Every day, the stock market discounts some poor undeserving stock more than it should. “Efficient markets” be darned — you can always find market inefficiencies.

The hallmark of the value investor, of course, is being able to recognize these boo-boos and take advantage of them.

While nominal share price isn’t necessarily important when it comes to determining whether a stock is good or bad, you can root around low-priced stocks and be sure to find at least a few that have been unjustly battered.

Here are a few such cheap stocks to buy, each of which boast prices of $15 or less per share.

Cheap Stocks to Buy: Bank of America (BAC)

5/22/14 Closing Price: $14.71

Bank of America (BAC) can’t seem to catch a break from the market. Every time BAC stock starts to run, something drags it back down.

Bank of America finally passed the Fed’s stress test for the first time since everything went to heck in the financial crisis and was going to raise its dividend and buy back stock.

Well, there was an internal math error that made the bank’s capital position a bit less strong than it thought. Basically, Merrill Lynch (a subsidiary) had a bunch of “structured notes” that had incorrect values assigned to them. That is, these are bonds that have specialized payment and position structures and were deemed to be more valuable than they actually were.

Arguably, one can cite this as example of poor management and that’s why the stock has sold off heavily in recent weeks.

I disagree. Banking is extremely complex, and so is accounting. This doesn’t have anything to do with the bank’s underlying business, which continues to improve from a profitability standpoint.

BAC stock is now just a few cents shy of $15, off its high of $18.03. It’s a buy. It won’t stay at this level — almost 20% from its high — for long. It’s one of the great U.S. stocks to buy now.

Cheap Stocks to Buy: Lloyd’s Banking Group (LYG)

5/22/14 Closing Price: $5.12

Lloyd’s Banking Group (LYG) is another financial institution stock to buy, this one from across the pond in the U.K.

Lloyd’s is a full-service bank, offering all the same retail, commercial and international banking you’d expect, along with the requisite insurance and wealth management business. It’s a huge bank over there, operating under the Lloyd’s name, but also Halifax and Bank of Scotland.

The company had almost $100 billion in bad assets on its balance sheet last year, but chopped that amount by a third. At one point, the U.K. government owned 39% of the bank, and sold that down to 33%. And the government is going to sell more. The good news is the turnaround is doing very well, and underlying profits doubled YOY.

Things are headed in the right direction, and about $5 a share seems cheap here.

Cheap Stocks to Buy: Kodiak Oil & Gas Corp (KOG)

5/22/14 Closing Price: $12.52

Shale is all the rage right now, which is good news for Kodiak Oil & Gas Corp (KOG). KOG stock operates in North Dakota, roughly 85% of its production comes from oil, and it is growing quickly.

Kodiak had a tough first quarter because of a brutal winter, and yet it still managed to produce 57% more than it did in the year-ago period. Besides, a wide swath of oil service companies struggled, as we would expect when the polar vortex sat on top of the country for what seemed like forever.

The issue with Kodiak is generating free cash flow over the long term. However, the growth in production is going to push that number in the right direction.

At roughly $12.50 per share, it seems like the path of least resistance is up and a stock to buy.

As of this writing, Lawrence Meyers was long BAC. He is president of PDL Broker, Inc., which brokers financing, strategic investments and distressed asset purchases between private equity firms and businesses. He also has written two books and blogs about public policy, journalistic integrity, popular culture, and world affairs. Contact him at pdlcapital66@gmail.com and follow his tweets at @ichabodscranium.