TSX Dividend Stocks To Watch In July 2024
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As the first half of 2024 concludes, the Canadian market has shown resilience with a solid performance, particularly benefiting from sectors like utilities and gold while maintaining lower volatility. This positive trajectory, coupled with favorable economic indicators and potential central bank rate cuts, sets an optimistic backdrop for investors. In this context, dividend stocks remain appealing due to their potential for steady income and relative stability amidst fluctuating markets.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Bank of Nova Scotia (TSX:BNS) | 6.77% | ★★★★★★ |
| Whitecap Resources (TSX:WCP) | 7.17% | ★★★★★★ |
| Enghouse Systems (TSX:ENGH) | 3.40% | ★★★★★☆ |
| Boston Pizza Royalties Income Fund (TSX:BPF.UN) | 8.46% | ★★★★★☆ |
| Secure Energy Services (TSX:SES) | 3.29% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.86% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.53% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.26% | ★★★★★☆ |
| Canadian Western Bank (TSX:CWB) | 3.23% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 9.07% | ★★★★★☆ |
Click here to see the full list of 33 stocks from our Top TSX Dividend Stocks screener.
Here we highlight a subset of our preferred stocks from the screener.
Enghouse Systems
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Enghouse Systems Limited is a global provider of enterprise software solutions with a market capitalization of approximately CA$1.67 billion.
Operations: Enghouse Systems Limited generates revenue through two main segments: the Asset Management Group, which brought in CA$180.88 million, and the Interactive Management Group, with revenues of CA$299.55 million.
Dividend Yield: 3.4%
Enghouse Systems Limited has shown a solid financial performance with a notable increase in both revenue and net income as of the second quarter of 2024, with revenues rising to CAD 125.81 million from CAD 113.46 million year-over-year. The company maintains a sustainable dividend, evidenced by a cash payout ratio of 45.8% and an earnings coverage ratio of 65.7%. Despite this, its dividend yield stands at 3.4%, which is lower than the top quartile of Canadian dividend payers at 6.62%. Additionally, Enghouse's commitment to returning value to shareholders is demonstrated through its recent share buyback activities and consistent dividend payments over the past decade.
High Liner Foods
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: High Liner Foods Incorporated, with a market capitalization of CA$407.29 million, specializes in processing and marketing frozen seafood products across North America.