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The S&P 500 index continued its relentless climb for 2012, closing at 1,369.63. For the week of February 27 - March 2, the index added around 13 more points, and is up 80 points year-to-date. When stocks get more expensive, investors turn to securities that pay steady dividends. For stocks paying more than 5% yield, Thestreet.com's Jim Cramer made 5 "buy" calls and 4 "sells."

Cramer's calls are summarized as follows:

NAME

Call

Date

AVG VOL

YIELD (%)

Frontier Communications Co.

Sell

2/27/2012

21,478,100

8.7

Exelon Corporation

Buy

3/1/2012

7,196,710

5.4

Pitney Bowes Inc.

Sell

2/28/2012

2,955,020

8.3

BGC Partners, Inc.

Buy

3/1/2012

951,951

9.7

Veolia Environn ADR

Sell

3/1/2012

944,952

12.1

Energy Transfer Partners, L.P.

Buy

3/2/2012

924,003

7.5

BreitBurn Energy Partners, L.P.

Sell

3/2/2012

689,003

9.5

Kinder Morgan Energy Partners

Buy

3/2/2012

680,151

5.2

Boardwalk Pipeline Partners LP

Buy

3/2/2012

528,148

7.8

(Data source: Yahoo Finance)

Cramer's most notable call on March 2nd was the "sell" for BreitBurn Energy (NASDAQ:BBEP). He said that the company's natural gas exposure was worrisome, and preferred Kinder Morgan Energy Partners (NYSE:KMP) and Energy Transfer Partners (NYSE:ETP). This analysis deserves further attention. BreitBurn's yield is 9.5%, while Kinder Morgan and Energy Transfer Partners pay 5.2% and 7.5% respectively. BreitBurn saw short volume increase to 438,852 shares on February 15, up 41.8% from January 31. Cramer's concern for the company's exposure to natural gas is valid, but BreitBurn realized an average $6.02 per Mcf in the fourth quarter. In that time, the Henry Hub natural gas price averaged $3.33 per Mcf.

BreitBurn's upside for stronger oil prices is limited, due to a hedging program to limit price volatility. In its quarterly earnings report, the company said that it hedged 182,500 barrels of 2015 production at an average price of $98.50/barrel.

Pitney Bowes (NYSE:PBI), which yields 8.31%, is a "sell" according to Cramer. Pitney Bowes recently revised its dividend payout up 1.4%. The company declared a dividend of $0.38 up from $0.37. In the company's most recent earnings report, Pitney Bowes said that its customers for mail and document-services were delaying new purchases. The company was still able to forecast revenue growth of up to 2% from 2011. Pitney Bowes closed at $18.01, flat for 2012 and down 26.45% from its 52-week high.

Yielding 5.38%, Exelon Corporation (NYSE:EXC), was rated a "buy" by Cramer. The company's payout ratio is 69.9%, with a dividend most recently declared on October 25 2011. The largest nuclear plant operator in the U.S. is in the process of merging with Consolidated Energy (NYSE:CEG). This will make the company the second-largest electricity and natural gas distributor. Shares are down 12.88% from its 52-week high, but investors who are confident that the deal will be completed will be rewarded in the longer term.

Source: 5 High-Yielding Dividend Buy Calls And 4 Sells From Mad Money