Smart Dividend Portfolio: Fueling Income

Shrilekha Pethe on June 2, 2026

Dear Investor,

Welcome to our weekly edition of TipRanks’ Smart Dividend Portfolio & Newsletter.

Market-Moving News: June 01, 2026

Stocks ended the week slightly higher as investors balanced a firmer equity tape with rising bond yields, weaker oil prices, and another busy round of AI, trade, and deal headlines. The Dow Jones Industrial Average (DJIA) rose 0.72% to 51,032.46, while the S&P 500 (SPX) gained 0.22% to 7,580.06. The Nasdaq 100 (NDX) added 0.36% to 30,333.18.

The 10-year Treasury yield moved up to 4.44%, keeping rates in focus for investors. Gold (CM:XAUUSD) rose 1.28% to $4,575.90, while oil (CM:CL) fell 1.55% to $87.98. Bitcoin (BTC-USD) slipped 0.53% to $73,702.69, suggesting that market stress remained contained despite a busy news week.

Several macroeconomic themes continued to shape investor sentiment. Oil prices fell by roughly 20% in May as markets factored in easing geopolitical tensions between the U.S. and Iran, along with growing expectations of a potential ceasefire agreement. Brent crude dropped below $93 per barrel, helping ease inflation concerns but also prompting debate about the outlook for global energy demand and supply.

Trade policy also returned to focus after reports that the Trump administration is considering a proposal requiring 50% U.S.-made content for vehicles to qualify for lower tariffs under the USMCA agreement, the trade pact governing commerce among the United States, Canada, and Mexico. The proposal would alter the current requirement of 75% North American content and remains under negotiation with Mexico.

Meanwhile, artificial intelligence remained a major market driver. Dell’s (DELL) strong earnings highlighted continued demand for AI infrastructure, while Anthropic’s rising valuation underscored investor enthusiasm for private AI companies. Reports that Microsoft (MSFT) is developing a “super app” further reinforced expectations that major technology firms will continue integrating AI into everyday consumer products. Looking ahead, investors are likely to remain focused on interest rates, AI spending trends, energy prices, and evolving trade policies as key factors influencing market direction.

This Week’s Quality Dividend Stock Idea

Sunoco (SUN) is a U.S.-based energy infrastructure and fuel distribution company focused on the transportation, storage, and wholesale marketing of motor fuels. Its operations include an extensive network of fuel terminals and pipelines, along with fuel distribution to convenience stores, independent dealers, commercial customers, and retail locations. SUN is one of the largest independent fuel distributors in the United States.

Terminal Velocity

Sunoco’s roots date back to 1886, when Joseph Newton Pew and Edward O. Emerson founded the Sun Oil Company in Pittsburgh during the early days of the American oil industry. Over the following decades, the company evolved into a vertically integrated energy business involved in oil production, refining, transportation, and fuel marketing. Sunoco became widely recognized through innovations such as its custom gasoline blending pumps and later expanded its retail fuel presence across the United States.

A major turning point came in 2012 when Sunoco LP was formed through a partnership backed by Energy Transfer. The structure gave Sunoco access to Energy Transfer’s broader midstream network and operational scale while enabling the company to pursue an acquisition-driven growth strategy focused on fuel distribution and logistics infrastructure expansion.

One of the company’s first major expansion moves came in 2015, when Sunoco acquired Susser Holdings Corp. from subsidiaries of Energy Transfer Partners. The acquisition added roughly 680 Stripes-branded convenience stores and significantly expanded Sunoco’s retail fuel distribution network. In the same year, Sunoco also acquired an approximately 32% equity interest in Sunoco LLC from an Energy Transfer affiliate, strengthening its position in wholesale fuel distribution and logistics operations.

However, Sunoco’s strategy gradually shifted away from direct retail ownership and toward more stable fuel distribution and infrastructure-related cash flows. This transition accelerated in 2018 when the company sold the vast majority of its convenience store operations to 7-Eleven. Importantly, the transaction included a long-term 15-year take-or-pay fuel supply agreement under which Sunoco would continue supplying roughly 2 billion gallons of fuel annually. The deal reduced direct retail exposure while preserving long-term contracted fuel distribution revenue and improving cash-flow stability.

