With the earnings season looming, investors are scrambling to identify the best long-term stocks to buy. Hopes for a soft landing for the economy have largely faded away after the third consecutive 75-basis-point interest rate hike by the Federal Reserve.

Meanwhile, other than the energy sector, recession fears have restrained forward-looking guidance for most companies. Many Wall Street names will likely find it difficult to outpace previous earnings reports.

As a result of the gray clouds over the economy, the benchmark S&P 500 Index has lost over a quarter of its value year to date. While stocks can still decline from these levels, many of the best long-term stocks to buy are currently trading close to their 52-week lows.

History has repeatedly shown that while the stock market goes down faster than it goes up, in the long-run broader indices go up more than they go down. Therefore, the recent market downturn represents an important buying opportunity for patient investors with a long-term horizon.

With that information, here are seven of the best long-term stocks to buy in October.

ASML (ASML)

52-week range: $412.67 – $888.72

ASML (NASDAQ:ASML) is the third-largest semiconductor equipment maker worldwide. The company boasts a global monopoly on extreme ultraviolet (EUV) lithography machines used by semiconductor foundries making it one of the best long-term stocks to buy in the space. Its market capitalization is well over $170 billion.

On July 20, ASML announced Q2 financials. Revenue grew 35% year over year to 5.4 billion euros, fueled by the surge in its advanced lithography systems sales. Investors were delighted to see that its order backlog grew even faster than its revenue. ASML reported record new orders of 8.5 billion euros during the quarter, the highest level in the company’s history.

Management is projecting sales growth of around 10% for the full year. Yet, this forecast is artificially depressed due to delayed revenue recognition pushed out to 2023.

ASML stock is trading near its 52-week lows and has lost almost 50% year to date. It currently supports a 1.7% dividend yield. Shares are trading at a more reasonable valuation than last year at 22.6 times forward earnings and 9.4 times sales.

Analysts’ 12-month median price forecast for ASML stock stands at $600. InvestorPlace.com readers could regard the $400 level as a better entry point.

Digital Realty Trust (DLR)

52-week range: $102.17 – $178.22

Digital Realty Trust (NYSE:DLR) is a real estate investment trust (“REIT”) that provides data center space. Digital Realty manages around 290 data centers spread across 25 countries. Among the REIT’s customers are some of the leading tech companies.

Digital Realty reported Q2 results in late July, delivering record bookings. While revenue increased 4% ear over year to $1.1 billion, investors were even more pleased to see a double-digit jump in core funds from operations (“FFO”) per share.

Management expects data center demand to remain robust in the foreseeable future. Digital Realty boasts over 40 ongoing expansion projects and has already pre-leased more than half of that capacity. Moreover, CEO A. William Stein emphasized “improving pricing environment and rising occupancy.”

DLR stock has dropped 44% year to date and recently traded at a five-year low before bouncing back. Yet, it offers a generous 4.7% dividend yield. Wall Street’s 12-month median price forecast for Digital Realty is $150.50. A further decline toward $90 would give a better entry point into DLR shares.

EOG Resources (EOG)

52-week range: $70.32 – $144.20

Oil heavyweight EOG Resources (NYSE:EOG) is one of the largest exploration and production companies stateside. It primarily relies on its properties in the Rocky Mountains, Permian Basin, and South Texas for oil production.

In early August, EOG issued solid Q2 financials. The company benefited from rising oil prices, reporting a 79% year-over-year increase in its revenue to $7.4 billion. Investors were delighted that its low-cost oil business generated $1.3 billion in free cash flow, leading to a significant surge in its adjusted earnings per share.

EOG aims to use its free cash flow to deliver sustainable dividend growth and capitalize on acquisition opportunities. In 2022, the oil company pledged to return at least 60% of its annual free cash flow to shareholders. EOG currently offers a lucrative 2.75% dividend yield, making it among the best long-term stocks to buy in the oil space.

So far in 2022, EOG stock has gained 23%. Shares are trading at 6.4 times forward earnings and 2.3 times sales. Analysts’ 12-month median price forecast for EOG stock stands at $150.

