There are plenty of ASX dividend shares for investors to choose from on the local market. So many, it can be hard to decide which ones to buy.
But don't worry, in order to narrow things down for you, I have picked out a couple of dividend shares that analysts have recently named as buys and tipped to provide income investors with some juicy dividend yields.
Here's what you need to know about these ASX dividend shares:
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APA Group (ASX: APA)
Income investors might want to take a look at APA Group if they are looking for some new additions to their portfolio this month.
APA Group is an energy infrastructure business that owns, manages, and operates a diverse, $27 billion portfolio of gas, electricity, solar and wind assets.
It caught the eye of analysts at Macquarie last month when it released its half-year results. APA Group delivered revenue, earnings, and distribution growth. The latter builds on 19 years of distribution growth.
Macquarie responded to the results by upgrading APA Group's shares to an outperform rating with a $9.40 price target. This implies potential upside of approximately 11% for investors over the next 12 months.
In addition, the broker is expecting its shares to provide investors with some great yields in the near term. Macquarie is forecasting dividends per share of 56 cents in FY 2024 and then 57.5 cents in FY 2025. Based on the current APA Group share price of $8.48, this equates to 6.6% and 6.8% yields, respectively.
Aurizon Holdings Ltd (ASX: AZJ)
Another ASX dividend share that could be a buy for income investors this month is Aurizon.
It is Australia's largest rail freight operator. Each year, its network transports more than 250 million tonnes of Australian commodities and connecting miners, primary producers, and industry with international and domestic markets.
The team at Ord Minnett thinks investors should be snapping up its shares. In response to its half-year results in February, the broker put an accumulate rating and $4.70 price target on its shares. This suggests potential upside of approximately 17% for investors over the next 12 months from current levels.
In respect to income, the broker is forecasting partially franked dividends of 17.8 cents per share in FY 2024 and then 24.3 cents per share in FY 2025. Based on the latest Aurizon share price of $4.02, this will mean attractive dividend yields of 4.4% and 6%, respectively.
