<p>投資中最強大的兩個力量是時間和價格。</p>
<p>擁有長期投資視野的投資者可以耐心等待投資論點的實現。但在一個有吸引力的價格投資於一家公司也可以帶來超額收益。</p>
<p>那些沒有幾十年投資時間視野的人可能會感到需要更加謹慎地做出投資決策。實現這一目標的一種方法是投資於合理估值且支付股息的公司。這樣，你可以通過持有公司的股份獲得收益，而不僅僅依賴於股價上漲來獲利。</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%) 作為現在值得投資的三隻股息股票的原因。</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>圖片來源：Getty Images。</p>
<h2>技術將幫助 Watsco 繼續收購</h2>
<p><strong>Lee Samaha</strong> <strong>(Watsco):</strong> 供暖、通風和空調（HVAC）設備及零部件分銷商的股票在過去 20 年上漲了 991%，在過去十年上漲了 272%，在過去五年上漲了 154%，在過去三年上漲了 89%，但在前一年下跌了 4%。</p>
<p>如果它看起來像一個買入機會，並且表現得像一個買入機會，那就是一個買入機會。對於那些注意到 Watsco 當前股息收益率僅為 2.7% 的人來説，還要注意，如果將過去 20 年中再投資的股息支付計算在內，回報率將提高到驚人的 2020%——這不是打字錯誤！</p>
<p>這些卓越的回報源於 Watsco 在一個高度分散的行業中作為領先參與者和整合者的持續角色。簡單來説，Watsco 是小型 HVAC 分銷商的連續收購者，然後將其整合到其網絡中，從而擴大銷售和地理覆蓋範圍。</p>
<p>這些分銷商的整合最終改善了它們的運營表現，因為 Watsco 為新加入的分銷商增加了產品線和規模。此外，這也是相信它可以繼續進行增值收購的一個關鍵原因：它利用新技術，如移動應用程序、電子商務網站和數字技術，來支持 HVAC 承包商，並使他們更容易從 Watsco 訂購零件。</p>
<p>因此，該公司具有長期增長前景，尤其是當對 HVAC 設備服務的需求取決於美國安裝的 HVAC 設備數量時。</p>
<h2>在能源價格低迷時，投資 Occidental Petroleum 股票的時機到了</h2>
<p><strong>Scott Levine (Occidental Petroleum):</strong> Occidental Petroleum 股票下跌約 11%（截至本文撰寫時），在 2025 年迄今為止並沒有太多值得慶祝的事情。事實上，在過去一年中，股票經歷了艱難的時光，暴跌約 29%。</p>
<p>一些人可能會看到這種下跌，認為他們應該遠離這家勘探和生產公司；然而，擁有時間的人會發現現在是採取行動並抓住一隻具有安全股息的優質股票的絕佳機會，目前的前瞻性收益率為 2.2%。</p>
<p>經驗豐富的能源投資者在看到 Occidental Petroleum 股票下跌時，可能並不感到驚慌，因為能源價格的波動與上游能源股票的波動之間存在強烈的相關性。如果能源價格下跌，一些低利潤資產的勘探和生產活動將變得在財務上不利。考慮到過去一年西德克薩斯中質原油基準價格下跌了 21.5%，Occidental Petroleum 股票的下跌似乎不那麼令人擔憂。</p>
<p>儘管能源價格較低，Occidental Petroleum 在 2025 年第一季度表現良好。除了年同比增長 18.6% 的石油和天然氣產量外，該公司還產生了 12 億美元的自由現金流，並通過減少 23 億美元的債務來增強其資產負債表。</p>
<p>在當前能源價格下跌的情況下，潛在投資者可能會質疑公司的股息可持續性，但管理層採取了財務審慎的方式來回報股東。在過去五年中，該公司產生了足夠的自由現金流來覆蓋其股息支付。</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）數據來自 YCharts</p>
<p>這並不是唯一表明股息安全的觀點。Occidental Petroleum 從 2020 年到 2024 年的平均派息比率極為保守，僅為 20%。</p>
<p>隨着股票最近的下跌，Occidental Petroleum 現在為耐心的投資者提供了一個引人注目的買入機會。</p>
<h2>這家高收益的包裝食品巨頭是一個引人注目的價值投資</h2>
<p><strong>Daniel Foelber (Campbell's):</strong> 雖然你可能知道 Campbell's 以其湯聞名，但你可能不熟悉這家包裝食品股票是多麼疲軟。Campbell's 一直在給投資者帶來健康的失望，股票處於 16 年來的低點。</p>
<p>賣壓的部分原因是 Campbell's 現在遠不止是一家湯公司，這對其投資者並不一定有利。</p>
<p>2017 年，它完成了對太平洋食品公司的 7 億美元收購——擴大了其湯、肉湯和植物飲料的產品組合。該交易與 Campbell's 其他產品線相當一致。然而，隨之而來的則是更多的非傳統業務。</p>
