5 Best Canadian Dividend Stocks To Buy Now

3. Enbridge Inc. (NYSE:ENB)

Dividend Yield as of November 28: 6.25%

Enbridge Inc. (NYSE:ENB) is a multinational pipeline and energy company that owns and operates pipelines throughout Canada and the US. In Q3 2022, the company reported revenue of $11.57 billion, which showed a 0.9% growth from the same period last year. The company’s distributable cash flow for the quarter came in at $2.5 billion, compared with $2.3 billion in the prior-year quarter.

Enbridge Inc. (NYSE:ENB) currently pays a quarterly dividend of C$0.86 per share with a dividend yield of 6.25%, as of November 28. The company has been paying regular dividends to shareholders for the past 67 years. Moreover, it holds a 27-year streak of dividend growth, coming through as one of the best dividend stocks on our list.

Appreciating the company’s dividend yield, National Bank maintained an Outperform rating on Enbridge Inc. (NYSE:ENB) in November with a C$54 price target.

Enbridge Inc. (NYSE:ENB) was a part of 24 hedge fund portfolios in Q3 2022, as per Insider Monkey’s data. The stakes owned by these hedge funds have a total value of over $2.28 billion. GQG Partners was the company’s leading stakeholder in Q3.