CNBC Pro looked for stocks with current price-to-earnings ratios trading at a deep discount to their 5-year average price-to-earnings ratio.
After the worst sell-off in months, CNBC Pro sought to find stocks trading at deeply discounted levels that could pay off for investors buying for the long term. Fears of longer-than-expected interest rate hikes hammered down on stocks this week. On Tuesday, the S & P 500 fell below the key 4,300 for the first time since June , and the Dow Jones Industrial Average also posted its biggest one-day loss since March.
Olive Garden owner Darden Restaurants is currently trading at a 28% discount compared with the stock's average price-to-earnings ratio over the past five years. Shares are higher by 2.5% this year but have lost 15.2% this quarter. The company last week reported first-quarter earnings and revenue that topped analysts' expectations, despite seeing weak fine dining sales due to consumer pullback. Devon Energy also made the list.
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