<p>2018 年，Campbell's 以 61 億美元收購了 Snyder's-Lance——這是一項涉及零食如椒鹽捲餅、薯片和餅乾的交易。然後在 2024 年以 27 億美元收購了 Sovos Brands——這使 Campbell's 擁有了多種意大利麪醬、幹意大利麪、冷凍主菜和比薩餅以及酸奶產品。</p>
<p>這三項收購合計達到 95 億美元——這超過了 Campbell's 在本文撰寫時的市場價值 93 億美元。因此，回過頭來看，Campbell's 顯然為這些品牌支付了過高的價格。</p>
<p>康寶濃湯在將這些收購轉化為高利潤銷售增長方面遇到了困難。事實上，其收益和營業利潤率都處於五年來的低點。好消息是，康寶濃湯仍然產生大量自由現金流，足以覆蓋其可觀的股息（收益率為 5.1%）。</p>
<p>康寶濃湯的股票極其便宜——其前瞻市盈率為 10.5，而 10 年期的中位市盈率為 19.9。</p>
<p>綜合來看，現在是一個絕佳的機會，適合那些相信康寶濃湯能夠扭轉業務的投資者購買這家包裝食品巨頭的股票。</p>

西方石油

康寶濃湯

<p>三隻股息股票被推薦給耐心的投資者：Watsco、西方石油和康寶濃湯。Watsco 作為暖通空調分銷的領導者，展現了令人印象深刻的長期回報，並通過收購和技術持續增長。儘管西方石油最近股價下跌，但其提供了安全的股息和強勁的生產增長，使其成為潛在的買入機會。康寶濃湯麪臨挑戰，目前處於 16 年來的低點，但在包裝食品行業仍然是一個價值投資機會。這些股票提供股息，使其對長期投資者具有吸引力</p>

<p>Two of the most powerful forces in investing are time and price.</p>
<div class="lb-trans"><p>投資中最強大的兩個力量是時間和價格。</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>擁有長期投資視野的投資者可以耐心等待投資論點的實現。但在一個有吸引力的價格投資於一家公司也可以帶來超額收益。</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>那些沒有幾十年投資時間視野的人可能會感到需要更加謹慎地做出投資決策。實現這一目標的一種方法是投資於合理估值且支付股息的公司。這樣，你可以通過持有公司的股份獲得收益，而不僅僅依賴於股價上漲來獲利。</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%) 作為現在值得投資的三隻股息股票的原因。</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>圖片來源：Getty Images。</p>
</div><h2>Technology will help Watsco keep the acquisition bandwagon rolling</h2>
<div class="lb-trans"><h2>技術將幫助 Watsco 繼續收購</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、通風和空調（HVAC）設備及零部件分銷商的股票在過去 20 年上漲了 991%，在過去十年上漲了 272%，在過去五年上漲了 154%，在過去三年上漲了 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>如果它看起來像一個買入機會，並且表現得像一個買入機會，那就是一個買入機會。對於那些注意到 Watsco 當前股息收益率僅為 2.7% 的人來説，還要注意，如果將過去 20 年中再投資的股息支付計算在內，回報率將提高到驚人的 2020%——這不是打字錯誤！</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>這些卓越的回報源於 Watsco 在一個高度分散的行業中作為領先參與者和整合者的持續角色。簡單來説，Watsco 是小型 HVAC 分銷商的連續收購者，然後將其整合到其網絡中，從而擴大銷售和地理覆蓋範圍。</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>這些分銷商的整合最終改善了它們的運營表現，因為 Watsco 為新加入的分銷商增加了產品線和規模。此外，這也是相信它可以繼續進行增值收購的一個關鍵原因：它利用新技術，如移動應用程序、電子商務網站和數字技術，來支持 HVAC 承包商，並使他們更容易從 Watsco 訂購零件。</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，該公司具有長期增長前景，尤其是當對 HVAC 設備服務的需求取決於美國安裝的 HVAC 設備數量時。</p>
</div><h2>Time to gas up on Occidental Petroleum stock while energy prices are low</h2>
