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Investing in cheap stocks with a long-term outlook is one of the easiest ways of creating wealth. That’s especially when you start looking at cheap dividend stocks to buy. Luckily, here at Motley Fool Canada we’re experts at finding long-term stocks that fit into your portfolio. So if you’re thinking of investing even a little cash, here are four dividend stocks to buy all $30 or below.
Shares of Suncor Energy (TSX:SU)(NYSE:SU) have had a strong recovery in the last few months. Shares were at almost half where they trade today, just surpassing the $30 per share mark. But long-term investors have a lot to gain by investing in this stock.
Suncor is Canada’s largest fully integrated energy producer, and it’s already been seeing a rebound. Just last month it reported Funds From Operations (FFO) of $2.110 billion. It has been increasing its oil production as the oil and gas rebound booms. And we’re still only in the beginning stage. Meanwhile, it offers investors a strong dividend yield of 2.77%, which could double soon thanks to the cut in 2020.
But this is also one of the best dividend stocks to buy because it’s cheap. As of writing, it trades at 1.3 times book value! That’s cheap in anyone’s book.
But it’s not just oil and gas that provides deals among dividend stocks to buy now. TransAlta Renewables (TSX:RNW) is a renewable power generating company. This is an area that’s been seeing and will continue to see massive investment. Analysts estimate US$10 trillion will be spent globally on renewable energy in the next decade. That makes TransAlta a strong choice for Motley Fool Canada investors.
Shares in the stock climbed 71% between June 2020 and January of this year before tapering off. Now in the last year shares are up 49%. But on top of that you get a dividend yield of 4.64% as of writing. Meanwhile, the company continues to post solid numbers with its EBITDA increasing 4% in the last year.
Again again, it’s one of the cheap dividend stocks to buy at just $20 per share. And trading at 2.5 times book value.
Algonquin Power & Utilities
The utilities sector is always a safe bet for investors. No matter what, businesses and people in general need to keep the lights on. That’s why Algonquin Power & Utilities (TSX:AQN)(NYSE:AQN) continues to do so well. It provides low risk and high growth for shareholders. In fact, over the last two decades shares have grown 647%!
But you still get access to this top Motley Fool Canada choice for a cheap price. Shares trade at about $19.65 as of writing. Meanwhile, it offers 1.8 times book value. And then of course is the dividend yield supported by long-term contracts of 4.3% as of writing. As the company continues its growth through acquisition strategy, investors are likely to continue seeing solid long-term growth as well.
It wouldn’t be a dividend stocks-to-buy list without a real estate investment trust. But NorthWest Healthcare Properties (TSX:NWH.UN) isn’t your average REIT. Rather, it owns and operates healthcare properties, as the name suggests. This diverse range of properties around the world gives investors access to substantial growth and income. As it has for the last several years.
The company continues to boast a 97% occupancy rate, collecting about 99% of rent during the pandemic. As lease agreements were renewed at lower interest rates, the company also reported an average agreement of 14.5 years! Yet again, it’s a super cheap stock trading at 1.4 times book value at $13 per share.
On top of that, shares have grown 27% in the last year, and 92% in the last five years. It also sports a whopping 6.14% dividend yield! So investors seeking cheap dividend stocks to buy should put this at the top of their Motley Fool Canada list.
The post 4 of the Best Under-$30 Dividend Stocks to Buy Right Now appeared first on The Motley Fool Canada.
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Fool contributor Amy Legate-Wolfe owns shares of NORTHWEST HEALTHCARE PPTYS REIT UNITS. The Motley Fool recommends NORTHWEST HEALTHCARE PPTYS REIT UNITS.