10 Oversold Midcap Stocks to Buy Right Now

4. Celanese Corporation (NYSE:CE)

Forward P/E: 7.71

Analysts Upside Potential as of November 14: 53.04%

Year to date performance as of November 14: -52.17%

Celanese Corporation (NYSE:CE) is a basic materials company that manufactures and sells high-performance engineered polymers. The specialty materials company has felt the full wrath of the market after posting disappointing financial results, slashing its dividend, and saying it would cut production because of falling sales.

Celanese Corporation (NYSE:CE) has seen its stock drop by 52.17% year to date due to industry changes and weak performance in key markets. In Q3, it reported earnings per share of $2.44 and a 2.8% sales decline to $2.65 billion, missing expectations. To improve long-term prospects, the company is cutting manufacturing costs, suspending production at some facilities, aiming to raise $200 million through inventory release, and enhancing operational efficiency while integrating its mobility and materials businesses.

Likewise, Celanese Corporation (NYSE:CE) stands out as one of the best oversold mid-cap stocks to buy. Trading at a price-to-earnings multiple of 7.71, the stock yields 3.70% on dividends, ideal for generating passive income. Analysts on Wall Street have an average price target of $113.25, implying a 53.04% upside potential as of November 14, 2024.