Following the divestiture, Sunoco intensified its focus on wholesale fuel distribution and midstream infrastructure. Between 2018 and 2019, the company completed several bolt-on acquisitions, including BRENCO Marketing Corp.’s fuel distribution business, refined product terminals from American Midstream Partners, and wholesale fuel assets from Schmitt Sales and Speedway LLC. These transactions expanded Sunoco’s logistics network and fuel supply capabilities across key regional markets.

Sunoco steadily evolved into one of the largest independent motor fuel distributors in the United States, supplying fuel to convenience stores, independent dealers, commercial customers, and partner-branded retail locations. At the same time, the company expanded its midstream footprint through investments in pipelines, terminals, storage facilities, and transmix¹ processing assets to diversify earnings beyond fuel margin volatility.

The infrastructure strategy accelerated further in 2021 when Sunoco acquired eight refined product terminals from NuStar Energy, adding approximately 14.8 million barrels of storage capacity across the East Coast and Chicago markets. In 2022, Sunoco acquired a large transmix processing and terminal facility in Huntington, Indiana, from Gladieux Capital Partners, strengthening its fuel logistics and processing capabilities. The company also acquired Peerless Oil & Chemicals, expanding operations into Puerto Rico and the Caribbean. This marked an important step toward international expansion.

Growth accelerated substantially in 2024 through a series of transformative infrastructure transactions. Sunoco acquired Zenith Energy’s terminal assets in the Netherlands and Ireland, strengthening its European fuel storage footprint and improving supply-chain connectivity with its U.S. operations. More importantly, Sunoco completed the acquisition of NuStar Energy L.P., significantly expanding its pipeline, terminal, and storage infrastructure network while increasing exposure to stable fee-based midstream earnings streams.

At the same time, Sunoco continued monetizing non-core retail assets. In 2024, the company sold 204 convenience stores located across West Texas, New Mexico, and Oklahoma to 7-Eleven while simultaneously expanding its existing long-term fuel supply agreement with the retailer.

Sunoco’s international infrastructure ambitions expanded further in 2025 with the acquisition of TanQuid, Germany’s largest independent terminal operator. The transaction added 16 terminals across Germany and one in Poland, substantially strengthening Sunoco’s European logistics platform.

That same year, Sunoco completed the acquisition of Parkland Corp. in a transaction valued at approximately $9.1 billion including assumed debt, marking the largest deal in the company’s history. The acquisition significantly expanded Sunoco’s operations across North America, Europe, and the Caribbean while adding refining, terminal, retail fuel, and commercial distribution assets. Following the transaction, Sunoco’s infrastructure network expanded to more than 14,000 miles of pipelines and over 160 terminals across 32 countries and territories.

At the same time, management reaffirmed that acquisitions remain a central part of Sunoco’s long-term strategy. CEO Joe Kim reiterated the company’s target of completing more than $500 million annually in bolt-on acquisitions focused on infrastructure and fuel logistics assets. Excluding TanQuid, Sunoco has already completed or signed approximately $200 million of additional acquisitions year-to-date.

The company’s acquisition opportunities have also expanded geographically following the Parkland transaction. Sunoco is now actively pursuing opportunities across the United States, Canada, Latin America, the Greater Caribbean, and Europe. During the first quarter, the company also completed a multi-island Caribbean acquisition, further supporting its strategy of building a larger and more geographically diversified fuel infrastructure platform.

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1-Transmix processing is the industrial refining method used to separate transmix, an unusable, mixed-fuel byproduct, back into distinct, high-quality, and marketable petroleum products like gasoline and diesel fuel.

Fuel Network

Sunoco operates an energy infrastructure and fuel distribution business model centered on the transportation, storage, marketing, refining, and distribution of refined petroleum products. The company generates revenue through a combination of fuel distribution margins, fee-based pipeline and terminal operations, storage services, wholesale fuel supply agreements, and refining activities. Over time, Sunoco has increasingly shifted its portfolio toward infrastructure and logistics assets in pursuit of more stable and recurring cash flows than traditional fuel retailing.

