There's more to some chunky yields than meets the eye. Folks may invest in dividend stocks largely for the income, but sometimes these equities offer a good shot at capital appreciation, too. 

AT&T (T 1.36%), Carnival (CCL 1.99%), and Six Flags Entertainment (SIX -0.89%) all offer yields north of 4% at the moment, but that's not all. The telecom giant, cruise line leader, and amusement park operator also have the potential to deliver overall returns that beat the market.

Guests riding the Battle for Metropolis laser-shooting dark ride at Six Flags with several DC Comics characters as concept art.

Image source: Six Flags.

AT&T: 5.2% yield

There are a lot of moving parts to the AT&T story. It's one of the two top carriers in the booming U.S. wireless market, and it's also benefiting from the "content is king" trend thanks to its hard-fought acquisition of Time Warner. But it's swimming against the current when it comes to its legacy wireline business and its DirecTV satellite television service -- both of those platforms continue to shed customers. 

However, the ultimate moving part to AT&T these days is the stock itself. The shares are up 37% so far this year, beating the market -- and their total return is 45% once you factor in the company's beefy quarterly distributions. An activist shareholder sparked interest in the telecom over the summer, implying that it was undervalued, which impelled it to announce a three-year deleveraging plan last month under which it will use its free cash flow to gnaw away at its hefty debt and reduce its outstanding share count. AT&T forecasts marginal top-line growth in the coming years, but says its bottom line should explode to produce earnings per share between $4.50 to $4.80 come 2022. With the stock trading at just 8 to 9 times that profit forecast -- and with 35 consecutive years of annual dividend hikes creating a pattern it will be loathe to break -- buying into AT&T seems like a pretty good call here.  

Carnival: 4.5%

While AT&T investors have been having a good year, Carnival shareholders have been sailing through choppier waters. The world's largest cruise line operator has been bucking the market's upward trend since February, producing a year-to-date slide of more than 10%. It has trimmed its full-year earnings guidance in each of the past three quarters, blaming everything from weather-related disruptions to rising tensions in the Arabian Gulf for its softening outlook.

The cruising behemoth that was once hoping to earn as much as $4.80 a share this year now expects net income of no more than $4.27 a share. Fluctuations in fuel prices and exchange rates, as well as the U.S. government's policy change on Cuba as a port of call, have been eating away at its financials.

The combination of a sinking price and a steady dividend has resulted in Carnival's yield moving from barely above 4% when the year began to 4.5% now. The good news here is that demand for cruise vacations generally remains strong. Its net revenue yields continue to grow by mid-single-digit percentages, and advance bookings through the first half of fiscal 2020 are ahead of where they were a year earlier. With many of the factors sapping Carnival's bottom line looking like one-off issues, now might be a good time to cruise into the stock.  

Six Flags: 7.3% 

The fattest dividend yield of these three stocks belongs to an investment that has been on as wild a ride as some of its signature coasters. The stock is down nearly 20% in 2019, and a good chunk of that drop came after its poorly received third-quarter report. Revenue was flattish during the key summer quarter, as attendance gains came mostly from its growing base of annual passholders -- people who don't spend as much in the parks per trip as its more infrequent visitors. 

Six Flags has now fallen short of Wall Street's profit targets in back-to-back quarters. It also doesn't help that it was reportedly thwarted in an attempt to acquire a highly esteemed peer in a $4 billion deal. The good news here is that things could start to change for better starting next week, when former PepsiCo (NASDAQ: PEP) exec Mike Spanos becomes the company's new CEO. He will inherit a growing membership base of regulars, and has several months to implement new strategies to woo more of those spendthrift non-passholders before most of Six Flags' parks reopen next spring.