In this article, we discuss 5 high dividend S&P 500 stocks. If you want to see some more high yielding stocks, click 10 High Dividend S&P 500 Stocks.
5. Devon Energy Corporation (NYSE:DVN)
Number of Hedge Fund Holders: 51
Dividend Yield as of April 26: 7.05%
Devon Energy Corporation (NYSE:DVN) is an Oklahoma-based hydrocarbon exploration company that produces and distributes petroleum, natural gas, and natural gas liquids. In the fourth quarter of 2021, elite hedge funds were largely bullish on Devon Energy Corporation (NYSE:DVN). According to Insider Monkey’s Q4 data, 51 hedge funds reported owning stakes in the company, up from 48 funds in the earlier quarter.
Devon Energy Corporation (NYSE:DVN)’s dividend yield on April 26 came in at 7.05%. On February 15, Devon Energy Corporation (NYSE:DVN) declared a $1.00 per share quarterly dividend. The dividend was paid to shareholders on March 31.
On April 25, Susquehanna analyst Biju Perincheril raised the firm’s price target on Devon Energy Corporation (NYSE:DVN) to $73 from $62 and reiterated a Positive rating on the shares. The analyst raised his oil and gas price target assumptions and contended that his Devon Energy Corporation (NYSE:DVN) target increase is based on approximately 5.7x his 2023 earnings, debt-adjusted cash flow at his $80.00 WTI/$4.25 HH price deck, in addition to forecasted dividends for the next two years.
Among the hedge funds tracked by Insider Monkey in Q4 2021, Rajiv Jain’s GQG Partners is the largest stakeholder of Devon Energy Corporation (NYSE:DVN), with 14.5 million shares worth roughly $639 million.
Here is what GoodHaven Capital Management has to say about Devon Energy Corporation (NYSE:DVN) in their Q4 2020 investor letter:
“After a rough start to the year our two biggest energy holdings – WPX Energy rebounded materially in the last six months though energy was still our biggest detractor for the year. I’ve previously written about deciding earlier this year to direct new capital towards better businesses versus adding more to the energy sector, but given the material optionality at WPX, we opted to maintain a material exposure. Recently WPX announced an all stock merger with a larger competitor – Devon Energy – which will leave the new company with plenty of cash flow at lower oil prices, less leverage, and material upside to higher commodity prices.”