In this article, we discuss the 5 best dividend stocks to buy according to billionaire Howard Marks. If you want to read our detailed analysis of Marks’ history and hedge fund performance, go directly to the 10 Best Dividend Stocks to Buy According to Billionaire Howard Marks.
5. Petróleo Brasileiro S.A. – Petrobras (NYSE: PBR)
Marks’ Stake Value: $80,974,000
Percentage of Howard Marks’ 13F Portfolio: 1.12%
Dividend Yield: 3.24%
Number of Hedge Fund Holders: 27
Petróleo Brasileiro S.A. – Petrobras (NYSE: PBR) produces and sells oil and gas globally. The company was founded in 1953 and stands fifth on the list of 10 best dividend stocks to buy according to billionaire Howard Marks. The Petróleo shares have gained 28.55% over the last 12 months.
On July 6, the company declared that it will increase the average price of fuel at refineries by 16 centavos to 2.69 reais per liter, a 6.3% increase, while diesel will rise by 10 centavos, or 3.7%, to 2.81 reais per liter. But truck drivers, a strong force in Brazil, opposed Petrobras’ strategy of selling fuel nationally in accordance with import prices. Petrobras also approved to sell its 100% interest in the Polo Alagoas land and shallow water terrain to Petromais Global Exploracao e Producao for $300 million. On June 28, JPMorgan upgraded the stock of Petróleo Brasileiro S.A. – Petrobras (NYSE: PBR) to “Overweight” from “Neutral,” and also raised the price target to $13 from $11.
The stock accounts for about 1.12% of Oaktree Capital Management, as the hedge fund owns an $80.97 million stake in the company. In addition, Howard Marks’ hedge fund increased its stake in the company by 52% in the first quarter. At the end of the first quarter of 2021, 27 hedge funds in the database of Insider Monkey held stakes worth $878.46 million in Petróleo Brasileiro S.A. – Petrobras (NYSE: PBR), up from 24 the preceding quarter worth $1.34 billion.