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Chevron and Enbridge have increased their high-yielding dividends for the past three decades.
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Invitation Homes has raised its payout every year since its IPO.
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Main Street Capital pays a sustainable and rising monthly dividend and periodically makes supplemental quarterly payments.
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10 stocks we like better than Chevron ›
The dividend yield on the S&P 500 is near a record low at 1.1%. This low yield indicates that attractive dividends are few and far between these days.
Despite this, pockets of income opportunity remain. Here are four stocks yielding more than 4% to buy hand over fist this November for dividend income.
Chevron (NYSE: CVX) currently yields 4.4%. The oil giant has increased its payment for 38 straight years, the second-longest streak in the industry. That’s impressive considering the sector’s volatility.
Several factors have contributed to Chevron’s ability to pay a stable and steadily rising dividend. It has one of the lowest upstream breakeven levels in the industry at around $30 a barrel this year. Chevron also has a fortress balance sheet, with one of the lowest leverage ratios in the oil patch.
Chevron recently completed several growth capital projects and closed its acquisition of Hess. These catalysts will fuel a surge in its free cash flow next year, with growth expected to continue into the 2030s. This outlook backs the view that Chevron can continue growing its dividend in the coming years.
Enbridge‘s (NYSE: ENB) dividend yields 5.8%. The Canadian pipeline and utility giant has increased its payout for 30 straight years.
The energy infrastructure company generates very stable cash flows, with 98% of its earnings coming from predictable cost-of-service agreements and long-term contracts. Enbridge pays out a conservative percentage of its stable cash flow in dividends, retaining the rest to invest in expansion projects.
The company currently has a multi-billion-dollar backlog of commercially secured expansion projects that should enter service through 2029. These include oil pipeline expansions, new gas pipelines, gas utility growth projects, and new renewable energy developments. Those projects should fuel 3% compound annual cash flow per share growth through next year, accelerating to 5% annually thereafter as its cash tax rates level out. As a result, Enbridge should be able to grow its high-yielding dividend within that 3% to 5% annual range in the coming years.
Invitation Homes (NYSE: INVH) has a 4.1% yield. The real estate investment trust (REIT) has increased its payment every year since its initial public offering in 2017.
The REIT owns or manages a growing portfolio of single-family rental properties. It focuses on owning properties in strong housing markets that benefit from above-average job and employment growth, which drives robust demand for rental housing. As a result, the company’s portfolio generates durable and steadily rising rental income.
Invitation Homes spends hundreds of millions of dollars each year to expand its rental property portfolio. It buys properties on the open market, acquires rental property portfolios from other investors, and purchases newly built homes directly from builders. The company currently has deals to purchase over 1,800 new homes from builders, which it expects to close in the coming years. This combination of rental growth and portfolio expansion should enable Invitation Homes to continue increasing its high-yielding dividend.
Main Street Capital (NYSE: MAIN) has a unique dividend policy. The business development company (BDC) pays a monthly dividend set at a rate it can sustain over the long term. Additionally, the company periodically pays a supplemental quarterly dividend of its excess earnings. Main Street currently offers a yield of 7.2% based on the annualized rates of these two income streams.
The BDC primarily provides debt capital to smaller private companies. These loans generate interest income to support its dividend payments. The company grows its portfolio by making new debt and equity investments.
Main Street Capital has never suspended or reduced its monthly dividend. Quite the contrary, as it has increased its monthly payment by 132% since its IPO in late 2007. Meanwhile, BDC pays supplemental dividends to ensure it remains in compliance with IRS regulations to distribute at least 90% of its taxable income to investors. These payments will fluctuate based on its earnings and market conditions. They can be a nice bonus income stream in addition to the stable monthly dividend.
Chevron, Enbridge, Invitation Homes, and Main Street Capital all currently pay dividends yielding more than 4%, making them very attractive in today’s low-yielding environment. Even better, all four companies have excellent records of increasing their dividends, which should continue. That makes them ideal dividend stocks to buy this November for durable and growing passive income.
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Matt DiLallo has positions in Chevron, Enbridge, Invitation Homes, and Main Street Capital. The Motley Fool has positions in and recommends Chevron, Enbridge, and Invitation Homes. The Motley Fool has a disclosure policy.
4 Top Dividend Stocks Yielding More Than 4% to Buy Hand Over Fist This November was originally published by The Motley Fool
