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Are you a dividend investor that's also Interested in oil & gas drilling stocks? To help give you ideas where to look, we focused today on oil and gas companies with nice dividend yields at sustainable payout ratios. We then focused on stocks that are closing in on their 52-week highs, yet still retain a 'Strong Buy' rating from analysts, meaning these stocks could continue to rise, so now might be the time to buy. We hope your find our list interesting.

We first looked for oil & gas drilling dividend stocks. We next screened for businesses that analysts rate as "Strong Buy" ( mean recommendation < 2). From here, we then looked for companies that are currently trading at no less than 20% below their 52-week highs. Why you wonder? The number shows these firms are doing something right consistently. The real question is "as an investor do you think the firms listed here have room to go even higher?". We did not screen out any market caps.

Do you think these stocks hold value that has yet to be priced in? Use our screened list as a starting point for your own analysis.

1) Breitburn Energy Partners L.P. (NASDAQ:BBEP)

Sector:Basic Materials
Industry:Oil & Gas Drilling & Exploration
Market Cap:$1.18B

Breitburn Energy Partners L.P. has a Dividend Yield of 10.70%, a Payout Ratio of 68.74%, a Analysts' Rating of 1.60, and a trading below it's 52 Week High by -12.38%. The short interest was 0.73% as of 06/14/2012. BreitBurn Energy Partners L.P. engages in the acquisition, exploitation, and development of oil and gas properties in the United States. The company's properties include natural gas, oil, and midstream assets comprising fields in the Antrim Shale in Michigan, and the New Albany Shale in Indiana and Kentucky; and fields in the Evanston and Green River basins in southwestern Wyoming, the Wind river and Big Horn basins in central Wyoming, the Powder River basin in eastern Wyoming, the Los Angeles basin in California, and fields in Florida's Sunniland Trend.

2) Legacy Reserves Lp (NASDAQ:LGCY)

Sector:Basic Materials
Industry:Oil & Gas Drilling & Exploration
Market Cap:$1.22B

Legacy Reserves Lp has a Dividend Yield of 8.74%, a Payout Ratio of 69.41%, a Analysts' Rating of 1.70, and a trading below it's 52 Week High by -14.42%. The short interest was 0.24% as of 06/14/2012. Legacy Reserves LP, an independent oil and natural gas limited partnership, engages in the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Mid-Continent, and Rocky Mountain regions of the United States. As of December 31, 2010, it owned interests in producing oil and natural gas properties in 370 fields in the Permian Basin, Texas Panhandle, Wyoming, Oklahoma, and several other states; operated 2,132 gross productive wells; and owned non-operated interests in 3,227 gross productive wells, as well as had proved reserves of approximately 52.8 million barrels of crude oil equivalent.

3) Ensco plc (NYSE:ESV)

Sector:Basic Materials
Industry:Oil & Gas Drilling & Exploration
Market Cap:$10.02B

Ensco plc has a Dividend Yield of 3.46%, a Payout Ratio of 41.47%, a Analysts' Rating of 1.90, and a trading below it's 52 Week High by -26.56%. The short interest was 1.26% as of 06/14/2012. Ensco plc provides offshore contract drilling services to the oil and gas industry worldwide. It owns and operates an offshore drilling rig fleet of approximately 77 rigs, including 7 drill ships, 13 dynamically positioned semisubmersible rigs, 7 moored semisubmersible rigs, 49 jack up rigs, and 1 barge rig used to drill and complete oil and natural gas wells. The company's drilling rigs are located in Brazil, Europe and Mediterranean region, the Middle East and Africa region, and the Asia Pacific rim region.

*Company profiles were sourced from Finviz. Financial data was sourced from Google Finance and Yahoo Finance.

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