Wall Street Anticipates a Leap of 45% or More for Four High-Yield Dividend Stocks in 2024
High yield doesn’t always equate to low growth, and there are numerous instances to prove this point. In fact, in some cases, high yield can lead to incredibly high growth opportunities. This could be the situation for these four high-yield dividend stocks that, according to Wall Street, could skyrocket by at least 45% in 2024.
Sasol Ltd Sasol Ltd (NYSE: SSL), a global speciality chemicals and energy firm based in Johannesburg, South Africa, offers an enticing dividend that currently yields over 9.2%. This high yield can be attributed to Sasol’s poor stock performance, with its share price plummeting almost 40% in the past year. This drastic drop has given Sasol what seems to be an incredibly inexpensive valuation, with a forward earnings multiple of 7.8. Although only one analyst covered by LSEG in January follows Sasol, they predict a strong rebound for the stock in 2024, with a 12-month price target nearly twice the current share price.
Vodafone Group Vodafone Group (NASDAQ: VOD) is a leading telecommunications provider in Europe and Africa and is favoured by some income investors due to its impressive dividend yield of 10.9%. However, while many stocks thrived last year, Vodafone struggled, with its shares dropping more than 13% in the past year. Despite challenges, including declining profits in key European markets and executive turnover, all three analysts surveyed by LSEG in January rate the stock as a buy or a strong buy. They project the 12-month price target to be over 61% above Vodafone’s current share price.
Crescent Point Energy Crescent Point Energy (NYSE: CPG), an oil producer based in Calgary, Alberta, Canada, offers a base dividend yielding 4.3%. The company also returns about 60% of its excess cash flow to shareholders through a variable dividend. While the stock has seen a modest 5% gain in the past year, Crescent Point Energy’s share price has almost tripled over the last three years. The single analyst covering Crescent Point Energy surveyed by LSEG predicts a 12-month price target that suggests a potential upside of 59%.
Icahn Enterprises LP Icahn Enterprises LP (NASDAQ: IEP), named after its renowned founder, Carl Icahn, and based in Florida, operates businesses spanning various sectors, including automotive, energy, investments, and real estate. It offers a staggering dividend yield of 22.3%. Despite halving its dividend last year, the impact on its yield was minimal due to the company’s share price plummeting 65% in the last 12 months. However, the only analyst surveyed by LSEG who set a price target for Icahn Enterprises anticipates better days ahead, setting a target 45% above the current share price. While this may not be enough for Icahn Enterprises to recoup its losses from the past year, it’s still a significant increase if the stock can achieve this projection.
