NEW YORK ( TheStreet) - The 10 highest-yielding mid-cap stocks rated A-minus or higher by TheStreet Ratings are trading at high levels with neutral analyst sentiment, but have growing revenue and feature attractive dividend yields.

Starting with companies with market capitalizations between $1 billion and $5 billion rated A-minus (strong buy) or higher -- and five stars for dividend income by TheStreet Ratings -- we pared down the group to the 10 stocks with the highest forward dividend yields based on the most recent quarterly payout.

Just like our 10 A-Rated Large-Cap Dividend Stocks, energy names dominate the list, with limited partnerships being featured. Total returns assume reinvested dividends or LP income distributions, although that might not be the best approach when playing energy LPs.

10. Westar Energy

Company Profile

Shares of Westar Energy ( WR) of Topeka, Kan. is an electric utility company operating throughout most of Kansas. Shares closed at $24.08 Friday, for a year-to-date total return of 16%. Based on a quarterly payout of 31 cents, the forward dividend yield on the shares is 5.15%.

Income Statement

Westar reported second-quarter net income attributed to common stock of $53.1 million, or 47 cents a share, increasing from $30.4 million, or 27 cents a share, during the first quarter and $38.1 million, or 35 cents a share, for the second quarter of 2009.

Second-quarter total revenue was $495.2 million, increasing 6% year-over-year as retail sales increased and total operating expenses declined slightly. This was because of accounting changes and a lowering of environmental remediation costs associated with assets the company previously sold.

Balance Sheet

Westar Energy's ratio of debt to capital is 0.57. For most utility companies this ratio is high when compared to many other industries because of the need for continual capital investment. The company said in its 2009 10-K filing with the Securities and Exchange Commission that "anticipated capital expenditures for 2010 through 2012 are approximately $2.4 billion."

Stock Ratios

Shares trade for 15.2 times earnings, which exceeds similarly-sized electric utilities (by market capitalization) including DPL Inc. ( DPL) which trades for 11.8 times earnings and NV Energy ( NVE), which has a P/E of 13.6. On the other hand, ITC Holdings ( ITC) has a P/E of 21.6.

Analyst Ratings

Out of nine analysts covering Westar Energy, three rate the shares a buy, while six recommend investors hold the shares. With the stock returning 31% over the past 52 weeks, it's not surprising to see the shares close to the median 12-month target of $24.13 among analysts polled by Thomson Reuters, although TheStreet Ratings has a target price of $30.02.

9. Urstadt Biddle Properties

Company Profile

Urstadt Biddle Properties ( UBA) of Greenwich, Conn. is a real estate investment trust (REIT), mainly holding shopping centers, office buildings and industrial properties in Connecticut, New York and New Jersey. Shares closed at $18.54 Friday, for a year-to-date total return of 27%. Based on a quarterly payout of 24.25 cents, the shares have a forward dividend yield of 5.23%.

The company completed an offering of Class A common shares on September 17 to raise $45.1 million before expenses.

Income Statement

Urstadt's Biddle's fiscal year ends October 31. For the fiscal third quarter ended July 31, net income applicable to common stockholders was $4.5 million, or 18 cents per Class A common share, increasing from $2.9 million, or 12 cents a share, the previous quarter and $3.8 million or 15 cents a share a year earlier.

For real estate investment trusts, another common measure of operating performance is funds from operations, or FFO. Urstadt Biddle uses the FFO definition suggested by the National Association of Real Estate Investment Trusts, which is "net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from sales of properties, plus real estate related depreciation and amortization and after adjustments for unconsolidated joint ventures."

The upshot of this for Urstadt Biddle is a much higher figure than net income, since the straight-line depreciation of property required by GAAP is added back in. The FFO better reflects the REIT's actual cash flow and support of its dividend payout.

For the fiscal third quarter ended July 31, diluted funds from operations (FFO) was $8.5 million or 34 cents per Class A common share, compared to $6.9 million or 25 cents a share the previous quarter and $7.4 million or 30 cents a share a year earlier.

The company reported that the percentage of leasable area it held that was actually leased as of July 31 was 93.1%, increasing from 92% as of October 31, 2009.

Balance Sheet

Urstadt's Biddle's ratio of debt to capital is 0.31.

Stock Ratios

Shares trade for 35 times earnings, but as we have seen in the above discussion on FFO, net income isn't the most meaningful measure of earnings for real estate investment trusts.

Analyst Ratings

Only two analysts cover the shares according to Thomson Reuters. One recommends buying and the other recommends holding the shares.

8. National Health Investors

Company Profile

National Health Investors ( NHI) of Murfreesboro, Tenn. is a REIT that invests primarily in long-term healthcare facilities. Shares closed at $46.06 Friday, for a year-to-date total return of $28%. Based on a quarterly payout of 60.5 cents that will be paid on September 30, the forward dividend yield is 5.25%.

