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TFSA Investors: 3 Dividend Stocks on Sale Yielding up to 5.5%

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If you’re looking for some dividend stocks to add to your TFSA, the good news is that there are several that have dipped in value recently that could be attractive buys today. Below are three stocks that have fallen more than 5% in the past month and that are yielding more than 3%.

Canadian Natural Resources (TSX:CNQ)(NYSE:CNQ) stock has dropped more than 19% in the past three months, as the company is coming off a quarter that, while it did see a big improvement in the bottom line, failed to see an increase in sales. With quarterly earnings right around the corner, CNRL could definitely see its fortunes turn around in a hurry if the company is able to turn in a better result.

Before that happens, however, investors bullish on the results may be tempted to buy the stock for its yield, which is currently paying 4.6%. That’s a very solid payout for one of the top companies in the industry. Unless the company has a disastrous performance, I fully expect to see some sort of a rally from the stock, as it has generally seen strong support at around $33 a share over the past year.

NFI Group (TSX:NFI) hasn’t released its earnings, but it has given investors a bit of a warning sign. The company recently released its delivery numbers for Q2, which not only didn’t rise from a year ago, but they were noticeably down. That could make for some troubling earnings results for a company that is already coming off a quarter that wasn’t very strong.

As a result, in just one month, the share price for NFI has fallen by 16%. However, the company still has a lot of potential, and over the years it has generated some good growth along the way. It’s still a quality stock and with a yield that’s now paying investors 5.5%. And it could be an opportune time to buy NFI, especially with expectations already being low for Q2 now that the delivery numbers have deflated the hope investors had for the quarter.

Savaria (TSX:SIS) is another long-term play for investors that has struggled in the short term., falling 13% over the past six months. And although personal mobility is going to be very important as the population continues to age, the company still has a long way to go in getting investors excited about the stock today.

The good news is that Savaria has been performing well this year, as in its most recent quarter, it saw revenues climb by more than 50%. Profitability, unfortunately, remains an issue as the company has struggled to grow its bottom line.

However, the stock is still an appealing buy, as it has great growth prospects and pays a solid dividend. Currently, its monthly payouts are yielding 3.4% per year. The company has also recently raised its dividend payments as well.

Overall, there haven’t been any big red flags to spook investors away, and I’m confident that the stock will rebound, as it’s still a very attractive buy for growth investors, and it’s also not a bad value buy either.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor David Jagielski has no position in any of the stocks mentioned. NFI Group is a recommendation of Stock Advisor Canada. Savaria is a recommendation of Hidden Gems Canada.

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