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The current P/E ratio is a valuation metric that illustrates how much investors are willing to pay for a company's earnings. A high P/E generally illustrates that investors have high earnings expectations for a company compared with others and or competitors. A low P/E on the other hand is sometimes viewed as a value investment opportunity. The idea is that investors can buy cheap earnings for a company that they still consider to be a sound investment over the long-term even if it’s experiencing short-term headwinds.

We ran a screen for stocks that appear cheap by their P/E ratio (X<12), which also have outperformed the S&P500 (NYSEARCA:SPY) over the last week. From this narrowed pool we then screened for stocks that have illustrated sound resilience against market volatility by outperforming the S&P500 over the last 3 months.

The Price/Earnings ratio lists the companies from lowest to highest:

1. Sunoco Logistics Partners. (SXL)

Sector

Energy

Industry

Oil & Gas Midstream

Market Cap

$2,860M

Beta

0.06


The company operates a portfolio of pipeline, terminaling, and other assets. The company’s P/E ratio is 7.22. SXL has gained by 1.45% over the last week. Over the last 3 months the company has gained by 4.38%. The short interest was 2.30% as of 08/31/2011.

2. OneBeacon Insurance Group, Ltd. (OB)

Sector

Financial Services

Industry

Insurance - Specialty

Market Cap

$1,227M

Beta

0.91


The company writes casualty and property insurance with a focus on commercial and retail products. The P/E ratio is 7.30. OB has lost 0.69% over the last week. Over the last 3 months the company has gained by 2.18%. The short interest was 9.70% as of 08/31/2011.

3. Medicines. (MDCO)

Sector

Healthcare

Industry

Drug Manufacturers - Specialty & Generic

Market Cap

$847M

Beta

0.75

The company offers cost effective acute care hospital products all over the world. The P/E ratio is 7.32. MDCO has gained by 0.77% over the last week. Over the last 3 months the company has lost 7.98 %. The short interest was N/A as of 08/31/2011.

4. DISH Network Corp. (DISH)

Sector

Communication Services

Industry

Pay TV

Market Cap

$11,938M

Beta

1.44


The Company, through its DISH Network, is a provider of satellite delivered digital television to customers across the United States. The P/E ratio is 8.63. DISH has gained by 1.79% over the last week. Over the last 3 months the company has lost 5.74%. The short interest was 1.90% as of 08/31/2011.

5. Entergy Corp. (ETR)

Sector

Utilities

Industry

Utilities - Diversified

Market Cap

$11,539M

Beta

0.56


The company produces and distributes electric power. The P/E ratio is 9.10. ETR has lost .50% over the last week. Over the last 3 months the company has lost 3.11%. The short interest was 2.00% as of 08/31/2011.

6. Nippon Telegraph and Telephone. (NTT)

Sector

Communication Services

Industry

Telecom Services

Market Cap

$69,420M

Beta

0.37


The company offers fixed and mobile telecommunication related services and products within Japan. The P/E ratio is 9.54. NTT has lost 0.58% over the last week. Over the last 3 months the company has gained by 1.91%. The short interest was N/A as of 08/31/2011.

7. Intel Corp. (INTC)

Sector

Technology

Industry

Semiconductors

Market Cap

$116,362M

Beta

1.09


The company offers advanced integrated digital technology platforms and. The P/E ratio is 10.15. INTC has gained by 0.86 % over the last week. Over the last 3 months the company has gained by 3.04 %. The short interest was 2.90% as of 08/31/2011.

8. LifePoint Hospitals, Inc. (LPNT)

Sector

Healthcare

Industry

Medical Care

Market Cap

$1,826M

Beta

1.09


LifePoint is a holding company that operates subsidiaries, which lease and operate general acute care hospitals. The P/E ratio is 11.39. LPNT has gained by 0.43% over the last week. Over the last 3 months the company has lost 10.29 %. The short interest was N/A as of 08/31/2011.

9. Big Lots, Inc. (BIG)

Sector

Consumer Defensive

Industry

Discount Stores

Market Cap

$2,187M

Beta

1.06


The company offers broad line of closeout retailing through a variety of chains. The P/E ratio is 11.51. BIG has lost 0.60 % over the last week. Over the last 3 months the company has gained by 1.68%. The short interest was 5.30% as of 08/31/2011.

10. PPL Corp. (PPL)

Sector

Utilities

Industry

Utilities - Diversified

Market Cap

$16,460M

Beta

0.44


The company manufactures and sells tobacco outside the US. The P/E ratio is 11.66. PPL has lost 1.08% over the last week. Over the last 3 months the company has gained by 6.46%. The short interest was 3.00% as of 08/31/2011.

We hope this list helps investors as they do their own due diligence companies with low P/E ratios and resilience in the markets.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 10 Undervalued Stocks With Multiple Bullish Trends