Top ASX Dividend Shares to Watch in April 2024

Team Veye | 16-Apr-2024

Horizon Oil Limited (ASX: HZN) 

Horizon Oil Limited based in Australia, is an oil and gas company primarily engaged in petroleum exploration, development, and production. It operates across two distinct segments: New Zealand: 

Exhibiting robust operational performance, Horizon Oil Limited's forward-looking strategy centers on advancing production enhancement initiatives, notably at Maari and Block 22/12.  Horizon Oil Limited's acquisition of a 25% stake in the Mereenie project positions the company strategically for long-term success. Mereenie, a high-margin and low-cost conventional oil and gas asset, offers stable cash flows with significant contracted gas offtake agreements. 

As of 31 December 2023, the company's cash and net cash totalled US$45.1 million, with an additional US$10.5 million from the Maari December lifting post-period. The cash flow from operating activities displayed a robust 26% increase, reaching US$32.47 million.

Demonstrating financial strength, the company declared an interim distribution of AUD 1.5 cents per ordinary share with an ex date at 18 April 2024. Its annual dividend yield is 18.91% places it amongst Highest Paying Dividend Stocks

Metcash Limited (ASX: MTS) 

Metcash Limited is an Australian wholesale distribution and marketing company that provides comprehensive support to its food, liquor, and hardware customers. 

MTS recently announced that it entered into legally binding contracts to acquire three strategically matched companies, aimed at enhancing its growth trajectory, resilience, and diversification. 

These acquisitions align with Metcash's strategic objectives and are expected to contribute positively to its market position and expansion plans.

Demonstrating its consistent financial growth, Metcash Limited's track record of consistent and increasing dividend payments highlights its reliability as an investment option.

As of July 2024, the forecasted dividend stands at $0.04 per share, marking an initial uptick. This positive trajectory is expected to persist, with dividends projected to rise to $0.10 per share by December 2025 and further to $0.12 per share by December 2027. 

Bendigo and Adelaide Bank Limited (ASX: BEN)

Bendigo and Adelaide Bank Limited is an Australian financial institution providing a wide range of banking and financial services. 

Throughout FY23 and the period that followed, BEN has made significant advancements in its strategic efforts in order to add efficiency and balance volume growth and margin management. In doing so, the company has streamlined its operations and offerings.

The cost-to-income ratio significantly improved by 420 basis points, decreasing to 54.9%, reflecting enhanced operational efficiency. Most notably, the bank's customer base expanded impressively by 9.9% to 2.4 million customers, showcasing robust efforts in customer acquisition and retention, setting a strong foundation for potential future growth.

BEN’s annual dividend yield is 6.36% and its consistency places it in the list of Best Long Term Dividend Stocks.


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