Income-focused investors tend to fall into two categories: those seeking a high-yield dividend and those who want dividend growth stocks. A handful of stocks, however, allow investors to have their proverbial cake and eat it, too. That's because they offer an above-average payout that they intend to increase at a high rate. Two of these yield-and-growth gems are NextEra Energy Partners (NEP 0.98%) and Oasis Midstream Partners (OMP). Both are on track to double their already attractive dividends within five years.

High-powered dividend growth

NextEra Energy Partners is a yieldco formed by utility NextEra Energy (NEE 0.46%) to acquire and operate clean energy assets such as wind- and solar-generating facilities and natural gas pipelines. The company sells the power it produces as well as the gas it transports under long-term contracts, which provide it with predictable cash flow to support its 4.1%-yielding dividend.

Rising stacks of coins with dollar signs on top.

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NextEra Energy Partners currently expects to increase that payout by a 12% to 15% annual rate through 2023. If the company can grow the dividend at the high end of that range, it would double from its current annualized rate by 2023.

Powering NextEra Energy Partners' ambitious dividend growth plan is its ability to continue acquiring clean energy assets from NextEra Energy. The two companies have completed two sizable deals over the past few months. In September, NextEra Energy Partners paid $1.275 billion for one solar facility and 10 wind farms across the U.S. The deal helped replace some assets it sold last year to keep it on track with its dividend growth plan. Meanwhile, earlier this month the company spent $1.02 billion for six wind and solar projects, which locked in its dividend growth for this year. NextEra still has plenty of clean energy assets available for drop down, giving NextEra Energy Partners plenty of fuel for future dividend growth.

The only concern is whether the company will be able to finance these acquisitions at attractive rates going forward since it doesn't retain very much cash after paying its high-yielding dividend. That's forced it to be creative in funding its most recent deals by partnering with private equity funds. If those alternative financing options dry up, it could impact the company's ability to achieve its dividend growth forecast.

Check out the latest earnings call transcripts for NextEra Energy Partners and Oasis Midstream Partners.

Oil pumps, a natural gas well, and solar panels with the sun setting in the background.

Image source: Getty Images.

High-octane income growth

Oasis Midstream Partners is a master limited partnership (MLP) formed by Bakken shale-focused oil producer Oasis Petroleum (OAS). Oasis Petroleum created its MLP to expand the midstream infrastructure needed to support its drilling program in that region. Oasis Petroleum signed long-term, fee-based contracts with its affiliate to gather and process the oil, natural gas, water, and natural gas liquids it produces. Those contracts provide Oasis Midstream Partners with a predictable income stream to support its monster 8.7%-yielding distribution.

Oasis Midstream Partners currently believes it can grow its distribution by 20% per year beyond the end of 2021. That puts the company on track to double its current dividend by the middle of 2022 from its current annualized rate.

Driving that forecast is the anticipated production growth of Oasis Petroleum as well as a growing number of third-party customers on its systems. In addition to that organic growth, Oasis Midstream has the option to acquire additional interests in midstream assets still owned by Oasis Petroleum. Those dual fuels should support the cash flow growth needed to achieve its dividend growth plan.

One concern, however, is that the Bakken is more susceptible to oil price volatility than some other regions. If oil prices plunge, which they did at the end of last year, it could cause drillers in that area to slow down, which might impact Oasis Midstream's growth prospects. Because of that, it would be nice to see the company continue diversifying. Not only does it need to add more third-party customers to its existing systems in that region to reduce its dependence on Oasis Petroleum, but it also needs to expand into another area. Adding a second footprint seems likely since Oasis bought some land in the Permian Basin at the end of 2017, which should open the door for Oasis Midstream to provide services in that region as well.

The best of both worlds

NextEra Energy Partners and Oasis Midstream Partners both offer well-above-average current yields that are on track to double over the next five years. That combination of income and growth has the potential to generate market-crushing total returns over that time frame, as long as they can achieve their plans. While both have higher risk levels, the reward potential looks enticing.