The company currently operates through four primary segments: Fuel Distribution, Pipeline Systems, Terminals, and Refining. Fuel Distribution is the largest contributor to revenue and involves supplying motor fuel to independently operated dealer stations, distributors, commercial customers, and partner-branded retail locations. Sunoco distributes more than 15 billion gallons of fuel annually across a broad network spanning North America, Europe, and the Caribbean. The business also benefits from long-term fuel supply agreements with major convenience store operators, including take-or-pay contracts that help stabilize fuel volumes and reduce earnings volatility.

A key strength of Sunoco’s model is its growing exposure to fee-based midstream infrastructure operations. The company owns an extensive network of pipelines, terminals, and storage facilities that generate relatively stable earnings through transportation, throughput, and storage fees rather than direct commodity price exposure. Following the acquisitions of NuStar Energy, Zenith Energy’s European terminals, TanQuid, and Parkland Corporation, Sunoco significantly expanded both the scale and geographic diversification of its infrastructure platform.

The Pipeline Systems segment includes an integrated network of approximately 6,000 miles of refined-product pipelines, 6,000 miles of crude-oil pipelines, 2,000 miles of ammonia pipelines, and 69 terminals. Through its Terminals segment, Sunoco operates 83 terminals and four transmix processing facilities. The Refining segment consists primarily of the Burnaby Refinery, acquired through the Parkland transaction, which has an operational capacity of approximately 55,000 barrels per day. The refinery primarily processes sweet conventional crude oil and sweet synthetic crude oil to produce gasoline, diesel, jet fuel, and other refined products.

These pipeline and terminal assets create important strategic advantages for Sunoco’s fuel distribution business by improving supply-chain efficiency, optimizing fuel sourcing, reducing transportation costs, and enhancing operational flexibility. In addition, the company’s growing international presence provides exposure to multiple regional fuel markets, reducing reliance on any single geography.

Another important feature of Sunoco’s business model is its acquisition-driven growth strategy. Management has increasingly prioritized infrastructure assets that generate stable fee-based earnings, maintain long-term customer relationships, and possess high barriers to entry. This approach has helped diversify earnings away from retail fuel margins (which tend to be volatile), strengthen free cash flow generation, and improve the overall stability and resilience of the business.

Strategic Routing

Management emphasized that Sunoco’s expanding infrastructure platform is improving operational flexibility, strengthening cash generation, and creating competitive advantages that smaller fuel distributors may struggle to match. During the quarter, rising gasoline and diesel prices created some short-term pressure on fuel distribution margins because replacement fuel costs increased rapidly. However, large-scale fuel logistics operators can also benefit during periods of supply-chain disruption and market volatility because they have broader sourcing capabilities, larger terminal networks, and greater flexibility in redirecting fuel supplies.

Management cited Hawaii as an example. Historically, the state has relied heavily on fuel imports from Asian markets such as South Korea. During the quarter, shifting market conditions and geopolitical disruptions made it economically attractive to source fuel from the U.S. Gulf Coast through the Panama Canal instead. According to management, executing these kinds of supply-chain adjustments requires significant infrastructure, trading capabilities, and logistics coordination – advantages that Sunoco increasingly possesses following the acquisitions of Parkland, NuStar, and TanQuid.

Importantly, fuel demand has remained stable despite higher prices, with no meaningful demand destruction observed so far. While broader U.S. fuel demand trends remain relatively flat, Sunoco continues to grow volumes faster than the market through acquisitions, network expansion, and infrastructure optimization. Management also noted that periods of declining or stabilizing fuel prices can often lead to stronger fuel distribution margins, helping offset temporary pressure experienced during periods of rapidly rising commodity prices.

