PPL provides energy transportation and midstream services by owning pipelines and facilities. PPL has a more stable business, which the company takes advantage of by having a higher debt level. PPL has a decent track record of dividend consistency over the years. On the other hand, TOU is an oil-drilling company, and the operating results will be more cyclical. TOU has occasionally paid out large special dividends in good years, but at the same time maintained an attractive yield.
Overall, we think both are high-quality names for dividend investors. For investors who seek consistency (with lower growth), we think PPL is a better choice, while investors who seek dividend growth (with some cyclicality), we would stick with TOU. However, in terms of total return, we think TOU will offer slightly better prospects.