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4 High-Yield TSX Stocks to Buy Ahead of Their Ex-Dividend Dates

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Target. Stand out from the crowd
Target. Stand out from the crowd

Written by Vineet Kulkarni at The Motley Fool Canada

Dividend stocks are again back in the limelight amid the volatile broader markets. Slow-moving, income-generating stocks would be more valuable in these markets because of their relative safety appeal.

So, if you have some cash lying idle, consider these high-yielding TSX stocks that have their ex-dividend dates planned for the next few weeks. The ex-dividend date is a day before a record date when the company checks whether your name appears in its books to get dividends.

So, one needs to buy the stock a day prior to an ex-dividend date to receive those dividends.

Pembina Pipeline

Energy infrastructure company Pembina Pipeline (TSX:PPL)(NYSE:PBA) will pay a monthly dividend of $0.21 per share on June 15. The ex-dividend date for this payout is May 25. So, investors will receive an annual dividend of $2.52 per share in the next 12 months, implying a handsome yield of 5%.

Pembina has paid a dividend for the last 25 consecutive years. This is because the company generates stable and predictable earnings, driven by its rate-regulated, fixed-fee contracts. Also, a long dividend payment history highlights its strong balance sheet and future earnings visibility.

PPL stock has notably outperformed broader markets recently. It has gained 30% since last year, while TSX stocks have gained a mere 3%!

Suncor Energy

Canada’s oil sands leader Suncor Energy (TSX:SU)(NYSE:SU) is one of the top-yielding energy producer stocks. It will pay a quarterly dividend of $0.47 per share, indicating an annual yield of 4%. The ex-dividend date is June 2 and will be paid on June 24.

Suncor Energy increased its Q2 dividend by 12%, thanks to higher oil and gas prices. Since the pandemic, TSX energy stocks have been on a roll, and many are sitting on a significant cash pile.

Thus, if energy commodities continue to trade strong, energy investors can expect higher dividends and steeper stock appreciation.

Barrick Gold

Top gold miner Barrick Gold (TSX:ABX)(NYSE:GOLD) doubled its Q2 dividend relative to Q1 2022. It will pay US$0.20 per share on June 15 and has an ex-dividend date of May 26.

Barrick Gold stock tumbled in April after reporting weaker-than-expected first-quarter performance. Its earnings dropped on lower production, which pulled down ABX stock by nearly 20% since last month.

Gold is a classic hedge against inflation. It will also gain traction if recession rhetoric gains more steam. Thus, gold miners and investors will likely enjoy superior performance with higher earnings growth, as they did early during the pandemic.

Manulife Financial

Canada’s leading insurance and financial services stock Manulife Financial (TSX:MFC)(NYSE:MFC) has been weak since last month. It has lost 15% since mid-April due to its poor Q1 earnings.

Manulife currently yields 6% and will pay a $0.33 per share dividend on June 20. The ex-dividend date is May 24. Note that its yield looks superior because of the recent stock price decline.

Manulife is a $44 billion company that generates half of its revenue from Asia. The stock was weak recently, because of its high exposure to Asia and COVID’s disproportionate impact on the region.

MFC stock has returned 15% in the last five years and 150% in the previous 10 years. However, considering the dividends and stable return prospects, MFC looks like a decent bet for income-seeking investors.

The post 4 High-Yield TSX Stocks to Buy Ahead of Their Ex-Dividend Dates appeared first on The Motley Fool Canada.

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The Motley Fool recommends PEMBINA PIPELINE CORPORATION. Fool contributor Vineet Kulkarni has no position in any of the stocks mentioned.

2022

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