5 Cheap Dividend Stocks to Buy Now

2. Shell Midstream Partners LP (NYSE:SHLX)

Number of Hedge Fund Holders: 6

Dividend Yield: 9.65%

Share Price as of November 16: $12.66

Shell Midstream Partners LP (NYSE:SHLX) is an oil and gas company that also has operations in transportation services. The company owns, operates, develops, and acquires pipelines and other midstream, and logistics assets in the United States. Shell Midstream Partners LP (NYSE:SHLX) was founded in 2014 and is headquartered in Houston, Texas.

This October, Barclays analyst Theresa Chen upgraded Shell Midstream Partners LP (NYSE:SHLX) to Overweight from Equal Weight and reiterated a price target of $14. The company pays an annual dividend of $1.52 per share, which brings its forward yield to 9.65%. Shell Midstream Partners’ dividend is higher than the US Oil & Gas Midstream industry average of 6.47%, which justifies its standing among the 10 cheap dividend stocks to buy now.

According to Insider Monkey’s database, 6 hedge funds held stakes in Shell Midstream Partners LP (NYSE:SHLX) by the end of the third quarter of 2021. The value of these stakes was $17.07 million.

According to the September filings, Arrowstreet Capital was the leading stakeholder in Shell Midstream Partners LP (NYSE:SHLX) as of September 30th, 2021. The stake of the hedge fund in the company was a hefty $6.38 million.