5 Monthly Dividend Stocks to Buy in August

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

5. Pembina Pipeline Corporation (NYSE:PBA)

Dividend Yield as of August 2: 5.15%

Pembina Pipeline Corporation (NYSE:PBA) is a Canadian pipeline transport company that specializes in transportation and storage infrastructure.

In Q1 2022, the company reported $655 million in operating cash flow, up from $456 million during the same period last year. The company’s free cash flow also grew to $476 million in Q1, from $438 million in the prior-year period. It paid $347 million in dividends during the quarter, which shows that the company is generating enough money to cover its dividend payments. Pembina Pipeline Corporation (NYSE:PBA) pays a monthly dividend of C$0.21 per share, with a dividend yield of 5.15%, as of August 2.

In June, Canaccord raised its price target on Pembina Pipeline Corporation (NYSE:PBA) to C$56 and maintained a Buy rating on the shares.

Pembina Pipeline Corporation (NYSE:PBA) was a popular buy among elite funds in Q1 2022, according to Insider Monkey’s data. 19 hedge funds owned stakes in the company at the end of March, up from 10 in the previous quarter. These stakes are collectively valued at nearly $135 million.

ClearBridge Investments mentioned Pembina Pipeline Corporation (NYSE:PBA) in its Q1 2022 investor letter. Here is what the firm has to say:

“On a regional basis, the U.S. and Canada were the top contributors to quarterly performance. Pembina Pipeline, which provides transportation and midstream services for the energy industry in North America, was also up on greater LNG demand. The hiring of Scott Burrows as permanent CEO and Jaret Sprott as COO and reaffirmation of its corporate strategy also boosted investor sentiment. On an individual stock basis, the largest contributors to absolute returns in the quarter includes Pembina Pipeline.”