Dividend Watch: 3 Stocks Going Ex-Dividend Tomorrow: HMLP, SDLP, LSTR

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer.

Tomorrow, Tuesday, May 05, 2015, 26 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.2% to 14.9%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Hoegh LNG Partners

Owners of Hoegh LNG Partners (NYSE: HMLP) shares, as of market close today, will be eligible for a dividend of 34 cents per share. At a price of $21.99 as of 9:34 a.m. ET, the dividend yield is 6.2%.

The average volume for Hoegh LNG Partners has been 32,300 shares per day over the past 30 days. Hoegh LNG Partners has a market cap of $285.5 million and is part of the transportation industry. Shares are up 7.4% year-to-date as of the close of trading on Friday.

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The company has a P/E ratio of 94.35.

Seadrill Partners

Owners of Seadrill Partners (NYSE: SDLP) shares, as of market close today, will be eligible for a dividend of 57 cents per share. At a price of $16.12 as of 9:36 a.m. ET, the dividend yield is 14.9%.

The average volume for Seadrill Partners has been 448,900 shares per day over the past 30 days. Seadrill Partners has a market cap of $1.1 billion and is part of the energy industry. Shares are down 3.5% year-to-date as of the close of trading on Friday.

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Seadrill Partners LLC owns, operates, and acquires offshore drilling units. The company primarily serves various oil and gas companies. As of March 31, 2015, its fleet consisted of four semi-submersible drilling rigs, three drillships, and three tender rigs. The company has a P/E ratio of 7.06.

TheStreet Ratings rates Seadrill Partners as a sell. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, weak operating cash flow, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share. You can view the full Seadrill Partners Ratings Report now.

Landstar System

Owners of Landstar System (NASDAQ: LSTR) shares, as of market close today, will be eligible for a dividend of 7 cents per share. At a price of $64.04 as of 9:36 a.m. ET, the dividend yield is 0.5%.

The average volume for Landstar System has been 466,900 shares per day over the past 30 days. Landstar System has a market cap of $2.8 billion and is part of the transportation industry. Shares are down 12.7% year-to-date as of the close of trading on Friday.

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Landstar System, Inc., together with its subsidiaries, provides integrated transportation management solutions in the United States and internationally. The company operates through two segments, Transportation Logistics and Insurance. The company has a P/E ratio of 19.78.

TheStreet Ratings rates Landstar System as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, growth in earnings per share and increase in net income. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself. You can view the full Landstar System Ratings Report now.

More About Dividends:

One benefit of owning a stock is the potential that you will be paid a dividend. The distribution of dividend payments is another way for a company to share its profit with you. A dividend means that the company pays you a certain amount of money, either as a one-time payment or more commonly on a quarterly basis, for each share of stock you own.

Many times, dividends come at the expense of greater price appreciation, because the company is distributing its profits to shareholders rather than reinvesting the profits back into the growth of the company. However, companies that pay dividends can be very attractive to investors when they offer a steady stream of income. There are some important terms and dates an investor should be familiar with before purchasing any dividend-paying companies. Let's work through an example to help better explain some of these terms:

On March 1, ABC Widget Company has decided that because it holds excess cash and lacks investment opportunities, it would like to reward shareholders with a regular quarterly dividend payment. The date for this particular announcement is known as the declaration date. It is on this date that the company announces the specific dividend payment along with the holder-of-record date (aka record date) and the payment date. The company announces that a dividend payment of 25 cents per share will be payable March 31, 2012 (the payment date) to all shareholders of record at the close of business on March 16, 2012 (holder-of-record date). What does this all mean? Well the short story is that the company looks at its records on March 16 and anyone listed on the books as an owner of ABC Widget company will be eligible for the dividend payment (on March 31).

The one other important term to remember is the ex-dividend date. The ex-dividend date (typically two trading days before the holder-of-record date for U.S. securities) is the day in which a company begins trading without the dividend. In order to have a claim on a dividend, shares must be purchased no later than the last business day before the ex-dividend date. A company trading ex-dividend will have the upcoming dividend subtracted from the share price at the start of the trading day. Many times, the price of a stock will increase in anticipation of the upcoming dividend as the ex-dividend date approaches, yet will fall back by the amount of the dividend on the ex-dividend date.

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