With stock prices slumping, valuations have come down considerably in 2022, and some stocks are downright cheap. But among the benefits of falling stock prices is that dividend yields move in an inverse relationship to stock prices -- at least when payouts hold steady. As such, today, investors can buy some compelling income streams at dirt cheap prices. 

Three dividend stocks trading at bargain levels these days are Douglas Dynamics (NYSE: PLOW), Kinder Morgan (NYSE: KMI), and Enterprise Products Partners (NYSE: EPD). Here's why our contributors think they'll be great buys in August. 

Reuben Gregg Brewer (Douglas Dynamics): Selling and installing commercial work truck attachments and equipment (like snow plows) may not sound exciting, but Douglas Dynamics' dividend yield is as high as it has been in roughly five years. And given that its streak of annual payout increases is over a decade long, this news should be at least a little exciting. Also, at around 3.9%, its dividend yield is notably above the stock's five-year average of roughly 2.9%. For reference, an S&P 500 index fund will only get you a yield of around 1.5% today.

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Source Fool.com