5 Best Stocks to Buy According to Billionaire Dan Loeb

In this piece, we’ll take a look at the 5 Best Stocks to Buy According to Billionaire Dan Loeb. For more stocks, go to 10 Best Stocks to Buy According to Billionaire Dan Loeb.

5. Ovintiv Inc. (NYSE:OVV)

Third Point Stake: $270,443,000

Percentage of Third Point’s Portfolio: 6.4%

Number of Hedge Fund Holders: 47

Ovintiv Inc. (NYSE:OVV) is an oil and gas company with holdings in the Permian, Eagle Ford, Montney, and Duvernay regions. Third Point increased its stake in Ovintiv Inc. (NYSE:OVV) by 172% during the second quarter. At the end of the quarter, the fund held 6,120,000 shares of the company.

On September 26, 2022, Jeanine Wai, an analyst at Barclays, increased her target price on Ovintiv Inc. (NYSE:OVV) to $78. The analyst believes that the company will produce sufficient free cash flow in the future, which has warranted an increase in the price target for the firm.

Here is what Carillon Tower Advisers specifically said about Ovintiv Inc. (NYSE:OVV) in its Q2 2022 investor letter:

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.

At the end of Q2 2022, Third Point held the highest stake in Ovintiv Inc. (NYSE:OVV), with an investment value of over $270 million in the company, constituting 6.4% of the fund’s portfolio. According to Insider’s Monkey database, 47 hedge funds owned stakes in the company at the end of the second quarter.