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, Thursday, July 23, 2015, 6 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 2.6% to 6.8%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Royal Bank Of Canada

Owners of Royal Bank Of Canada (NYSE: RY) shares, as of market close today, will be eligible for a dividend of 49 cents per share. At a price of $58.43 as of 9:42 a.m. ET, the dividend yield is 3.3%.

The average volume for Royal Bank Of Canada has been 1.5 million shares per day over the past 30 days. Royal Bank Of Canada has a market cap of $85.6 billion and is part of the banking industry. Shares are down 14.3% year-to-date as of the close of trading on Tuesday.

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Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company operates through five segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services, and Capital Markets. The company has a P/E ratio of 12.03.

TheStreet Ratings rates Royal Bank Of Canada as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share and increase in net income. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year. You can view the full Royal Bank Of Canada Ratings Report now.

ConocoPhillips

Owners of ConocoPhillips (NYSE: COP) shares, as of market close today, will be eligible for a dividend of 74 cents per share. At a price of $55.81 as of 9:41 a.m. ET, the dividend yield is 5.2%.

The average volume for ConocoPhillips has been 5.8 million shares per day over the past 30 days. ConocoPhillips has a market cap of $69.7 billion and is part of the energy industry. Shares are down 18.2% year-to-date as of the close of trading on Tuesday.

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ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas, and natural gas liquids worldwide. The company has a P/E ratio of 18.07.

TheStreet Ratings rates ConocoPhillips as a hold. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity. You can view the full ConocoPhillips Ratings Report now.

Kraft Heinz

Owners of Kraft Heinz (NASDAQ: KHC) shares, as of market close today, will be eligible for a dividend of 55 cents per share. At a price of $80.28 as of 9:42 a.m. ET, the dividend yield is 2.8%.

The average volume for Kraft Heinz has been 7.1 million shares per day over the past 30 days. Kraft Heinz has a market cap of $97.1 billion and is part of the food & beverage industry. Shares are unchanged year-to-date as of the close of trading on Tuesday.

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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.