The U.S. stock market has been volatile as of late, as traders grapple with earnings season and the upcoming elections, but dividend-paying stocks may help investors smooth out the ride in their portfolios.

Investors seeking solid dividend payers can rely on top-ranked Wall Street analysts, who make recommendations after thoroughly analyzing a company's ability to generate solid financials and deliver strong returns.

Here are three attractive dividend stocks, according to Wall Street's top pros on TipRanks, a platform that ranks analysts based on their past performance.

Western Midstream Partners

This week, we will first look at a limited partnership, Western Midstream Partners (WES). The company owns and operates midstream assets in Texas, New Mexico, Colorado, Utah and Wyoming.

It is worth noting that for Q1 2024, WES increased its base distribution by 52% compared to the prior quarter to $0.8750 per unit. WES offers a high dividend yield of 8.8%.

Recently, Mizuho analyst Gabriel Moreen increased his price target for WES to $45 from $39 and reaffirmed a buy rating, saying that the stock is the second-best performing name in his coverage on the basis of the year-to-date rally: Shares are up 36% in 2024.

Moreen thinks that there is scope for further moderate distribution hikes by WES over his forecast period, which represents a catalyst for investors keen on this high-yield stock. "Yield is even more of a differentiator given WES' MLP structure that optimizes the tax benefits of a higher yield," the analyst said.

Moreen also highlighted the company's solid Q1 results and revised outlook. He highlighted the company's ability to support its higher distributions, thanks to an investment-grade balance sheet, modest capital expenditure requirements and constructive contracts that offer significant visibility into continued cash payout.

Moreen ranks No. 90 among more than 8,900 analysts tracked by TipRanks. His ratings have been profitable 81% of the time, delivering an average return of 12.8%. (See Western Midstream Financials on TipRanks)  

Diamondback Energy

We move to another energy player, Diamondback Energy (FANG). The company is focused on the acquisition, development and exploration of onshore oil and natural gas reserves in the Permian Basin in West Texas. FANG has been in the news for its proposed acquisition of Endeavor Energy, which is expected to strengthen its position in the Permian Basin.  

For the first quarter, the company paid a base cash dividend of 90 cents per share and a variable cash dividend of $1.07 per share to its shareholders. Moreover, it repurchased 279,266 shares for $42 million.

Ahead of the company's second-quarter results, RBC Capital analyst Scott Hanold reiterated a buy rating on FANG stock with a price target of $220.

The analyst thinks that FANG's Q2 production gained from faster cycle times and expects 90 well completions, an improvement from his prior forecast of 80 wells. However, the analyst lowered his Q2 2024 EPS and cash flow per share estimates to reflect final commodity price realizations and other adjustments.

Hanold expects Q2 2024 shareholder returns to comprise a fixed dividend of 90 cents a share and a variable dividend of $1.25 per share, with no stock buybacks. He added, "We believe FANG shares should outperform its peer group over the next 12 months."

Hanold ranks No. 11 among more than 8,900 analysts tracked by TipRanks. His ratings have been profitable 70% of the time, delivering an average return of 27.6%. (See Diamondback Energy Options Activity on TipRanks)  

Coca-Cola

This week's third pick is beverage giant Coca-Cola (KO), which recently announced better-than-anticipated second-quarter results, reflecting strong demand for its products. The company also increased its full-year organic revenue growth and comparable earnings outlook.

Earlier this year, KO hiked its quarterly dividend by about 5.4% to 48.5 cents per share, marking the 62nd year of consecutive dividend hikes. KO offers a dividend yield of about 2.9%.

In reaction to the upbeat Q2 results, RBC Capital analyst Nik Modi reaffirmed a buy rating on Coca-Cola stock and raised the price target to $68 from $65.

Modi noted the company's better-than-projected global case volumes, including double-digit growth in markets like the Philippines and India. He also highlighted the improvement in KO's gross margin and earnings strength.

Despite pressures in the low-income consumer group in the developed markets and a slowdown in the away-from-home channel, the analyst remains bullish on the company's prospects. "We still believe KO's fundamentals are strong and the company has the momentum and flexibility to deliver against its targets for the year," said Modi. 

Modi ranks No. 858 among more than 8,900 analysts tracked by TipRanks. His ratings have been profitable 57% of the time, delivering an average return of 6.1%. (See Coca-Cola Insider Trading on TipRanks)