” rating.
The firm adjusted its estimates after ONEOK, Inc.’s first quarter topped expectations on optimization benefits and stronger Bakken results. ONEOK management had raised its 2026 EBITDA guidance by 2% to a range of $8.0 billion to $8.5 billion, and Goldman now forecasts $8.516 billion, above the $8.281 billion consensus. The firm also projects a 3% compound annual growth rate in EBITDA from 2025 through 2030.
Earlier in May, Truist analyst Gabe Daoud raised the firm’s price target on ONEOK, Inc. to $93 from $91 while maintaining a “Hold” rating, citing spread optimization that drove the quarter’s upside, though he flagged commodity price volatility and a possible narrowing of spreads as new Permian pipeline capacity comes online.
ONEOK, Inc. gathers, fractionates, processes, transports, stores, and markets natural gas. The company’s operations are divided into the following segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines.
7. Vistra Corp. (NYSE:VST)
Forward Price-to-Earnings Multiple: 16.23x
Number of Hedge Fund Holders: 106
Vistra Corp. (NYSE:VST) is one of the undervalued infrastructure stocks to buy now. Vistra’s selection as the preferred power provider for a $10 billion KKR-backed AI infrastructure venture underscores its growing role in powering the AI economy.
On June 11, 2026, a KKR-led group launched Helix Digital Infrastructure, a new company backed by more than $10 billion in committed capital aimed at financing AI infrastructure build-out.
Vistra is an anchor investor in the venture and has been named Helix’s preferred power provider, positioning it alongside Nvidia, which will contribute AI data-center design expertise, and the Kuwait Investment Authority. Helix is led by former Amazon Web Services CEO Adam Selipsky, who stepped down from that role in May 2024 after reportedly doubling AWS’s sales and operating profit since 2021.
The launch reflects a broader push by private capital into AI infrastructure as surging U.S. data-center construction strains power supply and tightens electronics components. KKR’s infrastructure platform manages over $100 billion in assets, including more than $70 billion across digital and power. Helix can bring in additional institutional investors once founding commitments close.
That backdrop gave added weight to an earlier analyst move. On May 21, 2026, Morgan Stanley raised its price target on Vistra to $212 from $208, keeping an “Overweight” rating, as part of a broader update to North American Regulated and Diversified Utilities and IPP price targets. The firm noted utilities underperformed the S&P 500 that month.
Vistra Corp. is one of the largest competitive power generators in the United States. The company operates a power generation fleet of natural gas, nuclear, coal, solar, and battery energy storage facilities in the country.
6. Cheniere Energy, Inc. (NYSE:LNG)
Forward Price-to-Earnings Multiple: 15.77x
Number of Hedge Fund Holders: 74
Cheniere Energy, Inc. (NYSE:LNG) ranks among the undervalued infrastructure stocks to buy now. A series of recent developments makes the bull case hard to miss.
On June 5, 2026, Raymond James added Cheniere Energy, Inc. to its list of current favorite stock ideas, removing Energy Transfer LP in the process. The firm cited a strong near- and long-term story and said shares were trading at levels it found too attractive to ignore.
That endorsement followed a move by JPMorgan on June 3, 2026, when the bank raised its price target on Cheniere Energy, Inc. to $327 from $325 and kept an “Overweight” rating. JPMorgan framed the stock’s recent softness as a long-term buying opportunity.
Meanwhile, Cheniere Energy, Inc. was active in the debt markets.
On June 9, 2026, Cheniere Energy, Inc. closed a private offering of $1.75 billion in senior unsecured notes, structured in two tranches: $1 billion of 5.350% notes due 2036 and $750 million of 6.050% notes due 2056. The notes are guaranteed by subsidiaries backing the partnership’s revolving credit facility and rank equally with other senior debt. Standard covenants cover liens, sale-leasebacks, and structural changes, while make-whole call provisions and par redemption options apply after specified dates.
In connection with the offering, Cheniere Energy, Inc. entered into an agreement, committing to exchange the privately placed notes for registered securities or pursue a shelf registration. Failure to meet agreed timelines would trigger additional interest payments to noteholders.
Cheniere Energy, Inc. is the largest producer of liquefied natural gas in the United States and the second-largest LNG operator in the world.
5. NRG Energy, Inc. (NYSE:NRG)
Forward Price-to-Earnings Multiple: 11.88x
Number of Hedge Fund Holders: 76
NRG Energy, Inc. (NYSE:NRG) is one of the undervalued infrastructure stocks to buy now. The stock’s sharp pullback has drawn attention, but the underlying fundamentals tell a more nuanced story.
