5 Large-Cap Dividend Stocks with Over 5% Yield

4. Devon Energy Corporation (NYSE:DVN)

Dividend Yield as of August 18: 6.96%

Devon Energy Corporation (NYSE:DVN), an Oklahoma-based energy company, announced strong Q2 earnings on August 1. The company generated $5.6 billion in revenue, presenting a 132.6% year-over-year growth. For FY22, the company raised its production forecast by 3% to a range of 600,000 to 610,000 Boe per day and expects its production per share to grow by 8% compared to 2021.

Devon Energy Corporation (NYSE:DVN) has been a consistent dividend payer for the past 29 years and raised its payouts every year since 2016. On August 1, the company announced a 22% hike in its quarterly dividend to $1.55 per share, with a dividend yield of 6.96%, as of August 18.

In August, Mizuho lifted its price target on Devon Energy Corporation (NYSE:DVN) to $91 with a Buy rating on the shares, highlighting the sector’s cash returns in Q2 2022.

At the end of Q2 2022, 57 hedge funds tracked by Insider Monkey held positions in Devon Energy Corporation (NYSE:DVN), down from 66 in the previous quarter. The stakes owned by these funds hold a value of over $1.4 billion. Rajiv Jain’s GQG Partners was the company’s leading shareholder in Q2, with nearly 15 million shares.