As fears of the recession grew on Wall Street, CNBC Pro found cheap shares even in an economic slowdown. The main averages go to a week lost on Friday. Investors are worried that this week’s announcement of the Federal Reserve’s most aggressive rate hike since 1994 could plunge the economy into a recession. Stocks may also continue to spiral if earnings estimates fall. This week, Deutsche Bank analysts said earnings estimates were “too high,” given its basic assumption of a modest recession in late 2023. They noted that megacapility growth and technology stocks are especially high. vulnerable to high expectations. Still, some stocks may present investors with a long-term “safety margin” even in a recessionary scenario. CNBC Pro reduced the 12-month earnings estimates of all S&P 500 companies by 12% to calculate the term price-to-earnings ratio of each stock in a recession scenario. We then compared the new term-adjusted P / E for the recession with the average P / E for the last five years. Of course, these are long-term investment opportunities to take advantage of in the current sale, as they should reflect the real value of the securities over time. Below are the 20 cheapest S&P 500 stocks in a recession scenario: Many energy stocks were on the list. Western Petroleum shares are expected to sell at 8.8 times their earnings after adjusting to the recession, meaning they will trade at a 65.7% discount on their P / E to 5-year average term of 25.8. Valero Energy shares are expected to trade at a P / E of 12.2 even in a fall, with a 54% discount on their 5-year average term earnings. Diamondback Energy shares are expected to trade 7.9 times the gains in a recession or at a 33% discount. Alaska Air could be cheap even after estimates go down. Even after lowering earnings estimates for a recession scenario, the airline is expected to quote 10.6 times its earnings, or at a discount of almost 63%. United Airlines also entered the list. The airline’s P / E ratio is expected to be 13.7 in a recession, or at a 45% discount. Some homeowners also seem to buy opportunities in a recessionary scenario. DR Horton has a P2 E recession of 5.2, which would mean a 46% discount on average future earnings over the past five years. Lennar has a 5.6% P / E recession, a 37% discount. PulteGroup has a recession P / E of 4.7, or a discount of almost 43%. Other stocks included in this list are Mosaic, Modern, EOG Resources, Devon Energy, Pioneer Natural Resources, Chevron, Exxon Mobil, PVH, Coterra Energy, Weyerhaeuser, Global Payments and Nucor.