BOSTON ( TheStreet) -- Investors seeking fat dividends should consider the following stocks. Two are master-limited partnerships, or MLPs, and one is an oil royalty trust. They have unique legal structures and tax implications, but offer outsized payouts.

3. Martin Midstream Partners ( MMLP) transports oil and gas in the Gulf Coast region.

Quarter: Fourth-quarter profit fell 88% to $2 million, or 15 cents a unit. Full-year revenue halved to $662 million. The net margin declined to 3.2%. Martin Midstream holds $6 million of cash and $305 million of debt. During the past three years, the partnership has grown net income 15% annually, on average.

Performance: Martin Midstream Partners returned 141% in the past year, beating U.S. indices. It sells for a price-to-book ratio of 2.1 and a price-to-sales ratio of 0.7, discounts to peer-group averages. Of five analysts surveyed by Bloomberg, one recommends purchasing units and the remainder advise holding them. They offer a 9.4% distribution yield.

2. EV Energy Partners ( EVEP) owns and operates oil and gas properties.

Quarter: EV Energy Partners swung to a third-quarter loss of $2.8 million, or 23 cents, from a profit of $204 million, or $10.14, a year earlier. Revenue fell 49% to $30 million. The balance sheet holds $25 million of cash and $292 million of debt. During the past three years, revenue has doubled annually, on average.

Performance: EV Energy Partners returned 183% in the past year, trouncing U.S. indices. It sells for a price-to-book ratio of 1.3 and a price-to-cash-flow ratio of 5.7, significant discounts to industry averages. Of four analysts covering the partnership, three advocate purchasing units and one says to hold them. Raymond James ( RJF) expects them to appreciate 19% to $38. They yield 9.5%.

1. BP Prudhoe Bay Royalty Trust ( BPT) holds royalty interests in an Alaskan oil field.

Quarter: Fourth-quarter profit increased 5.7% to $66 million, or $3.11, as revenue dropped 41% to $37 million. The trust holds $32 million of cash and no debt. It distributes royalties on 16% of the first 90,000 barrels of daily net production at the Prudhoe Bay field. Based on proven reserves, the trust expects to pay dividends until 2024.

Performance: BP Prudhoe Bay Royalty Trust returned 107% in the past year, outpacing benchmarks. Despite a minimal Wall Street following, the trust has proven to be a lucrative dividend vehicle. It returned 21% annually, on average, during the past five years. Its dividend payments fluctuate in size. If the trust is able to maintain its latest $3.61 quarterly payout, it yields 15.4%.

-- Reported by Jake Lynch in Boston.

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