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3 top ASX shares at 52-week lows: Is it time to invest?

The local share market may be on a solid run this month, but the same cannot be said for the shares listed below.

These three ASX shares have just fallen to 52-week lows. Is this the time to invest?

The Caltex Australia Limited (ASX: CTX) share price touched on a 52-week low of $26.61 on Wednesday. Investors appear to be concerned that the fuel retailer’s convenience stores could be negatively impacted by high fuel prices. While I think this is likely to be the case in the short term, I remain confident that management’s plans for its convenience segment over the medium term has the potential to underpin its earnings growth. This could make it worth considering, especially with oil prices pulling back recently. I expect this to be reflected in lower fuel prices in the coming weeks.

The Challenger Ltd (ASX: CGF) share price tumbled to a 52-week low of $9.87 yesterday. While this annuities company’s shares have been underperforming all year, the most recent decline appears to relate to news that the introduction of comprehensive income products for retirement (CIPR) has been pushed back to 2022. The introduction of this requirement was expected to support its medium term growth, so the delay has been seen as a blow to its prospects. While its shares do look cheap now, I think Challenger could struggle for growth over the coming years. This could potential make it a value trap.

The Crown Resorts Ltd (ASX: CWN) share price dropped to a 52-week low of $11.55 on Wednesday. A recent trading update out of the casino and resorts operator has weighed on Crown Resorts’ shares this month. That update revealed that year-to-date revenue from Crown’s main floor gaming was down 0.6% on the prior corresponding period. This was due to a flat performance at its Melbourne casinos and a further decline in Perth. Although I suspect its shares may not yet have bottomed, I still think they could be worth considering with a long-term view.

As well as Crown, I think these tech shares could be worth considering as a long-term investment.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited and Crown Resorts Limited. 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 Scott Phillips.

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