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Bill Miller keeps betting big on this energy stock, which is up 60% this year

Value investor Bill Miller kept his top holding unchanged last quarter, betting on an energy name that has jumped nearly 60% this year. His hedge fund Miller Value Partners held about $90 million worth of Ovintiv shares, remaining as its top holding at the end of the third quarter, according to a new regulatory filing. Miller first bought the stock in the fourth quarter of 2021. The oil and natural gas producer has rallied roughly 60% this year on the back of higher commodity prices. Goldman Sachs recently published a bullish note on Ovintiv, saying the stock could surge 40% in the next 12 months. Goldman said Ovintiv is still trading at a deep discount to its peers, making it a potentially solid buy for investors looking to hold long term. Another energy name among Miller’s biggest holdings is Energy Transfer , which he kept unchanged at $65 million. The stock has also been significantly outperforming the market, rallying 45% in 2022. In other moves, Miller raised his stake in Expedia by roughly 30% to a $75 million bet. The reopening play is down 46% this year. The value investor also trimmed his Alibaba holding by nearly 23% last quarter. The stock has fallen about 30% in volatile trading this year amid heightened geopolitical tensions.

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