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Date : 30/03/2024

Top ASX Dividend Stocks for April 2024

As April 2024 unfolds, the investment seas remain turbulent, with geopolitical tensions, fluctuating commodity prices, and the ever-present spectre of inflation. Yet, amidst this unpredictability, three ASX-listed giants—Woodside Energy Group Ltd, BHP Group Limited, and Rio Tinto Group—emerge as beacons for astute investors. Each offers a unique blend of resilience, strategic growth, and dividend allure, drawing keen interest from the investor community. Here’s an in-depth look at their recent performance, strategic moves, and investment potential:

Woodside Energy Group Ltd (ASX: WDS)

Woodside Energy, a titan in the oil and gas sector, previously faced a stark 74% drop in net profit in 2023, unsettling investors. However, the firm’s ambitious merger with BHP Petroleum underscores its expansive vision. Notably, a recent deal to purchase 1.3 million tonnes of LNG annually from Mexico Pacific for two decades signals strategic diversification and long-term growth potential. With an impressive dividend yield of 11.25%, Woodside Energy stands out for investors seeking high-income stocks in the energy sector.

top asx dividend stocks april 2024 - woodside wds chart
Source: Tradingview

BHP Group Limited (ASX: BHP)

Melbourne-based BHP Group, Australia’s largest diversified mining behemoth, is navigating the commodities market with agility. Despite its heavy reliance on iron ore prices—intimately linked to China’s economic vitality—BHP has maintained its position as a mining powerhouse. The recent surge in iron ore prices has buoyed profits, though caution remains due to China’s economic uncertainties. With a dividend yield of 11.06% and significant hedge fund investment, including a $1.3 billion stake by Fisher Asset Management, BHP offers a compelling case for those looking to invest in mining with a cautious yet optimistic outlook.

top asx dividend stocks april 2024 - bhp asx stocks chart
Source: Tradingview

Rio Tinto Group (ASX: RIO)

Rio Tinto, with its diverse mining operations, has faced the ebb and flow of commodity prices with resilience. Despite a forecasted downtrend in dividends, as projected by Morningstar analyst John Mills, the company’s sound balance sheet and strategic conservatism signal stability. The recent U.S. court decision allowing land acquisition for a new copper mine underscores Rio’s strategic wins and growth trajectory. With a significant stake held by Fisher Asset Management, valued at $1.1 billion, Rio Tinto presents an attractive investment for those eyeing the mining sector with a long-term perspective.

top asx dividend stocks april 2024 - rio tinto limited
Source: Tradingview

 

In an era marked by volatility and transition, Woodside Energy Group Ltd, BHP Group Limited, and Rio Tinto Group stand as pillars of strength and potential in the ASX landscape. Their strategic foresight, coupled with robust dividend yields, makes them attractive to both hedge funds and individual investors. As the global economy navigates through challenges, these companies offer a blend of stability, growth potential, and income, making them key considerations for a diversified investment portfolio in 2024.

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