During the quarter, Sunoco reduced inventories to more sustainable operating levels, generating a $102 million financial benefit, including approximately $92 million within Fuel Distribution and another $10 million in Refining. Management stressed that this was not a temporary accounting benefit tied to fuel price movements. Instead, the inventory reduction reflected efficiencies achieved across the larger post-Parkland network through improved supply-chain management and operational flexibility.

At the same time, management emphasized that investors should not treat the inventory benefit as part of the company’s normalized recurring quarterly earnings run-rate. Excluding this one-time benefit, operating performance, fuel volumes, integration synergies, and infrastructure earnings are currently trending ahead of original expectations.
Another important advantage highlighted during the quarter was Sunoco’s long-term fuel supply relationship with 7-Eleven. Management described the relationship as “rock solid,” supported by long-term take-or-pay agreements with an investment-grade counterparty. Under this structure, 7-Eleven is contractually committed to either purchase minimum fuel volumes from Sunoco (or to compensate the company financially if purchases fall below agreed levels). This arrangement helps provide stable and predictable fuel distribution cash flows while reducing volume risk. Management also suggested that ongoing portfolio repositioning by 7-Eleven could create additional growth opportunities over time through expanded fuel supply arrangements and logistics services.

Integration Advantage

A major focus for Sunoco in 2026 has been integrating the Parkland and TanQuid acquisitions while continuing to pursue smaller infrastructure-focused transactions. Management indicated that these deals are already contributing to earnings and cash-flow growth faster than initially expected. One of the clearest signs of successful integration has been the company’s balance-sheet improvement following the Parkland acquisition. Leverage has already returned to Sunoco’s long-term target of roughly 4x debt-to-EBITDA, reflecting stronger-than-expected earnings growth and cash generation from the combined business.

Management also stated that synergy realization is progressing ahead of schedule. Sunoco currently expects approximately $125 million of synergies to be realized during 2026 alone, while the annualized savings rate for the year is expected to be materially higher. By the third year following the acquisition, the company expects recurring annual synergies of at least $250 million, which management now views as a minimum expectation instead of a ceiling. Many commercial synergies are already underway, including fuel sourcing optimization, logistics coordination, terminal utilization improvements, and cross-selling opportunities across Sunoco’s larger international network. Expense-related synergies are expected to continue growing over time given Parkland’s broad operating footprint across multiple countries and business segments.

Importantly, Sunoco said the Parkland transaction is already generating distributable cash flow per unit growth above the company’s original 10% accretion target, which was initially expected to be achieved by Year 3. This suggests the acquisition is creating shareholder value considerably sooner than anticipated.

The company also provided an encouraging update on the performance of the Burnaby refinery in British Columbia, which became part of Sunoco’s portfolio through the Parkland acquisition. Although refining represents one of the company’s smaller operating segments, management views the asset as strategically important because it diversifies earnings within the broader fuel distribution and infrastructure business. The Burnaby refinery exceeded internal expectations following a planned 50-day maintenance turnaround completed during the quarter. Post-turnaround refinery performance is tracking ahead of the assumptions used when Sunoco acquired Parkland and above the midpoint of the company’s original 2026 guidance. Stronger refining crack spreads2 have supported profitability, while the refinery also helps offset periods when fuel distribution margins come under pressure from rising commodity prices.

Management additionally provided more clarity around capital allocation priorities. Sunoco is focusing on smaller infrastructure expansion projects and acquisition-related optimization investments instead of pursuing large greenfield developments. These projects include terminal upgrades, storage expansions, pipeline connectivity improvements, and logistics optimization efforts designed to unlock additional value across the company’s infrastructure network. Management believes these projects can generate attractive returns with lower execution risk and faster payback periods.

Sunoco is increasingly evolving into a larger and more diversified fuel infrastructure company with growing exposure to stable fee-based earnings streams and expanding international operations. While the company now faces greater integration complexity and geopolitical exposure than in the past, management believes the combination of infrastructure ownership, supply-chain flexibility, acquisition synergies, and long-term contractual relationships positions Sunoco for continued growth and stronger cash-flow generation.

