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Yield continues to get harder to find at a reasonable price. Both the seven month old rally and the massive liquidity pumped into the market by the Fed have left many of the traditional avenues to high yield (bonds, utilities, consumer staples) looking stretched from a valuation perspective and providing yield at a much lower level than historical norms. An income investor must look to other sectors that are not usually associated with high dividends in order to attain yield at reasonable valuations. Here are two 4% plus yielders that I have in my own portfolio that look solid both on a yield and valuation perspective.

Cypress Semiconductor (NASDAQ:CY) - Cypress Semiconductor Corporation designs and manufactures mixed-signal, programmable solutions, specialized semiconductor memories and integrated semiconductor solutions.

Four reasons CY is a good value/income play at $11 a share:

  1. The stock yields 4.1% and the company raised its payout more than 20% last year.
  2. Revenues are expected to be flat in FY2013 but then grow at 10% in FY2014. The stock is selling near a five-year low based on its price to sales ratio.
  3. The company is well positioned to capitalize on the growth in touch screens and the company has also bought back over 5% of its outstanding shares over the past year.
  4. The stock recently crossed over its 200-day moving average.

ConocoPhillips (NYSE:COP) - The third largest (by market capitalization) domestic oil and gas concern.

Four reasons COP is a solid income pick up at $62 a share:

  1. The stock yields 4.2%. The company consistently and frequently raises its dividend payout. It has more than doubled its payout over the last 8 years.
  2. ConocoPhillips' CEO recently said the company is at an "inflection point." He stated production growth rebound will begin by Q4 of this year and into next year. Its $8.5B in asset sales has put cash on the balance sheet to fund development and grow its dividend. There's a "clear line of sight" to production of 1.9MM boe/day by 2017. Production currently stands at just under 1.6MM boe/d.
  3. The stock sells for under 5.5x operating cash flow and just over 10x earnings.
  4. Conoco has an A rated balance sheet and is rating a "Buy" at S&P. Production at its properties in the Bakken, Permian and Eagle Ford properties was up better than 40% Y/Y in its last earnings report. Oil sands production was up 30% Y/Y.

Disclosure: I am long COP, CY. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.