Stingray (RAY.B), CPG & MAL: 3 no-brainer TSX dividend stocks under $10

Generally, investors with low-risk tolerance looking for an additional income stream often prefer dividend stocks, as these can provide some stability by paying out regular dividends.

So, today let us talk about three relatively cheap Canadian stocks (priced under C$ 10) that pay dividends.

Stingray Group Inc (TSX: RAY.B)

Stingray Group, a media company, holds a dividend yield of over four per cent. The Montreal-headquartered company is expected to dole out a quarterly dividend of C$ 0.075 apiece on June 15. Its five-year dividend growth rate is nearly 20 per cent.

Stocks of Stingray Group closed at C$ 7.12 apiece on Thursday, March 24, down by over three per cent. This media stock swelled by roughly 12 per cent year-to-date (YTD).

Also read: Barrick (ABX), CSU & WCN: Should you buy these TSX dividend stocks?

Crescent Point Energy Corp (TSX: CPG)

Crescent Point is a Calgary-based oil and gas firm. It recorded C$ 121.6 million of net profit in Q4 2021 against a loss of C$ 51.2 million in the same quarter of 2020.

The C$ 5.4-billion market cap firm is set to pay a quarterly dividend of C$ 0.045 per share on April 1, up from the previous payment of C$ 0.03.

The CPG stock closed at C$ 9.41 apiece on Thursday, noting a trading volume of 5.7 million shares. This oil stock zoomed by almost 83 per cent in the last year.

 Magellan Aerospace Corporation (TSX: MAL)

Magellan Aerospace, on March 22, reported its fourth-quarter financial results, noting that its revenue dropped by 1.1 per cent year-over-year (YoY) to C$ 178.01 million in Q4 2021. However, it shrank its net loss by 74.8 per cent YoY to C$ 5.75 million in the latest quarter.

The integrated aerospace company is scheduled to pay a quarterly dividend of C$ 0.105 apiece on March 31.

Stocks of Magellan Aerospace spiked by nearly two per cent in the past one month and closed at C$ 9.91 apiece on Thursday.

Bottomline

Dividend stocks from different sectors/industries can diversify portfolio risk and provide a broader exposure to industry-specific market changes and developments. However, investors should cautiously take investment decisions based on proper research, financial capacity and future return goals.

Also read: Loblaw (L) & Metro (MRU): 2 TSX consumer stocks to watch

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.