PPL:CC - 3 Top Canadian Dividend Stocks That Pay Cash Monthly
2023-12-29 15:30:00 ET
Investors seeking regular income often turn to dividend stocks, and when those dividends come monthly, it can provide a consistent passive income. In Canada, several companies stand out for their robust dividend-paying track records. Here, I explore three top Canadian dividend stocks that not only offer attractive yields but also pay out dividends on a monthly basis.
RioCan Real Estate Investment Trust
RioCan ( TSX:REI.UN ) is a heavyweight in the Canadian real estate investment trust (REIT) sector, boasting a vast portfolio of retail properties. What sets RioCan apart is its commitment to distributing dividends on a monthly basis. For income-seeking investors, this regular cash flow is an attractive feature.
The current monthly distribution yield for RioCan is approximately 6%, providing a competitive return. The REIT’s diverse portfolio includes shopping centres and grocery stores, contributing to a stable income stream. RioCan’s monthly dividend strategy demonstrates its confidence in maintaining a reliable income for shareholders.
Beyond its commitment to regular payouts, RioCan’s strategic approach to navigating the evolving retail sector stands out. The company has adapted its portfolio to align with changing consumer trends, demonstrating resilience and forward-thinking in a dynamic market.
Whitecap Resources
Whitecap Resources ( TSX:WCP ), a significant player in the energy sector, particularly in oil and gas production, holds a notable position in the Canadian energy industry. The company is recognized for its efficient operations, focusing on the exploration and development of crude oil and natural gas.
Whitecap Resources’ appeal to income investors lies not only in its robust dividend yield, currently around 6%, but also in its monthly dividend payment schedule. Despite the inherent volatility in the energy sector, Whitecap Resources’ diversified operations and emphasis on essential services contribute to its stability. The monthly dividends provide investors with a predictable income stream, a crucial aspect for those relying on dividends for regular cash flow.
Whitecap Resources’ commitment to sustaining and potentially increasing dividends over time further solidifies its attractiveness for income-oriented investors. The company’s strategic importance in the energy production sector positions it as a key player in this vital industry.
Pembina Pipeline Corporation
Pembina Pipeline ( TSX:PPL ) operates in the energy infrastructure sector, offering transportation and midstream services for the energy industry. Similar to Whitecap, Pembina stands out for its monthly dividend payments, providing investors with a reliable income stream.
With a current monthly dividend yield of around 6%, Pembina is an enticing choice for those seeking a combination of income and potential for growth. The company’s operations span across North America, including pipelines, gas processing facilities, and storage terminals, contributing to its stability in varying market conditions.
Pembina’s commitment to increasing dividends over time aligns with its goal of delivering consistent cash flow to shareholders. The company’s strategic positioning in key energy-producing regions positions it as a critical player in supporting the energy sector’s infrastructure.
Bottom line
In conclusion, the allure of monthly dividends from top Canadian stocks like RioCan, Whitecap Resources, and Pembina Pipeline can be a valuable component of an income-focused investment strategy. These companies’ commitment to regular dividend payments, coupled with their strong operational foundations, makes them noteworthy candidates for investors seeking reliable and consistent cash flow.
The post 3 Top Canadian Dividend Stocks That Pay Cash Monthly appeared first on The Motley Fool Canada .
Fool contributor Stephanie Chateauneuf has no position in any of the stocks mentioned. The Motley Fool recommends Pembina Pipeline and Whitecap Resources. The Motley Fool has a disclosure policy .
2023