In this article, we discuss the 5 best income stocks to invest in. If you want to read our comprehensive analysis of these stocks and the current market situation, go directly to 15 Best Income Stocks To Invest In†
5. Devon Energy Corporation (NYSE:DVN)
Number of Hedge Fund Holders: 51
Dividend Yield (as of May 7): 5.80%
Devon Energy Corporation (NYSE:DVN) announced its financial results for the first fiscal quarter of 2022 on May 5, posting an EPS of $1.88, crossing market estimates by $0.12. Revenue for the quarter increased 116.35% on a year-over-year basis to $3.81 billion, surpassing predictions by $242.30 million.
Devon Energy Corporation (NYSE:DVN)’s dividend yield on May 7 came in at 5.80%. On May 2, Devon Energy Corporation (NYSE:DVN) declared a $1.27 per share quarterly dividend, surpassing the previous. The dividend will be paid to shareholders on June 30.
Truist analyst Neal Dingmann raised his price target on Devon Energy Corporation (NYSE:DVN) to $100 from $91 and kept a Buy rating on the shares. Based on the analyst’s notes, the company will continue its multi-pronged shareholder return program of leading with dividends along with “meaningful buybacks” that are expected to rise. He also adds that the company’s current position of about 4,000 low-risk/high-return locations along with about 2,500 incremental operated locations could lead to material upside.
A top dividend stock among investors and one of the best income stocks to invest in, 51 hedge funds were long Devon Energy Corporation (NYSE:DVN) in the fourth quarter of 2021, up from 48 funds in the preceding quarter. The total stakes held in Q4 amounted to $1.74 billion, compared to $1.40 billion in the last quarter. Rajiv Jain’s GQG Partners is the company’s biggest shareholder, with a position 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.”