Enterprise Products Partners (EPD 0.45%) and Brookfield Renewable (BEP 0.19%) (BEPC 0.09%) are two of my largest holdings. They do an exceptional job creating value for investors like me. I see more value creation over the horizon. They look like tremendous stocks to buy this July.  

A $3.8 billion catalyst is coming

Enterprise Products Partners has generated a 13.8% average annual total return since its initial public offering a quarter century ago. That has significantly outpaced the broader market (the S&P 500 delivered a 7.5% average annual total return during that period). A big factor fueling that outperformance is the energy master limited partnership's (MLP) high-yielding and steadily rising distribution. That payout currently yields 7.4%, and the MLP is on pace to reach the quarter-century milestone of consecutive increases this year. 

While that big payout certainly appeals to income-focused investors, Enterprise Products Partners has ample growth ahead. The MLP has $6.1 billion of commercially secured expansion projects currently under construction. The first wave of those projects will enter service later this year as $3.8 billion wrap-up construction and start producing cash. They will give "us good cash flow growth that'll support distribution growth down the road," according to comments by co-CEO and CFO Randy Fowler on the first-quarter conference call. That catalyst will give the company an earnings boost later this year, which could fuel strong total returns in the coming quarters.

Meanwhile, the company's capital project backlog balance will fuel growth through 2025. In addition, the MLP has several more expansion projects under development. They include additional infrastructure to support the growing demand for fossil fuels and lower carbon projects. For example, Enterprise Products Partners is working with oil companies Chevron and Occidental Petroleum on potential carbon capture and sequestration solutions. The MLP could potentially repurpose existing pipelines and build new ones to transport the captured greenhouse gas to sequestration hubs Chevron and Occidental would develop. Projects like these would give the company more fuel to grow its cash flow and distribution, potentially powering continued market-beating total returns. 

Accelerating its growth profile

Brookfield Renewable has produced powerful total returns over the years. The renewable energy giant has delivered a 16% average annual total return since 1999, crushing the S&P 500's 7% average annual total return during that timeframe. The company's steadily rising earnings and high-yielding dividend have helped power that outperformance. Brookfield has increased its payout (which currently yields 4.3%) at a 6% compound annual rate since 1999.

The company has ample power sources to continue growing its earnings and dividend. Coming into this year, it has secured and funded enough opportunities to grow its funds from operations (FFO) per share at an 8% compound annual rate through 2027. It has since secured a couple of needle-moving deals that will accelerate its near-term growth.

Brookfield Renewable and its partners agreed to acquire Australian utility Origin Energy earlier this year. It expects to invest up to $750 million in that acquisition. The company plans to invest additional capital to decarbonize Origin Energy by replacing one of the country's largest coal-fired power plants with renewable energy. These investments will help grow Brookfield's cash flow in the coming years. 

Meanwhile, Brookfield recently agreed to acquire Duke Energy's commercial renewable energy platform. The company estimates this deal will increase its FFO by at least 3% next year. Meanwhile, the platform comes with a large pipeline of development projects and other value-enhancing opportunities to power future growth. 

Deals like these support Brookfield's belief that it can grow its FFO per share by more than 10% annually in the coming years. That will give it more power to continue increasing its high-yielding payout at an attractive rate, which should help fuel market-beating total returns.

Catalyst-driven near-term upside potential

Enterprise Products Partners and Brookfield Renewable have tremendous track records of producing market-beating total returns. Given the visible earnings growth they have ahead, they should have plenty of fuel to continue generating strong returns. They're great stocks to buy hand over fist this July to capture that near-term upside potential.