In this article, we will take a look at some of the best high growth Canadian dividend stocks.
A Reuters poll of economists expects the Bank of Canada to maintain its overnight interest rate at 2.75% on July 30 for the third consecutive meeting, citing recent upward pressure on inflation and a decline in unemployment. While the central bank has implemented a cumulative 225 basis points in rate cuts since June 2024, it has remained on pause since March as policymakers navigate ongoing uncertainty surrounding US tariff threats. Despite the current hold, a majority of analysts still forecast at least two additional rate cuts by the end of the year.
The direction of Canada’s economic outlook is heavily influenced by trade developments, particularly since over 80% of Canadian exports are routed to the United States. Higher American import tariffs on core goods, including steel, aluminum, and automobiles, have already contributed to a deterioration in business and consumer confidence within Canada. Further complicating the trade environment, a recent proposal by President Donald Trump to implement a blanket 35% tariff on goods not covered under the existing Canada-US-Mexico Agreement has added to the policy uncertainty.
Regarding Trump’s tariff threats, Matthew Holmes, the chief of public policy at the Canadian Chamber of Commerce, recently commented:
“It’s really kind of a decoupling moment that is scary to watch in the short term. In the medium to long term, I have to say, it’s an important wake-up call for Canada. If I look back on this in 20 years, I hope to be able to say that this woke Canada up to the need to be a little more strategic and have a little bit more of its own agency in the economy and in the kind of economy we want.”
But how exactly are these trade tensions rippling through the broader Canadian economy? Canada’s economy posted an unexpected growth of 2.2% in Q1 2025, largely attributed to anticipatory purchasing by American firms ahead of potential tariff increases. Nevertheless, the broader outlook remains clouded by considerable uncertainty surrounding the ongoing US trade negotiations. A new trade deal between Canada and the US is expected in the coming months and will play an important role in shaping the future economic outlook.
With that in mind, let’s take a look at the 10 high growth Canadian dividend stocks that are also on Wall Street’s radar.
Image by Steve Buissinne from Pixabay
Our Methodology
We used the Finviz stock screener to filter out Canadian stocks that pay dividends and have an average 5-year revenue growth of over 10%. The 10 chosen stocks were some of the top high-growth dividend stocks that also received coverage from Wall Street analysts and mainstream media outlets recently. These stocks were favored by top hedge funds in the first quarter of 2025, as per Insider Monkey’s Q1 2025 database. The following list is arranged in ascending order of the number of hedge fund holders.
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10. Algonquin Power & Utilities Corp. (NYSE:AQN)
Average 5-Year Revenue Growth Rate: 11.77%
Dividend Yield as of July 25: 4.33%
Number of Hedge Fund Holders: 23
Algonquin Power & Utilities Corp. (NYSE:AQN) is one of the best high growth stocks. On June 4, RBC Capital lifted the target price to $6.50 from $6 and reiterated a Sector Perform rating on the stock. This adjustment aligns with the company’s newly introduced “Back to Basics” strategy, outlining EPS targets through 2027, along with a forecasted 8.5% ROE and nearly 5% CAGR in its rate base.
The strategic presentation delivered by Algonquin Power’s management exceeded investor expectations, particularly with respect to the company’s forward-looking guidance through 2027. The greater clarity and specificity provided during the presentation seem to have boosted investor confidence, contributing to a nearly 16% increase in the company’s share price. Moreover, Algonquin’s robust profile is supported by its 28-year history of uninterrupted dividend payouts.
Even though the strategy was well received, RBC Capital kept a Sector Perform rating on Algonquin. The firm explained that they are still concerned about how well the company can follow through on its plans. They also pointed out that the stock seems expensive right now, trading at 21 times and 17 times the expected earnings for 2026 and 2027, based on the company’s guidance, not including HLBV income.
Algonquin Power’s “Back to Basics” plan is a big move to help the company get on stronger financial ground and grow steadily in the next few years.
Algonquin Power & Utilities Corp. (NYSE:AQN), headquartered in Oakville, Canada, is a diversified utility company that specializes in regulated electric, water, wastewater, and natural gas systems.
