There are a lot of options for income investors to choose from on the Australian share market.
To narrow things down, I have picked out three ASX dividend stocks that analysts rate as buys and are forecasting 6%+ dividend yields. Here's what you need to know about them:
APA Group (ASX: APA)
The first ASX dividend stock for income investors to consider buying is APA Group.
It is an energy infrastructure business that owns and operates a $27 billion portfolio of gas, electricity, solar and wind assets. This includes 15,000 kilometres of natural gas pipelines that connect sources of supply and markets across mainland Australia.
Analysts at Macquarie are feeling positive about the company's outlook and expect its long run of dividend increases to continue. The broker is forecasting dividends of 56 cents per share in FY 2024 and then 57.5 cents per share in FY 2025. Based on the current APA Group share price of $8.29, this equates to 6.75% and 6.9% dividend yields, respectively.
Macquarie has an outperform rating and $9.40 price target on its shares.
Dalrymple Bay Infrastructure Ltd (ASX: DBI)
Over at Morgans, its analysts think that Dalrymple Bay Infrastructure could be an ASX dividend stock to buy. It is the long-term operator of the Dalrymple Bay Coal Terminal, which has been Queensland's premier coal export facility since 1983.
The broker currently has an add rating and $3.05 price target on its shares.
As for income, the broker is forecasting dividends per share of 22 cents in FY 2024 and then 23 cents in FY 2025. Based on the latest Dalrymple Bay Infrastructure share price of $2.76, this will mean yields of 8% and 8.3%, respectively.
HomeCo Daily Needs REIT (ASX: HDN)
Morgans is also expecting some big dividend yields from HomeCo Daily Needs shares. It is a property company focused on neighbourhood retail and large format retail assets.
The broker likes the company due to the resilience of its cashflows and its exposure to accelerating click and collect trends. Combined with its development pipeline, Morgans feels the company is well-positioned for growth.
It expects this to underpin dividends per share of 8 cents in FY 2024 and then 9 cents in FY 2025. Based on the current HomeCo Daily Needs share price of $1.21, this will mean yields of 6.6% and 7.4%, respectively.
Morgans currently has an add rating and $1.37 price target on the ASX dividend stock.
