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We looked for companies paying dividends above 10-year treasury rates (higher than 4.1%) that have also seen strong share gains in 2026. Tanker operators North American Tankers (NAT) and Frontline PLC (FRO) are both up more than 58% so far this year while offshore driller Noble Corporation (NE) has jumped 56% in 2026.
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Tanker supply tightened after a Venezuela oil seizure while aging vessels outnumber new deliveries, driving rates higher for Nordic American Tankers and Frontline as Noble secures offshore drilling contracts.
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We ran a screen on dividend stocks with yields above 4%, trading on U.S. exchanges, with market caps of at least $500 million, ranked by 2026 price performance. Near the top: three names from energy shipping and offshore drilling, each up more than 50% since January 1 and each paying dividends that would make most income investors do a double-take.
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Stock
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YTD Performance (2026)
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Current Price (Mar 6, 2026)
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Dividend Yield
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Nordic American Tankers (NAT)
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+63.37%
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$5.62
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8.42%
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Frontline PLC (FRO)
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+58.39%
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$34.56
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5.04%
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Noble Corporation (NE)
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+56.43%
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$43.70
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4.42%
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Nordic American Tankers (NYSE:NAT) is up 63.37% year-to-date. The Suezmax tanker operator has been raising its dividend steadily, with the most recent payout of $0.17 per share compared to just $0.06 per share a year ago.
The fundamentals are compelling. Q4 2025 average time charter equivalent rates hit $35,000 per day per vessel, up 25% sequentially. For Q1 2026, Nordic booked roughly two-thirds of its spot days at approximately $55,000 per day and locked in a one-year fixed contract with an oil major at above $50,000 per day, adding meaningful revenue visibility.
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Supply dynamics support the setup: 161 Suezmax tankers aging past 20 years over the next two years versus only 83 new deliveries scheduled, a structural imbalance that tightens the market and supports rates. Nordic also ordered two newbuilds for 2028 delivery. CEO Herbjørn Hansson put it plainly: “In an improved market, higher dividends can be expected.” Q4 2025 revenue was up 32.6% year-over-year, with the company returning to profitability after a net loss in Q3.
Noble Corporation (NYSE:NE) is an offshore contract driller up 56.43% in 2026. The stock pays $0.50 per share quarterly, or $2.00 annualized, at a current yield of about 4.42%.
The rally started fast. Argus Research raised its price target on January 7, 2026, and Noble announced $1.3 billion in new contract awards on January 26, sending the stock up 6.2% in a single session. Backlog now sits at $7.5 billion, anchored by a three-year contract for the Noble GreatWhite with Aker BP worth $473 million and a two-year deal with ExxonMobil Nigeria worth $292 million.
JPMorgan had downgraded the stock in December 2025 as part of its 2026 sector outlook – the market has largely voted against that call. Full-year 2025 free cash flow came in at $454.41 million, with management guiding toward roughly $1.3 billion in EBITDA and $600 million in free cash flow by 2027. CEO Robert Eifler framed it this way: “2027 backlog now already eclipsing current year backlog. The foundation for a meaningful inflection is becoming increasingly tangible.”
Frontline (NYSE:FRO) rounds out the list, up 58.39% year-to-date with a 5% dividend. The company declared a $1.03 per share quarterly dividend for Q4 2025, payable March 19, 2026.
The 2026 catalyst came in early January when news of a Venezuela oil seizure tightened tanker supply globally. FRO jumped roughly 9.5% on January 8, 2026 on that news alone. Q4 2025 earnings confirmed the rate recovery: VLCC spot TCE rates hit $74,200 per day, more than doubling sequentially, while Suezmax rates reached $53,800 per day. Net income came in at $227.93 million, up from $40.32 million in Q3.
Q1 2026 visibility is even stronger. Frontline has 92% of its VLCC spot days contracted at $107,100 per day and 83% of Suezmax days at $76,700 per day. The company sold eight older VLCCs for $831.5 million and is acquiring nine scrubber-fitted newbuildings for $1.224 billion, positioning for a multi-year up-cycle. Analysts have lifted price targets as high as $42 per share. CEO Lars Barstad captured the moment: “Frontline has moved decisively, both in renewing its VLCC fleet and in securing attractive fixed revenue, as we enter what may prove to be an unprecedented period for the tanker industry.”
What ties these three together is a rare combination: meaningful dividend income and significant capital appreciation in a single year. Nordic American Tankers offers the highest yield with a dividend trajectory accelerating alongside the rate environment. Noble brings backlog visibility and a free cash flow story the market is beginning to price ahead of a 2027 inflection. Frontline sits at the center of a structurally tighter tanker market, paying out over a dollar per share per quarter while renewing its fleet.
As always, do your own due diligence before investing. However, these companies show areas of the market that are booming from recent geopolitical events and off the radar of many investors.
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