Five Dividend Stocks Billionaire Steve Cohen Really Likes

#3 Tesoro Corporation (NYSE:TSO)

– Shares Held (as of June 30): 1.67 million
– Total Value (as of June 30): $124.91 million

Although refiners in general had a tough go of it from March 31 to June 30 due to the narrow crack spread for the period, Point72 was willing to buy the dip in Tesoro Corporation (NYSE:TSO). Cohen’s fund added a grand total of 1.625 million shares of the stock in the second quarter, multiplying its position by almost 40-times to 1.67 million shares. A potential reason for Cohen’s firm buying is that many in the industry expect the crack spread to improve as refiners cut down on production/utilization. Tesoro’s annual dividend of $2.20 per share, good for a 2.68% yield also helps.

#2 KAR Auction Services Inc (NYSE:KAR)

– Shares Held (as of June 30): 3.27 million
– Total Value (as of June 30): $136.36 million

Although it isn’t directly related to crude, many traders believe that KAR Auction Services Inc (NYSE:KAR) benefits from the lower prices at the pump. Because WTI and Brent are more than half the price of what they were three years ago, gasoline prices are cheaper, and people are driving more. The more people there are driving, means more used cars are being moved, and more business for KAR. Point72 more than doubled its position in the stock during the second quarter, increasing its holding by 127%. Despite the stock’s more than 13% rally this year, KAR shares still yield an attractive 2.77%.

#1 ConocoPhillips (NYSE:COP)

– Shares Held (as of June 30): 3.95 million
– Total Value (as of June 30): $172.11 million

Although Cohen’s fund trimmed its stake in the E&P by 8% from March 31 to June 30, Point72 nevertheless owned over 3.94 million Conoco shares worth over $172 million at the end of the second quarter. Like Point72, other funds in our system have mainly held on to their positions in the oil producer. Of the 749 hedge funds that we track which filed 13Fs for the June quarter, 43 funds owned $1.67 billion in ConocoPhillips (NYSE:COP) positions on June 30, which accounted for 3.10% of the float, compared to 45 funds with $1.47 billion in holdings on March 31. One reason Point72 is likely holding so many shares of ConocoPhillips is due to the stock’s attractive annual dividend payout of $1.00 per share, good for a 2.51% yield.

Disclosure: None