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2- Crack spreads refer to the difference between the cost of crude oil and the selling price of refined fuels such as gasoline and diesel. Wider crack spreads generally improve refinery profitability.

1 Growth Ignition

Sunoco has delivered steady growth over the past three years, with revenue and EPS increasing at compound annual growth rates of approximately 10% and 7.6%, respectively. While revenue trends were heavily influenced by fluctuations in fuel prices, earnings growth was driven by expanding fuel margins, rising fuel volumes, and a series of acquisitions that broadened the company’s infrastructure footprint. The most transformative of these was the acquisition of NuStar Energy in 2024, which significantly expanded Sunoco’s pipeline and terminal operations and accelerated its transition toward a larger fee-based infrastructure business. Additional support came from the acquisition of Zenith Energy’s European terminals and the divestiture of convenience stores to 7-Eleven, which improved earnings quality and helped reduce leverage.

That momentum carried into the first quarter of 2026. Sunoco reported adjusted EBITDA of $867 million, excluding approximately $9 million of transaction-related costs, while adjusted distributable cash flow increased to $535 million from $310 million in the prior-year period. A notable contributor to quarterly results was a $102 million benefit from inventory optimization. Management emphasized that the gain reflected a deliberate reduction of inventories to more sustainable operating levels across the expanded post-Parkland network rather than a temporary accounting benefit tied to fuel-price movements.

The company also maintained balance-sheet strength, ending the quarter with leverage near its long-term target of approximately 4.0x and roughly $2.2 billion of available revolving credit capacity. Total capital expenditures were $199 million, including $106 million of growth capital and $93 million of maintenance capital, including Sunoco’s proportionate share of spending related to its joint ventures with Energy Transfer.

The Fuel Distribution segment remained the company’s largest earnings contributor, generating $538 million of adjusted EBITDA excluding transaction costs. Fuel volumes reached 3.8 billion gallons during the quarter, rising 82% year-over-year, largely due to a full-quarter contribution from Parkland. Legacy Sunoco fuel volumes also increased approximately 6% despite relatively flat U.S. fuel demand, reflecting growth investments and acquisition-driven expansion. Fuel margins moderated to $0.17 per gallon from $0.177 in the prior quarter, as rapidly rising fuel prices increased replacement costs. However, part of the pressure was offset by inventory optimization benefits and payments associated with the 7-Eleven fuel supply agreement.

Sunoco’s infrastructure businesses continued to provide stable earnings growth. The Pipeline Systems segment generated $179 million of adjusted EBITDA on throughput volumes of approximately 1.3 million barrels per day, while the Terminals segment contributed $107 million of adjusted EBITDA as throughput volumes approached 1 million barrels per day. Terminal results benefited from the TanQuid acquisition and a full-quarter contribution from legacy Parkland assets.

Meanwhile, the Burnaby refinery in British Columbia generated $43 million of adjusted EBITDA despite operating at reduced throughput levels of approximately 22,000 barrels per day during a planned 50-day turnaround that was completed on schedule and within budget. Following the restart, refinery profitability benefited from stronger crack spreads, supported in part by geopolitical disruptions in the Middle East. Management also highlighted the refinery’s strategic role within Sunoco’s portfolio, noting that refining earnings can help offset periods when fuel distribution margins come under pressure from rising commodity prices.

Growing Yield

Sunoco has paid distributions consistently for more than a decade, demonstrating a long-standing commitment to returning capital to unitholders. Following its 2012 IPO, the partnership rapidly increased its quarterly distribution from approximately $0.35 per unit to $0.8255 per unit by mid-2016 as the business expanded. Management then maintained the distribution at that level for nearly six years while prioritizing deleveraging, portfolio optimization, and the transition toward a larger infrastructure-based business model supported by more stable and recurring cash flows.

With much of that strategic repositioning completed, distribution growth resumed in 2023 and has accelerated alongside Sunoco’s expanding pipeline, terminal, and fuel distribution platform. Over the past three years, the partnership’s distribution has grown at a compound annual rate of approximately 4.2%, while the current distribution yield of 6.88% remains well above the broader energy-sector average.

