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Do you have some money in your pocket, say $500 (or more), just waiting to be put to work in the market? If you are an income investor that may be a problem, since the raging bull market has left the average stock yield at painfully low levels. The S&P 500 index's yield is a miserly 1.3%! Don't fret; there are still plenty of attractive yield options out there, and this pair of high yielders rises to the top, with yields of 4.8% and 7%, respectively.

Enterprise Products Partners: The boring energy company

The energy sector is not exactly known for being a safe haven for investors, given that oil and natural gas prices have a long history of volatility. But not all energy companies are created equal. The upstream (oil producers) and the downstream (chemicals and refining) are, indeed, prone to wild swings in financial performance. But the midstream (pipelines, storage, processing, and transportation) is not. That's the niche where Enterprise Products Partners (NYSE: EPD) and its lofty 7% distribution yield hail from.

The key here is that Enterprise is a toll taker. It charges fees for the use of its vital energy infrastructure assets, which leads to fairly reliable cash flows in good energy markets and bad ones. Oil and natural gas are vital to the world economy, and even when energy prices are low there's still solid demand. This is why Enterprise has been able to increase its distribution for 25 consecutive years, proving that it is a reliable income stock.

To be fair, 7% is a huge yield, and investors will have to accept that the yield will make up the lion's share of their return. But add in distribution growth in the low to mid-single digits, which is reasonable to expect, and your return will get up to around the 10% you'd expect from the broader market pretty quickly.

Adding to the allure here, and why Enterprise stands above higher-yielding midstream options, is the master limited partnership's (MLP) focus on being fiscally conservative. For example, as the chart below highlights, Enterprise's debt-to-EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio has long been among the lowest of its closest peers. On top of that, its balance sheet is investment-grade rated, and distributable cash flows cover the distribution by 1.7 times. A lot would have to go wrong before Enterprise cut its lofty and attractive disbursement.

EPD Financial Debt to EBITDA (TTM) data by YCharts

Black Hills is an out-of-favor Dividend King

In comparison to Enterprise, Black Hills' (NYSE: BKH) roughly 4.8% dividend yield will probably look a little low. Don't be fooled; the yield of the Utilities Select Sector Index, an approximation of an average utility, is just 3.3%. So Black Hills is still a very high-yielding option for investors to consider.

The dividend isn't particularly risky, however. For starters, Black Hills is a Dividend King with over five decades of annual hikes under its belt. The company's balance sheet is also investment-grade-rated, and it operates in regions where customer growth is roughly three times as fast as population growth in the United States. Simply put, it's a fairly well-positioned utility.

The problem is that Black Hills tends to use a bit more leverage than some of its peers, which has investors worried about the recent rise in interest rates. That will probably be a near-term headwind, but regulators will take higher rates into account when they approve the company's rates and investment plans. Over the long term, this, too, shall pass.

It is also worth noting that management is projecting 4% to 6% earnings growth over the next few years, with dividends rising roughly along with earnings. Add about 5% dividend growth to the approximate 5% yield and, once again, you get to 10%, a respectable long-term return.

High yields can be worth digging for

It would be easy to look at the current market's lofty heights and assume you just can't find good dividend stocks in this environment. That would be a mistake. You just have to do a little more legwork. But as Enterprise and Black Hills prove, the extra effort is likely to be well rewarded. If you don't own these two high-yield stocks, you should consider adding them to your portfolio today -- even if you only have $500 to put to work.

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Reuben Gregg Brewer has positions in Black Hills and Enbridge. The Motley Fool has positions in and recommends Enbridge and Kinder Morgan. The Motley Fool recommends Enterprise Products Partners and Tc Energy. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.