Having a passive income stream is the dream of every worker. However, many passive income firms are not as passive as they initially appear. Over time, you have no choice but to devote your time and effort to run these so-called passive businesses.
However, there is a truly passive option, namely investing in a dividend shares. If you can find a dividend stock that offers excellent and timely payments while not falling with its overall value, you are looking for not only passive income but also growth in your initial investment.
Get $ 300 a month with Suncor Energy shares
If you want to have $ 300 deposited into your account each month without doing a little work, you need to invest $ 20,000 in Suncor Energy (TSX: SU) (NYSE: SU) stocks.
The security is currently trading at $ 40.17, with a dividend yield of 4.56% (per quarter), which translates roughly into a monthly dividend payment of $ 0.61.
To earn $ 300 each month, you need to buy 492 shares of Suncor Energy which would cost you approximately $ 19,740. You can invest more in Suncor to increase monthly dividend income.
However, I do not recommend doing so. It's always best to keep your investment profile diversified and not go too far with one title.
There is also a chance for overall growth
Investing in Suncor Energy couldn't just open a window for monthly passive income. You can also see gains in your initial investment. This integrated energy company that explores and processes bituminous sand has recorded inventory growth of 23.18% over the past five years.
If you had invested $ 20,000 in Suncor five years ago, your initial investment would have turned into $ 24,246 and you would also have been able to use the dividend payments.
Even though oil companies are still sensitive to fluctuating crude prices, Suncor's integrated model makes it less vulnerable to these continuous ups and downs.
Suncor has the advantage over traditional oil exploration companies because it also has pipelines and refineries. When demand for crude oil decreases, refinery margins often increase, and this is where Suncor can offset the drop in revenues due to the decline. oil prices. In addition, Suncor has no capacity restrictions like other oil producers, thanks to its own pipeline network.
Complete control of its supply chain network allows Suncor to go through the downturns of the international oil market without registering a substantial drop in revenue.
In addition, the acquisition of Petro-Canada has been providing stable cash flows to Suncor for the past ten years. The largest urban network of 1,750 service stations means that Suncor's finances are subject to the toll of fluctuating oil prices.
The Suncor Energy share is a good buy to have a passive income stream. It can help you offset the effects of inflation and manage surprise spending. Its robust economic model has been the engine of equity growth and may also continue to grow in the future.
In short, Encore Energy stocks will not provide you with monthly income, but can also increase your initial investment.
Fool contributor Jason Hoang has no position on any of the securities mentioned.
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