It wasn’t long ago that investors had to choose between hot IPOs or stocks that paid dividends. The good news is that there have been a slew of dividend-paying IPOs in the past year, making it possible to obtain, from the same investment, high yields and the nice returns that are typical of IPOs.

Dividend-paying IPOs turned out to be some of the hottest stocks in 2011, and it’s easy to understand why. More investors are clamoring for income these days, so a stock that pays a nice dividend easily stands out from the crowd of IPOs. Most dividend-paying IPOs start out like other offerings, but quickly pull ahead thanks to yields that can sometimes approach 11%.

Here are three of last year’s high-yielding IPOs that have also posted impressive share price gains. They may still be worth a look to add to your portfolio…

1. Chesapeake Granite Wash Trust (NYSE: CHKR)
Yield: 11%
This natural gas royalty trust went public in November at $19 a share. Since then, the price has skyrocketed 40% to $27 a share. Even after the run-up, it still yields nearly 11%. The trust was sponsored by Chesapeake Energy (NYSE: CHK), a major independent oil and gas company.

Chesapeake Energy contributed royalty interests in 69 producing wells and plans to drill another 118 wells that will also contribute production to the trust. Located in the Colony Granite Wash field in Oklahoma, the wells have low drilling and maintenance costs. In addition, many of the wells produce natural gas liquids, which enjoy premium pricing right now. Chesapeake expects to complete drilling the new wells by mid-2015.

The Chesapeake Trust expects to pay annual distributions of at least $3.10 a unit during the next three years. Most recently, it announced a $0.73 quarterly distribution to be paid in March. This distribution will be much higher than the $0.68 distribution amount estimated in the IPO prospectus, because of better-than-expected sales volume and energy prices.

Distribution risk for investors is limited because Chesapeake Energy has agreed to forego a portion of its own distribution in order to maintain payout for unit holders, if necessary. In addition, the production contributed by the 118 new wells should provide a strong catalyst for distribution growth. 

2. CVR Partners LP (NYSE: UAN)
Yield: 9%
This limited partnership (LP) went public at $16 a share last April as a result of CVR Energy (NYSE: CVI) spinning off the fertilizer side of its business. CVR Partners is the only North American producer that makes fertilizer from petroleum coke (a refinery byproduct). It has a major advantage over competitors because of its lower cost feedstock. Shares of the partnership have gained 75% since the initial offering 11 months ago, and currently offer an enticing 9% yield.

Earnings for CVR Partners tripled in 2011, from $33.3 million in 2010 to $132.4 million, as a result of higher fertilizer output and a 60% increase in product prices. The partnership generated $162.6 million of cash flow in 2011, up from $52.6 in 2010. CVR Partners has distributed a dividend of $1.57 to unit holders since the IPO and recently increased guidance for distributions this year to roughly $2.00 a unit.

3. SandRidge Mississippian Trust (NYSE: SDT)
Yield: 10%   
SandRidge Energy (NYSE: SD) formed this royalty trust to hold interests in oil and gas properties in the Mississippian formation in Oklahoma. The trust went public last April at $21 a share, and the price has since climbed 50% to $32 a share. The current yield on the units is nearly 10%.

The SandRidge Mississippian trust has a 90% net royalty interest in production from 37 wells and will own a 50% interest in production from 123 additional wells to be drilled during the next three years. Production will be a 50/50 mix of oil and natural gas. SandRidge Energy will handle all of the drilling, production and marketing.

About 60% of the trust’s projected revenue through 2015 is hedged, which protects investors from abrupt swings in energy prices. So far, Sandridge Energy has drilled 49 new wells, and the company’s 49% ownership stake in the trust provides strong incentives to complete drilling on schedule.

The trust distributed $2.68 to unit holders in 2011, which was well above the $2.31 amount estimated in the IPO prospectus. SandRidge Mississippian Trust estimates distributions will total $2.82 this year, $3.03 next year and $3.36 in 2014.

Risks to consider: The future of CVR Partners is a bit up in the air because CVR Energy is under siege by corporate raider Carl Icahn, and CVR Partners relies on CVR Energy for its feedstock supplies. Also, investors should be aware that Chesapeake Granite Wash Trust and Sandridge Mississippian Trust are royalty trusts scheduled to dissolve in 2031.

Action to take –> These three stocks are equally attractive holdings for any income-oriented portfolio. CVP Partners has a sustainable competitive advantage provided by its low-cost feedstock. And if, like me, you believe the long-term outlook for rising energy prices will hold true, then Chesapeake Granite Wash Trust and Sandridge Mississippian Trust are great picks.