Income Statement

The company reported second-quarter net income of $19.2 million or 69 cents a share, increasing from $15 million or 55 cents a share in the first quarter and $15.4 million or 55 cents a share for the second quarter of 2009.

FFO for the second quarter was $19.9 million or 72 cents a share, up from $18.4 million or 66 cents a share the previous quarter and $17.3 million or 63 cents a share a year earlier.

Rental income for the second quarter totaled $17.6 million, increasing 46% year-over-year.

Balance Sheet

The company's ratio of debt to capital is a very strong 0.09.

Stock Ratios

Shares trade for 20.2 times earnings.

Analyst Ratings

All three analysts covering National Health Investors recommend holding the shares.

7. Alliance Resource Partners

Company Profile

Alliance Resource Partners ( ARLP) is headquartered in Tulsa, Okla. and primarily produces and markets coal. Limited partnership units closed at $60.19 Friday, returning 46% year-to-date. Based on the most recent quarterly distribution of 81 cents, the units have a forward yield of 5.38%.

Income Statement

Limited partners' interest in net income for the second quarter was $67.5 million, or $1.82 per unit, increasing from $57.9 million, or $1.56 per unit, the previous quarter and $26.7 million or 72 cents per unit in the second quarter of 2009.

Total revenues increased 32% year-over-year to $400.3 million during the second quarter, reflecting increased demand and an 11.9% increase in average coal sales prices, the company said.

Balance Sheet

The company's ratio of debt to capital is 0.53. Alliance Resource Partners expects total capital expenditures for 2010 to range between $285 million and $325 million.

Stock Ratios

The units trade for 13 times earnings.

Analyst Ratings

Out of nine analysts covering Alliance Resource Partners, three recommend buying the limited partnership units while six have hold ratings.

6. Hawaiian Electric Industries

Company Profile

In addition to providing electric utility services on five Hawaiian islands including U.S. military facilities, Hawaiian Electric Industries ( HE) operates American Savings Bank, FSB of Honolulu - a thrift with $4.9 billion in total assets as of June 30. Shares closed at $22.60 Friday for a year-to-date total return of 13%. Based on a quarterly payout of 31 cents, the forward yield on the shares is 5.49%.

Income Statement

Second-quarter net income was $29.3 million or 31 cents a share, increasing from $27.1 million or 29 cents a share the previous quarter and $15.5 million or 17 cents a share a year earlier.

The earnings improvement reflected a 29% increase in operating income from the company's electric utility business to $41.4 million for the second quarter. Despite a decline in revenue from the banking business, operating income from the bank subsidiary for the second quarter was $25.8 million, increasing from $5.5 million a year earlier, when credit expenses were much higher.

Balance Sheet

The company's ratio of debt to capital is 0.53.

Stock Ratios

Shares trade for 20.2 times earnings, which exceeds the P/E for many mid-cap electric utilities.

Analyst Ratings

Out of five analysts covering the Hawaiian Electric, three have hold ratings while two recommend investors sell the shares.

5. Sunoco Logistics Partners

Company Profile

Sunoco Logistics Partners of Philadelphia provides transportation and storage services for oil and refined fuels. The limited partnership was formed in 2002, and customers include Sunoco, Inc. ( SUN). Limited partnership units closed Friday at $76.78 Friday, for a year-to-date total return of 20%. Based on the most recent quarterly distribution of $1.14, the limited partnership units have a forward yield of 5.94%.

On August 24, the partnership priced a public offering of 1.75 million limited partnership units at $74.45, which would raise about $130 million before expenses, which Sunoco Logistics Partners planned to put toward a reduction of debt.

Income Statement

Limited partners' interest in net income for the second quarter was $40.2 million or $1.29 per unit, increasing from $33 million or $1.06 per unit during the first quarter but down from $53.7 million or $1.74 per unit a year earlier. The partnership's president Michael Hennigan said that "the crude oil market structure did not provide the same level of opportunity to earn contango profits in the first half of 2010 as compared to 2009."

Contango refers to the market condition where the spot price for delivery far in the future is higher than the price for delivery in the near future.

The year-over-year decline in second-quarter income also resulted from higher interest expenses on $500 million in senior notes that were issued in the first quarter.

Balance Sheet

The partnerships ratio of debt to capital based on June 30 financials is 0.65. Excluding acquisitions, management plans to make between $175 million and $200 million in capital expenditures for expansion during 2010.

Stock Ratios

The partnership units trade for 16 times earnings.

Analyst Ratings

Out of 10 analysts covering Sunoco Logistics Partners, 4 have buy ratings on the partnership units, while 4 recommend investors hold and 1 recommends selling the units.

