This year's stock market rally has most indexes trading at much higher valuations. The S 500 currently trades at more than 20 times earnings, while the Nasdaq 100 fetches more than 25 times earnings. While that's not in nosebleed territory, it's not cheap either. 

The rise in stock prices certainly leaves value-conscious investors with fewer options. However, they do have some, especially in the energy sector. Three top bargains are Energy Transfer (NYSE: ET), Diamondback Energy (NASDAQ: FANG), and Brookfield Infrastructure (NYSE: BIP)(NYSE: BIPC). Here's why bargain-hunting investors shouldn't hesitate to buy shares right now.

Energy Transfer currently trades at a bottom-of-the-barrel valuation. If the master limited partnership (MLP) sold at the same valuation multiple of its peers, it would fetch about $24 per unit. That's over 75% above its current unit price. Meanwhile, the analysts' consensus price target is $17 per unit, implying nearly 25% upside potential.

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Source Fool.com