5 Canadian Dividend Stocks With Yields of 4% or More

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You don’t have to look far to find Canadian dividend stocks offering attractive yields. In fact, some of Canada’s largest businesses pay attractive, consistent dividends. Here is a list of five Big hat You can now pick up Canadian stocks with yields over 4%.

A large dividend-paying energy infrastructure stock

With a market cap of $110 billion, Enbridge (TSX: ENB) is the third largest TSX-listed Company in Canada. Priced at $54.50, this dividend stock has a whopping 6.4% dividend yield.

Enbridge operates an unmatched portfolio of energy infrastructure assets. The fact that it helps transport and export 30% of the oil produced in North America indicates how vital this business is.

Enbridge has worked hard to diversify its business over the years. It is now a significant player in natural gas transmission and distribution, but it also has a large renewable energy portfolio. The company expects cash flows to grow 5-7% for the next two years, and dividend growth is likely to continue at the lower end of that range.

A Canadian energy major

Another dividend stock with a heavy focus on energy production Canadian Natural Resources (TSX: CNQ) with a market capitalization of $88 billion, which is huge Energy share In Canada. With a share price of $79.50, it has a dividend yield of 4.2%.

Canadian Natural is a best-in-class energy operator. It produces nearly 1.3 million barrels of oil per day. It has decades-long reserves and very low production costs (it’s free cash flow positive at less than US$30 per barrel).

Last year, CNQ doubled its dividend and issued a special dividend. More shareholder rewards this year, according to the soon-to-be-updated balance sheet.

A leader in renewables

If you don’t like oil stocks, Brookfield Renewable Partners (TSX:BEP.UN) is a global leader in renewable energy. At $39 per share, it has a market capitalization of $32 billion, and it carries a distribution yield of 4.4%.

BEP has faced some period hiccups due to macro and environmental issues (low hydrology for its hydro assets), and shares have sold off. However, it is trading at a very reasonable valuation today.

BEP has more than 21 GW of energy capacity in its portfolio. Its development pipeline is five times larger than that. It should support steady earnings and dividend growth for years to come.

Largest Canadian bank stock for dividends

If energy isn’t your thing, why not consider it Toronto-Dominion Bank (TSX:TD) with a market capitalization of $163 billion, it is Canada’s second largest stock. At a price of $89.80, the stock yields a dividend yield of 4.3%. Its five-year average dividend yield is 3.88%, thus suggesting that the stock is a good value today.

TD is Canada’s largest retail bank. It also has a strong presence in the Eastern US banking market. TD is known for its well-capitalized balance sheet and its generally prudent lending practices.

TT has grown and paid its dividends for nearly three decades. Given some recent acquisitions in the US, further earnings and dividend growth is possible.

A great Canadian telecom

Telus (TSX:T) is final Blue chip stock A good dividend yield should be considered. Its market cap is $40.5 billion. At $28.40 per share, that yields a dividend yield of 4.9%.

TELUS is Canada’s second largest telecommunications business. It continues to lead in customer and revenue growth in the space. TELUS is unique. It has distinguished itself from its peers by building multiple digital vertical businesses in healthcare, agriculture and business/customer experience services.

This dividend stock increased its dividend by 7% last year. Expect high single-digit dividend growth over the next few years. Telus is a solid dividend and a great bet for some reasonable growth.

Position 5 Canadian dividend stocks with yields of 4% or more appeared first Motley Fool Canada.

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* Percentages as of 11/29/22

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Further reading

Fool Contributor Robin Brown holds positions at Brookfield Renewable Partners and Telus. The Motley Fool recommends Brookfield Renewables Partners, Canadian Natural Resources, Enbridge and Telus. A motley fool Disclosure Policy.


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