North American markets are still battling volatility to open the week on March 14. The ongoing Russia-Ukraine war led to a significant economic response from NATO and European Union allies. This, in turn, has led to a massive disruption for the international energy market. Investors may be looking to protect their portfolio in this uncertain environment. Today, I want to look at four high-yield dividend stocks that are discounted right now. Let’s jump in.
This high-yield media stock is dirt cheap right now
Corus Entertainment (TSX: CJR.B) is a Toronto-based media and content company. It is a big player in the children’s television market. Moreover, it operates the national Global Television Network. Shares of this dividend stock have increased 1.5% in 2022 as of early afternoon trading on March 14. The stock is still down 19% year over year.
Legacy media companies like Corus faced challenges during the pandemic, but increased news engagement was also a boost. This allowed Corus to bolster its advertising revenue in recent quarters. In the first quarter of fiscal 2022, the company delivered revenue growth of 10% to $463 million. Moreover, free cash flow jumped 28% to $79.9 million. That is good news for income investors.
Shares of Corus possess a very attractive price-to-earnings (P/E) ratio of 5.9. It offers a quarterly dividend of $0.06 per share. That represents a 4.8% yield.
Here’s a top dividend stock that is still undervalued
Manulife Financial (TSX: MFC)(NYSE: MFC) came strong out of the gate in January 2022. I’ve been bullish on Manulife’s prospects since the beginning of the decade. Shares of this dividend stock have climbed 2% so far this year. The stock is down 5.5% from the same period in 2021.
In 2021, core earnings were reported at $6.53 billion — up from $5.51 billion in the previous year. Meanwhile, diluted earnings per common share rose to $3.54 compared to $2.93 for the full year in 2020. Moreover, total new business value climbed to $2.24 billion over $1.80 billion in the prior year.
This dividend stock has a very favourable P/E ratio of 7.1. Manulife last paid out a quarterly dividend of $0.33 per share, representing a strong 5.1% yield.
The commodities boom is good news for this dividend stock
Russel Metals (TSX: RUS) is another dividend stock worth consideration, as commodities are blowing up in this climate. This Toronto-based company operates in the metal distribution space. The stock is down 7.2% in the year-to-date period. Its shares are still up 20% year over year.
In 2021, revenues increased to $4.20 billion compared to $2.68 billion in 2020. Meanwhile, adjusted EBITDA soared to $667 million over $159 million in the prior year. This dividend stock possesses an extremely attractive P/E ratio of 4.4. It offers a quarterly distribution of $0.38, which represents a very solid 4.9% yield.
Why this is still the ultimate high-yield energy stock
Enbridge (TSX: ENB)(NYSE: ENB) is an energy infrastructure giant that is worth targeting, as oil and gas prices have surged in response to the Russia-Ukraine crisis. Shares of this dividend stock are up 13% so far in 2022. The stock has climbed 23% from the previous year.
This past weekend, I’d discussed why Enbridge was perfect for a 2022 RRSP portfolio. The company posted GAAP earnings of $5.8 billion, or $2.87 per common share — up from $3.0 billion, or $1.48 per common share, in 2020. Enbridge possesses a favourable P/E ratio of 19. It last paid out a quarterly dividend of $0.86 per share. That represents a tasty 6.1% yield.
