Big Changes—Including a Name Change, Coming to Monthly Dividend Multiplier
In a recent review of our portfolio I found that over a longer period of time quite a few of our holdings were massive winners. Conversely, I also saw that the strategy we’d been using since 2016 – buying conservative stocks with growing dividends and waiting for the market to catch up – stopped working recently.
You’ll recall that I mentioned to you in last month’s issue that over the past several months we’d trimmed the portfolio of non-performers including National Storage Affiliates (NSA), Lineage, Inc. (LINE), and Devon Energy (DVN).
I don’t view this as a bad thing, rather it’s an opportunity to adapt to a new market. If you’ve been investing anywhere nearly as long as I have then you’ve seen plenty of market shifts over the past decades. What worked before the dot com bubble did not work afterward… the strategies used in the run-up to the 2008 financial crisis were no longer as reliable in the aftermath… and don’t get me started on the continuing effects of Covid or this new on again off again tariff environment causing volatility. We’re adapting too.
So starting next month, I will be making two significant changes. I’ll shift part of my focus toward making the service more growth stock-oriented. While I will continue to recommend dividend-paying stocks, I will also place a greater emphasis on share price appreciation (growth) in the portfolio. Let me rephrase that so everyone understands: we’re not ditching dividend stocks, rather we’re adjusting our approach to how we use them for capturing share price appreciation.
The strategy of buying stocks with growing dividends and waiting for the market to catch up has stopped working. The most significant failed investments have been those where I waited for the market to confirm my view on a stock, only for it to fail to do so.
There are two significant changes coming to Monthly Dividend Multiplier. First, the portfolio will consist of dividend-paying stocks with a positive growth component, not just dividend-payers. Second, there will be a name change to reflect this. You’ll get more details on that as we draw closer to the change.
I want to tighten up the focus of the portfolio, so I plan to reduce the number of stocks in it from the current 25 down to approximately 18. Initially, the portfolio will consist of stocks we already own. I plan to publish the “new” portfolio in December.
Once we reach December, I know you will have many questions. You know I will be there to answer them through the mailbag and the monthly live webinar.
This is an exciting time to be an investor and an exciting time to adjust and refine our investing strategy.
Now on to this month’s issue…
Royal Gold Inc. (RGLD)
With a yield of 1.02%, Royal Gold (RGLD) acquires and manages precious metal streams and royalties. The company acquires stream and royalty interests or finances projects that are in production, development, or in the exploration stage, in exchange for stream or royalty interests in gold, silver, copper, nickel, zinc, lead, molybdenum, and other metals.
Royal Gold also paid out a quarterly dividend of $0.45 per share on October 17, as part of its 25-year history of paying consistent quarterly dividends.
Since the year began, shares of Royal Gold rocketed from a low of about $130 to a high of $210, thanks in large part to gold’s historic rally to a high of just over $4,381 per ounce. Now back to $175.82, Royal Gold pulled back with the precious metal; however, with geopolitical and economic tensions still high, as well as even more expected interest rate cuts from the Federal Reserve, we do expect to see further upside in gold prices and in Royal Gold.
In addition, analysts are incredibly bullish on the Royal Gold stock:
- In early October, analysts at CIBC raised their price target on RGLD by $25, to $250. The firm raised that price target to reflect its higher gold price forecast of $4,500 for 2026.
- Bank of America raised its price target by $10 a share, to $203.
- Raymond James raised its price target by $53, to $264, with an “outperform” rating, citing Royal Gold’s strong royalty and streaming business model.
- Scotiabank raised its price target by $52, to $246, with an outperform rating.
Business Results
In its most recent quarter, Royal Gold’s EPS OF $2.06 did miss by $0.10. Revenue of $252.07 million, up 30.1% year over year, missed by $7.96 million. Still, .that revenue of $252.07 million and operating cash flow of $174 million were incredible achievements for the company, driven by strong gold and silver prices.
The company also expanded its footprint with the acquisition of Sandstorm Gold and Horizon Copper. In addition, the mine life of Mount Milligan was extended to 2045, which adds even more value to RGLD’s largest asset.
Royal Gold also says it plans to pay back its $775 million credit facility draw by mid-2027, which will help drive the company’s already impressive growth. It also achieved an adjusted EBITDA margin of 82%, and was able to raise its dividend by 12.5% year over year.
Investment Considerations
With a yield of 1.02%, strong earnings growth, bullish analysts, and gold still expected to rally higher, Royal Gold is also an attractive opportunity. As long as gold prices continue to push higher, Royal Gold should continue to be a strong beneficiary. Plus, while we wait for further upside in gold and in the Royal Gold stock, we can collect its yield.
Editor’s Personal Position: Long
Note: if you’re interested in pulling cash from gold’s climbing prices then you’ll want to check out my ETF Income Edge with two high-yield gold ETFs… yielding 19% and 68% at the time of this writing. One of them is even a core holding in my Friday Paycheck Strategy that gives you dividend payments every Friday… like a paycheck. Click here for details on how to get set up.
Antero Midstream Corp. (AM)
With a yield of 5.08%, Antero Midstream Corp. (AM) is a midstream energy company with operations in the Appalachian Basin. Its assets include gathering pipelines, compression facilities, interests in processing and fractionation plants, and water handling systems in two of the premier North American shale plays, the Marcellus and Utica Shales.
After rallying from an April low of $14.50 to a high of $19.58, Antero recently dipped to $17, where it’s now oversold and just starting to rebound. It also just paid a dividend of just over $0.22 per share on November 5 to shareholders of record as of October 22. This is now the company’s 44th consecutive quarterly dividend since 2014.
In addition, during its most recent quarter, Antero bought back about 2.3 million shares for approximately $41.3 million. It still has about $385 million of remaining stock to buy back under the $500 million share buyback program authorized in September.
Business Results
In its third quarter, Antero Midstream’s EPS of $0.27 did miss estimates by two cents. However, revenue of $294.82 million, up 9.2% year over year, beat by $3.28 million.
Net income of $116 million, or $0.24 per diluted share, jumped 24% year over year. Adjusted EBITDA of $291 million was up 10% year over year. Free cash flow after dividends was $78 million, a 94% jump year over year.
Also, as noted by CFO Justin Agnew in a company press release, “Our balanced approach of debt reduction and purchasing shares, which have totaled $105 million and $114 million in 2025, respectively, further enhances our financial flexibility.”
Agnew also expects Antero to continue delivering consistent free cash flow, which it’s looking to expand heading into 2026.
Investment Considerations
With a healthy yield of 5.08%, Antero Midstream is still an attractive long-term bet. Plus, with solid earnings growth, buybacks, debt reduction, increased free cash flow, a strengthening balance sheet and ongoing expansion in the Marcellus Shale, it should have no problem delivering long-term value to shareholders.
Editor’s Personal Position: Long AM
Kodiak Gas Services (KGS)
With a yield of 5.81%, Kodiak Gas Services (KGS) is a leading provider of contract compression services in the United States, serving as a link in the infrastructure that provides safe and reliable production and transportation of natural gas and oil.
It also increased its quarterly dividend by 8.9%, to $0.49 per share, which is payable on November 13 to shareholders of record as of November 3.
Analysts at Stifel just raised their price target on the KGS stock to $48 with a buy rating. The firm noted that Kodiak’s recent earnings were in line with estimates. And while the company did not provide specific guidance for 2026, it did point to growth catalysts such as potentially higher margins, fleet repricing, and planned fleet additions.
The firm also expects Kodiak to have a solid fourth quarter, believing KGS’s financials should improve as it continues to expand the business.
Business Results
In its most recent quarter, the Kodiak’s EPS of $0.36 missed by $0.16. Revenue of $322.74 million, down 0.6% year over year, missed by $4.41 million. The company did, however, return $90 million to shareholders through dividends and share buybacks. And, it increased its full-year discretionary cash flow guidance to a new range of $450 million to $470 million.
As noted by Mickey McKee, KGS President and CEO, in a company press release, “We are encouraged by the robust natural gas demand outlook, particularly in the Permian Basin, and the growing power requirements from data centers and domestic LNG projects. These trends reinforce our confidence in the long-term growth prospects for contract compression.”
With regards to data centers, contract compression refers to compression strategies that help save storage space and cut back on costs. That alone could expose Kodiak to the explosive AI infrastructure spending, which could soar to $3 trillion to $4 trillion by 2030, according to Goldman Sachs, 24/7 Wall St reports.
Investment Considerations
With growing demand for U.S. compression services, strong earnings, guidance, and history of dividend payments and stock buybacks, Kodiak Gas Services is an attractive long-term buy opportunity. Analysts at Stifel seem to agree, raising its KGS price target to $48, with a buy rating. Plus, we have to consider that Kodiak may be exposed to the explosive AI infrastructure spending, which could soar to $3 trillion to $4 trillion by 2030, according to Goldman Sachs.
Editor’s Personal Position: Long KGS
Eversource Energy (ES)
With a yield of 4.12%, Eversource Energy (ES) is a public utility holding company that engages in the energy delivery business. The company operates through its electric distribution, electric transmission, natural gas distribution, and water distribution segments.
Eversource just paid a quarterly dividend of just over $0.75 per share on September 30 to shareholders of record as of September 22. In addition, the ES stock was just upgraded to a buy rating by analysts at Bank of America, with an $85 price target.
BoA raised its price target after seeing improving regulatory issues across Eversource’s key jurisdictions. That includes clarity in the company’s Connecticut regulatory environment, with the state expanding its Public Utilities Regulatory Authority to five commissioners, as well as the departure of a former chairperson, who had been tough on utility companies in the past. Bank of America also sees the potential for 6% EPS growth through 2029.
Business Results
In its most recent quarter, Eversource’s EPS of $0.99 did miss by $0.13. However, revenue of $3.22 billion, up 5.2% year over year, beat by $20 million.
For the first nine months of 2025, the company saw earnings of $1.271 billion, or $3.44 per share, as compared to the $739.1 million, or $2.08 per share, posted a year earlier.
Eversource also raised its full-year EPS guidance to a range of $4.72 to $4.80 per share, from a prior range of $4.67 to $4.82. The company also said its operating cash flows continue to improve, jumping more than $1.7 billion year over year through its third quarter.
In addition, Eversource’s transmission segment earned $185.5 million in the third quarter, as compared to the $174.9 million earned a year earlier. It earned $593 million in the first nine months of the year, as compared to $540.6 million year over year.
The company’s electric distribution segment earned $221.6 million in the third quarter, as compared to the $203.5 million earned a year earlier. For the first nine months of the year, it earned $571.6 million, as compared to the $521.3 million earned a year earlier.
Eversource’s natural gas distribution segment saw a loss of $16.8 million in the third quarter as compared to the $30.2 million year-earlier loss. For the first nine months of the year, it saw $236.9 million as compared with the $187.4 million posted a year earlier.
The water distribution segment saw $18.9 million in the third quarter, as compared to the $23.7 million earned a year ago. For the first nine months of the year, it earned $36.8 million, as compared to the $37.1 million earned a year ago.
Investment Considerations
With a yield of 4.12%, strong earnings growth, Eversource Energy is still an attractive investment. Fueling upside, Eversource Energy was just upgraded to a buy rating, with an $85 price target by analysts at Bank of America, stemming from an improving regulatory environment, raised EPS guidance, and improving cash flows. And, there’s a dividend to boot.
Editor’s Personal Position: Long ES
Portfolio Update
Dividend Changes
On November 4, American Financial Group (AFG) declared a $2.00/share special dividend. This dividend will be paid on November 26; ex-dividend is November 17.
On November 3, Simon Property Group (SPG) declared a $2.20/share quarterly dividend, an increase of $0.10, or 4.8% year-over-year. The increased dividend will be paid on December 31; ex-dividend is December 10.
On October 31, Abbvie Inc. (ABBV) declared a $1.73/share quarterly dividend, a 5.5% increase from the prior dividend of $1.64. The increased dividend will be paid February 17; ex-dividend is January 16.
On October 29, Marathon Petroleum Corp (MPC) declared a $1.00/share quarterly dividend, a 9.9% increase from the prior dividend of $0.91. The increased dividend will be paid December 10; ex-dividend is November 19.
On October 28, Hess Midstream Partners (HESM) declared a $0.7548/share quarterly dividend, a 2.4% increase from the prior dividend of $0.737. The increased dividend will be paid November 14; ex-dividend is November 6.
On October 23, Kodiak Gas Services (KGS) declared a $0.49/share quarterly dividend, an 8.9% increase from the prior dividend of $0.45. The increased dividend will be paid November 13; ex-dividend is November 3.
On October 16, EQT Corporation (EQT) declared a $0.165/share quarterly dividend, a 4.8% increase from the prior dividend of $0.158. The increased dividend will be paid December 1; ex-dividend is November 5.
On October 14, Liberty Energy (LBRT) declared a $0.09/share quarterly dividend, a 13% increase from the prior dividend of $0.08. The increased dividend will be paid December 18; ex-dividend is December 4.
Here is a rundown on the current dividend status for each of the Monthly Dividend Multiplier portfolio stocks:
Abbvie Inc. (ABBV) declared a $1.73 dividend on October 31. Payment is February 17; ex-dividend is January 16. The current yield is 2.91%.
American Financial Group (AFG) declared a $0.88 dividend on October 1. Payment was October 24; ex-dividend was October 15. The current yield is 5.79%.
Federal Agricultural Mortgage Corp. (AGM) declared a $1.50 dividend on August 14. Payment was September 30. The current yield is 3.80%.
Antero Midstream (AM) declared a $0.225 dividend on October 8. Payment was November 5; ex-dividend was October 22. The current yield is 5.13%.
Alexandria Real Estate Equities, Inc. (ARE) announced a $1.32 dividend on September 2. Payment was October 15; ex-dividend was September 30. The current yield is 8.99%.
Brookfield Asset Management (BAM) announced a $0.4375 dividend on August 6. Payment was September 29. The current yield is 3.21%.
Bristol-Myers Squibb Company (BMY) announced a $0.62 dividend on September 17. Payment was November 3; ex-dividend was October 3. The current yield is 5.82%.
CME Group Inc. (CME) declared a $1.25 dividend on August 7. Payment was September 25. The current yield is 4.13%.
EQT Corporation (EQT) declared a $0.165 dividend on October 16. Payment is December 1, ex-dividend was November 5. The current yield is 1.27%.
Eversource Energy (ES) declared a $0.7525 dividend on September 12. Payment was September 30. The current yield is 4.08%.
Fidelity National Financial (FNF) declared a $0.50 dividend on August 7. Payment was September 30. The current yield is 3.64%.
HA Sustainable Infrastructure Capital (HASI) announced a $0.42 dividend on August 11. Payment was October 17; ex-dividend was October 3. The current yield is 5.97%.
Hess Midstream Partners (HESM) declared a $0.7548 dividend on October 28. Payment was November 14; ex-dividend was November 6. The current yield is 8.95%.
Kodiak Gas Services (KGS) announced a $0.49 dividend on October 23. Payment was November 13; ex-dividend was November 3. The current yield is 5.42%.
Liberty Energy (LBRT) announced a $0.09 dividend on October 14. Payment is December 18; ex-dividend is December 4. The current yield is 1.90%.
Marathon Petroleum Corp (MPC) declared a $1.00 per share dividend on October 29. Payment is December 10; ex-dividend is November 19. The current yield is 1.86%.
Blue Owl Capital, Inc. (OWL) announced a $0.225 dividend on October 31. Payment is November 24; ex-dividend was November 10. The current yield is 5.43%.
Bank OZK (OZK) announced a $0.44 dividend on October 1. Payment was October 21; ex-dividend was October 14. The current yield is 3.99%.
Prudential Inc. (PRU) announced a $1.35 per share dividend on August 5. Payment was September 11. The current yield is 5.34%.
Royal Gold, Inc (RGLD) declared a $0.45 per share dividend on August 19. Payment was October 17; ex-dividend was October 3. The current yield is 1.02%.
InfraCap Small Cap Income ETF (SCAP) declared a $0.205 monthly dividend on September 26. Payment was September 30. The current yield is 7.39%.
Simon Property Group (SPG) announced a $2.20 dividend on November 3. Payment is December 31; ex-dividend is December 10. The current yield is 4.95%.
VICI Properties Inc. (VICI) announced a $0.45 dividend on September 4. Payment was October 9. The current yield is 6.06%.
Walmart Inc, (WMT) announced a $0.235 dividend on September 2. Payment is January 5; ex-dividend is December 12. The current yield is 0.92%.