Price ratio analysis shows there are some good valuation plays out there for value investors. Even after the stock market surged about 70%, investment valuations for U.S. companies remain some of the most attractive in about 20 years at the end of April. Profit forecasts for S&P 500 companies from consumer electronics icon Apple Inc. (NASDAQ: AAPL) to tech stock Intel Corp. (NASDAQ: INTC) to rail company CSX Corp. (NYSE: CSX) have climbed 9.3 percent on average in April.

That’s twice the gain we saw in AAPL, ITC and CSX stock prices and the largest monthly increase since at least 2006, according to Bloomberg. And after some of the market antics at the beginning of May, stock valuations are even better – with AAPL stock and INTC stock giving back 5% since April 30, CSX stock down 3% in the same period. This could provide one of the biggest buying opportunities to those with a disciplined investment strategy.

Here a few American-based blue chips with price to earnings ratios that are worth a look.

• Constellation Energy Group Inc. (NYSE: CEG) is trading at a forward PE of about 10.5 based on estimates for the next fiscal year. With a hefty dividend yield of 2.7%, this utility may be a wise valuation investment for dividend stock investors.
• Wellpoint Inc. (NYSE: WLP) is in even better shape judging by next year’s price ratio analysis. WLP stock has a PE ratio of about 7.8 times next year’s earnings estimate of $6.72.
• Goldman Sachs Group Inc. (NYSE: GS) may not be the most likable stock right now, but you can’t deny the price ratio analysis is attractive. The PE ratio for GS stock is a mere6 6.9 based on next year’s earnings estimate.

While bears will continue to argue that the rally is over and that stocks can’t support future earnings growth, buying companies with attractive valuations seems to be a good way around that pothole on the road to economic recovery. According to Bloomberg, at the end of April the average American equity traded at around 14.1 times earnings forecasts. That’s lower than any time since 1990, barring the precipitous drops over the months immediately after the Lehman Brothers failure in 2008.

True, it will be hard to match the earnings power we saw in the first quarter across the market. Nearly 80% of the 184 companies in the S&P 500 that reported results as of May topped estimates, according to Bloomberg data. And thanks to the Greek debt crisis and falling euro, U.S. stocks are are losing the benefit of a weaker dollar that boosted earnings recently. A weak dollar creates favorable currency exchange rates that make American exports more attractive abroad and naturally improve U.S. stocks’ bottom lines.

But when you look at some of the price ratio analysis out there, current valuations in U.S. equities are more than enough to offset some of these dark clouds on the horizon for many investors.

As of this writing, Jeff Reeves did not own positions in any of the stocks named here.

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