5 Best High Yield Dividend Stocks Under $50

2. Phillips 66 Partners LP (NYSE: PSXP)

Number of Hedge Fund Holders: 5
Dividend Yield:8.87%

Phillips 66 Partners LP (NYSE: PSXP) is an operator of midstream assets. The company offers transportation, terminaling, processing, stevedoring, storage, and fractionation of crude oil and other such products. It ranks 2nd on our list of the best high yield dividend stocks under $50.

This April, Phillips 66 Partners LP (NYSE: PSXP) gained to its highest level since August last year in light of reports that the Dakota Access Pipeline would be unlikely to be shut down. In the first quarter of 2021, Phillips 66 Partners LP (NYSE: PSXP) had an EPS of $0.73, beating estimates by $0.22, while its revenue of $376 million missed estimates by $1.69 million. The company has a gross profit margin of 65.92%. Additionally, the stock has a forward PE ratio of 11.6 and has gained 51.25% in the past 6 months and year to date.

By the end of the first quarter of 2021, 5 hedge funds out of the 866 tracked by Insider Monkey held stakes in Phillips 66 Partners LP (NYSE: PSXP), worth about $45.2 million. This is compared to 4 hedge fund holders in the previous quarter, holding stakes worth roughly $36.1 million.