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Chevron and Enbridge have increased their high-yield dividends over the past three decades.
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Invitation Homes has increased its payout every year since going public.
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Main Street Capital pays a sustainable and growing monthly dividend and periodically makes supplemental quarterly payments.
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10 stocks we like better than Chevron ›
The dividend yield of the S&P 500 is near a record low of 1.1%. This low yield indicates that attractive dividends are few and far between these days.
Despite this, pockets of income opportunities persist. Here are four stocks yielding more than 4% to buy this November for dividend income.
Chevron (NYSE: CVX) It currently yields 4.4%. The oil giant has increased its payouts for 38 consecutive years, the second-longest streak in the industry. This is impressive considering the volatility of the sector.
Several factors have contributed to Chevron’s ability to pay a stable and steadily increasing dividend. It has one of the lowest upstream breakeven levels in the industry, around $30 a barrel this year. Chevron also has a strong balance sheet, with one of the lowest leverage ratios in the oil sector.
Chevron recently completed several growth capital projects and closed its acquisition of Hess. These catalysts will drive an increase in its free cash flow next year, with growth expected to continue into the 2030s. This outlook supports the view that Chevron can continue to increase its dividend in the coming years.
Enbridge‘s (NYSE: ENB) dividend yield of 5.8%. The Canadian pipeline and utility giant has increased its payouts for 30 consecutive years.
The energy infrastructure company generates very stable cash flows, and 98% of its profits come from predictable cost-of-service agreements and long-term contracts. Enbridge pays a conservative percentage of its stable cash flow in dividends and retains the rest to invest in expansion projects.
The company currently has a multi-billion dollar pipeline of commercially guaranteed expansion projects that should come into service through 2029. These include oil pipeline expansions, new gas pipelines, gas utility growth projects and new renewable energy developments. Those projects should drive compounded annual cash flow per share growth of 3% through next year, accelerating to 5% annually thereafter as their cash tax rates level out. As a result, Enbridge should be able to increase its high-yield dividend within that 3% to 5% annual range in the coming years.
Invitation houses (NYSE: INVH) It has a yield of 4.1%. The real estate investment trust (REIT) has increased its payout 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 real estate markets that benefit from above-average job and employment growth, driving strong demand for rental housing. As a result, the company’s portfolio generates long-lasting and constantly increasing rental income.
Invitation Homes spends hundreds of millions of dollars each year to expand its portfolio of rental properties. Purchase properties on the open market, acquire portfolios of rental properties from other investors, and purchase new construction homes directly from builders. The company currently has agreements to purchase more than 1,800 new homes from builders, which it hopes to close in the coming years. This combination of rental growth and portfolio expansion should allow Invitation Homes to continue growing its high-yield 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. In addition, the company periodically pays a supplemental quarterly dividend from its excess profits. Main Street is currently offering a 7.2% yield based on annualized rates on these two income streams.
The BDC primarily provides debt capital to smaller private companies. These loans generate interest income to support your dividend payments. The company increases its portfolio by making new investments in debt and equity.
Main Street Capital has never suspended or reduced its monthly dividend. Quite the opposite, as it has increased its monthly payout by 132% since its initial public offering in late 2007. Meanwhile, BDC pays supplemental dividends to ensure it remains compliant with IRS regulations to distribute at least 90% of its taxable income to investors. These payments will fluctuate depending on your earnings and market conditions. They can be a good source of additional income on top of the stable monthly dividend.
Chevron, Enbridge, Invitation Homes, and Main Street Capital currently pay dividends yielding over 4%, making them very attractive in the current low-yield environment. Even better, all four companies have excellent records of increasing their dividends, something that should continue. That makes them ideal dividend stocks to buy this November for long-lasting, growing passive income.
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Matt DiLallo has positions in Chevron, Enbridge, Invitation Homes and Main Street Capital. The Motley Fool has posts and recommends Chevron, Enbridge and Invitation Homes. The Motley Fool has a disclosure policy.
Top 4 Dividend Stocks Yielding More Than 4% to Buy Free Hands This November was originally published by The Motley Fool
