Tomorrow, Wednesday, January 27, 2016, 42 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.4% to 19.1%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Permian Basin Royalty

Owners of Permian Basin Royalty (NYSE: PBT) shares, as of market close today, will be eligible for a dividend of 1 cent per share. At a price of $4.78 as of 9:34 a.m. ET, the dividend yield is 6.4%.

The average volume for Permian Basin Royalty has been 142,300 shares per day over the past 30 days. Permian Basin Royalty has a market cap of $234.0 million and is part of the energy industry. Shares are down 7.3% year-to-date as of the close of trading on Monday.

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Permian Basin Royalty Trust, an express trust, holds overriding royalty interests in various oil and gas properties in the United States. The company has a P/E ratio of 4.92.

TheStreet Ratings rates Permian Basin Royalty as a hold. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. 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 Permian Basin Royalty Ratings Report now.

Tallgrass Energy Partners

Owners of Tallgrass Energy Partners (NYSE: TEP) shares, as of market close today, will be eligible for a dividend of 64 cents per share. At a price of $36.25 as of 9:30 a.m. ET, the dividend yield is 6.8%.

The average volume for Tallgrass Energy Partners has been 241,600 shares per day over the past 30 days. Tallgrass Energy Partners has a market cap of $2.3 billion and is part of the energy industry. Shares are down 13.7% year-to-date as of the close of trading on Monday.

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Tallgrass Energy Partners, LP acquires, owns, develops, and operates various midstream energy assets in North America. The company operates through three segments: Natural Gas Transportation & Logistics; Crude Oil Transportation & Logistics; and Processing & Logistics. The company has a P/E ratio of 19.07.

TheStreet Ratings rates Tallgrass Energy Partners as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth 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 Tallgrass Energy Partners Ratings Report now.

Eaton Vance

Owners of Eaton Vance (NYSE: EV) shares, as of market close today, will be eligible for a dividend of 26 cents per share. At a price of $28.16 as of 9:36 a.m. ET, the dividend yield is 3.7%.

The average volume for Eaton Vance has been 1.0 million shares per day over the past 30 days. Eaton Vance has a market cap of $3.3 billion and is part of the financial services industry. Shares are down 14.3% year-to-date as of the close of trading on Monday.

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Eaton Vance Corp., through its subsidiaries, engages in the creation, marketing, and management of investment funds in the United States. It also provides investment management and counseling services to institutions and individuals. The company has a P/E ratio of 14.83.

TheStreet Ratings rates Eaton Vance as a hold. Among the primary strengths of the company is its respectable return on equity which we feel is likely to continue. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, poor profit margins and weak operating cash flow. You can view the full Eaton Vance 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.