5 Best Dividend Stocks to Buy According to Crispin Odey’s Hedge Fund

3. ConocoPhillips (NYSE: COP)

Odey’s Stake Value: $5,059,000
Percentage of Crispin Odey’s 13F Portfolio: 1.41%
Dividend Yield: 2.81%
Number of Hedge Fund Holders: 51

ConocoPhillips (NYSE: COP) is a multinational company, which manufactures, transports, and sells crude oil, bitumen, natural gas, and liquefied natural gas. The company was incorporated in 1917 and stands third on the list of 10 best dividend stocks to buy according to Crispin Odey’s hedge fund. ConocoPhillips stock has returned 51.95% to investors during the course of the past twelve months.

Chevron Corporation (NYSE: CVX), ConocoPhillips (NYSE: COP), Devon Energy Corporation (NYSE: DVN), and EOG Resources, Inc. (NASDAQ: EOG) and few other private equity houses bid for some or all of Shell’s Permian assets. The companies are seeing continued profits in shale. On May 7, Raymond James analyst Pavel Molchanov upgraded ConocoPhillips (NYSE: COP) from “Outperform” to “Strong Buy” with a price target of $85. On May 4, the company declared its earnings per share for the first quarter of 2021. The company announced earnings per share of $0.69, beating the market estimates by $0.16. ConocoPhillips also announced its revenue and other income of $9.83 billion, up 59.6% YoY, beating the estimates by $1.53 billion.

The hedge fund chaired by Crispin Odey holds 95,500 shares in the company worth $5.06 million. Odey Asset Management increased its stake in the company by 36% in the first quarter of 2021. At the end of the first quarter of 2021, 51 hedge funds in the database of Insider Monkey held stakes worth $1.21 billion in ConocoPhillips (NYSE: COP), up from 49 the preceding quarter worth $687.39 million. 

ClearBridge Investments, in their Q1 2021 investor letter, mentioned ConocoPhillips. Here is what the fund said:

“While reducing in health care and consumer staples, we increased our exposure to high-quality names in economically sensitive areas of the market. We added to low-cost, high-quality energy names (including) ConocoPhillips. We are positive on the company’s strong balance sheets, competitive positions and exposure to an economic recovery.”