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.
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. (NYSE:VST) 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. (NYSE:LNG) 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. (NYSE:LNG) 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. (NYSE:LNG) was active in the debt markets.
On June 9, 2026, Cheniere Energy, Inc. (NYSE:LNG) 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. (NYSE:LNG) 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. (NYSE:LNG) is the largest producer of liquefied natural gas in the United States and the second-largest LNG operator in the world.
While we acknowledge the potential of LNG to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LNG and that has 100x upside potential, check out our report about the cheapest AI stock.
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