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This article identifies under-the-radar stocks with high dividend yields. Each of the stocks discussed in this article has a dividend/distribution that is higher than 5%. It should be noted that because investors have been gravitating toward high-yield stocks, the valuations of these stocks are quite high. However, income investors will find that these stocks are still worth their consideration.

Buckeye Partners LP (NYSE:BPL) Buckeye Partners has a market cap of $5.95 billion with a price-to-earnings ratio of 88.25. The stock has traded in a 52-week range between $54.51 and $68.81. The stock is currently trading around $64. The company reported third-quarter revenue of $1.1 billion compared with revenue of $735 million in the third quarter of 2010. Third quarter net income was $-109 million compared with net income of $11.9 million in the third quarter of 2010.

One of Buckeye Partners' competitors is Williams Company Inc. (NYSE:WMB). Williams Company is currently trading around $32 with a market cap of $19 billion and a price-to-earnings ratio of 19.36. Williams Company pays a dividend, which yields 3.2% versus Buckeye Partners, which has a dividend that yields 6.5%.

Buckeye Partners operates a petroleum and natural gas storage and pipeline business. In the third quarter, the company increased its year-over-year revenue by $366 million but saw its net income decrease by $122 million. The majority of the reduction in net income was due to an accounting adjustment for “the decrease in value of futures contracts.” The company’s stock performance has been mediocre and the stock price is down by 4% over the last 52 weeks. Buckeye Partners is a Master Limited Partnership, which currently pays a $4.10 distribution. The company has raised its dividend in each quarter since May of 2004. I like Buckeye Partners' dividend history and its 6.5% yield. I believe that the company’s third-quarter net income loss is a one-time occurrence, and that the company will be able to maintain its distribution.

Chesapeake Midstream Partners (CHKM) Chesapeake Midstream has a market cap of $3.71 billion with a price-to-earnings ratio of 29.08. The stock has traded in a 52-week range between $23.93 and $29.31. The stock is currently trading around $27. The company reported third quarter revenue of $140 million compared with revenue of $100 million in the third quarter of 2010. Third-quarter net income was $48 million compared with net income of $33 million in the third quarter of 2010.

One of Chesapeake Midstream’s competitors is Atlas Pipeline Partners (NYSE:APL). Atlas is currently trading around $35 with a market cap of $1.88 billion and a price-to-earnings ratio of 6.79. Atlas pays a dividend, which yields 6.4% versus Chesapeake Midstream, which has a dividend that yields 5.6%.

Chesapeake Midstream is in the business of gathering natural gas. In the third quarter, the company increased its year-over-year revenue by 40% and its net income by 45%. The company’s 40% revenue growth far exceeds the industry average. The company’s operating margin 40.62% also exceeds the industry average. Chesapeake Midstream’s two primary customers are Total SA (NYSE:TOT) and Chesapeake Energy (NYSE:CHK), which owns 42% of Chesapeake Midstream. Chesapeake Midstream has a steady source of revenue because it has 20-year contracts to sell natural gas to both of these companies. The company’s IPO was on July 29, 2010, and since the IPO the stock price has increased by 27%. The company has made five dividend payments and has increased the dividend four times by 72.8%. The current dividend is $1.50 with a 5.6% yield. Chesapeake Midstream offers stock appreciation along with a growing dividend. Prospective investors should do further research.

Enbridge Energy LP (NYSE:EEP) Enbridge Energy has a market cap of $8.75 billion with a price-to-earnings ratio of 31.55. The stock has traded in a 52-week range between $24.66 and $34.58. The stock is currently trading around $32. The company reported third-quarter revenue of $7.7 billion compared with revenue of $5.7 billion in the third quarter of 2010. Third-quarter net income was $122 million compared with net income of $-406 million in the third quarter of 2010.

One of Enbridge Energy’s competitors is ONEOK Partners LP (NYSE:OKS). ONEOK is currently trading around $57 with a market cap of $11.58 billion and a price to earnings ratio of 21.56. ONEOK pays a dividend which yields 4.2% versus Enbridge Energy, which has a dividend that yields 6.7%.

