While the hydrocarbon space might seem increasingly irrelevant amid a broader push for green and renewable infrastructure, these ideas for the most undervalued energy stocks to buy in April could change your mind.

For one thing, the electric vehicle market is faltering. Basically, we wouldn’t have a sector-wide price war if demand was robust. No, instead the addressable market is shrinking, which has sparked aggressive or even desperate antics.

Second, both political and geopolitical forces conspire to help the hydrocarbon industry. Bottom line, supply may be constrained due to international flashpoints. And the Biden administration can’t afford to be too draconian on the fossil-fuel industry in a tight election cycle.

This all bodes well for hydrocarbons. With that, below are the most undervalued energy stocks to buy in April.

TotalEnergies (TTE)

A hydrocarbon energy giant, TotalEnergies (NYSE:TTE) falls under the integrated oil and gas subcategory. Per its public profile, the company produces and markets fuels, natural gas and electricity in its native France, the rest of Europe, North America, Africa and internationally. While fossil fuels have been fading in favor of renewable solutions, scientific realities are keeping the lights on.

Basically, hydrocarbons command high energy density. With viable alternatives, integrated plays like TotalEnergies should be surprisingly relevant. For full disclosure, the company’s earnings performance in fiscal 2023 wasn’t exactly great. In the past four quarters, the average earnings surprise came out to 1.73% below breakeven.

For fiscal 2024, experts anticipate earnings per share to land at $8.95 on revenue of $234.33 billion. That’s disappointing compared to last year’s print of earnings of $9.40 on sales of $237.13 billion. However, the high-side estimate calls for the top line to hit $298.28 billion.

Given the geopolitical backdrop, I think that’s a reasonable target. Combined with a lowly trailing-year earnings multiple of 7.88X, TTE ranks among the most undervalued energy stocks to buy in April.

Marathon Petroleum (MPC)

Operating under the refining and marketing subcategory of the hydrocarbon space, Marathon Petroleum (NYSE:MPC), along with its subsidiaries, operates as an integrated downstream energy company. Primarily, it conducts business in the U.S. Notably, Marathon also features a midstream segment. Should economic activity improve over the next few months, this midstream unit could bolster the main downstream operation.

Interestingly, Marathon features a different earnings backdrop than TotalEnergies. In the past four quarters, the former enterprise featured a positive earnings surprise of nearly 27%. This impressive print largely stemmed from the fourth quarter, when Marathon posted EPS of $3.98. In contrast, experts had anticipated a print of $2.20.

For the current fiscal year, analysts are looking for EPS of $16.56 on sales of $137.41 billion. Admittedly, these are disappointing stats compared to last year’s results of $23.63 per share on sales of $150.31 billion. However, the high-side revenue estimate calls for $160 billion.

Along with MPC’s subterranean revenue multiple of 0.55X, Marathon could easily be one of the most undervalued energy stocks to buy in April.

HF Sinclair (DINO)

Operating as an independent energy company, HF Sinclair (NYSE:DINO) falls under the refining and marketing subcategory. Per its corporate profile, HF Sinclair produces and markets gasoline, diesel fuel, jet fuels and other specialty lubricants and chemicals. It also offers specialty and modified asphalt. Fundamentally, DINO stock could soar if the economy moves at a faster clip than anticipated.

Let’s face it – while EVs may be the future, they’re not the future right now. Currently, the world runs on oil and that should cynically benefit HF Sinclair. Notably, the company enjoyed a consistently strong earnings performance throughout fiscal 2023. In the past four quarters, the average positive earnings surprise came out to 19.65%.

However, analysts don’t believe the enthusiasm will carry over into the current fiscal year. They’re seeing EPS of $6.68 on revenue of $31.52 billion. That’s disappointing compared to last year’s print of $9.51 EPS on sales of $31.96 billion. Still, the most optimistic sales target calls for $35 billion.

Conspicuously, DINO trades at a revenue multiple of only 0.36X. It ranks among the most undervalued energy stocks to buy in April.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.