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Highlights
- Many Canadian investors, already struggling with inflationary pressure, are now in fear of interest rates hikes.
- During such rough times, some income-focused investors seek to invest in reliable dividend-paying companies that are backed by robust operations and financials and are likely to outlive market volatility.
- A financial company mentioned here is scheduled for a dividend payout of C$ 1 per share on Thursday, January 27.
- An oil and gas company listed here has recently announced a hike of 11 per cent in its quarterly dividend.
Many Canadian investors, already struggling with inflationary pressure, are now in fear of interest rates hikes.
During such rough times, some income-focused investors seek to invest in reliable dividend-paying companies that are backed by robust operations and financials and are likely to outlive market volatility.
Let us have a look at two TSX dividend stocks and their overall performance: Bank of Nova Scotia (TSX:BNS) and Tourmaline Oil Corp (TSX:TOU).
Also read: Why is Netflix (NFLX) stock trending?
1. Bank of Nova Scotia (TSX: BNS)
The Bank of Nova Scotia, which presently has a dividend yield of 4.446 per cent, is all set to doll out a quarterly dividend of C$ 1 per share this week, on Thursday, January 27.
Stocks of Bank of Nova Scotia closed at C$ 89.97 apiece on Friday, January 21, nearly four per cent below its 52-week high of C$ 93.34 (January 17, 2022). The bank stock has returned almost 30 per cent in the last one year.
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Popularly known as Scotiabank, the Canadian lender said on January 17 that it has launched Sleep Advisors tools, including a hotline and an online hub, to assist investors in managing their finances and investments portfolios.
2. Tourmaline Oil Corp (TSX:TOU)
Tourmaline Oil Corp, on January 17, announced a hike of 11 per cent in its quarterly dividend of C$ 0.2 per share, starting from Q1 FY2021.
The C$ 14.9-billion market cap oil producer has also declared a special dividend of C$ 1.25 apiece, which will be payable on February 1, for shareholders as on Tuesday, January 25.
The Calgary-headquartered energy giant posted earnings of C$ 361.1 million in the third quarter of FY2021, which was significantly up from that of C$ 4.8 million a year ago.
Scrips pf Tourmaline Oil Corp closed at C$ 45.25 apiece on Friday, having catapulted by almost 134 per cent in the past one year.
Bottomline
Companies that come with a long history of sound business operations and stable financial results are likely to weather unfavourable market changes and economic events. Hence, dividend-paying stocks of such establishments can deliver quality returns in addition to steady dividend growth in such scenarios.
Also read: Suncor Energy (TSX:SU): An oil & gas stock for long-term growth?
