Ex-Dividend Stocks: Merck, Macy's

Canadian Natural Resources

The energy company reported first-quarter earnings on May 3 of $427 million, or 39 cents a share, up from year-earlier earnings of $46 million, or 4 cents a share.

"We cut CNQ on our "Future of US oil" thematic (Feb 28), based on its exposure to North American crude pricing distortions and volatility, and its lack of a Mid-Con refining hedge or storage," Deutsche Bank analysts wrote in a May 17 report.

Forward Annual Dividend Yield: 1.5%

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Devon Energy

The energy company reported first-quarter earnings on May 2 of $393 million, or 97 cents a share, down from year-earlier earnings of $416 million, or 97 cents a share.

"Devon has successfully completed its strategic repositioning by divesting all offshore and non-North American operations and using a portion of the cash proceeds to repurchase 12% of its shares and expand its large unconventional acreage position," Oppenheimer analysts wrote in a May 25 report. "In the last 18 months, DVN has acquired more than 1.4 million net acres in five onshore US oil and liquids-rich plays. With more than 16 bboe of resource potential, 50% liquids, $7.7B cash and less than 12% debt ratio, DVN has the financial flexibility to fund CAPEX, grow the dividend and repurchase shares. We are lowering our price target from $90 to $75 to reflect the sharp correction in energy equities in the last six months."

Forward Annual Dividend Yield: 1.4%

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