5 top monthly dividend stocks to buy in Canada

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5 top monthly dividend stocks to buy in Canada

5 top monthly dividend stocks to buy in Canada
Image source: ©2022 Kalkine Media®  

Highlights 

  • Canadians who are on the lookout for a reliable source of passive income can invest in stocks that provide dividend income every month.
  • In addition to the return value, such stocks can also offer stable dividend growth depending on their business health.
  • An oil and gas stock listed here returned roughly 54 per cent in the last year.

Canadians who are on the lookout for a reliable source of passive income can invest in stocks that provide dividend income every month.

In addition to the return value, such stocks can also offer stable dividend growth depending on business health.

Here, we shortlisted five of the top TSX-listed stocks that pay a monthly dividend.

1.    Pembina Pipeline Corporation (TSX:PPL)

The energy infrastructure company is set pay a monthly dividend of C$ 0.21 per share on January 14.

This payout will be followed by another dividend payment of C$ 0.21 on February 15 against an ex-dividend date of January 24.

The C$ 21-billion market cap firm posted earnings of C$ 588 million in the third quarter of FY2021, as compared to C$ 323 million a year ago.

The midstream energy stock closed at C$ 39.54 apiece on Friday, January 7, and expanded by roughly 16 per cent in the past year.

Also read: 5 best TSX value stocks to buy in 2022 

2.    NorthWest Healthcare Properties REIT (TSX:NWH.UN)

NorthWest Healthcare Properties Real Estate Investment Trust (REIT) will dole out a month-based dividend of C$ 0.067 apiece on January 14.

With a return on equity of 23.60 per cent, the healthcare REIT closed at C$ 13.50 apiece on January 7. Its units gained by over six per cent year-over-year (YoY).

3.    Keyera Corp (TSX:KEY)

The oil enterprise is set to deliver a month-based dividend of C$ 0.16 apiece on January 17.

The midstream energy firm posted net earnings of C$ 70 million in Q3 FY2021, as compared to C$ 33 million in Q3 2020.

With a price-to-earnings (P/E) ratio of 39.50, KEY scrip closed at C$ 28.86 apiece on January 7 and returned a one-year gain of over 19 per cent.

4.    Whitecap Resources Inc (TSX:WCP)

The oil and natural gas company is set to distribute a month-based dividend of C$ 0.022 per share on January 17.

Whitecap Resources recorded a net income of C$ 1.51 billion in Q3 2021, as compared to C$ 12.83 million a year ago.

Stocks of Whitecap closed at C$ 7.79 per share on January 7, giving a return of roughly 54 per cent in a year.

 5 top monthly dividend stocks to buy in Canada

Image source: ©2022 Kalkine Media®  

5.    Savaria Corporation (TSX:SIS)

Savaria Corporation is set to deliver a month-based dividend of C$ 0.042 apiece on January 14.

The manufacturer of industrial products recorded a revenue surge of over 99 per cent YoY to C$ 180.8 million in Q3 FY2021.

Its scrip closed at C$ 18.12 apiece on January 7 and ascended by almost 22 per cent in the past year.

Bottom line

The dividend payout capacity of any company generally depends on its operational soundness and profitability. Hence, investors should also bear in mind a firm’s financial numbers and future prospects to ensure that they are taking profitable investment decisions.

Also read: 5 cheap stocks listed on TSX to buy in 2022

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