3 top FTSE 100 stocks under £3

While the outlook for the FTSE 100 may be somewhat uncertain, there's still opportunity on offer for long-term investors. Volatility may mean that paper losses are experienced in the here and now, but for patient investors there's considerable total return potential on offer. These three stocks all trade at under £3 per share and could be set to soar in 2017.

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Deep value opportunity

Barclays(LSE: BARC) currently offers an exceptionally low valuation. Even though its shares have risen by 36% in the last three months, it trades on a price-to-earnings growth (PEG) ratio of just 0.2. This indicates that it has significant growth potential over the coming years, especially if the global economy surges on the back of a Trump presidency.

Barclays is currently in the middle of a turnaround strategy, which is seeing it prioritise improvements to its financial standing over dividend payments. While this may leave income investors out of pocket at the moment, in the future it should create a more resilient and healthier bank. Trading at 236p per share, Barclays is a steal.

A rejuvenated resources play

Glencore(LSE: GLEN) has endured an incredibly tough period. As well as a slide in commodity prices, it was forced to deal with concerns surrounding its leverage levels. These caused its shares to be hit hard, but the good news is that they're well on their way to recovering.

The company recently announced that its debt reduction plan has progressed well and that it's well placed to deliver strong profit growth in the coming years. It's now leaner, more efficient and better organised than even a year ago with Glencore due to record a rise in earnings of 83% in the next financial year. This puts it on a PEG ratio of 0.2, which shows that it has a wide margin of safety in case of commodity price falls.

A dividend is set to be reinstated after it met its debt reduction target. This could broaden the appeal of the business. After a share price rise of 240% in 2016, it still has huge upside priced at around 300p per share.

A top notch income stock

Legal & General(LSE: LGEN) currently yields 4.5%, which is likely to have appeal as inflation rises during the course of 2017. Even if the Bank of England is correct insofar as inflation reaching 2.7% in 2017, Legal & General's dividend prospects mean that it should still offer a real-terms increase in shareholder payouts. For example, in the next two years it's forecast to raise dividends by 6.5% per annum, which could be as much as twice the rate of inflation.

As well as a high and growing yield, Legal & General's shareholder payouts are well covered by profit at 1.5 times. This shows that dividends could increase even if profitability comes under pressure over the medium term. And with it having a price-to-earnings (P/E) ratio of 11.4, there are considerable capital gains on offer from its current share price of 241p.

Will any of those three make you a millionaire?

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Peter Stephens owns shares of Barclays and Legal & General Group. The Motley Fool UK has recommended Barclays. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.