Investors often look to metrics like P/E to assess valuation, which is perfectly fine. But dividend yield can also be used in this way. In fact, given the variability of earnings and the relative consistency of dividend payments, you could argue that yield is a better measure of investor sentiment. That's why high-yield Enterprise Products Partners (NYSE: EPD) and TotalEnergies (NYSE: TTE) look like cheap energy stocks you might want to buy today.

Enterprise's 7.6% distribution yield is at the high end of its historical yield range. That suggests the master limited partnership (MLP) is relatively cheap today. Of course this alone doesn't make it worth buying.

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Source Fool.com