In this article, we will take a look at the 5 Oil Stocks with Highest Dividends. For a deeper discussion and an extended list, please see the 13 Oil Stocks with Highest Dividends.
5. Northern Oil and Gas, Inc. (NYSE:NOG)
Dividend Yield as of March 18: 6.56%
Northern Oil and Gas, Inc. (NYSE:NOG) is the largest, publicly traded, non-operated, upstream energy asset owner in the United States. The company engages in the acquisition, exploration, development, and production of oil and natural gas properties, primarily in the Williston, Uinta, Permian, and Appalachian basins.
On March 17, Mizuho bumped its price target on Northern Oil and Gas, Inc. (NYSE:NOG) from $28 to $31, but maintained its ‘Neutral’ rating on the shares. The revised target indicates an upside of over 13% from the current levels.
The adjustment comes as the analyst firm raised its 2026 oil price outlook by 14% to $73.25 per barrel amid the US-Iran war. Mizuho acknowledged that while it is still too early to decide whether the ongoing supply disruptions will actually raise the structural price of global oil, the bias is likely higher. Overall, the analyst firm remains optimistic regarding the oil and gas industry.
That said, while the analyst firm noted that natural gas fundamentals remain constructive, it reduced its 2026 price outlook on the commodity by 6%.
The share price of Northern Oil and Gas, Inc. (NYSE:NOG) has surged by over 24% since the beginning of 2026.
4. Kinetik Holdings Inc. (NYSE:KNTK)
Dividend Yield as of March 18: 7.14%
Kinetik Holdings Inc. (NYSE:KNTK) is the premier midstream operator in the Delaware Basin, providing gathering, compression, processing, transportation, and water management services.
On March 17, Scotiabank upped its price target on Kinetik Holdings Inc. (NYSE:KNTK) from $49 to $51, while maintaining an ‘Outperform’ rating on the shares. The revision, which indicates an upside of over 12% from the current share price, comes as the analyst firm updated its price targets on the US midstream companies under its coverage. The move is driven by the slight improvements in target multiples.
Kinetik Holdings Inc. (NYSE:KNTK) is expecting an adjusted EBITDA in the range of $950 million to $1.05 billion in FY 2026, representing a growth of over 7% YoY at the midpoint when adjusted for the sale of EPIC Crude. The company also reiterated its commitment to shareholders by announcing its target of ‘annual dividend increases of 3% to 5% until dividend coverage reaches 1.6x, and leverage between 3.5x and 4x’.
Kinetik Holdings Inc. (NYSE:KNTK) was also recently included in our list of the 12 Most Shorted Stocks to Buy in 2026.
3. MPLX LP (NYSE:MPLX)
Dividend Yield as of March 18: 7.38%
MPLX LP (NYSE:MPLX) owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates in two segments, Crude Oil and Products Logistics, and Natural Gas and NGL Services.
MPLX LP (NYSE:MPLX) received a lift on March 16 when UBS bumped its price target on the stock from $64 to $73, while keeping a ‘Buy’ rating on the shares. The revised target reflects an upside potential of almost 27% from the current share price.
MPLX LP (NYSE:MPLX) reported strong results for its Q4 2025 last month, topping estimates in both earnings and revenue. The company’s net income for the full-year 2025 surged by over 13% YoY to $4.95 billion, while its adjusted EBITDA attributable to MPLX also grew by almost 4% YoY to $7 billion.
MPLX LP (NYSE:MPLX) announced a capital plan of $2.4 billion for FY 2026, with 90% of it allocated to natural gas and NGL services. The company expects growth in 2026 to exceed that of 2025, driven by increased throughput on existing and new assets coming online.
MPLX LP (NYSE:MPLX) was also recently included in our list of the 13 Best Oil and Gas Storage Stocks to Buy According to Hedge Funds.
2. Western Midstream Partners, LP (NYSE:WES)
Dividend Yield as of March 18: 8.78%
Western Midstream Partners, LP (NYSE:WES) operates as a midstream energy company primarily in the United States.
On March 12, JPMorgan slightly reduced its price target on Western Midstream Partners, LP (NYSE:WES) from $44 to $43, but kept its ‘Neutral’ rating on the shares. The lowered target, which still indicates an upside of almost 4% from the current levels, comes as the analyst firm updated the company’s model following its Q4 report.
Western Midstream Partners, LP (NYSE:WES) posted disappointing results for its Q4 2025 on February 18, with the company’s earnings and revenue both falling behind estimates. Western’s adjusted EPS of $0.48 was well below expectations of $0.80, while its revenue of just over $1 billion also missed consensus by $18 million, despite a YoY growth of 11%.
That said, Western Midstream Partners, LP (NYSE:WES) delivered a record adjusted EBITDA of $2.48 billion for full-year 2025, up 6% YoY and exceeding the midpoint of its guidance range. The firm’s free cash flow for the year also surged by 15% YoY to just under $1.53 billion, also exceeding the high end of its guidance range.
1. Ecopetrol S.A. (NYSE:EC)
Dividend Yield as of March 18: 11.27%
Topping our list of the Oil Stocks with the Highest Dividends is Ecopetrol S.A. (NYSE:EC). With a workforce of over 18,000, it is among the largest companies in Colombia and one of the leading integrated energy groups on the American continent.
On March 12, HSBC analyst Lilyanna Yang increased the firm’s price target on Ecopetrol S.A. (NYSE:EC) from $10 to $13, while maintaining a ‘Hold’ rating on the shares. The revision comes as HSBC sees upside risks to oil prices amid the Middle East war, which has choked around a fifth of the global crude oil supply. As a result, the analyst firm upped its estimates for the Latin American oil companies, which can benefit strongly from the soaring prices.
Ecopetrol S.A. (NYSE:EC) produced an average of 745,000 barrels per day in Q4 2025, accomplishing its target for FY 2025 and in line with the levels achieved in 2024. However, the company reported an average Brent crude price of $63.1 per barrel during the quarter, down from $74 per barrel in the same period in 2024. The lower crude prices were an important factor in driving Ecopetrol’s revenue down by 17% YoY to COP 28.8 trillion in Q4 2025. So the recent price uptick in global crude markets will provide a much-needed boost to the company in the first quarter of 2026.
While we acknowledge the potential of EC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than EC and that has 100x upside potential, check out our report about the cheapest AI stock.
READ NEXT: 40 Most Popular Stocks Among Hedge Funds Heading into 2026 and 12 Best Large Cap Energy Stocks to Buy Now.
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