NEW YORK (TheStreet) -- Investors hunting for income don't always expect growth as a byproduct. This is because strong dividend payers like Procter & Gamble (PG) and McDonald's (MCD) -- which pay a yield of 2.76% and 3.61%, respectively -- are typically not going to excite Wall Street with strong top-line growth. In the past year, Procter & Gamble and McDonald's revenues have respectively declined 1.31% and increased 1.95%. That's not thrilling to growth investors.

But that doesn't mean investors can't have the best of both worlds, if they know where to look. ConocoPhillips (COP) , Microsoft (MSFT) and PG&E (PCG) offer the income conservative investors love and the growth aggressive investors crave. 

PCG Chart

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The iShares Select Dividend ETF (DVY) , which is up 13.26% on the year to date, has done well against the 8.77% gain in the Dow Jones Industrial Average (DJI) and the 12.63% gain in the S&P 500 (SPY) .

The iShares Select Dividend exchange-traded fund also holds ConocoPhillips, one of the top dividend payers in the market with a yield of 4.15%. That handily surpasses rivals ExxonMobil (XOM) and Chevron (CVX) , which pay yields of 2.93% and 3.76%, respectively.

And ConocoPhillips, which has boosted its bottom line despite production headwinds, is not letting weak oil prices deter it from its long-term goals. In the most recent quarter, Conoco grew net income by 8% year over year and grew earnings per share by 8.5% year over year.

The company also gave guidance that its fourth-quarter production would grow to between 1.54 and 1.57 million barrels of oil equivalent, a sequential improvement of more than 3% if the low end of the guidance range is met. That tops the 1.49 million barrels delivered in the third quarter.

ConocoPhillips is a top dividend stock to watch out for in 2015. Of the 19 analysts offering a 12-month price target, ConocoPhillips has a high target of $108 and a median target of $81, which suggests a potential stock price premiums of 54% and 15%, respectively.

Outside of the energy sector, dividend investors should consider a tech giant like Microsoft (MSFT) (up 28.25% year to date), which pays a yield of 2.58%.

That yield is likely to climb in the years ahead. That's because under new CEO Satya Nadella, Microsoft has been revitalized in 2014, growing revenue at almost 12% in the past year. Analysts expect profits to grow at a rate of 10% in the next five years.

While the bulk of Microsoft's future revenue and profits are expected to come from Windows and Office, Nadella is focusing on segments like commercial cloud service, Office 365 and the company's cloud platform Azure, which competes with Amazon's (AMZN) dominant AWS platform (Amazon Web Services).

For Microsoft, these segments are growing revenue at a rate of over 100% and yielding 25% gross margins. That means that Microsoft is lessening its dependency of personal computers.

With its current yield of 2.58%, Microsoft is a growth company that's also paying above-average income.

PG&E (PCG) , which is up 35.20% in 2014, is another strong dividend payer to watch in 2015. The San Francisco-based company is one of the largest combined natural gas and electric utilities in the U.S.

With a yield of 3.31%, PG&E has also become a growth stock. Revenue jumped 18.2% year over year in the most recent quarter -- beating estimates by $260 million.

With shares trading at around $54, PG&E is still cheap. The stock is trading at a trailing price-to-earnings ratio of 18, almost two points lower than the average P/E of companies in the S&P 500. And the P/E drops two points lower on a forward-looking basis. With revenue and profits growing at impressive rates, the stock could reach $62 in the next 12 to 18 months, yielding possible gains of 10% or more.

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TheStreet Ratings team rates PROCTER & GAMBLE CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate PROCTER & GAMBLE CO (PG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: PG Ratings Report

This article is commentary by an independent contributor. At the time of publication, the author held no position in the stocks mentioned.

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