5 Best Value Stocks to Buy According to Legendary Bill Miller

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1. Ovintiv Inc. (NYSE: OVV)

Miller Value Partners’s Stake Value: $74,007,409

Percentage of Miller Value Partners’s 13F Portfolio: 4.77%

Founded in 2002, Ovintiv Inc. (NYSE:OVV) is an oil and gas company that produces and markets oil, natural gas, and natural gas liquids. The company’s multi-basin portfolio includes Anadarko Basin in West-Central Oklahoma, the Permian basin in Texas, and Montney in Western Canada. Other assets of Ovintiv Inc. (NYSE:OVV) include Bakken, which is a multi-bench oil resource in North Dakota; and the Uinta basin in Utah. The operating segments of the company comprise the US operations, the Canadian operations, and Market Optimization.

In its Q2 2022 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and Ovintiv Inc. (NYSE:OVV) was one of them. Here is what the fund said:

Oil and gas exploration and production company Ovintiv Inc. (NYSE:OVV) fell as oil prices faded late in the quarter due to aggressive Fed rate hikes and growing credit fears in emerging markets, a source of demand growth for oil. Although oil and fuel product inventories remain scarce, the Fed has been so aggressive with rhetoric and tightening that the dollar rose sharply and investor sentiment shifted toward anticipating a recession. Ovintiv is a self-help improvement story as it lowers debt levels through cash generation and asset sales while detailing plans to buy back shares more aggressively and pay a higher dividend.

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