On June 10, 2026, NRG Energy, Inc. hit a 52-week low of $120.11, extending a decline of more than 20% year-to-date and nearly 17% over the past year. Despite the slide, over 80% of covering analysts remain constructive on the stock, with a median price target of $200.
The most recent analyst move came on May 21, 2026, when Morgan Stanley raised its price target on NRG Energy, Inc. to $162 from $159 while keeping an Equal Weight rating, as part of a broader update to North American utility and IPP targets. The firm noted utilities underperformed the S&P 500 that month.
That update followed a difficult first quarter. On May 6, 2026, NRG Energy, Inc. reported Q1 revenue of $10.26 billion, up from $8.59 billion a year earlier, but adjusted EPS of $1.49 missed the consensus estimate of $1.78. Operating costs rose 33.4% to $9.93 billion, and interest expenses climbed to $285 million from $163 million, reflecting costs tied to the $12 billion acquisition of LS Power generation assets. Texas adjusted EBITDA fell 27.8% to $216 million amid a nearly 30% drop in heating degree days, while East segment EBITDA slipped 2% to $464 million due to higher power supply costs during Winter Storm Fern.
NRG Energy, Inc. expects its 415-megawatt T.H. Wharton facility in Texas to begin commercial operations by the end of May and now sees up to 2 gigawatts of uprate and conversion opportunities within its existing fleet, up from nearly 1 gigawatt previously disclosed.
NRG Energy, Inc. is a utilities company that specializes in energy and home services through its Texas, East, West/Other, Vivint Smart Home, and Corporate Activities segments. The company provides its services to a diverse range of customers, from data centers to wholesale.
4. AECOM (NYSE:ACM)
Forward Price-to-Earnings Multiple: 10.41x
Number of Hedge Fund Holders: 49
AECOM (NYSE:ACM) ranks among the undervalued infrastructure stocks to buy now. The stock looks cheap on the surface, but the debate right now is whether that discount is an opportunity or a trap.
On May 19, 2026, Barclays lowered its price target on AECOM to $90 from $110, keeping an “Equal Weight” rating after the fiscal second-quarter report. The firm acknowledged the company’s record of strong multi-year growth and free cash flow, but said those qualities were being overshadowed by an asset-light re-rating and a lack of near-term catalysts. Barclays described the stock as optically cheap but without a clear re-rating path.
Against that backdrop, AECOM has kept moving.
On June 10, 2026, AECOM entered into a new $500 million revolving credit agreement with a lender syndicate led by Bank of America, maturing June 9, 2028, with no borrowings outstanding at inception. The facility is secured by assets of AECOM and certain subsidiaries, carries leverage-based pricing and unused commitment fees, and includes a maximum consolidated leverage ratio covenant of 4.0 to 1, reinforcing the company’s liquidity while imposing standard financial discipline.
Then on June 12, 2026, AECOM appointed David Rottblatt as Senior Vice President and Director of Strategic Private Sector Client Growth in its Aviation Market Sector. Based in California, Rottblatt will focus on expanding AECOM’s reach across private sector aviation clients and emerging aviation markets. He joins from Supernal, where he served as Chief Operating Officer, and brings more than two decades of leadership experience, including 15 years in the global aviation industry.
AECOM delivers expert infrastructure consulting services to commercial and government organizations. Its services portfolio includes advising and consultation, engineering solutions, construction, and management services. It provides these services across various segments, including transportation, water, and energy. It is also involved in developing and investing in real estate ventures.
3. PG&E Corporation (NYSE:PCG)
Forward Price-to-Earnings Multiple: 10.28x
Number of Hedge Fund Holders: 80
PG&E Corporation is one of the undervalued infrastructure stocks to buy now. Two analysts recently trimmed their price targets on the stock, yet the underlying demand story has not gone quiet.
On May 21, 2026, Morgan Stanley lowered its price target on PG&E Corporation to $22 from $23, keeping an “Equal Weight” rating, as part of a broader update to North American Regulated and Diversified Utilities and IPP targets.
Three days earlier, on May 18, 2026, Truist made the same price target move, cutting to $22 from $23 while keeping a “Buy” rating on PG&E Corporation. The adjustment came as part of a broader model update ahead of the American Gas Association’s Financial Forum. Truist noted the sector is now in year three of the data center wave, with investment and growth expectations continuing to climb. The firm views vertically integrated electric utilities as clear winners in building the infrastructure needed to serve that load growth.
