Despite the broad market being up over 15% over the past six months, there are still many concerns in investors' minds. A potential bubble in emerging markets, recent protests abroad, and the possibility of a slowdown in the U.S. market all combine to make investors jittery.

The silver lining though is that many quality stocks are still trading on the cheap and have plenty of cash to dish out to shareholders, and this could mean great opportunities for savvy investors.

I ran a screen for basic material companies paying dividends above 2%, that are trading for P/Es below 17, and that have CAPS ratings of at least four stars as rated by our 165,000-strong investing community. I've sorted them in order of their dividend yield. Below are seven stocks that fit that exact criteria:

Stock

Dividend Yield

Paying Dividends Since

Price-to-Earnings Ratio

CAPS Rating (out of 5)

BP Prudhoe Bay Royalty Trust (NYSE: BPT)

8.4%

1989

11.8

****

MV Oil Trust (NYSE: MVO)

7.3%

2007

13.5

*****

EV Energy Partners LP (Nasdaq: EVEP)

7.2%

2007

11.0

****

Pengrowth Energy (NYSE: PGH)

6.8%

2004

13.3

*****

Cross Timbers Royalty (NYSE: CRT)

6.8%

1992

16.1

*****

TransMontaigne Partners LP (NYSE: TLP)

6.4%

2005

15.5

*****

Buckeye Partners LP (NYSE: BPL)

6.0%

1988

17.0

*****

Source: CAPS data as of Jan. 31.

Granted, there are probably good reasons why some of these stocks are trading so cheaply. The majority of these companies are tightly connected to the oil and gas markets, and these stocks can be pretty volatile. In addition, many are set up as LPs or as trusts, which mean they have a different corporate structure than your typical publicly traded company, so make sure to do your due diligence before investing in one of these companies.

Nonetheless, these stocks are paying absurdly high dividends, and if income is what you're looking for, this could be a great place to start.

Feel free to add these stocks to your Watchlist to get the latest commentary and analysis.

Jordan DiPietro owns no shares above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.