Display the drawing tool bar. Click the oval icon and draw the circle
around your text. Righ click the oval and select format autoshape. In the
fill color window, select "no fill"
Now display non-printing characters CTRL+SHIFT+*
You will see a symbol that looks like and anchor in the margin. Drag and
drop that anhor in your text. This will anchor the oval to your text and it
will move with your text.