Increasing yield

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The S&P/TSX Composite Index was up 187 points in early afternoon trading on December 6. Canadians stocks have been reeling since a late-November dip that has been exacerbated by reports suggesting that central banks are ready to move on rate hikes early in 2022. This market pullback should spur investors to take advantage of discounts. Today, I want to look at three high-yield dividend stocks to snag on the dip. Let’s jump in.

This dividend stock offers a monster yield for investors

Keyera (TSX:KEY) is a Calgary-based company that is engaged in the energy infrastructure business. Its shares have climbed 21% in 2021 at the time of this writing. The stock is down 10% in the month-over-month period.

The company released its third-quarter 2021 earnings on November 3. Adjusted EBITDA came in at $214 million — up from $196 million in the prior year. Meanwhile, net earnings climbed to $70 million compared to $33 million in the third quarter of 2020. Keyera boasts $1.4 billion in available liquidity.

Shares of this dividend stock are trading in favourable value territory compared to its industry peers. Keyera offers a monthly dividend of $0.16 per share. That represents a tasty 6.9% yield.

Why this green energy stock is worth grabbing during the market pullback

Capital Power (TSX:CPX) is an Edmonton-based company that develops, acquires, owns, and operates power-generation facilities in North America. Shares of Capital Power have increased 11% in 2021. This dividend stock has dropped 3.6% in the month-over-month period.

In Q3 2021, Capital Power posted adjusted EBITDA of $286 million — up from $284 million in the third quarter of 2020. Net income in the year-to-date period increased to $156 million, or $1.09 per diluted share, compared to $129 million, or $0.87 per diluted share, in the previous year-to-date period. Meanwhile, adjusted funds from operations jumped to $456 million in the first nine months of 2021 — up from $436 million in the prior year.

This dividend stock is also trading in attractive value territory in comparison to its industry peers. It offers a quarterly dividend of $0.547 per share. That represents a strong 5.5% yield.

One more dividend stock to buy now

Last week, I’d looked at some of the top bank stocks to buy after the final batch of earnings were released. Scotiabank (TSX:BNS)(NYSE:BNS) stock has climbed 25% in 2021 at the time of this writing. Shares of this dividend stock have surged following the release of its fourth-quarter and full-year 2021 earnings.

Scotiabank delivered adjusted net income of $2.71 billion, or $2.10 per share, in the fourth quarter of 2021 — up from $1.93 billion, or $1.45 per share, in the previous year. Meanwhile, in the year-to-date period adjusted earnings jumped to $10.1 billion, or $7.87 per share. It delivered strong growth in all major segments for the year.

The bank boosted its quarterly dividend to $1.00 per share, which represents a solid 4.7% yield. Shares of this dividend stock still have a favourable P/E ratio of 11.



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