September 2024 Dividend Stock Watch List

As I'm writing this blog post on Friday, August 9th, the weather forecast for this weekend here in Central Wisconsin is ideal. It's expected to be partly sunny, with high temperatures reaching into the upper 70s Fahrenheit.

Now that I have completed my stock purchases for August, I am looking ahead to my anticipated purchases for September.

Dividend Stock #1: Meta Platforms (META)

The first stock on my watch list for September is Meta Platforms (META). Curious readers can find my investment thesis in this Seeking Alpha article from last month.

META's social media platforms are used by half of the world. The continued integration of AI into its business is driving greater advertising efficiency and higher ad prices. The growth forecast for the global digital advertising industry is also very promising. Not to mention META's balance sheet is unbelievably strong. The starting yield of 0.4% may not be much, but the payout should have tons of room to grow in the future. Finally, shares look to be meaningfully undervalued from the current $514 share price (as of August 9, 2024).

Dividend Stock #2: Alphabet (GOOGL)

Next up on my watch list for next month is Alphabet (GOOGL). Interested readers can check out my thoughts on GOOGL in this June Seeking Alpha article.

Like META, the user base for GOOGL's products is extensive. That provides the company and its advertising partners with a treasure trove of data to run effective targeted ad campaigns. This positions GOOGL admirably in the growing digital advertising market as well. That should lead to promising growth prospects for the company. Additionally, GOOGL's balance sheet is arguably the most enviable among all of Big Tech. Like META, the company's 0.5% starting yield is small. However, it has a considerable growth runway. Lastly, shares of GOOGL are a great value from the current $162 share price (as of August 9, 2024).

Dividend Stock #3: Enbridge (ENB)

Last up is my more income-oriented pick of the month, Enbridge (ENB). For my updated thesis on ENB, readers can peruse my Seeking Alpha article from May.

Amid the AI boom and anticipated surge in electricity demand, ENB is well-positioned as North America's leading midstream operator. The company continues to steadily grow. Combined with an investment-grade balance sheet and modest payout ratio, this bodes well for ENB's dividend growth streak to persist well beyond the current three-decade mark. Despite these solid fundamentals, the midstream giant looks to be discounted from the current $39 share price (as of August 9, 2024).

Concluding Thoughts:

There we have it. In my view, my watch list for September 2024 contains an attractive mix of value with each of these three picks. ENB supplements the lower starting yields of META and GOOGL. Simultaneously, the latter two compensate for the more modest growth prospects of ENB. For my money, I also think the trio is of exceptional, world-class quality. This is why I'm very excited to be adding to each of these stakes in the coming weeks.

Discussion:

Are any of META, GOOGL, or ENB on your watch list for September 2024?

If not, what dividend growth stocks are you monitoring for the weeks ahead?

Thanks for your readership and I look forward to your comments below!