NEW YORK ( TheStreet) -- A growing number of companies have upped their dividends this year, but the following also have upside, based on analysts' target prices. Oracle ( ORCL), Newmont Mining ( NEM), Dow Chemical Company ( DOW) and Airgas ( ARG) are among those who have raised their annualized dividend payout between 15% and 67%.

During the first quarter of 2011, 510 companies increased their dividends, up 27.8% from 399 companies in the year-ago quarter. In fact, of the 7,000 listed companies that divulge dividend information, only 30 lowered their dividend payment during the first quarter of 2011 vs. 48 in first-quarter 2010.

The following nine stocks have attractive potential upsides, according to analysts. They are stacked in terms of percentage increase in dividend payout, great to greatest.

9. International Business Machines ( IBM) is an information technology company operating in five segments: global technology services, global business services, software, systems and technology, and global financing.

During first-quarter 2011, total revenue increased 7.7% to $24.6 billion from $22.8 billion. Net income stood at $2.9 billion, or $2.31 per share, growing 10.1% year-over-year from $2.6 billion, or $1.97 per share in the comparative quarter.

The company's board recently approved a quarterly dividend of 75 cents per common share, payable on June 10, 2011 to stockholders of record on May 10, 2011. The dividend declaration represents an increase of 10 cents and is 15% higher than the prior quarterly dividend of 65 cents per common share.

The company currently has a dividend yield of 1.59%. Of the 30 analysts covering the stock, 60% rate it a buy, while the remaining suggest it as a hold. There are no sell ratings on the stock. On average, analysts estimate an increase from current levels of 5.3% to $179.5. The stock currently trades at a P/E of 14.3.

8. Airgas ( ARG), operating through its subsidiaries, is a distributor of industrial, medical and specialty gases (delivered in packaged or cylinder form) and hard goods such as welding equipment and supplies.

Net income for the 2011 fourth quarter was reported at $62.6 million, or 74 cents per share, versus $40.1 million, or 47 cents per share, in the year-ago quarter. Total revenue grew 12.1% to $1.1 billion from 98 million on an 11% increase in same-store sales. For the full year, net income surged 27.2% to $249.8 million, or $2.93 per share, compared to $196.3 million, or $2.34 per share, on revenue growth of 9.7%, to $4.3 billion last year.

As of March 31, 2011, the company completed a $300 million share repurchase program announced on Feb. 16, 2011; it bought back 4.78 million shares in the open market at an average price of $62.76. The company increased its dividend payout by 33% in fiscal 2011. Furthermore, Airgas also increased the quarterly cash dividend on its common stock by 16% from 25 cents per share to 29 cents per share.

The company currently has a dividend yield of 1.86%. Rated by 15 analysts, the stock has buys from 60% of them and holds from 33%. On average, analysts estimate an increase from current levels of 15.7%, to $76.9 in value.

7. Air Products & Chemicals ( APD) serves the global technology, energy, industrial and health care sectors, offering a range of products, services and solutions that include atmospheric gases, process and specialty gases, performance materials, equipment and services. The company operates in four segments: merchant gases, tonnage gases, electronics and performance materials, and equipment and energy.

For the second quarter ended March 2011, total revenue increased 11.2%, to $2.5 billion from $2.2 billion year over year, primarily attributable to volume growth in its electronics and performance materials, merchant gases and tonnage gases segments. Net income stood at $304.3 million, or $1.39 per share, up 20.8% year-over-year from $252 million, or $1.16 per share.

The company recently raised its quarterly dividend from 49 cents to 58 cents per share, representing its 29th consecutive year of increasing dividend payment.

The company currently has a dividend yield of 2.2%. Of the 22 analysts covering the stock, 77% rate it a buy, while the remaining suggest it as a hold. There are no sell ratings on the stock. On average, analysts estimate an increase from current levels of 19.3% to $106.79. The stock currently trades at a P/E of 16.5.

6. Oracle ( ORCL) is an enterprise software company that develops, manufactures, markets, distributes and services database and middleware software, applications software and hardware systems, consisting primarily of computer servers and storage products. Oracle operates in three segments: software, hardware systems and services.

For the third quarter ended February 2011, total revenue stood at $8.8 billion, up 36.9% from $6.4 billion in the comparable quarter of last year, benefiting from a $1.2 billion incremental revenue contribution from its hardware systems business, a significant increase in its software business revenue and higher services revenue. Net income was reported at $2.1 billion, or 41 cents per share, up from $1.2 billion, or 23 cents per share, in the year-ago quarter.

In March 2011, the company's board declared a quarterly cash dividend of 6 cents per share of outstanding common stock, increasing 1-cent per share, or 20%, over the prior-quarter dividend. Furthermore, the company repurchased 28 million shares for $750 million during the nine months ended Feb. 28, 2011.

Eighty percent of the 44 analysts covering the stock rate it a buy, while 18% recommend it as a hold. On average, analysts estimate an increase from current levels of 10.8% to $37.61 in value.