9. Pembina Pipeline Corporation (NYSE:PBA)
Average 5-Year Revenue Growth Rate: 13.33%
Dividend Yield as of July 25: 5.64%
Number of Hedge Fund Holders: 25
Pembina Pipeline Corporation (NYSE:PBA) is one of the best high growth stocks. On June 26, National Bank Financial upgraded PBA to Outperform from Sector Perform, while keeping the price target steady at C$56.
The upgrade indicates National Bank’s constructive outlook on the gas and natural gas liquids (NGL) infrastructure value chain, supported by estimates that the Western Canadian Sedimentary Basin could increase output by approximately 8.5 billion cubic feet per day (bcf/d) over the next decade.
National Bank highlighted Pembina’s strategic positioning as the primary third-party natural gas processor in Canada, combined with its integrated operations in NGL extraction, ethane supply, and related growth opportunities. The firm further reflected on Pembina’s sector-leading valuation potential, citing an estimated unrisked upside of approximately C$7.50 per share.
Pembina Pipeline’s shares have declined by over 5% since the start of 2025 and are currently valued at less than 11 times the company’s projected 2026 EV/EBITDA. This represents a discount relative to industry peers, which are trading at nearly 12 times.
Pembina Pipeline Corporation (NYSE:PBA) is a Canadian provider of energy transportation and midstream services.
8. Hudbay Minerals Inc. (NYSE:HBM)
Average 5-Year Revenue Growth Rate: 11.95%
Dividend Yield as of July 25: 0.14%
Number of Hedge Fund Holders: 34
Hudbay Minerals Inc. (NYSE:HBM) is one of the best high growth stocks. Copper World, a subsidiary of Hudbay Minerals Inc., announced on June 11 that multiple local firms will partake in feasibility studies and support the initial phases of development for the Copper World project. This development represents a critical step in progressing one of Southern Arizona’s most significant and fully permitted mining ventures, with substantial implications for regional economic growth.
The project team includes experienced firms such as Arizona-based Sundt Construction and M3 Engineering, along with others that bring expertise in mine design, infrastructure, processing, and environmental management, with many having prior experience in Southern Arizona and strong connections to the local workforce.
This project follows an integrated delivery model, where engineers, builders, and technical experts work closely together from the beginning. This teamwork helps with better planning, reduces risks, and makes the whole process run more smoothly from start to finish.
Copper World Inc., along with local union building trades, has committed to building the Copper World mine near Tucson, aiming to boost local jobs and economic growth. Over its 20-year span, the project is expected to generate over $850 million in US taxes and create thousands of direct and indirect jobs. Copper World plans to locally process copper, cutting emissions and supporting the US supply chain for critical minerals.
Hudbay Minerals Inc. (NYSE:HBM) is a diversified Canadian mining company engaged in the exploration, development, and optimization of copper, gold, silver, zinc, and molybdenum concentrates across the Americas.
7. Kinross Gold Corporation (NYSE:KGC)
Average 5-Year Revenue Growth Rate: 19.25%
Dividend Yield as of July 25: 0.75%
Number of Hedge Fund Holders: 39
Kinross Gold Corporation (NYSE:KGC) is one of the best high growth stocks. At the end of May, Riley Gold Corp announced that its 2025 drilling program had officially started at the Pipeline West/Clipper Gold Project (PWC), which is being run by Kinross Gold U.S.A., a subsidiary of Kinross Gold Corporation.
A detailed geological study was done to guide new drilling near past major gold finds in the Cortez District. The new drilling sites are being placed about 2.5 km northwest of an earlier 2024 drill hole, aiming toward areas where soil tests showed high gold levels. The goal is to find a large gold deposit in a similar location to another well-known gold site nearby.
Kinross plans to collect more soil samples in 2025 to build on Riley Gold’s 2023 survey. That earlier survey found signs of gold in the soil over a 3 km area, along with other elements that usually appear near certain types of gold deposits. This new sampling will help explore a larger area for potential gold.
On March 13, 2024, Riley Gold made a deal with Kinross that gives Kinross the chance to own up to 75% of Riley Gold’s PWC project if it invests at least $20 million. The PWC project is in a well-known gold-rich area in Nevada. Kinross is paying for and running the project and also owns about 10% of Riley Gold through a separate investment.
Kinross Gold Corporation (NYSE:KGC) is a mining company engaged in the acquisition, exploration, and development of gold assets across the United States, Brazil, Chile, Canada, and Mauritania.
