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When looking for dividend stocks, it's important to still consider the stock's value. After all, returns can come from both dividend income and price appreciation. We ran a screen on dividend stocks with low levels of company debt, which is associated with dividend sustainability. We then screened these stocks for those that appear undervalued relative to EPS trends.

The theoretical assumption that P/E is equal to a constant K implies that growth in EPS estimates should be matched by proportionate growth in price. When they don't match up, a mispricing may have occurred. We screened for those exhibiting this mismatch between changes in EPS estimate and price.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. (To access a complete analysis of this list's recent performance, click here.)

Do you think these stocks can offer attractive returns? Use this list as a starting point for your own analysis.

1. Sasol Ltd. (SSL): Operates as an integrated energy and chemicals company. Dividend yield at 3.26%, payout ratio at 33.41%. Total debt/equity at 0.15. The EPS estimate for the company's current year increased from 4.91 to 5.28 over the last 30 days, an increase of 7.54%. This increase came during a time when the stock price changed by 5.2% (from 49.65 to 52.23 over the last 30 days).

2. KLA-Tencor Corporation (KLAC): Engages in the design, manufacture, and marketing of process control and yield management solutions for the semiconductor and related nanoelectronics industries. Dividend yield at 2.84%, payout ratio at 26.45%. Total debt/equity at 0.25. The EPS estimate for the company's current year increased from 3.53 to 4.17 over the last 30 days, an increase of 18.13%. This increase came during a time when the stock price changed by 1.8% (from 48.525 to 49.4 over the last 30 days).

3. BancFirst Corporation (BANF): Operates as the holding company for BancFirst that provides commercial banking services to retail customers and small to medium-sized businesses in the non-metropolitan trade centers of Oklahoma and the metropolitan markets of Oklahoma City, Tulsa, Lawton, Muskogee, Norman, and Shawnee. Dividend yield at 2.68%, payout ratio at 35.36%. Total debt/equity at 0.16. The EPS estimate for the company's current year increased from 2.94 to 3.01 over the last 30 days, an increase of 2.38%. This increase came during a time when the stock price changed by 2.17% (from 39.26 to 40.11 over the last 30 days).

4. Brooks Automation Inc. (BRKS): Provides automation, vacuum, and instrumentation solutions primarily to the semiconductor manufacturing industry worldwide. Dividend yield at 2.64%, payout ratio at 4.13%. Total debt/equity at 0. The EPS estimate for the company's current year increased from 0.55 to 0.67 over the last 30 days, an increase of 21.82%. This increase came during a time when the stock price changed by 15.24% (from 10.43 to 12.02 over the last 30 days).

5. Cal-Maine Foods, Inc. (CALM): Engages in the production, grading, packaging, marketing, and distribution of shell eggs primarily in the Southeastern, Southwestern, Midwestern, and mid-Atlantic regions of the United States. Dividend yield at 2.41%, payout ratio at 33.38%. Total debt/equity at 0.19. The EPS estimate for the company's current year increased from 2.5 to 2.68 over the last 30 days, an increase of 7.2%. This increase came during a time when the stock price changed by 4.65% (from 37 to 38.72 over the last 30 days).

6. Titanium Metals Corporation (TIE): A Dallas metallurgical company that mills, manufactures, and distributes titanium and titanium alloys. Dividend yield at 2.03%, payout ratio at 24.63%. Total debt/equity at 0. The EPS estimate for the company's current year increased from 0.58 to 0.59 over the last 30 days, an increase of 1.72%. This increase came during a time when the stock price changed by -6.65% (from 15.93 to 14.87 over the last 30 days).

EPS data sourced from Yahoo Finance; all other data sourced from Finviz.

Source: 6 Low-Debt Dividend Stocks Undervalued By EPS Trends