PetroTal Corp. and Pine Cliff Energy Ltd. are two high-yield Canadian dividend stocks to watch now. We used the TipRanks Stock Screener tool for Canadian stocks to explore stocks with over 11% dividend yield. Investing in dividend stocks is a good way to diversify your portfolio while ensuring consistent income to meet regular financial needs. These stocks offer double rewards to shareholders in the form of dividends and share price appreciation in the long run.
PetroTal Corp. (TSE:TAL)
Alberta-based PetroTal is a Canadian oil and gas company. It focuses on the exploration and development of crude oil and natural gas in Peru, South America, where it has two operating blocks.
PetroTal offers a hefty dividend yield of 11.87%. TAL’s board of directors announced its Q2 dividend of $0.015 per share, payable on June 14, 2024. Further, the company renewed its share buyback program for up to $12 million per year, until May 23, 2025.
In Q1 FY24, PetroTal reported average sales of 18,347 barrels of oil per day (bopd), with an average production of 18,518 bopd. Oil revenue jumped 19.7% sequentially to $100.58 million. Meanwhile, net income per share rose by a solid 150% to $0.05. Notably, the company announced the acquisition of 100% working interest in Peru’s Block 131. The strategic deal provides PetroTal additional production capacity of roughly 900 bopd.
Is PetroTal a Good Investment?
With only one Buy rating received in the past three months, TAL stock has a Moderate Buy consensus rating on TipRanks. The average PetroTal price target of C$1.75 implies 130.3% upside potential from current levels. In the past year, TAL shares have gained 5.6%.
Pine Cliff Energy Ltd. (TSE:PNE)
Alberta-based Pine Cliff Energy is a natural gas and oil exploration company. Its operations are spread across Central and Southern Alberta as well as in the Western Canadian Sedimentary Basin. The company’s vision is to create long-term shareholder value by paying meaningful dividends.
Pine Cliff Energy boasts a massive dividend yield of 11.56%. Earlier this week, the company declared a regular monthly dividend of C$0.005 per share to be paid on June 28.
In Q1 FY24, average production rose 18.9% year-over-year to 23,865 barrels of oil equivalent per day. Meanwhile, commodity sales fell 3% year-over-year to C$51.3 million and the company posted a net loss of C$0.01 per share, down from a net profit of C$0.01 per share in Q1 FY23.
Is Pine Cliff Stock a Buy?
With two Buys versus one Hold rating, PNE stock has a Moderate Buy consensus rating on TipRanks. The average Pine Cliff Energy price target of C$1.17 implies 9.6% upside potential from current levels. In the past year, PNE shares have lost 22.5%.
Key Takeaways
Investing in dividend-paying stocks is a good way to boost your regular income. The aforementioned high-yield Canadian dividend stocks could be considered by investors after thorough research.
