4 Top Dividend Stocks Yielding Over 4% to Buy Right Now for Passive Income

Key Points

• These companies pay high-yielding dividends backed by strong financial profiles.

• They have solid records of increasing their dividends.

• These stocks should continue paying durable and steadily rising dividends to their investors.

• 10 stocks we like better than Chevron ›

The average stock in the S&P 500 currently has a dividend yield of around 1.2%, which is approaching a record low. That's making it increasingly difficult for income-focused investors to find attractive yields.

However, there are still some high-quality, higher-yielding opportunities around. Here are four top dividend stocks yielding more than 4% that you can buy for passive income right now.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More »

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Brookfield Infrastructure

Brookfield Infrastructure (NYSE: BIPC)(NYSE: BIP) is a global infrastructure company with a current dividend yield of 4.3%. It generates stable and steadily rising cash flow from its utilities, energy midstream, transportation, and data infrastructure segments. These businesses primarily operate under government-regulated rate structures and long-term contracts, most of which link rates to inflation.

The company pays out 60% to 70% of its stable cash flow in dividends, retaining the rest to invest in organic expansion projects. Brookfield currently has billions of dollars in growth projects under construction, including two new U.S. semiconductor fabrication facilities and several data center development projects around the world. These and other growth drivers should boost the company's funds from operations (FFO) per share by more than a 10% annual rate in the coming years. That should support the company's plan to increase its dividend by 5% to 9% annually. Brookfield has raised its dividend for 16 straight years, growing it at a 9% compound annual rate since its formation.

Chevron

Chevron (NYSE: CVX) is a leading global oil and gas company, currently offering a 4.2% dividend yield. Its fortress balance sheet and low operating costs support the payout. Chevron's upstream production business has the industry's lowest breakeven point at $30 per barrel, enabling it to produce solid cash flows even at lower prices. Its leverage ratio is among the sector's lowest at less than 15%, well below its target 20%-25% range.

The company's combination of low costs and leading financial flexibility has enabled it to pay one of the most resilient dividends in the oil sector. Chevron boasts the second-longest dividend growth streak in the oil patch, spanning 38 consecutive years. It has grown its payout at a peer-leading pace over the past decade, a period when many rivals had to reduce their dividends because of lower oil prices.

Chevron expects its free cash flow to surge by $12.5 billion in 2026, fueled by recently completed growth projects and its acquisition of Hess. That deal will also extend its production and free cash flow growth outlook into the 2030s, giving Chevron ample fuel to continue increasing its dividend.

Kinder Morgan

Kinder Morgan (NYSE: KMI) is a major natural gas pipeline operator that currently offers a dividend yield of 4.4%. It delivers very stable cash flows, with 69% of its annual earnings locked in through take-or-pay agreements and hedging contracts, and another 26% supported by steady fee-based agreements from stable volume sources.

The pipeline company pays out less than 45% of its highly predictable cash flows in dividends, retaining the rest to fund its continued expansion while maintaining a strong balance sheet. Kinder Morgan currently has $9.3 billion of growth capital projects in its backlog, primarily new gas pipelines, that it expects will enter commercial service through 2030. This backlog provides it with significant visibility into its future growth. The company also has ample additional financial capacity to approve new growth projects and make strategic acquisitions to further enhance its growth profile. Kinder Morgan should have plenty of fuel to continue increasing its dividend, which it has done for eight years in a row.

Mid-America Apartment Communities

Mid-America Apartment Communities (NYSE: MAA) is an apartment-focused real estate investment trust (REIT) with a 4.2% dividend yield. The REIT has never reduced its dividend in over 30 years as a public company, and has increased the payment for 15 straight years. Its payout growth over the past decade has averaged 7% annually, outperforming the sector average.

The REIT is in a strong position to continue increasing its dividend. It focuses on owning apartments in fast-growing Sun Belt markets, benefiting from strong employment and population growth rates. While new apartment supplies in the Sun Belt have been high in recent years, that headwind is fading. Mid-America now expects rent growth rates to reaccelerate in the coming years as demand remains robust.

Meanwhile, the REIT currently has approximately $1 billion of new apartments under development, which it expects to complete over the next few years. It has ample land to support the development of additional new communities in the future. The combination of rising rents across its existing communities and the incremental income from new ones should enable Mid-America to continue increasing its dividend.

Excellent income stocks

Brookfield Infrastructure, Chevron, Kinder Morgan, and Mid-America Apartment Communities pay dividends with well-above-average yields that steadily grow. That makes them some of the top dividend stocks to buy for those seeking durable and growing passive dividend income.

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Matt DiLallo has positions in Brookfield Infrastructure, Brookfield Infrastructure Partners, Chevron, Kinder Morgan, and Mid-America Apartment Communities. The Motley Fool has positions in and recommends Chevron, Kinder Morgan, and Mid-America Apartment Communities. The Motley Fool recommends Brookfield Infrastructure Partners. The Motley Fool has a disclosure policy.