Meanwhile, PG&E Corporation added a milestone of its own. On June 4, 2026, the company announced it had surpassed 1 million customers with solar systems connected to its electric grid. Jason Glickman, Executive Vice President of Strategy and Growth, said PG&E has enabled more solar adoption than any utility in the country.
PG&E Corporation sells electricity and natural gas across the U.S. market. The company uses fossil fuel-fired, fuel cells, photovoltaic, nuclear, and hydroelectric sources to generate electricity. It serves residential, commercial, industrial, and agricultural customers, as well as natural gas-fired electricity generation facilities. The company operates through various interconnected transmission lines.
2. Venture Global, Inc. (NYSE:VG)
Forward Price-to-Earnings Multiple: 9.24x
Number of Hedge Fund Holders: 50
Venture Global, Inc. (NYSE:VG) ranks among the undervalued infrastructure stocks to buy now. With geopolitical tensions reshaping global energy flows, Venture Global is finding itself in the middle of a trade that the market may not yet fully appreciate.
On June 4, 2026, JPMorgan upgraded Venture Global, Inc. to “Overweight” from “Neutral” and raised its price target to $17 from $16. The firm cited the Middle East conflict as having reset the LNG supply and demand backdrop, inducing significant volatility and underscoring the importance of diversified energy supply security. JPMorgan believes the market underappreciates the likelihood of elevated LNG volatility continuing, and that geopolitical developments are playing into Venture Global’s strengths, which should drive outsized margin capture and medium- and long-term contracting.
That analyst conviction has since been backed by tangible commercial momentum.
On June 11, 2026, Venture Global, Inc. and Atlantic-SEE LNG Trade of Greece announced an expansion of their existing Sales and Purchase Agreement, doubling the contracted volume from 0.5 million tons per annum to 1.0 MTPA for twenty years starting in 2030. Atlantic-SEE is a joint venture between Greek companies AKTOR Group and DEPA Commercial. The expanded deal follows Venture Global’s previously announced investment in regasification capacity at the Alexandroupolis LNG import terminal in Greece, which currently accounts for approximately 25% of that terminal’s total capacity.
Earlier, in mid-May 2026, Venture Global, Inc. announced binding agreements with TotalEnergies for approximately 0.85 MTPA over roughly five years starting in 2026, and expanded its existing deal with Vitol to 1.7 MTPA from 1.5 MTPA.
Venture Global Inc. is a major American energy infrastructure company that produces and exports liquefied natural gas (LNG). They convert natural gas into a liquid state so it can be safely transported via ships to global utility and energy markets.
1. The AES Corporation (NYSE:AES)
Forward Price-to-Earnings Multiple: 6.38x
Number of Hedge Fund Holders: 72
The AES Corporation (NYSE:AES) is one of the undervalued infrastructure stocks to buy now.
The AES Corporation is navigating a shifting energy landscape, where fresh capital, evolving policy support, and a complicated data center buildout backdrop are all moving at once.
On June 11, 2026, The AES Corporation priced a dual-tranche senior notes offering totaling $1 billion, consisting of $600 million of 5.200% notes due 2029 and $400 million of 5.750% notes due 2033. The closing is expected on June 16, 2026, subject to customary conditions.
That capital raise arrived against a nuanced backdrop for power demand.
On June 5, 2026, Jefferies flagged intensifying local opposition to data center construction across the United States, citing a May 2026 Embold Research survey showing approximately 71% of respondents either somewhat or strongly opposed to data centers being built near their communities. That figure was up from roughly 51% in February and approximately 42% in September. The firm identified the Midwest, Southeast, Texas, and Northwest as mostly constructive regions for continued build-out, with lower population density, lower median incomes, and Republican-leaning composition cited as net favorable factors.
The same Jefferies note touched on The AES Corporation more directly. The Department of Energy announced support for 13 coal-fired power plants alongside a new $500 million coal export infrastructure investment fund. Jefferies said that support includes AES’s Maryland and Puerto Rico coal sites, adding a policy dimension to the company’s existing asset mix.
The AES Corporation is a global power company. It develops, owns, and operates a diversified portfolio of electricity generation and distribution assets, and its operations are increasingly focusing on renewable energy and energy storage. The company deploys utility-scale battery energy storage systems across multiple markets.