Etsy (ETSY)

52-Week range: $67.01 – $307.75

E-commerce play Etsy (NASDAQ:ETSY) is well-known for its unique, one-of-a-kind items such as handmade, vintage or crafted goods. Around 60% of Etsy sellers run their online businesses from home, and 80% of those sellers are women. With a market cap of around $13 billion, ETSY shareholders expect to see many quarters of growth.

Etsy released mixed Q2 results in late July. Revenue grew 10.6% year over year to $585 million. Etsy had hiked its seller transaction fee by 30% earlier in 2022.

The increase helped to drive top-line growth despite sequential declines in gross merchandise sales (“GSM) and active buyers and sellers. However, net income declined significantly due to expenses from its Depop and Elo7 acquisitions.

Management sees Etsy’s total addressable market in its core geographies at $466 billion for online retail. While Etsy may not reach its previous growth momentum soon, its long-term opportunity and cheap valuation make it a solid investment in today’s bear market. In fact, recent metrics suggest over 448 million people visited its website in August, up from about 421 million in July.

So far in 2022, ETSY stock has tumbled 51%. Wall Street’s 12-month median price forecast for Etsy is $115. We regard the $95 level as a better entry point.

Halliburton (HAL)

52-week range: $19.75 – $43.99

Halliburton (NYSE:HAL) is a global leader in oilfield equipment and services. The company offers its expertise in various business lines, including completion fluids, wireline services, and cementing.

It is also the leading pressure pumper in North America and has become a dominant player in hydraulic fracturing.

The oilfield services specialist announced solid Q2 metrics on July 19. Wall Street was pleased that management capitalized on the strong market for oilfield services. Its revenue grew 37% year over year to $5.1 billion. CEO Jeff Miller noted that the North American fracking market is “all but sold-out.”

Additionally, pricing gains across all product service lines supported significant sequential margin expansion, leading to a 88% year-over-year jump in its adjusted EPS.

HAL stock has gained 3% since the beginning of the year, and the company has tripled its dividend payments in 2022. The dividend yield currently stands at 1.95%.

Shares are changing hands at 8.8 times forward earnings and 1.2 times sales. Analysts’ 12-month median price forecast for HAL stock stands at $44.

Intuitive Surgical (ISRG)

52-week range: $186.83 – $369.69

Intuitive Surgical (NASDAQ:ISRG) is the market leader in robotic-assisted surgeries, dominating this niche segment with almost 80% of the global market. Its da Vinci surgical systems allow surgeons to perform complex procedures with great precision.

Management issued Q2 results on Jul. 21. Revenue increased 4% year over year to $1.52 billion, driven by a 14% year-over-year growth in da Vinci procedures performed worldwide. Readers should note that each sale generates a recurring revenue stream from sales and services of other instruments and accessories used in surgeries.

Meanwhile, the fiber-optic-based technology developer Luna Innovations (NASDAQ:LUNA) recently announced a new supply contract between the two companies. Luna is expected to provide photonic subsystems to enhance Intuitive’s robotic surgical solutions. Wall Street will want to see how the collaboration could help the top-line growth at Intuitive.

Despite these positive developments, ISRG stock has recently traded to a 52-week low, declining nearly 47% year to date. The 12-month median price forecast for the stock stands at $255. Readers could regard the $180 level as a better entry point into Intuitive shares.

Veru (VERU)

52-week range: $4.34 – $24.55

Biopharma company Veru (NASDAQ:VERU) is focused on novel therapies for Covid-19 and other viral diseases as well as for the management of breast and prostate cancers. With a market cap of around $940 million, it is a small-cap stock.

Veru reported Q3 earnings on Aug. 11. Revenue declined 46% year over year to $9.6 million due to a significant fall in prescription revenue. However, despite disappointing financials, investors noted that Veru’s Covid-19 drug Sabizabulin may soon gain emergency-use authorization by the Food and Drug Administration (FDA).

The phase 3 clinical trial of Sabizabulin confirmed an impressive 55% decline in the risk of death for hospitalized patients. With new Covid cases and hospitalizations on the rise, such an emergency-use authorization would lead to significant revenue growth in the coming months.

VERU stock has soared 77% YTD despite tanking around 50% since hitting an all-time high on Aug. 17. Analysts’ 12-month median price forecast for Veru stands at $31.

On the date of publication, Tezcan Gecgil, Ph.D., did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.