Income investors could have it all with this stock. For years, Miller Lite ran ads that featured the line "Tastes great. Less filling." Having it all appealed to beer drinkers. That general idea is attractive to income investors, too. They're accustomed to buying stocks that pay solid dividends but don't deliver much in the way of growth. But they'd love to have it all -- great dividends and significant share price appreciation.
Analysts believe that income investors just might be able to have it all. This dividend stock offers an ultra-high yield of 9.1% -- and Wall Street thinks the stock can soar 32% higher. The average analysts' 12-month price target for Devon Energy (DVN) reflects an upside potential of close to 32%. Of the 32 analysts surveyed by Refinitiv in May, 10 rate the oil stock as a "strong buy" with 13 rating the stock as a "buy." None recommend selling Devon. Devon is an independent oil and gas company that focuses on U.S. onshore drilling. It produced a record-high 320,000 barrels of oil per day in the first quarter of 2023. The stock has fallen around 20% so far in 2023 due to declining oil prices. However, this performance should be put into context: Devon's share price skyrocketed 179% in 2021 and 40% in 2022.
Source: Motley Fool
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This Dividend Stock Offers an Ultra-High Yield of 9.1% -- and Wall Street Thinks It Can Soar 32% Higher
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