6. Cenovus Energy Inc. (NYSE:CVE)
Average 5-Year Revenue Growth Rate: 37.43%
Dividend Yield as of July 25: 4.04%
Number of Hedge Fund Holders: 39
Cenovus Energy Inc. (NYSE:CVE) is one of the best high growth stocks. The US still relies on Canadian oil imports, contrary to statements made by President Donald Trump, according to the CEO of Cenovus Energy in a June 10 statement.
Cenovus CEO Jon McKenzie, at a conference in Calgary, pointed out that American dependence on Canadian oil persists, in contrast to Trump’s claims.
Canada delivers almost 4 million barrels of oil per day to the United States, despite Trump’s recurring threats to impose duties on it.
McKenzie also acknowledged Canada’s ongoing dependence on American energy systems and called for greater diversification in its energy trade partners.
Cenovus Energy Inc. (NYSE:CVE) is an integrated energy company engaged in the development, production, refining, and marketing of crude oil, natural gas, and petroleum products across Canada, the United States, and China.
5. Waste Connections, Inc. (NYSE:WCN)
Average 5-Year Revenue Growth Rate: 10.51%
Dividend Yield as of July 25: 0.67%
Number of Hedge Fund Holders: 41
Waste Connections, Inc. (NYSE:WCN) is one of the best high growth stocks. On June 20, Truist reaffirmed a Buy rating on WCN with a price target of $220.
Truist conveyed confidence in Waste Connections, Inc. (NYSE:WCN)’s ability to uphold premium pricing, attributing this to its focus on service excellence, vertical integration, and workforce stability. The research firm specifically highlighted the often overlooked value of low employee turnover, noting its role in driving a significant 10.75% revenue growth over the past twelve months.
Waste Connections also continues to exhibit impressive merger and acquisition activity. The firm noted that, relative to its industry peers, WCN is particularly well-positioned to capitalize on future solid waste acquisition opportunities.
Waste Connections’ solid balance sheet and consistent free cash flow generation have been identified as critical drivers of its acquisition strategy. These financial strengths afford the company strategic flexibility to capitalize on further growth opportunities within the solid waste sector.
Waste Connections, Inc. (NYSE:WCN) provides comprehensive non-hazardous waste management services across the United States and Canada.
4. GFL Environmental Inc. (NYSE:GFL)
Average 5-Year Revenue Growth Rate: 23.89%
Dividend Yield as of July 25: 0.13%
Number of Hedge Fund Holders: 43
GFL Environmental Inc. (NYSE:GFL) is one of the best high growth stocks. At the beginning of June, Bloomberg disclosed that GFL is evaluating the sale of a stake in its infrastructure subsidiary, Green Infrastructure Partners Inc., in a transaction valued at approximately C$5 billion, including debt. This potential deal reflects growing investor appetite for Canadian civil infrastructure, with prominent investment funds showing strong interest in participating.
GFL has reportedly engaged in preliminary discussions with private equity firms including General Atlantic, Energy Capital Partners, and Neuberger Berman. If the transaction proceeds, it would represent one of the most significant infrastructure-related deals in Canada this year.
For GFL, the partial sale of Green Infrastructure Partners represents an opportunity to gain capital to facilitate the subsidiary’s continued growth. This move reflects wider market dynamics, as private capital increasingly targets infrastructure assets that offer long-term stability and reliable cash flows amid heightened market volatility.
GFL shareholders are involved in early discussions about a possible sale, but nothing has been finalized yet, and core details are still up in the air. More bidders could join the mix as talks progress, with GFL focusing on long-term goals.
GFL Environmental Inc. (NYSE:GFL) provides a range of non-hazardous waste management and environmental solutions, including hauling, landfill operations, material recovery, liquid waste management, and soil remediation for municipal, residential, commercial, and industrial clients.
3. Agnico Eagle Mines Limited (NYSE:AEM)
Average 5-Year Revenue Growth Rate: 27.58%
Dividend Yield as of July 25: 1.26%
Number of Hedge Fund Holders: 50
Agnico Eagle Mines Limited (NYSE:AEM) is one of the best high growth stocks. On June 23, Rockcliffe Capital initiated coverage of AEM with a Strong Buy rating and a price target of $155, indicating a 25% upside potential.