Enbridge Energy is an oil and gas pipeline company. In the third quarter, the company increased its year-over-year revenue by $492 million and its net income by $528 million. The company has increased its revenue in each of the last four quarters and has increased its net income in three out of the last four quarters. The company should continue to see rapid earnings growth because it transports oil from two of the largest oil reserves in North America (Alberta's oil sands and North Dakota's Bakken Shale). Enbridge’s “pipelines transport 60% of Canadian oil sands and 45% of Bakken crude.” In addition, President Obama's call to delay a final decision on a rival pipeline -- TransCanada's Keystone XL, gives Enbridge Energy a competitive advantage over other US/Canadian pipeline companies. The stock price has increased by 5% over the last 52 weeks and 239% over the last three years. In August, the company increased the distribution by 3.6% to $2.13 per share. Enbridge Energy offers investors the potential for capital appreciation along with a growing high-yield dividend.

Energy Transfer Partners LP (NYSE:ETP) Energy Transfer Partners, the limited partnership owned by Entergy Transfer Equity (NYSE:ETE) has a market cap of $9.63 billion with a price-to-earnings ratio of 35.06. The stock has traded in a 52-week range between $38.08 and $55.50. The stock is currently trading around $46. The company reported third quarter revenue of $1.7 billion compared with revenue of $1.3 billion in the third quarter of 2010. Third-quarter net income was $66 million compared with net income of $107 million in the third quarter of 2010.

One of Energy Transfer’s competitors is Kinder Morgan Energy Partners (NYSE:KMP). Kinder Morgan is currently trading around $84 with a market cap of $27.89 billion and price-to-earnings ratio of 598.36. Kinder Morgan pays a dividend, which yields 5.7% versus Energy Transfer, which has a dividend that yields 7.9%.

Energy Transfer’s primary business is to store and transport natural gas. In the third quarter, the company’s year-over-year revenue increased by 30% while its net income decreased by 62%. One reason for the decrease in net income was the company’s high interest expenses. The company tried to fix the problem on October 17, when it contributed its propane operations to Amerigas Partners (NYSE:APU) for $2.9 billion. The company will use the proceeds to reduce debt. The company is a Master Limited Partnership that has paid distributions since 1997 and currently pays a $3.58 per unit distribution with an impressive 7.9% yield. I like the fact that Energy Transfer has moved to reduce its debt. I also like the company’s high dividend yield. Investors who like income stocks will find Energy Transfer Partners LP to be worth a second look.

Global Partners LP (NYSE:GLP) Global Partners has a market cap of $469.55 million with a price-to-earnings ratio of 30.73. The stock has traded in a 52-week range between $14.73 and $29.98. The stock is currently trading around $22. The company reported third-quarter revenue of $3.7 billion compared with revenue of $1.5 billion in the third quarter of 2010. Third-quarter net income was $1.8 million compared with net income of $550 thousand in the third quarter of 2010.

One of Global Partners competitors is Mark West Energy Partners LP (NYSE:MWE). Mark West is currently trading around $22 with a market cap of $4.61 billion and a price-to-earnings ratio of 51.46. Mark West pays a dividend, which yields 5.4% versus Global Partners, which pays a dividend that yields 9%.

Global Partners is a wholesale distributor of gasoline, petroleum products and natural gas. Global Partners is one of the fastest growing companies in its industry. In the third quarter, the company increased its year-over-year revenue by 146% and its net income by 227%. There are questions about whether the company can continue its rapid growth because its margins (operating margin 0.37%/gross margin 0.11%) are extremely thin. The company’s stock growth has been extremely strong as the stock is up by 181% over the last three years. The company’s stock valuations (price-to-earnings ratio 30.73/price to book ratio 1.49) are higher than the industry averages. In recent months concerns about the stock's high valuations and the company’s future earnings have weighed down the stock price. The stock price has dropped by 18.6% over the last 52 weeks. Global Partners' IPO was on October 4, 2005, and the company’s first dividend was paid in February of 2006, at a rate of $1.64 per share. The company has consistently increased the dividend, which is now $2.00 per share. The company’s cash flow is sufficient to maintain the dividend. Global Partners is a relatively small company with a high dividend yield. The stock could be volatile, and prospective investors should do further research.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Income Investors: 5 Under-The-Radar Dividend Stocks To Consider