5 Dividend Stocks to Buy According to Steve Cohen’s Point72 Asset Management

4. ConocoPhillips (NYSE:COP)

Dividend Yield as of August 5: 3.35%
Point72 Asset Management’s Stake Value: $198,113,000

ConocoPhillips (NYSE:COP) is a Texas-based multinational company that is engaged in the production and exploration of hydrocarbon. The company paid $3.3 billion to shareholders in Q2 2022, $1 billion of which was paid in dividends. It currently pays a quarterly dividend of $0.46 per share, with a yield of 3.35%, as of August 5. Though the company has not raised its dividends consecutively, it has been making dividend payments continuously since 1993.

Point72 Asset Management started building its position in ConocoPhillips (NYSE:COP) during the first quarter of 2015, owning stakes worth over $3 million. In Q1 2022, the hedge fund increased its position in the company by 231%, purchasing an additional stake worth over $154.7 million. The company represented 0.78% of Steve Cohen’s portfolio.

In July, MKM Partners initiated its coverage of ConocoPhillips (NYSE:COP) with a Buy rating and a $110 price target, appreciating the company’s high returns of capital to shareholders.

ConocoPhillips (NYSE:COP) was a popular stock among elite funds in Q1 2022, as shown by Insider Monkey’s data. At the end of Q1, 67 hedge funds owned stakes in the company, growing from 56 in the previous quarter. These stakes are collectively valued at over $2.58 billion.

Diamond Hill Capital mentioned ConocoPhillips (NYSE:COP) in its Q1 2022 investor letter. Here is what the firm has to say:

“We redeployed capital into ConocoPhillips (NYSE:COP), which was trading at a discount to our estimate of intrinsic value and is well positioned over the long run due to its low-risk asset base.”