While the stock market has cooled off considerably over the past few months, it's not exactly cheap these days. The S&P 500 trades at about 20 times earnings, a little bit above its historical average of around 16 times. It also trades at about 20 times free cash flow, giving it a free cash flow yield of roughly 5%. Meanwhile, the Nasdaq Composite is even more expensive despite its nosedive, trading at about a 4% free cash flow yield. 

However, there are a lot of bargains these days. Some of the biggest are surprisingly in the oil patch. Even with surging oil prices, many oil stocks trade at bottom-of-the-barrel valuations. Here are two absurdly cheap oil companies that value-conscious investors won't want to miss.

Although oil prices have bounced around quite a bit, they've been close to $90 a barrel in recent weeks. Devon Energy (NYSE: DVN) can produce over $6 billion of annual free cash flow at that level. Given its current market cap -- which has rocketed over 60% this year as the stock has surged -- Devon trades at a more than 15% free cash flow yield. That's over four times higher than the broader market indexes.

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Source Fool.com