El Paso Pipeline sweetened its dividend to 33 cents per unit, for a 7% yield. That's an increase of 12% from the year-earlier distribution and 1.5% above the 32.5 cents paid in this year's first three months. El Paso has enriched its payout every quarter since its 2007 initial public offering. The partnership, with 2008 revenue of $141 million, was formed by El Paso (EP) to own and operate natural-gas transportation pipelines and storage assets. The units currently trade around 19, and their 52-week range is 21.80 to 11.72. Goldman Sachs last week upgraded El Paso to its Conviction Buy list with a price target of 22, deeming recent weakness unjustified.

In a similar announcement, El Paso Pipeline Partners (EPB), which trades around 17, raised its quarterly to 32 cents a unit from 30 cents, making for a 7.41% yield. Distributions have climbed every quarter since El Paso's public debut in 2007, and the same dates apply as for the Kinder Morgan payout.

Another outfit with fee-based cash flow, El Paso Pipeline (EPB), offers a 9% yield and should produce 10% compound annual growth in distributions over the next five years, according to Wachovia Capital Markets research. El Paso Pipeline's debt level is reasonable at 54%, and Wachovia thinks the stock is worth almost double its recent price near 13. One big plus: General partner El Paso Corp. (EP) recently dropped $971 million in pipeline assets into the partnership. A Wachovia report praised the deal, financed via a private debt placement and issuance of new units, saying it "reaffirms EPB's commitment to the MLP business model, and gives management credibility in delivering...to EPB unitholders."