<p>投资中最强大的两个力量是时间和价格。</p>
<p>拥有长期投资视野的投资者可以耐心等待投资论点的实现。但在一个有吸引力的价格投资于一家公司也可以带来超额收益。</p>
<p>那些没有几十年投资时间视野的人可能会感到需要更加谨慎地做出投资决策。实现这一目标的一种方法是投资于合理估值且支付股息的公司。这样，你可以通过持有公司的股份获得收益，而不仅仅依赖于股价上涨来获利。</p>
<p>以下是 <strong>Watsco</strong>(WSO -1.02%)、<strong>Occidental Petroleum</strong>(OXY 1.07%) 和 <strong>Campbell's Company</strong>(CPB 2.46%) 作为现在值得投资的三只股息股票的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyNDYvdHdvLXBlb3BsZS13ZWFyaW5nLXBlcnNvbmFsLXByb3RlY3RpdmUtZXF1aXBtZW50LXJlcGFpcmluZy1pbmR1c3RyaWFsLWVxdWlwbWVudC1vbi1hLXJvb2YuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyNDYvdHdvLXBlb3BsZS13ZWFyaW5nLXBlcnNvbmFsLXByb3RlY3RpdmUtZXF1aXBtZW50LXJlcGFpcmluZy1pbmR1c3RyaWFsLWVxdWlwbWVudC1vbi1hLXJvb2YuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>技术将帮助 Watsco 继续收购</h2>
<p><strong>Lee Samaha</strong> <strong>(Watsco):</strong> 供暖、通风和空调（HVAC）设备及零部件分销商的股票在过去 20 年上涨了 991%，在过去十年上涨了 272%，在过去五年上涨了 154%，在过去三年上涨了 89%，但在前一年下跌了 4%。</p>
<p>如果它看起来像一个买入机会，并且表现得像一个买入机会，那就是一个买入机会。对于那些注意到 Watsco 当前股息收益率仅为 2.7% 的人来说，还要注意，如果将过去 20 年中再投资的股息支付计算在内，回报率将提高到惊人的 2020%——这不是打字错误！</p>
<p>这些卓越的回报源于 Watsco 在一个高度分散的行业中作为领先参与者和整合者的持续角色。简单来说，Watsco 是小型 HVAC 分销商的连续收购者，然后将其整合到其网络中，从而扩大销售和地理覆盖范围。</p>
<p>这些分销商的整合最终改善了它们的运营表现，因为 Watsco 为新加入的分销商增加了产品线和规模。此外，这也是相信它可以继续进行增值收购的一个关键原因：它利用新技术，如移动应用程序、电子商务网站和数字技术，来支持 HVAC 承包商，并使他们更容易从 Watsco 订购零件。</p>
<p>因此，该公司具有长期增长前景，尤其是当对 HVAC 设备服务的需求取决于美国安装的 HVAC 设备数量时。</p>
<h2>在能源价格低迷时，投资 Occidental Petroleum 股票的时机到了</h2>
<p><strong>Scott Levine (Occidental Petroleum):</strong> Occidental Petroleum 股票下跌约 11%（截至本文撰写时），在 2025 年迄今为止并没有太多值得庆祝的事情。事实上，在过去一年中，股票经历了艰难的时光，暴跌约 29%。</p>
<p>一些人可能会看到这种下跌，认为他们应该远离这家勘探和生产公司；然而，拥有时间的人会发现现在是采取行动并抓住一只具有安全股息的优质股票的绝佳机会，目前的前瞻性收益率为 2.2%。</p>
<p>经验丰富的能源投资者在看到 Occidental Petroleum 股票下跌时，可能并不感到惊慌，因为能源价格的波动与上游能源股票的波动之间存在强烈的相关性。如果能源价格下跌，一些低利润资产的勘探和生产活动将变得在财务上不利。考虑到过去一年西德克萨斯中质原油基准价格下跌了 21.5%，Occidental Petroleum 股票的下跌似乎不那么令人担忧。</p>
<p>尽管能源价格较低，Occidental Petroleum 在 2025 年第一季度表现良好。除了年同比增长 18.6% 的石油和天然气产量外，该公司还产生了 12 亿美元的自由现金流，并通过减少 23 亿美元的债务来增强其资产负债表。</p>
<p>在当前能源价格下跌的情况下，潜在投资者可能会质疑公司的股息可持续性，但管理层采取了财务审慎的方式来回报股东。在过去五年中，该公司产生了足够的自由现金流来覆盖其股息支付。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b8b2b783ea7c74027fa4143429c050c0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b8b2b783ea7c74027fa4143429c050c0.png"/></p>
<p>OXY 每股股息（年度）数据来自 YCharts</p>
<p>这并不是唯一表明股息安全的观点。Occidental Petroleum 从 2020 年到 2024 年的平均派息比率极为保守，仅为 20%。</p>
<p>随着股票最近的下跌，Occidental Petroleum 现在为耐心的投资者提供了一个引人注目的买入机会。</p>
<h2>这家高收益的包装食品巨头是一个引人注目的价值投资</h2>
<p><strong>Daniel Foelber (Campbell's):</strong> 虽然你可能知道 Campbell's 以其汤闻名，但你可能不熟悉这家包装食品股票是多么疲软。Campbell's 一直在给投资者带来健康的失望，股票处于 16 年来的低点。</p>
<p>卖压的部分原因是 Campbell's 现在远不止是一家汤公司，这对其投资者并不一定有利。</p>
<p>2017 年，它完成了对太平洋食品公司的 7 亿美元收购——扩大了其汤、肉汤和植物饮料的产品组合。该交易与 Campbell's 其他产品线相当一致。然而，随之而来的则是更多的非传统业务。</p>