5. FMC ( FMC) is a diversified chemical company serving the agricultural, consumer and industrial markets with solutions, applications and products. The company operates in three business segments: agricultural products, specialty chemicals and industrial chemicals.

During the quarter ended March 2011, the company reported total revenue of $795 million, up 5.1% year-over-year from $756.5 million. Net income increased 21.4% to $94 million, or $1.30 per share, from $77.4 million, or $1.06 per share in the year-ago quarter.

During February, the company's board authorized the repurchase of an additional $250 million in common shares. FMC recently paid a regular quarterly dividend of 15 cents per share, increasing 20% over the dividend declared in December.

Of the 10 analysts covering the stock, 80% say buy, while 10% suggest holding, the rest say sell. On average, analysts expect an increase of 14.5%, to $95.7 in value from current levels.

4. International Paper ( IP) is a global paper and packaging company with markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. It operates in five segments: industrial packaging, printing papers, consumer packaging, distribution, and forest products.

During the first quarter ended March 2011, total revenue grew 10% year-over-year to $6.4 billion from $5.8 billion, backed by higher volumes across its segments. Moreover, the company swung to a net income of $342 million, or 78 cents per share, from a loss of $162 million, or 38 cents per share, in the year-ago quarter.

The company generated free cash flow of $419 million and announced its third dividend increase in the last 12 months, higher than the dividend payout preceding the 2008/2009 recession. Dividends were 18.75 cents per share and 2.5 cents per share for the first three months in 2011 and 2010, respectively. In March 2011, the company announced that it would raise the second-quarter dividend to $26.25 per share, implying a 40% increase.

The company currently has a dividend yield of 1.86%. Of the 15 analysts covering the stock, 73% rate it a buy and 13% rate it a hold. On average, analysts estimate an increase of 16.7%, to $36.44 in value from current levels. The stock has gained 7% in the past one month and currently trades at a P/E of 11.4.

3. Hewlett-Packard ( HPQ) is a provider of storage and servers, software, personal computers, imaging and printing products, and other services to individual consumers, small- and medium-sized businesses and large enterprises, including customers in the government, health and education sectors.

During the quarter ended April 2011, the company reported total revenue of $31.6 billion, up 2.5% year-over-year from $30.8 billion. Net income increased 4.7% to $2.3 billion, or $1.05 per share, from $2.2 billion, or 91 cents per share in the year-ago quarter.

During March, the company's board authorized a 50% increase in its regular quarterly dividend to 12 cents per share from 8 cents per share in the prior quarter.

Of the 37 analysts covering the stock, 51% rate it a buy, while 43% affirm a hold rating. Analysts estimate an average increase of 28%, to $47.27 in value from current levels. The stock currently trades at a P/E of 8.3.

2. Newmont Mining ( NEM) engages primarily in gold production. The company also produces copper through its operations in Batu Hijau (Indonesia) and Boddington (Australia). In April 2011, the company acquired Fronteer Gold.

Total revenue for the first quarter ended March 2011 grew 10% year-over-year to $2.5 billion from $2.2 billion, as a 6.5% decline in gold ounces sold was mitigated by a 25% increase in gold prices. However, net income during the quarter declined marginally to $514 million, or $1.03 per share, from $546 million, or $1.11 per share, in the year-ago quarter.

The company recently declared a quarterly dividend of 20 cents per share payable on June 29, 2011 to shareholders of record on June 16, 2011, representing a 33% increase over the 15 cents per share paid in the first quarter of 2011, and growing 100% over the second-quarter 2010 dividend. Going forward, the company anticipates a further 5-cent increase to 25 cents per share, up 67% year over year.

Of the 18 analysts covering the stock, 61% rate it a buy, while 33% recommend a hold. Analysts estimate an average increase of 41%, to $75.68 in value from current levels. The stock currently trades at a P/E of 11.8.

1. The Dow Chemical Company ( DOW) is a diversified manufacturer and supplier of products used as raw materials in the manufacture of customer products and services worldwide. It operates in eight segments and delivers a range of technology-based products and solutions. The company's product portfolio includes specialty chemicals, advanced materials, agrosciences and plastics.

Total revenue for the first quarter of 2011 increased 9.8% to $14.7 billion from $13.4 billion, while earnings were up 34.1% to $625 million, or 54 cents per share, from $466 million, or 41 cents per share, in the year-ago quarter.

For the second quarter of 2011, the company recently declared a quarterly dividend of 25 cents per share payable July 29, 2011, increasing 67% from 15 cents per share in the prior quarter. The increase demonstrates the board's commitment to reward shareholders as the company's earnings grow.

Dow Chemical currently has a dividend yield of 1.59%. Of the 18 analysts covering the stock, 56% rate it a buy, while 33% recommend it as a hold. On average, analysts estimate an increase of 28%, to $46.77 in value from current levels. The stock has gained 37% during the past one year and currently trades at a P/E of 15.4.

>>To see these stocks in action, visit the 9 Companies With Raised Dividends portfolio on Stockpickr.