Decline in Oil and Gas Prices Dragged Ovintiv (OVV)

Smead Capital Management, an investment management company, released its “Smead Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered -0.02% compared to a 7.50% gain for the S&P 500 Index and a 1.01% rise for the Russell 1000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Smead Value Fund highlighted stocks like Ovintiv Inc. (NYSE:OVV) in the first quarter 2023 investor letter. Based in Denver, Colorado, Ovintiv Inc. (NYSE:OVV) is an oil and gas exploration and production company. On July 3, 2023, Ovintiv Inc. (NYSE:OVV) stock closed at $37.55 per share. One-month return of Ovintiv Inc. (NYSE:OVV) was 2.99%, and its shares lost 6.03% of their value over the last 52 weeks. Ovintiv Inc. (NYSE:OVV) has a market capitalization of $10.375 billion.

Smead Value Fund made the following comment about Ovintiv Inc. (NYSE:OVV) in its first quarter 2023 investor letter:

“Our biggest detractors were mainly a function of the decline in oil and gas prices. Ovintiv Inc. (NYSE:OVV), which absorbed some of our Continental Resources proceeds and Conoco Phillips (COP), declined the most. Bank of America (BAC) got hammered by the Silicon Valley Bank meltdown and fears about our financial system. We’ve owned BAC for over ten years and it has outperformed the rest of our portfolio.”

Richest Countries in the World by Natural Resources

curraheeshutter/Shutterstock.com

Ovintiv Inc. (NYSE:OVV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 35 hedge fund portfolios held Ovintiv Inc. (NYSE:OVV) at the end of first quarter 2023 which was 38 in the previous quarter.

We discussed Ovintiv Inc. (NYSE:OVV) in another article and shared the list of stocks whose price targets were recently trimmed by analysts. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

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