It’s Not Too Late to Buy These Ultra-High-Yield Dividend Stocks

Increasing yield

The S&P/TSX Composite Index rose 72 points on Tuesday, November 15. Some of the top-performing sectors included information technology and energy, while some of the worst-performing sectors were battery metals and telecoms. Canadian stocks built nice momentum in the second half of October, but that has seemingly stalled in recent weeks. Today, I want to look at three ultra-high-yield dividend stocks that are worth snatching up for the income they can provide in this choppy market.

Here’s an ultra-high-yield dividend stock that offers nice value in the middle of November

Great-West Lifeco (TSX:GWO) is a Winnipeg-based financial services company that is engaged in the life and health insurance, retirement and investment services, asset management, and reinsurance businesses in Canada, the United States, and Europe. Shares of this high-yield dividend stock have dropped 15% in 2022 as of close on November 15. However, the stock has surged 7.2% month over month.

This company released its third-quarter (Q3) fiscal 2022 results on November 2. President and chief executive officer Paul Mahon praised Great-West’s performance in the face of significant economic headwinds. It finished the quarter with a strong capital position. Consolidated assets increased 4% to $673 billion and assets under administration (AUA) climbed 7% to $2.4 trillion.

Shares of this dividend stock currently possess a favourable price-to-earnings (P/E) ratio of 10. In Q3 2022, Great-West approved a quarterly dividend of $0.49 per share. That represents a tasty 6.1% yield.

This legacy media stock also provides big income

Corus Entertainment (TSX:CJR.B) is a Toronto-based media and content company that operates specialty and conventional television networks and radio stations in Canada and around the world. This dividend stock has plunged 54% in the year-to-date period. The stock is now down 60% from the same period in 2021.

Investors can expect to see this company’s first-quarter fiscal 2023 earnings in early January. It unveiled its fourth-quarter and full year fiscal 2022 results on October 21. Corus delivered revenue growth of 4% to $1.59 billion for the full year. The uncertain economic environment has had a negative impact on Corus’s ability to draw in advertisers in the final quarter of this fiscal year.

This dividend stock spent much of September and October in technically oversold territory. It still offers very attractive value compared to its industry peers at the time of this writing. Meanwhile, Corus last paid out a quarterly dividend of $0.06 per share, which represents a monster 10% yield.

One high-yield dividend stock that has caught fire in the final months of 2022

Algonquin Power & Utilities (TSX:AQN) is the third and final high-yield dividend stock I’d look to snatch up as we move into the second half of November. Shares of this stock have plunged 30% over the past week as of close on November 15. The stock is down 41% in the year-over-year period.

The company was hit by major turbulence after the release of its third-quarter fiscal 2022 earnings. It delivered total revenue growth of 26% to $666 million. However, adjusted net earnings were reported at $73.5 million, or $0.11 per common share — down 25% and 27%, respectively, from the previous year. These results fell short of Algonquin’s expectations, as the company was hit hard by tightening interest rates and the timing of tax incentives connected to its renewable power projects.

This dividend stock possesses a solid P/E ratio of 26. Moreover, it offers a quarterly dividend of $0.181 per share, representing a now-super 9.2% yield. Algonquin has hit a rough patch, but its current price and yield are enticing, as it still boasts exposure to the promising green energy space.

The post It’s Not Too Late to Buy These Ultra-High-Yield Dividend Stocks appeared first on The Motley Fool Canada.

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* Returns as of 11/4/22

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Fool contributor Ambrose O’Callaghan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.