It's been a rather pleasant day for the S&P/ASX 200 Index (ASX: XJO) and most ASX 200 shares so far this Thursday. At the time of writing, the ASX 200 has added a healthy 0.43%, pushing the index back over 7,600 points. But let's talk about some ASX 200 blue-chip shares that haven't been so lucky.
Although the ASX 200 has had a decent time of it today, there are a number of ASX 200 blue chips that have seen nothing but red ink this session. In fact, there are three that have just hit new multi-year lows today.
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Three stocks at new lows
First up is ASX 200 energy stock Woodside Group Ltd (ASX: WDS). Woodside shares have slumped by a painful 1.42% at present, down to $27.11 a share. Not only that, but Woodside dropped down to a new 52-week low of $27.06 this afternoon.
Not only is that a new 52-week low, but it's also the lowest price Woodside shares have traded at since early 2022.
But it doesn't stop there. We've also seen a big drop in the Telstra Group Ltd (ASX: TLS) share price. Telstra is an ASX 200 blue-chip share most investors would be fairly familiar with.
Today has seen the telco descend as low as $3.60 a share. That's a new 52-week low for Telstra, but it's also the lowest the company has dropped to in almost three years. Yep, the last time Telstra was at $3.60 a share, it was in mid-2021. At present, Telstra shares are down 0.82% at $3.61 each.
Last but not least, we have ASX 200 blue-chip supermarket stock Woolworths Group Ltd (ASX: WOW). Like Telstra, Woolies is a rather famous name on the ASX. But that hasn't stopped the grocer from having a shocker this Thursday.
At present, Woolworths has tanked by a horrid 4.05% down to $30.53 a share. That's after the company dipped as low as $30.12 just before midday today.
The last time Woolies was trading at this kind of pricing was in the midst of the COVID pandemic back in mid-2020.
Time to buy these ASX 200 blue-chip shares?
So given the nature of these new multi-year lows, many investors might be asking themselves if this represents a buying opportunity. After all, some of the best investments are made when a company goes through a temporary problem, and its shares dip into value territory. That's how Warren Buffett has arguably built his fortune anyway.
But is this the case here?
Well, let's take a look at each of these ASX 200 blue chips.
In Woodside's case, it seems this pessimism can be explained by a recent slump in the oil price. As my Fool colleague James noted this morning, oil fell to a seven-week low overnight, thanks to a rise in global stockpiles.
In my experience, commodity, mining and energy stocks are some of the most difficult companies to invest in, thanks to the unpredictability of the underlying prices of the resources they mine or extract. If oil prices begin to recover, it might prove fortuitous to buy Woodside shares at the current pricing. But if oil continues to sink lower, Woodside shares could easily follow suit.
I wouldn't be buying Woodside shares myself, given I don't understand the energy markets to a sufficient degree to lend confidence to an investing decision. But I do tend to think that if you are interested in buying a cyclical energy stock like Woodside, the time to do it is when prices are historically below average.
Buy when a company is down, not out
For Telstra stock, the answer is more clear to me. I think Telstra shares are offering significant value at their current pricing. As we discussed last month, investors still seem apathetic towards Telstra due to its decision last year not to sell off its InfraCo infrastructure assets.
However, I think keeping these valuable assets, which include data centres and fibre networks, in-house is a good thing for the company's future.
The recent share price slump has pushed Telstra's reliable and fully-franked dividend yield to 4.85%. That might be just too good to turn down.
And that brings us to Woolworths.
Today's hefty slump appears to be a consequence of the quarterly update the blue chip share released this morning.
Whilst this does show Woolies is struggling a little in the current high inflation environment, I don't think it heralds any long-term threats to the company's success. After all, Woolworths is the dominant player in the Australian supermarket space.
So I think today's multi-year low for this ASX 200 blue-chip share might prove to be a compelling buying opportunity for a long-term investor.
