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. (NYSE:OKE) 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. (NYSE:OKE) to $88 from $85 while maintaining a “Neutral” rating.
The firm adjusted its estimates after ONEOK, Inc. (NYSE:OKE)’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. (NYSE:OKE) 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. (NYSE:OKE) 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.
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