After rallying for two consecutive quarters, the TSX Composite has turned negative in the second quarter of 2024. While the Canadian market index posted a fresh record high in the second half of May, it has tanked by nearly 4% in less than a month since then as concerns about the economic outlook continue to haunt investors.
Despite this uncertain market environment, long-term investors could still boost their investment income by doubling up on Canadian dividend stocks. Moreover, dividend stocks usually tend to be more resilient and stable than non-dividend-paying stocks, especially during market downturns.
In this article, Iāll highlight two top dividend stocks that offer attractive yields, consistent payouts, and strong growth prospects. Buying more of these stocks could help you double your investment income in the long run.
Image source: Getty Images
Westshore Terminals stock
Westshore Terminals Investment (TSX: WTE) is the first top dividend stock you can consider doubling up on right now, especially after it has gone down sharply of late. This Vancouver-based company primarily focuses on operating coal storage and shipment facilities in British Columbia.
It currently has a market cap of $1.4 billion as its stock trades at $22.38 per share after sliding by 17.3% so far in 2024. However, the recent declines in its share prices have made WTE stockās annualized dividend yield even more attractive, which currently stands at around 6.7%.
In the last 12 months (ended in March 2024), Westshore Terminalsās revenue has grown positively by 32.8% YoY (year over year) to $369 million. To add optimism, its adjusted earnings in these four quarters have surged by roughly 34% YoY to $1.58 per share. Although lower coal shipment volumes have affected its financial growth trends in the latest reported quarter, Westshore stockās long-term growth outlook remains strong, with the company continuing to focus on new projects to boost infrastructure and effective capital management.
Brookfield Infrastructure Partners stock
Brookfield Infrastructure Partners (TSX: BIP.UN) could be another strong dividend stock to consider right now for doubling your investment income. This global infrastructure giant owns a diversified portfolio of essential infrastructure assets across sectors, including utilities, data, water, and energy.
It currently has a market cap of $17.1 billion as its stock trades at $37.03 per share with about 11.3% year-to-date losses. Brookfield Infrastructure stock is known for its robust business model that generates stable cash flows, which helps it deliver strong dividend payouts to shareholders. At the current market price, the company offers a 6% annualized dividend yield.
In the last year, Brookfield Infrastructureās revenue has inched up by 24.1% YoY to US$18.9 billion. Strong operational performance and contributions from recent acquisitions helped the company post solid adjusted earnings of US$0.34 per share for these four quarters combined, reflecting an outstanding 325% YoY increase.
Moreover, Brookfield Infrastructureās ability to leverage its global presence, strategic focus on inflation-indexed revenues, and diversified asset portfolio brightens its long-term growth outlook, making it a top Canadian dividend stock to buy now and hold for years to come.
