Lockheed Martin is a 100 billion dollar defence contractor who will not be running out of contracts any time soon. The price has trended downward from 395 to 350 in the last couple months which is a sharp contrast to most stocks which are are rocketing upwards. LMT was at 440 before the pandemic and due to their size and the nature of their income did not suffer much as a result of covid. I expect them to head back over 400 within the next year.
LMT has the lowest P/S ratio among some of it's top competitors and is essentially tied for lowest P/E as well.
NOC has very similar financial ratios, but has not suffered in the last few months as LMT has. LMT is the largest company among its competitors and has the largest dividend which makes it a prime target in times of turbulence. I think if the market takes a hit it will be the most likely to remain stable.
Morninstar and the WSJ both have fair value estimates of around 425, while a discounted free cash flow going out 4 years at 7.5% and terminally at 2.5% yields a fair value of nearly 450 after you adjust for debt. Due to its incredibly low volatility long term options on the stock are incredibly cheap. September 17th is when more long term options come out so I would wait until then and buy a 2024 call.