5 Stocks that Pay Dividends Monthly

3. First Trust New Opportunities MLP & Energy Fund (NYSE: FPL)

Number of Hedge Fund Holders: 1
Dividend Yield: 8.21%

First Trust New Opportunities MLP & Energy Fund (NYSE: FPL) is a closed-end, non-diversified, and managed fund that aims to deliver high returns to investors. Its investments are mainly in energy utilities and the energy industry. It invests in electric utilities and midstream companies that are well-positioned to provide consistent growth well into the future.

First Trust New Opportunities MLP & Energy Fund announced a dividend of $0.0375 per share for April, aligning with the dividend payout for the previous month. Its investment in Midstream looks healthy considering the demand for fossil fuels while experiencing growth from its utilities investments courtesy of electrification. The fund is not largely diversified, considering that its assets are in a few companies. 2020 was a good year for the fund, although there are signs that it might be over distributing. First Trust is currently trading at discounted prices, but its yield remains impressive at 8.21%.