The S&P/ASX 200 Index (ASX: XJO) is rallying to new record highs this week, but not every ASX 200 share is joining in the Fed-fuelled rally.

With around half an hour of trade left before the closing bell on Friday, the benchmark index is up 0.3% at 8,219.6 points. That sees the index of the top 200 Aussie stocks up 14.7% over the past 12 months.

But three ASX 200 shares have gone the other way and notched fresh 52-week lows today.

Three ASX 200 shares missing out on the market rally

In morning trade today, the $Ampol Ltd (ALD.AU)$ share price was down 0.8% to $28.11, a new one-year low. While shares in Australia's largest branded petrol and convenience network have since popped into the green, at the current $28.51, shares are down 14.2% since this time last year.

The stock has been under pressure for much of the past six months, with little help from the release of its half-year results. Investors favoured their sell buttons after Ampol's revenue from ordinary activities fell 1.1% year on year to $18.24 billion.

Ampol also cut its fully franked interim dividend by 36.8% from the prior year to 60 cents per share.

Time to buy?

That's a yes, according to Jeffries. Earlier this month, the broker boosted Ampol to a buy rating with a $33 target price.

Which bring us to $Atlas Arteria Ltd (ALX.AU)$.

Down 0.8% at the time of writing, shares in the global owner, operator, and developer of toll roads are currently trading for $4.68 apiece. This ASX 200 share is down 20.6% over the past year and trading at multi-year lows.

Atlas Arteria's shares have been under selling pressure for most of the past 12 months. The company didn't get any relief with the release of its half-year results. On the bottom line, Atlas Arteria's net profit after tax of 114.2 million euros for the six-month period was down 16% year on year.

Time to buy?

Well, according to analysts' consensus recommendations on CommSec, you might want to wait this one out yet. CommSec shows one strong buy recommendation, six holds, two moderate sells, and one strong sell.

Rounding off the list of ASX 200 shares joining this rather ignominious 52-week-plus low list is New Zealand's largest telecommunications and digital services company, $Spark New Zealand Ltd (SPK.AU)$.

The Spark share price is down 1.5% as I pen this, at $2.98 a share. That sees the Spark New Zealand share price down 32.4% in a year.

Spark shares began sliding in February and faced more headwinds following the release of the telco's full-year results on 23 August.

FY 2024 revenue of $3.86 billion was down 1.2% from FY 2023 on an adjusted basis. Adjusted net profit after tax (NPAT) dropped 21% year on year to $342 million.

Time to buy?

Turning to CommSec again, three analysts rate the ASX 200 share as a strong buy, one has it as a moderate buy, and six recommend it as a hold.

It's worth noting that none of the analysts have a sell recommendation for Spark New Zealand.