Does a rising tide lift all boats? Not always. The S&P 500 is now officially in a new bull market, but not every stock has benefited.

Just because a stock is down doesn't mean it's not a good pick, though. That's especially the case when it pays you handsomely to wait for better days. Here are two ultra-high-yield dividend stocks down 47% or more to buy hand over fist right now.

Shares of Devon Energy (NYSE: DVN) are 47% below their peak set in mid-2022. There are several factors behind this steep sell-off. Oil prices fell and high inflation drove the oil and gas producer's costs higher. As a result, Devon wasn't able to generate as much free cash flow. This caused the company to cut its dividend, pushing some investors away in the process.

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Source Fool.com