5 Dividend Stocks to Buy Now According to Billionaire Leon Cooperman

1. Devon Energy Corporation (NYSE:DVN)

Dividend Yield as of March 24: 6.51%

Value of Omega Advisors‘ 13F Position: $120 million

Topping the list of top dividend stocks to buy according to billionaire Leon Cooperman isDevon Energy Corporation (NYSE:DVN), which ranks as his fourth-largest holding overall. Cooperman’s family office did sell off 12% of its stake in Devon Energy during Q4, taking advantage of the stock’s stellar performance in 2021. That left Omega with over 2.72 million shares of the stock, which gained 170.73% last year.

Thanks to the strength of its financial performance, the natural gas exploration and production company have been rapidly jacking up its dividend in recent quarters, boosting its quarterly payout (which includes a variable payment of up to 50% of DVN’s excess FCF) from just $0.30 in March 2021 to $1.00 this month. Devon Energy Corporation (NYSE:DVN) has boosted its distribution for four straight years and made payments for 22 consecutive years.

Given oil prices are expected to continue rising, Devon Energy Corporation (NYSE:DVN)’s dividend could likewise do the same in the quarters to come. The company is coming off a spectacular year of record free cash flow, while its operating cash flow tripled year-over-year.

For more on the latest trades made by some of the biggest hedge fund managers in the world, check out 10 Real Estate Stocks to Buy Now According to Charles Fitzgerald’s V3 Capital and 10 Best Gas Stocks To Buy Now.

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