5 Best Canadian Dividend Stocks to Buy for the Next 5 Years

In this article, we will take a look at the 5 Best Canadian Dividend Stocks to Buy for the Next 5 Years. For deeper discussion and analysis, read 10 Best Canadian Dividend Stocks to Buy for the Next 5 Years. 

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5. Enbridge Inc. (NYSE:ENB)

Number of Hedge Fund Holders: 37

On June 25, Morgan Stanley raised its price recommendation on Enbridge Inc. (NYSE:ENB) to C$86 from C$85. It reiterated an Equal Weight rating on the stock. After recently hosting meetings with the company’s senior management in Europe, the firm said Enbridge is well-positioned to continue expanding its secured project backlog over the next several quarters. Morgan Stanley believes this should provide greater visibility into the annual EBITDA growth of 5% beyond 2030.

On May 26, CIBC also raised its price goal on Enbridge to C$77 from C$74. It maintained a Neutral rating on the shares. Following first-quarter earnings reports, the firm updated its models for the energy infrastructure sector. Analyst Robert Catellier said in a research note that midstream companies pointed to potential upside to their guidance if current market conditions continue.

Enbridge Inc. (NYSE:ENB) is an energy transportation and distribution company. Its operations are organized into four business segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation.