5 Stocks With Double-Digit Yields

Right now, there is some debate about whether the dividend reduction was just a one-time measure, or the start of a trend. If you're a far-sighted investor, it doesn't matter. Payouts may fall even further, pushing this yield into the high single-digits, but when oil and gas prices rebound (as they invariably do), the payouts will rise again.

More to the point, that sub-$20 stock price won't last. An eventual move back to the $30 level seen a few months ago implies 50% upside, plus that eventually restored robust payout.

Whiting USA Trust: 16.3% yield

Whiting USA Trust (WHX) is the income-sharing arm of Whiting Petroleum (WLL) . The company receives royalties related to sales of oil and natural gas on revenue from oil and natural gas producing properties.

If you thought there's a catch for such a high-yield, you're right. The properties from which the trust earns royalties are depleting assets. The trust terminates when 9.11 million barrels of oil equivalent have been produced and sold from the properties. Thus far, a little more than half of that target has been met, and the trust's sponsors anticipate a 10% annual decline in the payout until the oil fields' quota is met, perhaps in 2016 or 2017.

Annaly Capital Management: 12.9% yield

Annaly Capital Management (NLY) is similar to Two Harbors, which was discussed earlier. A key distinction is that it has a much longer track record -- and it's pretty impressive -- which may account for the slightly lower yield: Investors may see this as a somewhat safer play thanks to management's track record.

Annaly has generated positive free cash flow in every year of its existence, including the distressing years of 2008 and 2009. The annual dividend now appears stuck in the $2.50 a share range and is likely to stay in that area as long as interest rates (and hence the company's borrowing costs) stay low.

Annaly shows up on a list of 3 Financial Stocks With Huge Dividends for Weak Growth.

Cohen & Steers Global Income Builder: 11% yield Yield: 11%

Mutual fund Cohen & Steers Global Income Builder (INB) employs a very unusual strategy -- but it works. The fund invests in real estate investment trusts, master limited partnerships and utilities. The twist: The fund buys up stocks but also uses options strategies such as covered calls to produce income.