<p>2018 年，Campbell's 以 61 亿美元收购了 Snyder's-Lance——这是一项涉及零食如椒盐卷饼、薯片和饼干的交易。然后在 2024 年以 27 亿美元收购了 Sovos Brands——这使 Campbell's 拥有了多种意大利面酱、干意大利面、冷冻主菜和比萨饼以及酸奶产品。</p>
<p>这三项收购合计达到 95 亿美元——这超过了 Campbell's 在本文撰写时的市场价值 93 亿美元。因此，回过头来看，Campbell's 显然为这些品牌支付了过高的价格。</p>
<p>康宝浓汤在将这些收购转化为高利润销售增长方面遇到了困难。事实上，其收益和营业利润率都处于五年来的低点。好消息是，康宝浓汤仍然产生大量自由现金流，足以覆盖其可观的股息（收益率为 5.1%）。</p>
<p>康宝浓汤的股票极其便宜——其前瞻市盈率为 10.5，而 10 年期的中位市盈率为 19.9。</p>
<p>综合来看，现在是一个绝佳的机会，适合那些相信康宝浓汤能够扭转业务的投资者购买这家包装食品巨头的股票。</p>

西方石油

康宝浓汤

<p>三只股息股票被推荐给耐心的投资者：Watsco、西方石油和康宝浓汤。Watsco 作为暖通空调分销的领导者，展现了令人印象深刻的长期回报，并通过收购和技术持续增长。尽管西方石油最近股价下跌，但其提供了安全的股息和强劲的生产增长，使其成为潜在的买入机会。康宝浓汤面临挑战，目前处于 16 年来的低点，但在包装食品行业仍然是一个价值投资机会。这些股票提供股息，使其对长期投资者具有吸引力</p>

<p>Two of the most powerful forces in investing are time and price.</p>
<div class="lb-trans"><p>投资中最强大的两个力量是时间和价格。</p>
</div><p>An investor with a long-term time horizon can afford to be patient and let an investment thesis play out. But investing in a company at a compelling price can also lead to outsized gains.</p>
<div class="lb-trans"><p>拥有长期投资视野的投资者可以耐心等待投资论点的实现。但在一个有吸引力的价格投资于一家公司也可以带来超额收益。</p>
</div><p>Folks who don't have a multi-decade-long investment time horizon may feel the need to be extra purposeful with their investment decisions. One way to achieve this is to invest in companies with reasonable valuations that also pay dividends. That way, you get paid to hold shares in a company rather than relying solely on the stock price going up to turn a profit.</p>
<div class="lb-trans"><p>那些没有几十年投资时间视野的人可能会感到需要更加谨慎地做出投资决策。实现这一目标的一种方法是投资于合理估值且支付股息的公司。这样，你可以通过持有公司的股份获得收益，而不仅仅依赖于股价上涨来获利。</p>
</div><p>Here's why <strong>Watsco</strong>(WSO -1.02%), <strong>Occidental Petroleum</strong>(OXY 1.07%), and <strong>Campbell's Company</strong>(CPB 2.46%) stand out as three dividend stocks to load up on now.</p>
<div class="lb-trans"><p>以下是 <strong>Watsco</strong>(WSO -1.02%)、<strong>Occidental Petroleum</strong>(OXY 1.07%) 和 <strong>Campbell's Company</strong>(CPB 2.46%) 作为现在值得投资的三只股息股票的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyNDYvdHdvLXBlb3BsZS13ZWFyaW5nLXBlcnNvbmFsLXByb3RlY3RpdmUtZXF1aXBtZW50LXJlcGFpcmluZy1pbmR1c3RyaWFsLWVxdWlwbWVudC1vbi1hLXJvb2YuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824246%2Ftwo-people-wearing-personal-protective-equipment-repairing-industrial-equipment-on-a-roof.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Technology will help Watsco keep the acquisition bandwagon rolling</h2>
<div class="lb-trans"><h2>技术将帮助 Watsco 继续收购</h2>
</div><p><strong>Lee Samaha</strong> <strong>(Watsco):</strong> The heating, ventilation, and air conditioning (HVAC) equipment and parts distributor's stock is up 991% over the last 20 years, 272% over the previous decade, 154% over the last five years, 89% over the last three years, but down 4% in the prior year.</p>
