2 High-Yield Stocks Near Historic Lows: Pfizer at 8x Earnings and Enterprise Products at 5.6%

High yield stands out when the S&P 500 pays roughly 1%

With the S&P 500 yielding roughly 1%, a 5% to 7% dividend stands out. Pfizer trades at 8.3 times forward earnings and yields about 6.77%; Enterprise Products offers about 5.6% in the source material. That kind of income can be attractive if the underlying cash flows remain durable. If they do not, high yield alone can become a trap.

Durability matters more than headline yield

The practical filter is simple: buy the yield only if the business behind it can keep generating cash. By that standard, Enterprise Products looks like the steadier income setup, while Pfizer is the higher-risk turnaround that may offer more reward if investors regain confidence.

Pfizer's low multiple reflects a post-COVID credibility problem

At 8.3 times forward earnings and a 6.77% yield, Pfizer looks cheap for a reason. The market is questioning how durable the company's business model will be once COVID-era demand fades. That helps explain why the stock has traded down to $26.76 as of August 7, 2026 from its December 2021 peak of $47.42, leaving Pfizer looking like one of the most unloved assets in the S&P 500.

The main issue is the collapse in COVID revenue

The biggest source of skepticism is easy to see. Pfizer's COVID-product revenue fell from $56.7 billion in 2022 to about $11 billion in 2024 and $6.7 billion in 2025. The cited source also says the company expects roughly $5 billion in COVID revenue in 2026. That is less a normal cycle than the unwinding of a temporary earnings pillar.

The bull case is a reset, not a collapse

The bullish view is that the stock decline may now be more severe than the operating reset. From here, the key question is whether Pfizer can offset shrinking COVID sales with other growth drivers. Bulls point to a stronger oncology pipeline and new assets in areas such as obesity treatment. Bears focus on execution risk, including debt from acquisitions and past pipeline disappointments such as the Oxbryta withdrawal linked to the Global Blood Therapeutics deal.

What would justify a rerating

For Pfizer, this is not a blind buy. It is a stock that looks more interesting if investors start to see evidence that non-COVID growth is stabilizing the business. If that evidence appears, the current multiple could look too low. If it does not, the high yield may simply be reflecting a longer period of uncertainty.

Enterprise Products offers a steadier midstream income setup

Enterprise Products does not carry the same turnaround baggage as Pfizer. The cited material describes a midstream operator with a lofty 5.6% yield and a long record of distribution growth, supported by fee-based infrastructure that is less exposed to commodity-price swings than many energy peers.

Why Enterprise can be the cleaner high-yield idea

For investors who want income first and turnaround risk second, Enterprise Products is the cleaner setup. The trade-off is that midstream is generally a slow-and-steady business, so the yield is likely to do most of the work. That can still be appealing, especially when the broader market is offering only about 1%.