5 top TSX dividend stocks to buy in August: L, RCI.B, CJT, ENB and RNW

Highlights

• Loblaw said that its revenue grew by 2.9 per cent year-over-year (YoY) in Q2 2022
• Rogers’ net profit significantly jumped by 35 per cent YoY in Q2 2022
• Cargojet reported a net profit of C$ 160.9 million in Q2 2022

Quality dividend stocks like Loblaw (TSX: L), Rogers (TSX: RCI.B), Enbridge (TSX: ENB) etc., could help investors weather economic instability in the long horizon.

The TSX Composite Index noted a year-to-date (YTD) loss of about nine per cent (as of writing) amid market uncertainties. Though such market fluctuations could be taxing, income investors could explore healthy TSX dividend stocks that could provide them with long-term value.

Hence, here are five TSX dividend stocks that investors could explore in August.

1.     Loblaw Companies Limited (TSX: L)

Canadian retailer Loblaw said that its revenue grew by 2.9 per cent year-over-year (YoY) to C$ 12.84 billion in the second quarter of FY2022. The large-cap grocery and pharmacy store company noted a 3.2 per cent increase in its net profit from C$ 375 million in Q2 2021 to C$ 387 million in the latest quarter.

Loblaw also stated that its Board of Directors (BoD) declared a quarterly dividend of C$ 0.405 per common share, payable on October 1 to record shareholders on September 15.

The L stock spiked by roughly 51 per cent in 12 months. As per Refinitiv stats, the stocks' Relative Strength Index (RSI) was 63.57 on July 26, indicating a moderate-to-high trend.

2.     Rogers Communications Inc (TSX: RCI.B)

Rogers posted an increased total revenue of C$ 3.86 billion in Q2 FY2022, which marks an eight per cent growth compared to Q2 2021. The telecom company said that its net profit significantly jumped by 35 per cent to C$ 409 million in the latest quarter relative to Q2 2021.

Rogers will also dole out a quarterly dividend of C$ 0.50, payable on October 3 to shareholders of record on September 9.

The RCI.B stock swelled by over six per cent in nine months. Refinitiv data reflects that Rogers stocks were on a moderate trend with an RSI of 43,32 on July 26.

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3.     Cargojet Inc (TSX: CJT)

The Canadian air cargo company, Cargojet, posted total revenue of C$ 246.6 million in Q2 2022, higher than C$ 172.1 million a year ago. As a result, the industrial firm also saw its profitability notably improve as it posted a net profit of C$ 160.9 million in the latest quarter relative to a loss of C$ 11.1 million in Q2 2021.

Though there is no information about dividends in its latest quarterly report, it should be noted that Cargojet declared to raise its quarterly dividend by 10 per cent earlier to C$ 0.2860 (paid on July 5) on May 9, after releasing Q1 2022 results on May 2.

The CJT stock tanked by about 31 per cent in a year and as per Refinitiv, held an RSI value of 41.25 on July 26.

4.     Enbridge Inc (TSX: ENB)

The pipeline infrastructure giant, Enbridge, will deliver a quarterly dividend of C$ 0.86 on September 1 (ex-dividend on August 12). The large-cap energy company held a return on equity (ROE) of nearly 11 per cent, which denotes profitability.

The C$ 114 billion market cap company saw its scrip soar by almost 16 per cent in a year. According to Refinitiv findings, this energy scrip recorded an RSI value of 62.54 on July 26.

5.     TransAlta Renewables Inc (TSX: RNW)

The renewable energy producer, TransAlta Renewables, doles out deliver dividends every month. The midcap utility company is scheduled for two dividend payments of C$ 0.078 each on August 31 (ex-dividend on August 12) and on September 29 (ex-dividend on September 14).

RNW stock grew by over five per cent month-to-date (MTD). As per Refinitiv data, RNW stock also held an RSI of 60.60 on July 26.

Bottomline

Loblaw and Rogers recently reported increasing net profit in Q2 2022. Investors could consider these five TSX dividend stocks amid the current market environment to possibly fetch stable long-term returns and improve their portfolio income.

Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.