The Top MLP of the Week Will Pay You a Nearly 7% Yield

Money Morning is a big fan of MLPs for their reliability and great dividend yields. That's precisely why we're always on the lookout to uncover the top MLPs.

We've recommended MLPs like Energy Transfer LP (NYSE: ET) and Magellan Midstream Partners LP (NYSE: MMP) in the past for their dividend yields. But the best MLP we've picked for this week has both growth potential and pays nearly a 7% yield.

Master limited partnerships (MLPs) are firms that rely on commodities like oil and natural gas to generate revenue. What makes them great for investors, though, is their tax advantages, reliability, transparent business models, and consistent distributions, according to Money Morning Oil & Energy Investing Strategist Dr. Kent Moors.

MLPs aren't required to pay the same corporate taxes as other companies. Rather, the profits they make are distributed straight to investors. With no corporate taxes, a greater amount of potential distributions can be paid out to investors - known as limited partners. That's why MLPs can pay out high dividend yields in comparison to other stocks.

Since MLPs are often found in the midstream oil sector - profiting from the storage and transportation of oil and natural gas throughout pipelines - they're typically stable investments. This is even more true for MLPs operating in the United States. According to YCharts, the U.S. is the world's largest oil producer, with a record-breaking 12.9 million barrels per day.

Even better, the U.S. Energy Information Administration reports that the United States will grow its barrels per day to 14 million from now until 2040. So, U.S. MLPs' stability will continue to benefit income-minded investors for decades to come.

Of course, while MLPs typically offer great dividend yields, income-seeking investors often struggle to find MLPs that also have excellent growth potential.

That's why we're bringing your one of the top MLPs of the week.

It not only has an incredible 7% dividend yield, but it could also soar 110%

The Top MLP to Buy This Week Pays a Nearly 7% Yield