The stable portion has been indifferent, currently yielding slightly more than 1%.
OIL PRICES MARKET WATCH FREE
In the second quarter, Devon paid out up to 50% of free cash as a variable dividend, bringing the total dividend to $1.55 per share. Here are three energy stocks to keep on your radar.Įarly in the year, BofA Analyst Doug Leggate advised investors to focus on oil companies with potential to grow their free cash flows through consolidations or other cost reduction measures, naming Devon Energy (NYSE: DVN), Pioneer Natural Resources (NYSE: PXD), and EOG Resources (NYSE: EOG).ĭVN stock has been one of the best-performing energy stocks thanks to strong earnings and continuing cost discipline including a variable dividend structure.įollowing the merger with WPX Energy last year, the company announced fixed-plus-variable dividends, something that has gone down well with Wall Street. Indeed, Goldman Sachs says such a dramatic cut is likely to push oil prices back to triple-digits over the next three months. OPEC+ reduced its output by 100,000 barrels per day in September however, it has never implemented an output cut that big in such a tight market, with demand remaining resilient and inventories at historically low levels. OPEC+ started increasing production quotas in June 2021, gradually increasing supply by an extra 400,000 b/d onto world markets every month with demand for crude beginning to recover. Oil stocks rose on Wednesday morning after OPEC and its allies announced plans to cut production by 2 million bpd, which is effectively the biggest cut since the pandemic hit in late 2019.
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