5 Dividend Stocks for Passive Income

1. Devon Energy Corporation (NYSE:DVN)

Dividend Yield as of July 28: 6.04%

Devon Energy Corporation (NYSE:DVN) is an American energy company that is engaged in the exploration of hydrocarbons, natural gas, and oil.

In Q1 2022, Devon Energy Corporation (NYSE:DVN) generated $1.3 billion in free cash flow, up from $1.1 billion in the previous quarter. The company paid $667 million in dividends during the quarter, compared with $554 million paid during the previous quarter. Devon Energy Corporation (NYSE:DVN) has been making dividend payments consistently for the past 29 years and raised its payouts every year since 2016. It currently pays a quarterly dividend of $1.27 per share, with a yield of 6.04%, as of the close of July 28.

In July, Truist raised its price target on Devon Energy Corporation (NYSE:DVN) to $115 with a Buy rating on the shares, highlighting the growth in oil prices, which will be beneficial for the company.

At the end of Q1 2022, 66 hedge funds tracked by Insider Monkey owned stakes in Devon Energy Corporation (NYSE:DVN), up from 51 in the previous quarter. The total value of these stakes is nearly $2 billion.

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