Can Ovintiv (OVV) Stock Still Bounce Back?

Carillon Tower Advisers, an investment management company, released its “Carillon Scout Mid Cap Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, majority of the equity indexes declined due to interest rate hikes, Russia-Ukraine war, and Federal Reserve’s balance-sheet tapering. Mid-cap and small-cap stocks poorly performed in the quarter relative to other investments. The fund’s portfolio was most overweight in the utilities and consumer staples sectors and is currently underweight in the information technology sector. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Carillon Tower Advisers discussed stocks like Ovintiv Inc. (NYSE:OVV) in the second quarter 2022 investor letter. Based in Denver, Colorado, Ovintiv Inc. (NYSE:OVV) is an oil and gas exploration and production company. On October 5, 2022, Ovintiv Inc. (NYSE:OVV) stock closed at $54.78 per share. One-month return of Ovintiv Inc. (NYSE:OVV) was 8.80% and its shares gained 46.28% of their value over the last 52 weeks. Ovintiv Inc. (NYSE:OVV) has a market capitalization of $13.93 billion.

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.”

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Ovintiv Inc. (NYSE:OVV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Ovintiv Inc. (NYSE:OVV) at the end of the second quarter which was 44 in the previous quarter.

We discussed Ovintiv Inc. (NYSE:OVV) in another article and shared the list of stocks that Michael Burry is selling. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.