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Collect $935 in Monthly Passive Income With These 3 Dividend Heavyweights

Have you ever dreamed of making a substantial income every month without a lot of effort? As an investor, there is a possibility that you could earn thousands of dollars per month in passive income. High-yield dividend-paying stocks can allow you to make a substantial amount through dividend payments every month.

However, picking out just any dividend-paying stock will not help you meet your goals for passive monthly income. I am going to discuss three dividend-paying heavyweight stocks trading on the TSX right now that can help you earn an additional $900 per month.

Renewable energy

TransAlta Renewables (TSX:RNW) is a subsidiary company of TransAlta, a major utility company based in Calgary, Alberta.

TransAlta Renewables relies on hydroelectric dams, natural gas facilities, and wind power for its revenue and pays a decent dividend. Its focus is on building better prospects for renewable energy, providing services to clients in the U.S., Canada, and Australia.

The catastrophic bush fires in Australia are increasing awareness of the need for renewable energy sources to reduce the impact of global warming. Companies like TransAlta Renewables are leading the charge for more environmentally responsible sources of energy.

The stock trades for $16.17 per share at writing with a hefty dividend yield of 5.81%. Investing $50,000 in the stock can help you earn $242 per month in dividend income.

Energy transportation

Enbridge Inc. (TSX:ENB)(NYSE:ENB) is another energy sector stock you can consider for passive monthly income. It is widely considered to be a high-quality choice for investors with a variety of goals.

The massive $107.41 billion market capitalization company has an integrated structure, operating as one of the premier companies in the North American mid-stream industry. Enbridge is shielded from the effects of volatile commodity prices due to its integrated operational procedures, and it is increasing its focus on clean energy. The company relies on commodity transportation rather than production, making its revenue predictable and reliable. Enbridge’s green power segment is operating facilities for geothermal, solar, wind, and waste heat recovery.

As the company continues to grow, the stock’s 6.11% dividend yield presents an attractive option for investors. Purchasing $50,000 worth of ENB shares can help you earn $254 per month in passive income through its dividends.

High dividend yield

A company with an insanely high dividend yield, Chemtrade Logistics Income Fund (TSX:CHE.UN) is in the chemicals sector playing an essential role for its customers. The company is responsible for providing various materials essential across several industries like water treatment, oil refining, and pulp and paper production.

The company operates in a competitive market with customers mostly concerned with the price of commodities. Chemtrade is a $1.05 billion market capitalization company that has established itself in the industry to generate reliable and consistent income. The company has managed to increase its sales in recent years but slowed last year due to slowed production rates amid rail carrier issues in its fleet.

Despite the slight slowdown in revenue last year, the company’s cash flow remains strong. It has a phenomenal dividend yield of 10.54% that it can sustain due to its leading position in the industry. Investing $50,000 in the Chemtrade stock can allow you to earn $439 per month through its hefty dividends.

Foolish takeaway

Investing $50,000 in each of Chemtrade, Enbridge, and TransAlta Renewable can help you earn a total of around $935 per month through dividends alone. As you grow your wealth through the dividends, you can invest in more high-yield dividend-paying companies to keep increasing your monthly dividend income.

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Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Enbridge. The Motley Fool recommends CHEMTRADE LOGISTICS INCOME FUND.

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