The company continued that momentum during the most recent quarter by raising its quarterly distribution to $0.9899 per unit, representing a 6.25% sequential increase. The increase consisted of a one-time 5% step-up combined with Sunoco’s regular 1.25% quarterly increase; it also marked more than 10% growth compared with the prior-year period. Management indicated that the higher payout reflects confidence in the durability of distributable cash flow following the successful integrations of NuStar and Parkland. The increase also marked Sunoco’s sixth consecutive quarterly distribution hike and remains consistent with management’s capital-allocation strategy. Importantly, the partnership maintained a strong trailing 12-month distribution coverage ratio³ of 1.9x and continues to target a multiyear distribution growth rate of at least 5%, providing support for future income growth.

Over the past year, SUN’s stock price has risen by 21% supported by the successful completion of the Parkland acquisition, continued distribution growth, and improving investor confidence in the company’s expanding infrastructure platform. The stock’s strongest gains came in early 2026 as Sunoco demonstrated faster-than-expected deleveraging, issued strong EBITDA guidance, and reported a blowout first quarter.

The stock is currently trading at a premium to its historical averages based on non-GAAP trailing and forward P/E ratios, but at a slight discount to its forward EV/EBITDA. Many investors consider the EV/EBITDA metric more appropriate for infrastructure and energy businesses because it accounts for both debt and operating earnings. This suggests that despite the stock’s strong performance, the market has not fully re-rated Sunoco’s larger post-acquisition infrastructure platform. Relative to peers such as CrossAmerica Partners, Global Partners, World Kinect and MPLX LP, Sunoco is trading in the low-to-moderate valuation range based on non-GAAP trailing and forward P/E ratios and forward EV/EBITDA. The current valuation suggests the market recognizes Sunoco’s improved earnings outlook and infrastructure scale but remains cautious as it waits for management to fully deliver on acquisition synergies, integration goals, and long-term cash-flow growth targets.

Analysts remain bullish about SUN as the company is benefiting from a combination of revenue growth, improving profitability, and strong cash-flow generation, which are strengthening the company’s ability to fund capital investments, support distributions, and reduce debt. At the same time, acquisitions and infrastructure expansion are increasing the scale of its pipeline and terminal network, broadening its geographic footprint, and generating synergies that support higher distributable cash flow and long-term competitive advantages.

Reflecting these factors, Street consensus implies approximately 16% upside from current share levels, while more optimistic estimates suggest potential gains of up to 23%. Discounted cash flow analysis also indicates that SUN shares may be trading at a roughly 74% discount to their estimated intrinsic value, providing additional valuation support for long-term investors.

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3- The distribution coverage ratio (DCR) measures how many times a partnership’s distributable cash flow covers the cash distributions paid to unitholders, making it one of the most important indicators of distribution safety for MLP investors. Sunoco’s DCR has recently remained above 1.9x, meaning the partnership generates roughly $1.90 of distributable cash flow for every $1.00 distributed, providing a substantial cushion to support future distribution growth, debt reduction, and investment spending.

Investing Takeaway

For income-oriented investors, Sunoco’s appeal increasingly rests on the transformation of its business from a traditional fuel distributor into a larger infrastructure-focused platform supported by pipelines, terminals, storage assets, and long-term contractual relationships. This shift has helped make cash flows more stable and predictable, while reducing reliance on volatile fuel margins.

Management’s recent distribution increases, strong distribution coverage, and commitment to continued payout growth suggest confidence in the durability of the company’s cash-generation capabilities. At the same time, successful integration of major acquisitions is expanding Sunoco’s fee-based earnings streams and creating additional opportunities for distributable cash-flow growth. Sunoco is well-positioned to offer a combination of attractive current income and growing distributions, making it a compelling option for investors seeking long-term income from the energy infrastructure sector.

