Top TSX Dividend Stocks To Consider In October 2024
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As the TSX reaches new all-time highs, buoyed by optimism from recent U.S. Fed rate cuts and a surge in AI enthusiasm, investors are keenly observing how markets will navigate the upcoming U.S. presidential election. Despite potential volatility ahead of election day, the broader economic trends and rising corporate earnings suggest a resilient market environment. In this context, dividend stocks offer a compelling investment opportunity due to their potential for steady income and long-term growth, making them particularly attractive during periods of market uncertainty.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Whitecap Resources (TSX:WCP) | 7.22% | ★★★★★★ |
| Secure Energy Services (TSX:SES) | 3.27% | ★★★★★☆ |
| Labrador Iron Ore Royalty (TSX:LIF) | 7.93% | ★★★★★☆ |
| Power Corporation of Canada (TSX:POW) | 5.27% | ★★★★★☆ |
| Enghouse Systems (TSX:ENGH) | 3.09% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 8.55% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.68% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.09% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.36% | ★★★★★☆ |
| Sun Life Financial (TSX:SLF) | 4.13% | ★★★★★☆ |
Click here to see the full list of 31 stocks from our Top TSX Dividend Stocks screener.
We're going to check out a few of the best picks from our screener tool.
Aecon Group
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Aecon Group Inc. and its subsidiaries offer construction and infrastructure development services to private and public sector clients in Canada, the United States, and internationally, with a market cap of CA$1.30 billion.
Operations: Aecon Group Inc. generates revenue primarily from its Construction segment (CA$4.04 billion) and Concessions segment (CA$34.47 million).
Dividend Yield: 3.6%
Aecon Group's dividends have been stable and growing over the past decade, but its dividend yield of 3.63% is lower than the top 25% of Canadian dividend payers. Recent financial results show a significant net loss, impacting earnings quality and profit margins. Despite high payout ratios indicating dividends are not well covered by earnings, they are adequately covered by cash flows. The company recently secured major contracts and announced a share repurchase program.
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Unlock comprehensive insights into our analysis of Aecon Group stock in this dividend report.
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Upon reviewing our latest valuation report, Aecon Group's share price might be too optimistic.
Peyto Exploration & Development
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Peyto Exploration & Development Corp. is an energy company focused on the exploration, development, and production of natural gas, oil, and natural gas liquids in Alberta's Deep Basin with a market cap of CA$2.95 billion.