<div class="lb-trans"><p><strong>Lee Samaha</strong> <strong>(Watsco):</strong> 供暖、通风和空调（HVAC）设备及零部件分销商的股票在过去 20 年上涨了 991%，在过去十年上涨了 272%，在过去五年上涨了 154%，在过去三年上涨了 89%，但在前一年下跌了 4%。</p>
</div><p>If it looks like a buying opportunity and walks like a buying opportunity, it is a buying opportunity. For those noticing that Watsco's current dividend yield is only 2.7%, also note that if you include dividend payments reinvested in the stock over the last 20 years, it improves the return to a whopping 2,020% -- not a typo!</p>
<div class="lb-trans"><p>如果它看起来像一个买入机会，并且表现得像一个买入机会，那就是一个买入机会。对于那些注意到 Watsco 当前股息收益率仅为 2.7% 的人来说，还要注意，如果将过去 20 年中再投资的股息支付计算在内，回报率将提高到惊人的 2020%——这不是打字错误！</p>
</div><p>These stellar returns stem from Watsco's ongoing role as the leading player and consolidator in a highly fragmented industry. Simply put, Watsco is a serial acquirer of small HVAC distributors, which it then integrates into its network, thereby expanding its sales and geographic reach.</p>
<div class="lb-trans"><p>这些卓越的回报源于 Watsco 在一个高度分散的行业中作为领先参与者和整合者的持续角色。简单来说，Watsco 是小型 HVAC 分销商的连续收购者，然后将其整合到其网络中，从而扩大销售和地理覆盖范围。</p>
</div><p>The integration of these distributors ultimately improves their operational performance as Watsco adds product lines and scale to the newly added distributors. In addition, this is a key reason to believe it can continue to make value-adding acquisitions: its use of new technology, such as mobile apps, e-commerce websites, and digital technology, to support HVAC contractors and make it easier for them to order parts from Watsco.</p>
<div class="lb-trans"><p>这些分销商的整合最终改善了它们的运营表现，因为 Watsco 为新加入的分销商增加了产品线和规模。此外，这也是相信它可以继续进行增值收购的一个关键原因：它利用新技术，如移动应用程序、电子商务网站和数字技术，来支持 HVAC 承包商，并使他们更容易从 Watsco 订购零件。</p>
</div><p>As such, the company has long-term growth prospects, not least as long as demand for HVAC equipment servicing is a function of the amount of HVAC equipment installed across the U.S.</p>
<div class="lb-trans"><p>因此，该公司具有长期增长前景，尤其是当对 HVAC 设备服务的需求取决于美国安装的 HVAC 设备数量时。</p>
</div><h2>Time to gas up on Occidental Petroleum stock while energy prices are low</h2>
<div class="lb-trans"><h2>在能源价格低迷时，投资 Occidental Petroleum 股票的时机到了</h2>
</div><p><strong>Scott Levine (Occidental Petroleum):</strong> Dropping about 11% (as of this writing), Occidental Petroleum stock hasn't had much to celebrate so far in 2025. In fact, over the past year, shares have had a tough go of it, plunging about 29%.</p>
<div class="lb-trans"><p><strong>Scott Levine (Occidental Petroleum):</strong> Occidental Petroleum 股票下跌约 11%（截至本文撰写时），在 2025 年迄今为止并没有太多值得庆祝的事情。事实上，在过去一年中，股票经历了艰难的时光，暴跌约 29%。</p>
</div><p>Some may see the decline and think that they should keep their distance from the exploration and production company; however, those with time on their side will find a great opportunity to act now and grab a quality stock with a secure dividend that currently has a 2.2% forward yield.</p>
