Benjamin Franklin said it well: "Nothing can be said to be certain, except death and taxes." We can't know for sure what's going to happen next.
That's especially true when it comes to stocks. However, investors can, at times, have a reasonably good sense of when certain stocks could be poised to deliver big gains.
I think now is such a time with a select group of stocks. These three high-yield dividend stocks could be about to skyrocket.
1. Devon Energy
Many oil stocks have declined so far this year in lockstep with oil prices. Devon Energy (DVN 0.23%) is no exception. Its shares have fallen around 20% year to date. The saving grace for investors, though has been Devon's sky-high dividend yield of nearly 9.2%.
Most Wall Street analysts view Devon as a great stock to buy right now. The consensus 12-month price target reflects an upside potential of nearly 27%.
I think those analysts are right for two key reasons. First, Saudi Arabia announced last week that it's cutting oil production by 1 million barrels per day starting in July. Second, the economy looks as if it just might avoid a recession. The latest jobs report was better than expected, and inflation seems to be easing.
Those two factors could mean that oil prices will rise this summer, which should boost Devon's share price. It should also enable the company to generate more free cash flow. Since the variable portion of Devon's dividend depends on excess free cash flow, that would translate to an even higher dividend payout.
2. Enbridge
As a midstream energy company, Enbridge (ENB 0.47%) is more insulated from fossil fuel price fluctuations than oil producers like Devon. However, its stock has lagged well behind the broader market this year, sliding around 5% lower.
Analysts think Enbridge could be ready to rebound soon. The average 12-month price target is nearly 22% above the current share price. Even the most pessimistic analyst surveyed by Refinitiv expects the stock to rise 11% from its current price.
Higher oil and gas prices won't directly translate to improved fortunes for Enbridge. However, increased demand would. And if the U.S. avoids a recession, that could be what's ahead for Enbridge.
Regardless of whether or not the stock takes off, investors can enjoy Enbridge's attractive dividend yield of 7.1%. Even higher dividends could be on the way: The company has increased its dividend for 28 consecutive years and is in a great position to continue that streak.
3. Enterprise Products Partners
Enterprise Products Partners (EPD 0.68%) mirrors Enbridge in several ways. It's also a leading midstream energy company, operating over 50,000 miles of pipeline. Unlike Enbridge, though, Enterprise's share price has risen this year.
Wall Street thinks the stock has more room to run. The consensus price target for Enterprise Products Partners is nearly 24% higher than its current share price.
The same dynamics working in Enbridge's favor could also help Enterprise. If the demand for crude oil, natural gas, and natural gas liquids rises, so should Enterprise stock.
In the meantime, the company offers a juicy yield of over 7.5%. Look for the distributions to continue to grow. Enterprise Products Partners has increased its distribution for 24 consecutive years with a compound annual growth rate of around 7%.