Dividend Watch: 3 Stocks Going Ex-Dividend Tomorrow: WNR, BX, KRFT

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:

Western Refining

Owners of Western Refining (NYSE: WNR) shares, as of market close today, will be eligible for a dividend of 34 cents per share. At a price of $46.89 as of 9:41 a.m. ET, the dividend yield is 2.9%.

The average volume for Western Refining has been 1.3 million shares per day over the past 30 days. Western Refining has a market cap of $4.5 billion and is part of the energy industry. Shares are up 24.9% year-to-date as of the close of trading on Tuesday.

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he thinks could be potential winners. Click here to see his holdings for 14-days FREE.

Western Refining, Inc. operates as an independent crude oil refiner and marketer of refined products. The company operates in four segments: Refining, NTI, WNRL, and Retail. The company has a P/E ratio of 8.12.

TheStreet Ratings rates Western Refining as a buy. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, notable return on equity, attractive valuation levels and good cash flow from operations. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated. You can view the full Western Refining Ratings Report now.

Blackstone Group

Owners of Blackstone Group (NYSE: BX) shares, as of market close today, will be eligible for a dividend of 74 cents per share. At a price of $41.78 as of 9:41 a.m. ET, the dividend yield is 6.8%.

The average volume for Blackstone Group has been 4.0 million shares per day over the past 30 days. Blackstone Group has a market cap of $25.3 billion and is part of the financial services industry. Shares are up 23.7% year-to-date as of the close of trading on Tuesday.

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he thinks could be potential winners. Click here to see his holdings for 14-days FREE.

The Blackstone Group L.P. is a publicly owned investment manager. The firm also provides financial advisory services to its clients. It provides its services to public and corporate pension funds, academic, cultural, and charitable organizations. The company has a P/E ratio of 13.25.

TheStreet Ratings rates Blackstone Group as a buy. Among the primary strengths of the company is its solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Blackstone Group Ratings Report now.

Kraft Foods Group

Owners of Kraft Foods Group (NASDAQ: KRFT) shares, as of market close today, will be eligible for a dividend of 55 cents per share. At a price of $88.19 as of 4:00 p.m. ET, the dividend yield is 2.6%.

The average volume for Kraft Foods Group has been 3.7 million shares per day over the past 30 days. Kraft Foods Group has a market cap of $50.4 billion and is part of the food & beverage industry. Shares are up 40.9% year-to-date as of the close of trading on Wednesday.

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he thinks could be potential winners. Click here to see his holdings for 14-days FREE.

Kraft Foods Group, Inc. operates as a consumer packaged food and beverage company. It operates through six segments: Cheese, Refrigerated Meals, Beverages, Meals & Desserts, Enhancers & Snack Nuts, and Canada. The company has a P/E ratio of 52.88.

TheStreet Ratings rates Kraft Foods Group as a hold. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, notable return on equity and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and premium valuation. You can view the full Kraft Foods Group 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.

More from Markets

Throwback Thursday: GE, GM Head in Opposite Directions

Throwback Thursday: GE, GM Head in Opposite Directions

This Is Bear Market Action

This Is Bear Market Action

U.S. Stocks Close Mixed After Late Rally; GE, P&G Gain

U.S. Stocks Close Mixed After Late Rally; GE, P&G Gain

Jim Cramer Likes UAL - Watch Oil or Wait for Weakness Before Buying

Jim Cramer Likes UAL - Watch Oil or Wait for Weakness Before Buying

Intermediate Trade: Disney

Intermediate Trade: Disney