5 High-Dividend Stocks Picked By Billionaire Ray Dalio

1. Devon Energy Corporation (NYSE:DVN)

Dividend Yield as of April 10: 9.56%
Bridgewater Associates’ Stake Value: $11,101,325

Devon Energy Corporation (NYSE:DVN) tops our list of the best dividend stocks in billionaire Ray Dalio’s hedge fund portfolio. At the end of Q4 2022, the hedge fund owned stakes worth over $11 million in the company, which accounted for 0.06% of its 13F portfolio.

Devon Energy Corporation (NYSE:DVN) currently offers a quarterly dividend of $0.20 per share and has a dividend yield of 9.56%, as of April 10.

At the end of December 2022, 55 hedge funds owned stakes in Devon Energy Corporation (NYSE:DVN), up from 51 in the previous quarter, according to Insider Monkey’s data. The stakes are valued at $823.5 million collectively.

GoodHaven Capital Management mentioned Devon Energy Corporation (NYSE:DVN) in its Q2 2022 investor letter. Here is what the firm has to say:

“Our biggest dollar gainer within this period was Devon Energy Corporation (NYSE:DVN), a position which emanated from a takeover in early 2021 of our long time holding WPX Energy. We are sitting on a material (unrealized) gain from our cost and are now receiving material dividends thanks to Devon’s thoughtful fixed/variable dividend policy. Energy is now a hot sector for investors but we have had a material exposure for a long time. We remember a bit too well $40 oil, NEGATIVELY PRICED front-month oil contract, and what it’s like to own a company with leverage and negative free cash flow during such periods. Our desire to have our biggest portfolio exposures be high return, growing, reasonably predictable and moderately levered companies lead us to reduce our Devon exposure in the past. When the recent facts and circumstances for the industry changed and appeared supportive of healthy oil prices, we decided to maintain a sizable holding and more recently added to the position. At Devon’s Q1 dividend rate, which is mostly variable in nature, the shares now yield approximately 10% and our yield on our average cost is materially higher. In addition, we maintain additional energy exposure through our long-term (and successful) holding in Hess Midstream and less directly through TerraVest and Berkshire Hathaway’s energy investments.”

You can also take a look at 11 Best EV Stocks For The Long Term and 20 Best Mutual Funds in 2023

Follow Insider Monkey on Twitter