<div class="lb-trans"><p>一些人可能会看到这种下跌，认为他们应该远离这家勘探和生产公司；然而，拥有时间的人会发现现在是采取行动并抓住一只具有安全股息的优质股票的绝佳机会，目前的前瞻性收益率为 2.2%。</p>
</div><p>Experienced energy investors looking at the decline in Occidental Petroleum's stock likely are unfazed, considering the strong correlation between movements in energy prices and those of upstream energy stocks. If energy prices drop, the exploration and production activities at some lower-margin assets become financially disadvantageous. In light of the 21.5% drop in oil benchmark West Texas Intermediate over the past year, the drop in Occidental Petroleum stock seems a lot less alarming.</p>
<div class="lb-trans"><p>经验丰富的能源投资者在看到 Occidental Petroleum 股票下跌时，可能并不感到惊慌，因为能源价格的波动与上游能源股票的波动之间存在强烈的相关性。如果能源价格下跌，一些低利润资产的勘探和生产活动将变得在财务上不利。考虑到过去一年西德克萨斯中质原油基准价格下跌了 21.5%，Occidental Petroleum 股票的下跌似乎不那么令人担忧。</p>
</div><p>Despite the lower energy prices, Occidental Petroleum performed well during the first quarter of 2025. In addition to growing oil and gas production by 18.6% year over year, the company generated $1.2 billion in free cash flow and strengthened its balance sheet with a $2.3 billion reduction in debt.</p>
<div class="lb-trans"><p>尽管能源价格较低，Occidental Petroleum 在 2025 年第一季度表现良好。除了年同比增长 18.6% 的石油和天然气产量外，该公司还产生了 12 亿美元的自由现金流，并通过减少 23 亿美元的债务来增强其资产负债表。</p>
</div><p>Amid the current drop in energy prices, potential investors may question the sustainability of the company's dividend, but management has taken a financially prudent approach to rewarding shareholders. Over the past five years, the company has generated ample free cash flow to cover its dividend payments.</p>
<div class="lb-trans"><p>在当前能源价格下跌的情况下，潜在投资者可能会质疑公司的股息可持续性，但管理层采取了财务审慎的方式来回报股东。在过去五年中，该公司产生了足够的自由现金流来覆盖其股息支付。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b8b2b783ea7c74027fa4143429c050c0.png" alt="" original-src="https://media.ycharts.com/charts/b8b2b783ea7c74027fa4143429c050c0.png"/></p>
<p>OXY Dividend Per Share (Annual) data by YCharts</p>
<div class="lb-trans"><p>OXY 每股股息（年度）数据来自 YCharts</p>
</div><p>And that's not the only perspective suggesting the dividend is secure. Occidental Petroleum has averaged an extremely conservative 20% payout ratio from 2020 through 2024.</p>
<div class="lb-trans"><p>这并不是唯一表明股息安全的观点。Occidental Petroleum 从 2020 年到 2024 年的平均派息比率极为保守，仅为 20%。</p>
</div><p>With the stock's recent decline, Occidental Petroleum now presents a compelling buying opportunity for patient investors.</p>
<div class="lb-trans"><p>随着股票最近的下跌，Occidental Petroleum 现在为耐心的投资者提供了一个引人注目的买入机会。</p>
</div><h2>This high-yield packaged food giant is a compelling value</h2>
<div class="lb-trans"><h2>这家高收益的包装食品巨头是一个引人注目的价值投资</h2>