<div class="lb-trans"><h2>在能源價格低迷時，投資 Occidental Petroleum 股票的時機到了</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 股票下跌約 11%（截至本文撰寫時），在 2025 年迄今為止並沒有太多值得慶祝的事情。事實上，在過去一年中，股票經歷了艱難的時光，暴跌約 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>一些人可能會看到這種下跌，認為他們應該遠離這家勘探和生產公司；然而，擁有時間的人會發現現在是採取行動並抓住一隻具有安全股息的優質股票的絕佳機會，目前的前瞻性收益率為 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>經驗豐富的能源投資者在看到 Occidental Petroleum 股票下跌時，可能並不感到驚慌，因為能源價格的波動與上游能源股票的波動之間存在強烈的相關性。如果能源價格下跌，一些低利潤資產的勘探和生產活動將變得在財務上不利。考慮到過去一年西德克薩斯中質原油基準價格下跌了 21.5%，Occidental Petroleum 股票的下跌似乎不那麼令人擔憂。</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>儘管能源價格較低，Occidental Petroleum 在 2025 年第一季度表現良好。除了年同比增長 18.6% 的石油和天然氣產量外，該公司還產生了 12 億美元的自由現金流，並通過減少 23 億美元的債務來增強其資產負債表。</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>在當前能源價格下跌的情況下，潛在投資者可能會質疑公司的股息可持續性，但管理層採取了財務審慎的方式來回報股東。在過去五年中，該公司產生了足夠的自由現金流來覆蓋其股息支付。</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）數據來自 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>這並不是唯一表明股息安全的觀點。Occidental Petroleum 從 2020 年到 2024 年的平均派息比率極為保守，僅為 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>隨着股票最近的下跌，Occidental Petroleum 現在為耐心的投資者提供了一個引人注目的買入機會。</p>
</div><h2>This high-yield packaged food giant is a compelling value</h2>
<div class="lb-trans"><h2>這家高收益的包裝食品巨頭是一個引人注目的價值投資</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> 雖然你可能知道 Campbell's 以其湯聞名，但你可能不熟悉這家包裝食品股票是多麼疲軟。Campbell's 一直在給投資者帶來健康的失望，股票處於 16 年來的低點。</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>賣壓的部分原因是 Campbell's 現在遠不止是一家湯公司，這對其投資者並不一定有利。</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，它完成了對太平洋食品公司的 7 億美元收購——擴大了其湯、肉湯和植物飲料的產品組合。該交易與 Campbell's 其他產品線相當一致。然而，隨之而來的則是更多的非傳統業務。</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 億美元收購了 Snyder's-Lance——這是一項涉及零食如椒鹽捲餅、薯片和餅乾的交易。然後在 2024 年以 27 億美元收購了 Sovos Brands——這使 Campbell's 擁有了多種意大利麪醬、幹意大利麪、冷凍主菜和比薩餅以及酸奶產品。</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>這三項收購合計達到 95 億美元——這超過了 Campbell's 在本文撰寫時的市場價值 93 億美元。因此，回過頭來看，Campbell's 顯然為這些品牌支付了過高的價格。</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>康寶濃湯在將這些收購轉化為高利潤銷售增長方面遇到了困難。事實上，其收益和營業利潤率都處於五年來的低點。好消息是，康寶濃湯仍然產生大量自由現金流，足以覆蓋其可觀的股息（收益率為 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>康寶濃湯的股票極其便宜——其前瞻市盈率為 10.5，而 10 年期的中位市盈率為 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>綜合來看，現在是一個絕佳的機會，適合那些相信康寶濃湯能夠扭轉業務的投資者購買這家包裝食品巨頭的股票。</p>
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三隻被低估的股息股票，適合耐心的投資者在七月買入並長期持有