Should you buy the five highest-yielding dividend stocks in the S&P 500 right now?

The $S&P 500 Index (.SPX.US)$ 's high five

1. $Pioneer Natural Resources (PXD.US)$
Pioneer Natural Resources' (PXD -3.29%) dividend yield currently stands at 11.2%. It's a large independent oil and natural gas producer, and it pays out a base dividend plus a variable dividend that can fluctuate based on its free cash flow.

2. $Coterra Energy (CTRA.US)$
Oil and natural gas producer Coterra Energy (CTRA -1.88%) pays a juicy dividend yield of nearly 9.7% at its current share price. The company was known as Cabot Oil and Gas prior to its merger with Cimarex Energy in 2021.

3. $Vornado Realty Trust (VNO.US)$
Because Vornado Realty Trust (VNO 2.98%) is organized as a real estate investment trust (REIT), it must return at least 95% of its taxable income to shareholders every year in the form of dividends. The company's dividend currently yields more than 9.6%

4. $Devon Energy (DVN.US)$
Pioneer Natural Resources isn't the only oil company in the S&P 500 with a fixed-plus-variable dividend program. Devon Energy (DVN -4.07%) has a similar dual-component dividend that currently yields close to 8.4%

5. $Altria (MO.US)$
Tobacco giant Altria (MO -0.32%) has been a longtime favorite of income investors. It remains popular today with a dividend yield of over 8.1%.