Devon Energy (NYSE: DVN) is not the type of stock that a conservative income investor will likely find attractive. Not only does it operate in the highly volatile energy sector, but its dividend is specifically designed to rise and fall over time. But, for more active investors, this volatile stock could be an interesting investment opportunity. And the variable dividend is a key part of the story.

Investors in the energy sector need to go in with their eyes wide open. Oil and natural gas are commodities prone to material, and often rapid, price swings. Some energy companies design their businesses around this in such a way that the peaks and valleys don't have as much effect on their investors. For example, ExxonMobil (NYSE: XOM) has increased its dividend annually for four decades. 

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Source Fool.com