Shares of multinational oil production company Chevron Corp. (CVX) fell 4.3% on Friday. The San Ramon, California-based company posted weak fiscal fourth-quarter and full-year 2020 results before market opened.

Chevron's stock is now down 23.5% over the last 12 months after gaining nearly 55% from multiyear lows it reached in March. The company remains unprofitable on a trailing 12-month basis after a disappointing campaign in 2020. However, as the recovery continues, 2021 could see the 141-year-old company return to profitability.

Its forward price-earnings ratio of 23.28 suggests that Chevron is expected to

Screening for stocks with compelling Shiller price-earnings ratios increases the likelihood of identifying value opportunities, in my opinion. Thus, investors may want to consider the following stocks, as their Shiller price-earnings ratios are trading below the S&P 500 Index's historical average of 16.77 as of Dec. 23.

Chevron Corp

The first company under consideration is Chevron Corp (CVX), a San Ramon, California-based integrated oil and gas company.

The company has a Shiller price-earnings ratio of 10.75, which is the result of a share price of $85.69 as of Dec. 23 and 10-year average inflation-adjusted earnings per share of $7.97

First Pacific Advisors (Trades, Portfolio) recently released its portfolio updates for the third quarter of 2020, which ended on Sept. 30.

The Los Angeles-based investing management firm emphasizes a research-based, low-risk value investing strategy that seeks to increase capital in the long term while avoiding a high chance of loss. With 88 employees and 31 investment professionals led by Chief Financial Officer J. Richard Atwood, First Pacific invests through several funds, including the FPA Capital Fund (Trades, Portfolio), the FPA Crescent Fund, the FPA International Value Fund and the FPA Paramount Fund.

During the

Fisher Asset Management, LLC's Ken Fisher (Trades, Portfolio) sold shares of the following stocks during the third quarter, which ended on Sept. 30.

Total

The firm reduced its stake in Total SE (TOT) by 21.61%. The trade had an impact of -0.17% on the portfolio.

The integrated oil and gas company has a market cap of $99.72 billion and an enterprise value of $141.14 billion.

GuruFocus gives the company a profitability and growth rating of 6 out of 10. The return on equity of -5.01% and return on assets of

Ken Fisher (Trades, Portfolio), portfolio manager of Fisher Investments, revealed his third-quarter portfolio this week, listing five position boosts among its top trades.

The Camas, Washington-based firm seeks long-term capital appreciation on the belief that the market has already priced in all information on a stock and that supply and demand of securities are key drivers of stock prices. According to the strategy, value is created through identifying information not widely known or interpreting information differently from other market participants.

As of the quarter-end, the firm's $114.09 billion equity portfolio contains

When in search of value opportunities amid companies operating in capital-intensive industries, one strategy investors should consider is looking for stocks whose price-to-tangible-book-value ratios are more appealing than their peers.

The price-to-tangible-book-value ratio is preferred to the price-book ratio, as the assessment of these companies mainly stems from tangible assets.

Royal Dutch Shell PLC

The first stock that qualifies is Royal Dutch Shell PLC (RDS.A) (RDS.B), a major British-Dutch petrochemical company.

Royal Dutch Shell PLC has a price-to-tangible-book-value ratio of 0.79 (for common stock class A) and 0.75 (for common stock class B), which appeal more than the industry median

The Tweedy Browne Global Value Fund (Trades, Portfolio) has disclosed its portfolio for the third quarter.

The fund operates as part of New York-based value investing firm Tweedy, Browne Co. LLC. The fund's management team invests in a diverse number of undervalued companies from developed countries to achieve long-term capital growth.

During the quarter, the largest changes for the fund's portfolio consisted of selling out of the holdings in Antofagasta PLC (LSE:ANTO) and Royal Dutch Shell PLC (XAMS:RDSA), as well as reducing its positions in Novartis AG (XSWX:NOVN), Zurich Insurance Group AG (XSWX:ZURN) and Nestle SA (XSWX:NESN).

Royal Dutch Shell (RDS.A)(RDS.B) cut its dividend for the first time since World War II back in the first quarter of the year. Now, while this undoubtedly spooked investors, and many oil majors have been loath to follow suit, (ExxonMobil (XOM), for instance, took on more debt and slashed other expenses just so it could maintain its payouts), there is a silver lining to being the first to do such a thing - now that the proverbial band-aid has been ripped off, management can move forward and reposition the company and, of course, have left the door open to

I recently discussed the state of the oil industry after what has been an extremely bad quarter. In part two of this series on the energy sector, we will look at how different oil majors have approached the question of dividend payments in an age of falling earnings.

To slash or not to slash?

In part one, I noted that the European oil giants like Royal Dutch Shell (RDS.A)(RDS.B) and British Petroleum (BP) booked huge impairment charges last quarter. By contrast, U.S. giants like Chevron (CVX) and ExxonMobil (XOM) had relatively smaller impairment charges. There

Jeremy Grantham (Trades, Portfolio)'s GMO LLC recently released its portfolio updates for the second quarter of 2020, which ended on June 30.

Grantham is a co-founder and a member of the asset allocation team of Grantham, Mayo, Van Otterloo (GMO) & Co. LLC. The Boston-based asset management firm utilizes various long-term, value-based investment strategies that focus on risk management and diversification. Grantham is known for his success in consistently identifying and avoiding stock market bubbles, including the Japanese market bubble in the late 1980s, tech and internet stocks in the late '90s and credit markets in 2006.

As most investors know, the last six months have not been kind to the energy industry. Oil producers have been hit by a double whammy of oversupply (due to fractures in the OPEC-Russia alliance) and plummeting demand (due to global lockdowns). As a result, oil prices fell to multidecade lows earlier this year, with prices even going negative in some futures markets.

We won't go into the specifics of how this is even theoretically possible, but you don't need to be a professional oil trader to understand that a negative price for a commodity means that producers

The Causeway International Value (Trades, Portfolio) Fund released its portfolio for the first quarter earlier this week, listing two new positions.

The fund, which is part of Sarah Ketterer (Trades, Portfolio)’s Los Angeles-based Causeway Capital Management, was founded in 2001. Executing a bottom-up investment strategy based on fundamental research, the portfolio managers look for value opportunities among mid- to large-cap companies in developed international markets to achieve long-term capital growth.

Sticking to these criteria, the fund established holdings in Banco Bilbao Vizcaya Argentaria SA (XMAD:BBVA) and Komatsu Ltd. (TSE:6301) during the quarter. Other notable

The word "crash" is often associated with catastrophic outcomes, whether we are talking about an airplane, stock markets or commodity prices. However, when it comes to capital markets, a severe decline in prices might present lucrative opportunities for prudent investors. Some companies, on the other hand, benefit from these events due to the very nature of their business operations. Euronav EV (EURN) is one such company that is looking at eye-popping earnings growth numbers in the next few quarters thanks to the oil crash. An investment in the stock will likely provide stellar returns within the next year.

A top-down