Like Devon Energy? Check Out These 3 High Potential Oil Dividend Stocks
Devon Energy (NYSE: DVN) has become one of the most popular stocks in the oil patch. A big driver is the company's oil-fueled dividend. Devon pays a fixed base dividend it can sustain at low oil prices. It also pays a variable dividend of up to 50% of its free cash flow. Because of that, Devon can pay a gusher of dividends at higher oil prices.
However, it's not the only oil stock with an oil-fueled shareholder returns policy. Three lesser-known names that investors should take a closer look at are Coterra Energy (NYSE: CTRA), Chord Energy (NASDAQ: CHRD), and Civitas Resources (NYSE: CIVI). With Saudi Arabia recently leading a production cut to drive oil prices higher, these oil companies could pay massive dividends this year.
Chord Energy has a tiered framework for returning cash to shareholders based on its leverage ratio:
Source Fool.com
