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.
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.