3 Dividend Stocks to Double Up on Right Now

When you feel tempted to double up on a dividend stock, you might feel fear or frustration. The price drops, your confidence wobbles, and you start bargaining with yourself. It can still be a time to buy more, but only if the dividend rests on cash flow and a business people keep using in good times and bad.

I look for three clues: the payout stays covered, the balance sheet stays sturdy, and management stays consistent. If those basics hold, a lower price can raise your future yield. So let’s look at three that fit the bill.

GSY

goeasy (TSX:GSY) looks relevant now as Canadians still live with borrowing costs and consumer confidence swings. It lends to borrowers who do not fit the big-bank lane, and it earns money through interest income, fees, and related services. GSY stock pays a dividend that it has grown over time, which signals confidence in cash generation. The share price can swing more than a bank’s as credit risk sits closer to the surface, so the market can punish it fast when the economy looks shaky.

To judge its recent earnings, focus on credit first and growth second. Delinquencies, provisioning, and net charge-offs show whether the loan book stays healthy. Loan growth and funding costs show whether it can expand without stretching. On valuation, compare it to its own history and to other specialty lenders, as the market usually applies a risk discount here. The opportunity appears when results look steady but the dividend stock still prices in a harsh downturn.

CT

CT REIT (TSX:CRT.UN) also looks timely and offers a straightforward model, owning real estate and collecting rent, mostly from Canadian Tire. That tenant base adds stability, since the stores, warehouses, and distribution sites support a national retail system. Investors lump all retail real estate investment trusts (REIT) together when rates move. Yet it behaves more like a long-lease landlord than a mall operator. CRT.UN pays a steady distribution, which can suit investors who want a reliable monthly deposit.

In the latest quarter, the story revolves around rent growth, occupancy, and the funding plan. You want to see lease escalators doing their job and cash flow covering the distribution with room to spare. You’ll also want to see careful refinancing, because REITs can hurt themselves when debt costs jump. Valuation tracks bond yields, so a calmer rate outlook can lift the unit price even if operations stay boring. The big risk comes from concentration, so keep an eye on tenant health and renewal terms.

PXT

Parex Resources (TSX:PXT) looks relevant now as well as energy stocks still trade with a stigma, even when they throw off cash. It produces oil in Colombia and uses drilling to sustain output. When oil prices cooperate, it can generate free cash flow and return capital through dividends and buybacks. That creates a pay-me-while-I-wait setup. The dividend stock can fall when investors worry about crude or politics, even if operations stay steady and cash flow holds up.

For its recent earnings, watch production, costs per barrel, and capital discipline. You want it to fund drilling from cash flow and keep debt under control. Then check how it returns capital, since buybacks and dividends only help when management avoids overreaching. Valuation can look cheaper for producers, so execution matters more than hype.

Bottom line

Doubling up should feel like adding to a durable plan, not making a heroic call. goeasy offers dividend growth with credit-cycle risk, CT REIT offers steadier income with tenant concentration, and Parex offers cash-flow torque with commodity and country risk. Right now, here’s what all three dividend stocks could offer from $7,000 invested in each.

COMPANYRECENT PRICENUMBER OF SHARESDIVIDEND TOTAL ANNUAL PAYOUTFREQUENCYTOTAL INVESTMENTGSY$131.2553$5.84$309.52Quarterly$6,956.25CRT.UN$16.28430$0.95$408.50Monthly$7,000.40PXT$18.11386$1.54$594.44Quarterly$6,990.46

If you want to act now, pick one that matches your temperament, then set a rule. If the dividend stays covered and the balance sheet remains sturdy, keep adding through the noise and let time do the heavy lifting.

The post 3 Dividend Stocks to Double Up on Right Now appeared first on The Motley Fool Canada.

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More reading

• 2 Magnificent TSX Dividend Stocks Down 35% to Buy and Hold Forever
• 2 Top Dividend Stocks for Long-Term Returns
• Undervalued Canadian Stocks to Buy Now
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• There Are So Many Ways These (Currently) Cheap TSX Stocks Can Soar

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Parex Resources. The Motley Fool has a disclosure policy.