Top 5 ASX Dividend Stocks in 2024

Market cap: AU$6.91 billion; dividend yield: 13.26 percent

As Australia’s largest pure-play coal producer, Yancoal Australia operates five mines and manages five other projects across the states of New South Wales, Queensland and Western Australia. The company is coming off a strong year in 2023 with a 19 percent increase in its run-of-mine coal production amounting to annual revenues of AU$7.8 billion.

Yancoal pays out dividends to shareholders twice a year, with a total of AU$918 million in dividend payments for 2023. The company’s latest dividend was paid on April 30, 2024, at AU$0.32 per share.

Market cap: AU$3.93 billion; dividend yield: 10.97 percent

ASX-listed dividend stock New Hope is involved in all stages of the coal industry, from exploration and development to production and processing. The company owns interests in two open-cut coal mines in Queensland and New South Wales, and is also involved in the agriculture and oil and gas sectors.

Russia’s war in Ukraine has pushed many European nations to turn the dial up on coal usage to meet rising energy needs. This has translated into greater revenues for New Hope as coal prices rise.

In its 2023 financial report, the company highlights that net cash from operating activities came to AU$1,524,800 for the period, up 34 percent from the previous year. “Exceptional performance across the business throughout FY23 enabled our team to capitalise on the market conditions, finishing the year with $730.7 million cash at bank, no debt following the convertible note repurchase and a net asset position of $2,525.3 million,” said New Hope CEO Rob Bishop. “This outstanding result has enabled the Company to reward shareholders with a final fully franked dividend of 21 cents per ordinary share, and a special fully franked dividend of 9 cents per ordinary share.

New Hope paid out a dividend of AU$0.17 per share on April 30, 2024.

Market cap: AU$79.12 billion; dividend yield: 8.09 percent

Western Australia’s Fortescue is one of the world's biggest iron ore producers. The mining giant has multiple operations in the Pilbara region and its products are sold globally, but mainly to China.

Chairman Andrew Forrest has committed the company to reaching zero carbon emissions by 2030. As part of this green initiative, in early 2022 the company bought Williams Advanced Engineering and announced the world’s first zero-emissions infinity train, which will be able to use electric power to bring ore to port.

More recently, the company partnered with phosphate-based fertiliser firm OCP Group to supply green hydrogen, ammonia and fertilisers to Morocco, Europe and international markets.

Fortescue's dividend payments are made to shareholders twice a year. Its most recent dividend was paid out on March 27, 2024, at AU$1.08 per share.

Market cap: AU$1.15 billion; dividend yield: 7.42 percent

Helia Group provides lenders mortgage insurance (LMI) in Australia for residential mortgages, with a focus on high loan-to-value ratio residential mortgage loans. In September 2023, Helia entered a partnership with Great Southern Bank to become an exclusive partner for LMI solutions for the bank’s mortgage customers.

In 2023, the company’s insurance revenue came to AU$427.3 million, while its capital return to investors totalled AU$342.9 million. “We have a very strong capital position and continue to return surplus capital, enhancing returns to shareholders,” noted Pauline Blight-Johnston, CEO and managing director of Helia, in the company’s annual report.

Helia’s shareholders enjoyed a AU$0.45 per share dividend payout on March 22, 2024.

Market cap: AU$57.91 billion; dividend yield: 7.08 percent

Woodside Energy Group is focused on oil and gas, as well as what it calls new energy. Its operating assets are located in Australia and internationally, including the Gulf of Mexico and Senegal, as well as Trinidad and Tobago.

The company’s Q1 production totalled 44.9 million barrels of oil equivalent (boe). “Significant progress was made in the period on our three major growth projects,” said CEO Meg O’Neill. “Commissioning activities are now underway at the Sangomar project in Senegal, on track for first oil in the middle of this year. Nineteen of the 23 production wells at Sangomar have now been completed.” Guidance for the full year is set at 185 million boe to 195 million boe.

Woodside Energy issues dividends with its full-year and half-year results. Its latest payout to shareholders came in at US$0.60 (about AU$0.92) per share on April 4, 2024.