For dividend investors, the opportunity to acquire Canadian Utilities, Enbridge, and Fortis stocks presents itself as a lucrative option this August. These renowned dividend-paying companies are set to have upcoming record dates in August 2024. To be eligible for the next dividend payout, investors must secure these stocks at least two business days prior to the record date.
Canadian Utilities, an energy infrastructure corporation, stands out as a reliable source of passive income with its diversified portfolio, rate-regulated assets, and defensive business model. The company has a remarkable track record of increasing dividends annually for the past 52 years, positioning it as a top contender for consistent dividend growth. With a record date of August 8 and dividends payable on September 1, Canadian Utilities offers a solid yield of 5.4%.
Enbridge, another energy infrastructure company, boasts a consistent history of annual dividend increases, having paid dividends for over 69 years. The company’s highly diversified revenue stream and long-term contracts provide stability to its earnings and payouts. Enbridge’s strategic investments in conventional and renewable energy assets are expected to drive future growth, supporting its dividend growth trajectory. Enbridge stock has a record date of August 15, with dividends payable on September 1, offering a quarterly dividend of $0.915 per share and yielding about 7% near the current market price.
Investors may also want to consider adding shares of Fortis, a utility giant with a record date of August 20 and dividends payable on September 1. Known for its defensive business model and consistent dividend payments, Fortis has raised its dividends for 50 consecutive years, offering a decent yield of 4%. The company’s ongoing investments in regulated assets are poised to drive future earnings and dividend distributions, with an expected dividend growth rate of 4 to 6% annually through 2028. While the potential for continued dividend growth is promising, Fortis’ payouts are well-supported by its regulated earnings base.
