6.7% dividend yields! 2 FTSE 250 dividend stocks to buy right now

Trading’s been bumpy on the FTSE 250 in recent weeks. Rising Covid-19 rates and soaring inflation have sapped buoyant investor confidence and Britain’s second-tier index is now trading 6% lower from 1 September’s record peaks of 24,290 points.

Looking on the bright side, I think this reversal presents an opportunity to pick up some choice bargains. Indeed, the following two FTSE 250 shares offer dividend yields I believe are too good to miss following recent share price falls. Here’s why I’d buy them today.

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An all-round FTSE 250 bargain

There’s a lot I like about ContourGlobal (LSE: GLO) today. For one, I believe it offers jaw-dropping value in terms of both earnings and income. City analysts think the power station operator’s earnings will rocket 345% in 2021.

This results in a mega-low forward price-to-earnings growth (PEG) ratio of 0.1. A reading below 1 suggests that a stock could be undervalued.

Meanwhile, ContourGlobal offers a dividend yield that makes mincemeat of the FTSE 250 forward average of 1.9%. For 2021 this clocks in at a mammoth 6.7%.

I also really like the defensive nature of ContourGlobal’s operations. Electricity is one of life’s essential commodities and the business plays an essential role in providing this. I’m also a fan of the company’s broad global footprint. This gives it exposure to fast-growing emerging markets where energy demand is poised to boom.

Finally, I think ContourGlobal’s decision to concentrate on renewable and low-carbon thermal energy will pay off handsomely as the green revolution clicks through the gears. Though project delivery problems are an ever-present threat — the construction of power plants is a highly complex process, after all — I still think the risk-to-reward profile of ContourGlobal is highly attractive.

A property powerhouse I’d buy today

HICL Infrastructure (LSE: HICL) doesn’t carry dividend yields as large as ContourGlobal. Its 5.1% yield however still packs a hell of a punch. And like the electricity generator, it has exposure to non-cyclical sectors that provide reliable revenues, whatever the weather.

HICL Infrastructure is an investment company which ploughs money into essential infrastructure projects. These include highways, hospitals, railways and schools, the sort of critical assets which produce a steady stream of income and robust cashflows.

The assets it buys up are located both in the UK, on mainland Europe and in North America too. This provides it with added strength through geographical diversification.

There’s always the possibility that HICL Infrastructure could overpay to acquire an asset, or that a project it picks up might fail to deliver on its initial promise. This could result in significant reputational damage that might, in turn, negatively impact the share price.

But I’m impressed by the company’s track record on this front and its proud history of delivering decent shareholder returns. Like ContourGlobal, I think the property powerhouse is a great FTSE 250 dip buy.

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Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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