</div><p><strong>Daniel Foelber (Campbell's):</strong> While you probably know Campbell's for its soups, you may be unfamiliar with just how beaten-down the packaged food stock is. Campbell's has been serving up investors a healthy portion of disappointment with the stock at a 16-year low.</p>
<div class="lb-trans"><p><strong>Daniel Foelber (Campbell's):</strong> 虽然你可能知道 Campbell's 以其汤闻名，但你可能不熟悉这家包装食品股票是多么疲软。Campbell's 一直在给投资者带来健康的失望，股票处于 16 年来的低点。</p>
</div><p>Part of the reason for the sell-off is that Campbell's is now much more than a soup company, and not necessarily to the benefit of its investors.</p>
<div class="lb-trans"><p>卖压的部分原因是 Campbell's 现在远不止是一家汤公司，这对其投资者并不一定有利。</p>
</div><p>In 2017, it completed its $700 million acquisition of Pacific Foods of Oregon -- expanding its portfolio of soups, broths, and plant-based beverages. That deal was fairly on brand with the rest of Campbell's lineup. However, what followed was more out of the box.</p>
<div class="lb-trans"><p>2017 年，它完成了对太平洋食品公司的 7 亿美元收购——扩大了其汤、肉汤和植物饮料的产品组合。该交易与 Campbell's 其他产品线相当一致。然而，随之而来的则是更多的非传统业务。</p>
</div><p>In 2018, Campbell's bought Snyder's-Lance for a whopping $6.1 billion -- which was a play in snacks like pretzels, chips, and cookies. It then bought Sovos Brands for $2.7 billion in 2024 -- which gave Campbell's a variety of pasta sauces, dry pasta, frozen entrées and pizzas, and yogurt products.</p>
<div class="lb-trans"><p>2018 年，Campbell's 以 61 亿美元收购了 Snyder's-Lance——这是一项涉及零食如椒盐卷饼、薯片和饼干的交易。然后在 2024 年以 27 亿美元收购了 Sovos Brands——这使 Campbell's 拥有了多种意大利面酱、干意大利面、冷冻主菜和比萨饼以及酸奶产品。</p>
</div><p>Combined, these three acquisitions amount to $9.5 billion -- which is more than Campbell's market cap at the time of this writing of $9.3 billion. So, in hindsight, Campbell's clearly overpaid for these brands.</p>
<div class="lb-trans"><p>这三项收购合计达到 95 亿美元——这超过了 Campbell's 在本文撰写时的市场价值 93 亿美元。因此，回过头来看，Campbell's 显然为这些品牌支付了过高的价格。</p>
</div><p>Campbell's has struggled to convert these acquisitions into high-margin sales growth. In fact, its earnings and operating margin are around five-year lows. The good news is that Campbell's still generates a ton of free cash flow, which more than covers its sizable dividend (yielding 5.1%).</p>
<div class="lb-trans"><p>康宝浓汤在将这些收购转化为高利润销售增长方面遇到了困难。事实上，其收益和营业利润率都处于五年来的低点。好消息是，康宝浓汤仍然产生大量自由现金流，足以覆盖其可观的股息（收益率为 5.1%）。</p>
</div><p>Campbell's stock is beyond cheap -- with a 10.5 forward price-to-earnings (P/E) ratio compared to a 10-year median P/E of 19.9.</p>
<div class="lb-trans"><p>康宝浓汤的股票极其便宜——其前瞻市盈率为 10.5，而 10 年期的中位市盈率为 19.9。</p>
</div><p>Add it all up, and now is an incredible opportunity for investors who believe Campbell's can turn its business around to scoop up shares of the packaged food giant.</p>
<div class="lb-trans"><p>综合来看，现在是一个绝佳的机会，适合那些相信康宝浓汤能够扭转业务的投资者购买这家包装食品巨头的股票。</p>
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三只被低估的股息股票，适合耐心的投资者在七月买入并长期持有