2 Top Dividend Stocks to Buy Before The New Year

The market continues to slip as 2022 arrives, here are two dividend stocks you should add to your portfolio today.

The S&P/TSX Composite Index is down by 5.65% from its all-time high on November 12, 2021, at writing, and the Canadian benchmark index continues to slip as 2022 approaches. Almost every sector of the economy is going towards red territory besides the utility industry. It is high time to reposition your investment portfolio to protect your capital from the market downturn.

Dividend investing in the right portfolio of income-generating stocks can provide you with the necessary stability to continue getting returns on your investments until the market recovers. Today, I will discuss two dividend stocks that could be worth snatching up at current levels in December.

National Bank of Canada

National Bank of Canada (TSX: NA) is a $31.89 billion market capitalization bank and the smallest among the Big Six Canadian banks in market capitalization. When it comes to reliable dividend stocks, you can never go wrong with any of the Big Six. National Bank stock is a powerful performer in its home province and an asset that could be worth owning if you are looking for reliable dividend stocks.

At writing, National Bank stock is trading for $94.37 per share, and boasts an attractive 10.68 forward P/E ratio. At current levels, National Bank stock pays its shareholders an inflated 3.69% dividend yield that could make it an excellent addition to your investment portfolio.

Keyera

Keyera Corp. (TSX: KEY) is a Calgary-based $6.15 billion energy infrastructure company. It is one of the country’s largest midstream oil and gas operators, and it has performed well on the stock market through most of 2021. The company’s third-quarter earnings report for fiscal 2021 showed that its net earnings more than doubled to $70 million from $33 million in the same period last year.

At writing, Keyera stock is trading for $27.82 per share, and boasts an inflated 6.90% dividend yield due to its recent decline. It could be the ideal time to scoop up its shares and lock in the juicy dividend yield before the stock starts climbing up again.

Foolish takeaway

It is only natural to be worried about your investment returns as the market continues to be volatile. Many investors might consider taking their money out of the stock market and looking for safe-haven assets elsewhere. However, harsh operating conditions like these are ideal for investors who can recognize good opportunities amid the chaos.

Suppose that you are worried about your investment returns being impacted by market volatility. In that case, it is better to allocate some of your money to stocks that can continue providing you with reliable returns. When markets eventually turn around, the right investments can provide you with even greater returns through capital gains.

National Bank of Canada stock and Keyera Corp. stock could be ideal assets for this purpose.

Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool recommends KEYERA CORP.

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