5 Best Canadian Dividend Stocks

In this article, we will take a look at the 5 Best Canadian Dividend Stocks. To read our analysis of the Canadian economy as well as the risk/reward and methodology of this list, you can go to the 10 Best Canadian Dividend Stocks.

5. Enbridge Inc. (NYSE:ENB)

Dividend Yield as of September 23: 7.08%

Number of Hedge Fund Holders: 25

Calgary, Alberta-based Enbridge Inc. (NYSE:ENB) is a pipeline company operating nearly 18,000 miles of crude oil and liquids pipelines in the United States and Canada, and natural gas pipelines across North America, as well as natural gas utility serving customers in Ontario. The company is responsible for the transport of 30% of the crude oil produced in North America and 20% of the natural gas consumed in the United States.

Enbridge Inc. (NYSE:ENB) has paid dividends to its shareholders for over 67 years. In terms of Canadian dollars, it has steadily grown dividends over the course of its history, resulting in an average compound annual growth rate of 10% for dividends over the past 27 years. The latest increase came in December 2021, with 3% increase in dividends to C$0.86 per common share per quarter translating into C$3.44 per share on an annualized basis.

On September 8, Raymond James analyst Michael Shaw increased the price target on Enbridge Inc. (NYSE:ENB) shares to C$60 from C$57 and upgraded the rating to ‘Outperform’ from ‘Market Perform’.

As of Q2 2022, Enbridge Inc. (NYSE:ENB) shares were held by 25 of the 895 hedge funds tracked by Insider Monkey, valued at $2.4 billion GQG Partners was its biggest shareholder with ownership of 51.9 million shares valued at $2.2 billion.