Hi there, Fools. I’m back again to highlight three stocks hitting new 52-week lows. As a quick refresher, I do this because the greatest wealth is built by buying solid stocks

• during times of extreme pessimism;
• while they’re being ignored and forgotten; or
• when they’re trading at significant discount to “intrinsic value.”

In other words, the best time to buy high-quality stocks is, quite simply, when no one else wants them.

So, without further ado, let’s get to this week’s list of bargain plays.

Natural selection

Kicking things off is Encana (TSX:ECA)(NYSE:ECA), which hit a new 52-week low of $8.43 late last week. Shares of the natural gas company are down 30% year to date versus a loss of 15% for the S&P/TSX Capped Energy Index.

Earlier this month, Encana plunged 15% in a single day — its steepest ever intraday drop — as investors rebelled against the $5.5 billion all-stock purchase for Newfield Exploration. But while it might take a while for Mr. Market to get over the dilution concerns, management remains confident that Newfield will boost Encana’s key cash flow figures over time.

With the stock currently trading at a forward P/E of 10, now might be a good time to bet on management’s long-term conviction.

Childish behaviour

Next up, we have Dorel Industries (TSX:DII.B), whose shares hit a 52-week low of $19.41 on Friday. Year to date, the manufacturer of children’s products, bicycles, and furniture are down 36% versus a loss of 10% for the S&P/TSX Capped Consumer Discretionary Index.

Trade trouble between the U.S. and China continues to weigh heavily on Dorel. In Q3, net income plunged 28% on a revenue increase of just 4.3%. Moreover, management warned that tariffs on Chinese imports could jump from 10% to 25% in 2019 if a new trade agreement isn’t reached.

Of course, the stock now boasts an especially juicy dividend yield of 7.8%. Throw in a comforting beta of 0.4 — 60% less volatility than the market — and Dorel’s risk/reward trade-off seems attractive.

Lumber letdown

Rounding out our list is Canfor (TSX:CFP), which hit a 52-week low of $18.27 late last month. Shares of the lumber company are off 32% over just the past three months, while the S&P/TSX Capped Materials Index is down 11% in the same period.

Troubling market conditions are forcing management’s hand. Earlier this month, Canfor said it will temporarily cut lumber production in B.C. by about 10% in the current quarter. The company cited slumping lumber prices, increased log costs, and wildfire-related supply issues for the move.

On the bargain investing/bright side, Canfor now trades at cheapish forward P/E of 11. As long as you can stomach plenty of volatility — beta of 2.1 — the stock remains an intriguing long-term turnaround opportunity.

The bottom line

There you have it, Fools: three beaten-down bargain opportunities for you to consider.

To be sure, they aren’t formal recommendations. Instead, view them as a starting point for further research. Stocks in decline can keep falling for a prolonged period of time, so extra due diligence is required.

Fool on.