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This morning we ran a quick and simple value screen on the S&P 500 which ended up yielding some surprising names. To start we looked for stocks whose trailing and estimated P/E ratios are less than 10 (there were about 45 names on that list). To further pair down we then looked for stocks where the estimated long-term growth is greater than 10. That list of 23 stocks is highlighted below. (Long-term growth typically refers to expected annual increase in operating earnings over the next three to five years.)

Chevron (NYSE:CVX) and Diamond Offshore (NYSE:DO) stick out because they have the highest growth estimates. Micron (NASDAQ:MU) has by far the lowest P/E ratios with Ford and Teradyne close behind.

Quick value screen

Source: Chevron, Diamond Offshore Stand Out in P/E Screen