5 Undervalued Stocks in Ken Fisher’s 2022 Portfolio

In this article, we will look at 5 undervalued stocks in Ken Fisher’s 2022 portfolio. If you want to read about Ken Fisher’s investment strategies and his views on the current market situation, you can go to 10 Undervalued Stocks in Ken Fisher’s 2022 Portfolio.

5. Chevron Corporation (NYSE:CVX)

Fisher Asset Management’s Stake Value: $1,071,589,000

Percentage of Fisher Asset Management’s 13F Portfolio: 0.63%

PE Ratio as of June 14: 9.80

Number of Hedge Fund Holders: 53

As of March 31, Fisher Asset Management owns 6.58 million shares of Chevron Corporation (NYSE:CVX), which brings the fund’s stakes in the company to $1.07 billion. The investment covers 0.63% of Ken Fisher’s 13F portfolio.

On April 29, Chevron Corporation (NYSE:CVX) announced earnings for the fiscal first quarter of 2022. The company reported earnings per share of $3.36 but missed expectations by $0.08. The company reported a revenue of $54.37 billion for the quarter, up 69.76% year over year, ahead of expectations by $812.65 million.

This June, Credit Suisse analyst Manav Gupta raised his price target on Chevron Corporation (NYSE:CVX) to $202 from $190 and maintained an Outperform rating on the shares.

As of June 14, Chevron Corporation (NYSE:CVX) has returned 51.90% to investors over the past twelve months and has a forward PE ratio of 9.80, along with a dividend yield of 3.39%.

At the close of Q1 2022, 53 hedge funds were long Chevron Corporation (NYSE:CVX) with stakes worth $27.99 billion. This is compared to 53 positions in the preceding quarter with stakes worth $6.50 billion.

Here is what ClearBridge Investments had to say about Chevron Corporation (NYSE:CVX) in its recently published “Large Cap Value Strategy” first-quarter 2022 investor letter:

“The energy sector, which led a strong market in 2021, generated even more dramatic relative performance in the quarter, advancing 39% and leading the benchmark Russell 1000 Value Index. Years of restrained investment in the energy sector, combined with a strong post-pandemic recovery, contributed to the higher commodity prices. The upward pressure escalated with the Russian invasion of Ukraine. Our energy holding Chevron (NYSE:CVX) benefited from higher commodity prices and was among the top contributors to first-quarter performance.”