Agnico Eagle has shown remarkable operational discipline and reported record-breaking financial results this quarter, noted Felix Gelt, Managing Director of Research at Rockcliffe Capital. With Q1 net income surging to $815 million (134% yoy increase) and free cash flow of $594 million. Revenue rose approximately 35% to $2.47 billion, while a 10% drop in all-in sustaining costs improved profitability. The company generated over $1 billion in operating cash flow and reduced its net debt to just $5 million, backed by a cash reserve of $1.1 billion.
Strategic investments in assets such as Detour Lake and Upper Beaver, alongside the O3 Mining acquisition, reflect Agnico’s long-term growth agenda. Shareholder returns also remain a priority, with a $0.40 per share dividend and $50 million in buybacks this quarter.
Rockcliffe Capital sees 25% upside potential for Agnico Eagle. However, the outlook is not without risks, including volatility in gold prices, possible project delays, and macroeconomic headwinds such as a rising US dollar or interest rates.
Agnico Eagle Mines Limited (NYSE:AEM), headquartered in Toronto and incorporated in 1953, is a leading gold mining company focused on the exploration, development, and production of precious metals, including gold, silver, zinc, and copper.
2. Teck Resources Limited (NYSE:TECK)
Average 5-Year Revenue Growth Rate: 24.10%
Dividend Yield as of July 25: 1.11%
Number of Hedge Fund Holders: 62
Teck Resources Limited (NYSE:TECK) is one of the best high growth stocks. Teck Resources is currently evaluating strategies to scale up its germanium production, which is an essential material in semiconductor manufacturing. According to Doug Brown, Vice President of Communications and Government Affairs, the company is engaged in funding discussions with the governments of Canada and the United States to support this expansion plan.
Teck’s expansion initiative is part of a larger bid to diversify global supply chains for critical minerals essential to the technology and defense sectors. This comes in light of escalating geopolitical tensions and trade barriers that have increased concerns over the heavy reliance on China for the production and refinement of these major resources.
China, responsible for nearly 60% of the world’s refined germanium supply, recently imposed export restrictions on germanium, gallium, and antimony. These metals have substantial military applications, specifically targeting the United States. This action has further raised trade tensions between the two global powers, following the American government’s efforts to constrain China’s semiconductor industry.
Taking this into account, Teck Resources is looking at ways to expand its processing capacity, potentially by building on its current technology. The company sources germanium as a by-product from its Red Dog zinc operations in Alaska, refines it in British Columbia, and exports most of it to the US without tariffs under the USMCA agreement.
While Canada’s Energy Ministry has not commented on whether it will fund Teck’s plans, it has emphasized that broader trade talks with the US are ongoing, and that Canada is open to working closely with its neighbor to strengthen critical mineral supply chains.
Teck Resources Limited (NYSE:TECK) is a Canadian mining company based in Vancouver that explores, produces, and refines metals like copper, zinc, lead, and silver across Asia, the Americas, and Europe.
1. Canadian Pacific Kansas City Limited (NYSE:CP)
Average 5-Year Revenue Growth Rate: 14.24%
Dividend Yield as of July 25: 0.86%
Number of Hedge Fund Holders: 65
Canadian Pacific Kansas City Limited (NYSE:CP) is one of the best high growth stocks. On June 11, Canadian Pacific announced a debt offering through its subsidiary, Canadian Pacific Railway Company, involving the issuance of C$1.4 billion in senior notes. The offering comprises C$500 million in 4.00% notes due 2032, C$600 million in 4.40% notes due 2036, and C$300 million in 4.80% notes due 2055, all of which will be fully guaranteed by CP.
The transaction was set to close on June 13, 2025, given that the customary closing conditions were met. Net proceeds from the offering will go toward the refinancing of Canadian Pacific Railway Company’s existing debt obligations and utilized for general corporate purposes.
Scotia Capital, BMO Nesbitt Burns, CIBC World Markets, and RBC Capital Markets were leading the offering as joint bookrunners and agents. It is important to note that since the securities are not registered under US federal securities laws, their sale or distribution within the US is restricted unless an exemption is eligible or formal registration is completed.
Canadian Pacific Kansas City Limited (NYSE:CP) operates a transcontinental freight railway across Canada, the United States, and Mexico. The company provides rail and intermodal transportation services to move bulk commodities, industrial products, and consumer merchandise.
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