Dividend Investor Portfolio

Portfolio News

▣ IBM (IBM) recently outlined an ambitious long-term technology strategy centered on quantum computing and artificial intelligence, committing a combined $15 billion to the two areas over the next five years. The company plans to invest $10 billion in quantum computing across research and development, capital expenditures, ecosystem partnerships, manufacturing expansion, and acquisitions as it works toward delivering what it believes could be the first large-scale fault-tolerant quantum computer by 2029. IBM has already deployed more than 90 quantum systems and is partnering with the U.S. government to develop a quantum chip foundry in Albany, New York focused on manufacturing advanced quantum wafers.

Separately, IBM and Red Hat launched Project Lightwell, a $5 billion initiative aimed at improving the security of open-source software using advanced AI models. The project will bring together more than 20,000 engineers and several major financial institutions to help secure software supply chains. The initiative builds on IBM’s acquisition of Red Hat and reflects the company’s broader strategy of combining AI, open-source software, and enterprise technology to support the next generation of digital infrastructure.

▣ PepsiCo’s (PEP) ex-dividend date is June 5 with the dividend payable on June 30.

▣ Qualcomm (QCOM) has reportedly secured a major artificial-intelligence chip supply agreement with ByteDance, the owner of TikTok. Under the deal, ByteDance plans to purchase millions of Qualcomm’s application-specific integrated circuits (ASICs) for deployment in data centers supporting its AI software and services. The agreement makes ByteDance the first significant customer for Qualcomm’s AI-focused ASIC business, providing an important foothold in the rapidly expanding AI infrastructure market.

The customer win comes at a pivotal time for Qualcomm as it works to diversify beyond its traditional smartphone business. The company has faced the gradual loss of a long-standing revenue stream as Apple has increasingly shifted from Qualcomm modems to internally developed alternatives. In response, Qualcomm has expanded into new markets, including AI data centers, PCs, laptops, automotive technology, and robotics.

Recent Trades

None at the moment, although we are considering adding a stock to our portfolio when the market conditions allow for an attractive entry point. Stay tuned.

Portfolio Attributes

Dividend Portfolio Yield	Expected Dividend Growth	Expected Annual Income
3.89%	+5.80%	$6,164.34
Yield-on-Cost Adjusted, Weighted	Average Analyst 12-Month Growth Outlook	10K Per Stock at the Time of Purchase

Current Portfolio

Name	EX-Dividend Date	Payment Date	Yield on Cost	Annual DPS
Automatic Data Processing (ADP)	Jun 15, 2026	Jul 01, 2026	2.46%	$6.80
Amgen (AMGN)	May 15, 2026	Jun 05, 2026	3.27%	$10.08
BlackRock (BLK)	Jun 05, 2026	Jun 23, 2026	2.61%	$22.92
Bank of Nova Scotia (BNS)	Jul 02, 2026	Jul 29, 2026	5.98%	$3.21
EOG Resources (EOG)	Jul 16, 2026	Jul 30, 2026	3.06%	$4.08
ExxonMobil (XOM)	May 15, 2026	Jun 10, 2026	3.64%	$4.12
Honeywell International (HON)	May 15, 2026	Jun 05, 2026	2.39%	$4.76
IBM (IBM)	Aug 06, 2026	Sep 10, 2026	3.16%	$6.76
JPMorgan Chase (JPM)	Jul 03, 2026	Jul 31, 2026	3.43%	$6.00
Kroger (KR)	May 15, 2026	Jun 01, 2026	3.08%	$1.40
Cisco Systems (CSCO)	Jul 02, 2026	Jul 23, 2026	2.22%	$1.68
PepsiCo (PEP)	Jun 05, 2026	Jun 30, 2026	3.8%	$5.69
Philip Morris (PM)	Jun 29, 2026	Jul 15, 2026	6.06%	$5.88
Qualcomm (QCOM)	Jun 05, 2026	Jun 26, 2026	2.44%	$3.68
VICI Properties (VICI)	Jun 18, 2026	Jul 10, 2026	5.22%	$1.8
Verizon (VZ)	Jul 09, 2026	Aug 03, 2026	6.09%	$2.76

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Category: Dividend