4. ONEOK Partners

Company Profile

ONEOK Partners ( OKS) of Tulsa, Okla. gathers, processes and stores natural gas. Limited partnership units closed at $73.70 Friday, for a year-to-date total return of 24%. Based on the most recent quarterly payout of $1.12, the units have a forward yield of 6.08%.

On September 9, ONEOK Partners announced the completion of a deal to sell 49% of its ownership in the Overland Pass Pipeline Company to Williams Partners LP ( WPZ), also of Tulsa, and planned to use the $424 million it received to reduce debt and fund expansion.

Income Statement

Limited partners' interest in net income for the second quarter was $76.2 million or 75 cents per unit, increasing from $56.5 million or 57 cents per unit the previous quarter and $74.2 million or 81 cents per unit a year earlier.

Balance Sheet

Based on June 30 financials, the partnership's ratio of debt to capital was 0.52.

Stock Ratios

The partnership units trade for 22.5 times earnings, which exceeds Enbridge Energy LP, which has Class A units trading for 16.6 times earnings. Since Endbridge's market capitalization exceeds $5 billion, the partnership was included in TheStreet's 10 A-Rated Large-Cap Dividend Stocks.

Analyst Ratings

Out of 11 analysts covering ONEOK Partners, six have buy ratings and five recommend investors hold the shares.

3. Buckeye Partners

Company Profile

Buckeye Partners LP ( BPL) of Houston, Texas operates pipeline systems transporting refined petroleum products. Limited partnership units closed at $62.02 Friday for a year-to-date total return of 19%. Based on the most recent quarterly payout of 96.3 cents, the units have a forward yield of 6.21%.

Limited partnership unit holders are scheduled to vote November 16 on a proposal to merge general partner Buckeye GP Holdings, LP ( BGH) into a subsidiary of the limited partnership, which will eliminate the incentive distribution rights that Buckeye Partners currently pays to the general partner, "thereby reducing BPL's cost of equity capital," according to Forrest Wylie, the CEO of both companies. During the second quarter, $12.8 million of Buckey Partners LP's net income was allocated to the general partner.

Income Statement

Second-quarter net income allocated to limited partners was $40.8 million or 78 cents per unit, compared to $38 million or 73 cents per unit during the first quarter and a net loss to limited partners of $59.8 million or $1.17 per unit, when the company reported $73 million in asset impairment expenses on a pipeline and $28.1 million in reorganization expenses.

Balance Sheet

The company's ratio of debt to capital is 0.58. According to the company's second-quarter 10-Q filing with the Securities and Exchange Commission, Buckeye Partners plans to make between $75 million and $95 million in capital expenditures for 2010, of which between $50 and $60 million will "relate to expansion and cost reduction projects."

Stock Ratios

Shares trade for 17.4 times earnings.

Analyst Ratings

Out of nine analysts covering Buckeye Partners, two have buy ratings on the units while seven recommend investors hold.

2. TC Pipelines

Company Profile

TC Pipelines LP ( TCLP) of Houston, Texas operates gas pipelines in the United States, eastern Canada and Mexico. Limited partnership units closed Friday at $45.50 for a year-to-date total return of 19%. Based on the most recent quarterly distribution of 73 cents, the forward yield on the units is 6.42%.

Income Statement

Second-quarter net income allocated to common units was $27.2 million, or 59 cents per unit, declining from $33 million, or 71 cents per unit, the previous quarter but increasing from $10.8 million, or 31 cents per unit, a year earlier. The biggest factor in the improved earnings was $12.2 million in equity income (increasing from $5.4 million a year earlier) from the partnership's 50% stake in Northern Border Pipeline Company, which is operated by TransCanada ( TRP).

Balance Sheet

TC Pipelines LP's ratio of debt to capital is 0.33.

Stock Ratios

The units trade for 18.1 times earnings.

Analyst Ratings

Out of seven analysts covering TC Pipelines LP, six have hold ratings while one analyst recommends investors sell the units.

1. Transmontaigne Partners

Company Profile

Transmontaigne Partners ( TLP) of Denver, Colo. operates refined product terminals and pipelines, providing transportation, storage and other services for customers that distribute and market crude oil, other petroleum products, chemicals, fertilizers and other liquids. Limited partnership units closed at $34.48 Friday for a year-to-date total return of 33%. Based on the most recent quarterly distribution of 60 cents, the units have a forward yield of 6.96%.

Income Statement

Net income allocated to limited partners for the second quarter was $9.4 million, or 65 cents per unit, increasing from $8.7 million, or 62 cents a unit, the previous quarter and $7.3 million or 59 cents per unit a year earlier.

Balance Sheet

The company's ratio of debt to capital is 0.24.

Stock Ratios

The limited partnership units trade for 15.5 times earnings.

Analyst Ratings

All five analysts covering Transmontaigne Partners have hold ratings on the shares.

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-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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