Does high yield translate to high risk? Many investors make that assumption when it comes to dividend stocks. It's often a correct assumption. But not always.

Some stocks offer juicy dividend yields without piling on a lot of additional risk. Here are three high-yield dividend stocks I'd buy right now without any hesitation.

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1. Devon Energy

Devon Energy (DVN -2.70%) expects its dividend yield will be in the ballpark of 8% this year. That's roughly six times greater than the S&P 500's yield. And Devon's track record is exemplary, paying dividends for 29 consecutive years.

There's one wrinkle with Devon's dividend, though. The oil and gas producer's dividend includes a fixed component and a variable component. The variable part of the dividend is based on excess free cash flow. Does that make Devon's high yield highly risky? Not anytime soon.

Generating free cash flow isn't a problem for Devon these days. The company posted record free cash flow in 2021. It projects 70% growth this year. You can thank a rebounding global economy combined with higher oil and gas prices for this nice trend.

Devon ranked as the top-performing stock in the S&P 500 last year with a 179% gain. I don't expect such a lofty return this year. But with the company's exceptional dividend and favorable industry dynamics, it won't be surprising if Devon again beats the market in 2022.

2. Enterprise Products Partners

Enterprise Products Partners (EPD -0.15%) doesn't lag far behind Devon with a dividend yield of 7.75%. And there's nothing variable about this midstream energy company's dividend. Enterprise has increased its dividend for 23 consecutive years since its initial public offering in 1998.

The company's underlying business appears to be as strong as ever. Co-CEO Jim Teague noted in the fourth-quarter conference call earlier this month that 2021 was a record-setting year for Enterprise on 12 financial metrics and five operating metrics. In particular, the company's natural gas liquids and natural gas pipelines and services segments set all-time high gross operating margins.

2022 is shaping up to be another great year for Enterprise as well. The company recently completed its acquisition of Navitas, which owns around 1,750 miles of pipeline in the productive Midland basin. Enterprise also put several new projects into service last year that should drive growth going forward. 

But could Enterprise's dividend be in jeopardy over the long term with a shift to renewable energy? Many experts believe that investment in oil and gas will need to increase significantly in the future even with higher use of renewable energy to meet the growing global energy demand. Enterprise Products Partners should be able to keep the dividends flowing for a long time to come.

3. Medical Properties Trust

You don't have to focus only on the energy sector to find high yields. Medical Properties Trust (MPW) is a healthcare-focused real estate investment trust (REIT) that offers a dividend yield of nearly 5.5%.

Founded in 2003, Medical Properties Trust has really hit its stride over the past decade. While many of its peers have cut their dividends, the company has increased its dividend for eight years in a row.

Medical Properties Trust currently owns nearly 440 hospital facilities. These hospitals are spread across 32 U.S. states and eight other countries, six of which are in Europe. Its portfolio is also well-diversified. Fifty-three hospital operators lease facilities from Medical Properties Trust with the single largest property comprising less than 3% of the company's total portfolio.

As a REIT, Medical Properties Trust must return at least 90% of its taxable income to shareholders in the form of dividends. With the company's strong pipeline of acquisition opportunities, I think that Medical Properties Trust's income -- and dividend -- will continue to grow.