It seems to never end. The weekly roller-coaster ride that started when 2016 did is almost becoming predictable now as oil seems to dictate every market move, whether it be up or down. That becomes frustrating for investors looking to find the right spot to buy or sell. One thing is for sure, solid growth stocks that pay big dividends continue to make sense in this new volatility-driven world.

A new research offering from Jefferies focuses on growth stocks that have a solid value bias, and we found four stocks that the firm likes now that also pay investors above-average dividends. In a world where certificates of deposit and Treasury bonds are paying the lowest yields in years, these make good sense for total return investors that have room for a little risk. All are rated Buy at Jefferies.

Chevron

This stock is very solid story for investors looking to stay long the energy sector, and it is one Jefferies prefers for dividend safety. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. It sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas (LNG). Some Wall Street analysts estimate the company will have a compound annual growth rate of over 5% for the next five years, and the stock trades at a modest valuation discount to some of its mega-cap peers.

Chevron is aggressively pursuing cost-saving initiatives and already has completed over 2,200 supplier engagements, with more in progress. Cost savings and improving investor sentiment may be a key for the mega-cap integrated as it has struggled mightily over the past year. While many on Wall Street concede that the oil market could be oversupplied for longer than most thought, massive overseas demand and production slowdowns should help pricing the rest of the year.

The company’s Permian Basin assets are a goldmine and that the Australian LNG business will transition from a yearly $8 billion capital consumption drag to a $2 billion to $3 billion contributor. Combined with the much lower overall capital spending for the 2016 to 2018 period, Chevron is poised to not only hang around, but end the sector slump in a much better position.

Chevron investors receive a 5.02% dividend. Jefferies has the stock rated Buy with a price target at $110. The Thomson/First Call consensus target is $93.82. Shares closed on Wednesday at $85.27.

JPMorgan

Commercial loan growth and an upturn in capital spending is expected to benefit JPMorgan Chase & Co. (NYSE: JPM). Wall Street analysts agree that the stock seems attractively valued, trading at a very low 9.65 times estimated 2016 forward earnings, and it has a very solid price-to-book value. Some on Wall Street have cautioned that last year’s divestiture of the physical commodities business could provide a earnings headwind this year.

Improvement in loan growth, terrific equity capital markets and a steady increase in deposits will be a solid plus. Trading at a discount to many of the large cap banks on 2015 earnings estimates helps upside potential as well. With $2.6 trillion in assets on a worldwide basis, and one of Wall Street’s savviest leaders in Jamie Dimon, the stock is a solid buy for investors. Dimon also recently put his money where his mouth was and reportedly bought a stunning 500,000 shares of the stock for a massive $26 million. It brings his total holdings in the bank to 6.7 million shares, worth over $360 million.

Investors receive a 3.14% dividend. The Jefferies price target is $71, and the consensus target is $72.22. Shares closed on Thursday at $56.14.
Viacom

Like other top media companies, Viacom Inc. (NASDAQ: VIAB) has been crushed over fears of consumers “cutting the cord” or leaving cable and satellite programming. Viacom creates television programs, motion pictures, short-form video, applications, games, consumer products, social media and other entertainment content.

Its Media Networks segment provides entertainment content and related branded products through approximately 230 programmed and operated TV channels, including MTV, VH1, CMT, Logo, BET, Nickelodeon, Nick at Nite, Comedy Central, TV Land and SPIKE, as well as through online, mobile and apps.

Last year the company delighted shareholders with a very rich 21% dividend increase. Viacom has continued to reward shareholders and enhance its brands worldwide through the creation and acquisition of popular programs, new channels, successful motion pictures and other forms of entertainment, including video game offerings. Jefferies team that ratings are turning the corner and points to the continued massive discount the company trades in relation to its peers.

Viacom’s CEO recently announced plans to explore the sale of a minority stake in Paramount. Jefferies believes Paramount is worth at least $3.5 billion and that the current valuation implies the market values the studio at less than $1 billion, so a stake sale would help the company to realize some very outsized value.

Viacom investors receive a 4.3% dividend. The $49 Jefferies price target is a bit higher than the consensus target of $48.69. The stock closed Wednesday at $37.22.

Western Digital

This long-time innovator in the storage industry is a leader in the total addressable hard disk drive (HDD) market. Western Digital Corp. (NASDAQ: WDC) is an industry-leading developer and manufacturer of storage solutions that help to create, manage, experience and preserve digital content. It  is responding to changing market needs by providing a full portfolio of compelling, high-quality storage products with effective technology deployment, high efficiency, flexibility and speed.

The company made a stunning $19 billion purchase of SanDisk last year. This could be a strong addition Western Digital’s current offerings, and the company could significantly benefit from SanDisk’s technology and portfolio leadership in the NAND flash semiconductor and enterprise flash systems market. While the deal has hit a snag and is being reset, Jefferies feels it still goes through.

The drop-off in the PC business helps to spur initiative in the company’s cloud business, and analysts estimate that the company’s gross profit contribution from Business Critical (cloud) drives will exceed that of PCs by the second half of next year. Of all the stocks beaten down due to the poor PC environment, Western Digital may have the most upside potential. Jefferies notes that in 2016 Enterprise HDDs will have an average three-year cost of $100 per year, versus $500 for NAND.

Investors receive a 4.68% dividend. Jefferies has a whopping $77 price target, and the consensus figure is $73.21. Shares closed Wednesday at $43.92.

If there was ever a time to look for value in the markets it’s now. With some multiples stretched and volatility spiking, we could be in for a rough ride, and these stocks may have a far better chance of riding the storm out, and the prices are dirt cheap at current levels.

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