Oil prices (CLG24) are once again on the upswing, pushed higher by a recent surge in attacks on ships passing through the Red Sea. This caps off a generally tepid performance for the energy sector this year, as the S&P 500 Energy Sector SPDR (XLE) has advanced just 1.6% in 2023 - significantly lagging the broader equities market.
However, now may be a prime opportunity to scoop up top-quality oil stocks, and particularly those that offer a high dividend yield - like Kimbell Royalty Partners (KRP), for example. This tax-advantaged version of a Master Limited Partnership (MLP) has a unanimous “strong buy” rating from Wall Street, offers above-average EPS growth next fiscal year, and the stock is projected to rally significantly over the next 12 months. Here's what investors should know about this high-yield energy stock.
