5 Dogs of the S&P 500

In this article, we discuss 5 dogs of the S&P 500. If you want to read our detailed analysis of the ‘Dogs of the S&P 500’ strategy and dividend stocks, go directly to read Dogs of the S&P 500. 

5. Diamondback Energy, Inc. (NASDAQ:FANG)

Dividend Yield as of June 22: 7.67%

Diamondback Energy, Inc. (NASDAQ:FANG) is a Texas-based energy company that is engaged in the exploration of hydrocarbon. In April, Goldman Sachs raised its price target on the stock to $163 with a Buy rating on the shares, highlighting the company’s performance.

Diamondback Energy, Inc. (NASDAQ:FANG) started its dividend policy in 2018 and currently pays a quarterly dividend of $0.80 per share. With a dividend yield of 7.67%, it is one of the top dogs of the S&P 500 stocks on our list.

As of the close of Q1 2023, 45 hedge funds tracked by Insider Monkey reported having stakes in Diamondback Energy, Inc. (NASDAQ:FANG), compared with 52 in the previous quarter. These stakes have a consolidated value of over $1.1 billion.

4. KeyCorp (NYSE:KEY)

Dividend Yield as of June 22: 8.33%

KeyCorp (NYSE:KEY) is an Ohio-based retail banking company that provides a wide range of financial services to its consumers. On May 11, the company announced a quarterly dividend of $0.205 per share, which was consistent with its previous dividend. It holds a 12-year streak of dividend growth. The stock has a dividend yield of 8.33%, which places it as one of the top dogs of the S&P 500.

In May, Odeon Capital upgraded KeyCorp (NYSE:KEY) to Buy with an $11 price target, presenting a positive outlook on the company this year.

At the end of March 2023, 34 hedge funds in Insider Monkey’s database owned investments in KeyCorp (NYSE:KEY), up from 33 in the preceding quarter. The stakes owned by these hedge funds have a collective value of $573.6 million.

3. Altria Group, Inc. (NYSE:MO)

Dividend Yield as of June 22: 8.56%

Altria Group, Inc. (NYSE:MO) is an American manufacturing company that specializes in cigarettes, tobacco, and other related products. In the first quarter of 2023, the company distributed $1.7 billion to shareholders in dividends.

Altria Group, Inc. (NYSE:MO) is one of the top dogs of the S&P 500 with a dividend yield of 8.56%, as of June 22. The company has been growing its dividends consistently for the past 53 years. It currently pays a quarterly dividend of $0.94 per share.

At the end of Q1 2023, 49 hedge funds tracked by Insider Monkey owned positions in Altria Group, Inc. (NYSE:MO), up from 45 in the previous quarter. These stakes have a total value of over $1.13 billion.

2. Devon Energy Corporation (NYSE:DVN)

Dividend Yield as of June 22: 9.22%

Devon Energy Corporation (NYSE:DVN) is an Oklahoma-based energy company that is engaged in the exploration of hydrocarbons. The company launched the first fixed-plus-variable dividend in the industry a few years ago. On May 8, it declared a fixed-plus-variable dividend payout of $0.72 per share based on its first-quarter earnings. The stock’s dividend yield on June 22 came in at 9.22%.

At the end of March 31, 49 hedge funds in Insider Monkey’s database reported having stakes in Devon Energy Corporation (NYSE:DVN), compared with 55 in the previous quarter. These stakes have a total value of over $570.7 million.

1. Pioneer Natural Resources Company (NYSE:PXD)

Dividend Yield as of June 22: 11.41%

Pioneer Natural Resources Company (NYSE:PXD) tops our list of the dogs of the S&P 500 stocks. The American exploration and production company pays a quarterly dividend of $3.34 per share. It has been making regular dividend payments to shareholders since 2004. The stock has a dividend yield of 11.41%, as of June 22.

At the end of Q1 2023, 45 hedge funds tracked by Insider Monkey were long Pioneer Natural Resources Company (NYSE:PXD). The collective value of stakes owned by these hedge funds is over $1.3 billion.

Ave Maria mentioned Pioneer Natural Resources Company (NYSE:PXD) in its Q1 2023 investor letter. Here is what the firm has to say:

“Pioneer Natural Resources Company (NYSE:PXD) is one of the largest independent E&P companies in the United States focused on the Permian Basin. Pioneer is a low-cost producer in the Permian basin and can generate free cash flow when the price of oil is more than $30 per barrel. Pioneer was one of the first companies in the industry to embrace a disciplined investment framework focused on returning excess capital to shareholders during periods of high realized pricing. This framework has materially benefited shareholders given the sharp rise in the price of crude oil.”

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