5 Best Monthly Dividend Stocks to Buy in October

In this article, we discuss 5 best monthly dividend stocks to buy in October. If you want to read our detailed analysis of dividend stocks and their returns in the past, go directly to read 10 Best Monthly Dividend Stocks to Buy in October. 

5. Keyera Corp. (TSX:KEY.TO)

Dividend Yield as of October 5: 6.56%

Keyera Corp. (TSX:KEY.TO) is one of the largest midstream oil and gas companies in Canada. The company provides services to oil and gas producers in the country and also transports natural gas liquids.

In Q2 2022, Keyera Corp. (TSX:KEY.TO) reported a strong cash position, with its operating cash flow of $199 million, up from $112 million during the same period last year. Its distributable cash flow (DCF) was $209 million, compared with $148 million in the prior-year quarter. The company has a healthy payout ratio of 51%, as it paid $106 million in dividends from its DCF during the quarter.

Keyera Corp. (TSX:KEY.TO) has been raising its dividends consistently for the past six years and has a five-year dividend CAGR of 3.91%, coming through as one of the best monthly dividend stocks to buy. It currently pays a monthly dividend of C$0.16 per share, with a dividend yield of 6.56%, as of October 5.