By now, the February reporting season is probably at the back of most investors’ minds and many investors are probably looking towards the next reporting period which begins in around three months.

Despite this, a number of stocks are still feeling the effects of not meeting market expectations earlier in the year and, as a result, have seen their share prices remain under constant selling pressure.

It is usually at these times when contrarian investors step up to the plate on the expectation of a turnaround and this can often produce excellent investment returns.

With that in mind, here are three shares investors may be considering for potential turnarounds in the second half of 2016:

Ansell Limited (ASX: ANN)

Despite bouncing off their recent lows, Ansell shares have still lost around 30% of their value over the past 12 months thanks to weaker-than-expected sales growth and a drop in profits. The glove and condom maker is usually viewed as a highly defensive business with predictable and stable earnings so this recent period of underperformance would be surprising to some investors.

The company has blamed the challenging global economic environment and volatile currency movements for the drop in sales, although it does expect to post an improved second half performance through a combination of stronger organic growth and higher operating margins.

Despite the improved outlook for the second half, it is hard to forecast when earnings growth will actually begin to accelerate again and this makes an investment in Ansell a difficult proposition. The company has some very attractive qualities, but I don’t think investors should expect to see the shares back to their highs by the end of 2016.

Lifehealthcare Group Ltd (ASX: LHC).

Shares of Lifehealthcare have fallen by more than 50% over the past 12 months, mainly on the back of much weaker-than-expected first half results.

Despite increasing revenues by around 12%, the medical device distributor delivered a sharp fall in first half profits thanks to an increase in marketing and staff costs. Operating cash flows were also significantly weaker at the same time the company increased its level of borrowings by around 35%. Overall, a disappointing result for a company that the market had high expectations for.

Notwithstanding this, the company has forecast for a stronger performance in the second half along with better cash flow management. If Lifehealthcare can achieve this, I would expect the shares to rebound strongly from the current levels as the market has not yet priced in any upside from an improved performance.

Monadelphous Group Limited (ASX: MND)

Monadelphous is considered by many to be the highest quality mining services company on the ASX and, at one point during the peak of the mining boom, traded at more than $27 a share. Unfortunately for investors, the company has not been immune to the resources sector downturn and this has seen its shares fall to just over $7 a piece.

Despite this huge fall, I think investors looking for a turnaround in the next 12 months may be disappointed. The company has already warned of surplus capacity from service providers and a significant reduction in overall construction demand especially for large projects. This will see revenues fall by at least 25% and potentially larger falls in profits as margins become compressed.

I think there will be a great opportunity to invest in Monadelphous one day, but it is likely to come when a number of smaller players are forced out of the market or capital expenditure in the resources sector begins to ramp up again.

It might be a little too early for a rebound in Monadelphous, so in the meantime, why not consider these three high returning dividend shares instead?

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Motley Fool contributor Christopher Georges owns shares of LifeHealthcare Group Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.