5 Canadian Dividend Stocks for Steady Income

1. Enbridge Inc. (NYSE:ENB)

Number of Hedge Fund Holders: 21

Dividend Yield as of April 1: 5.82%

Enbridge Inc. (NYSE:ENB) is a Canadian multinational pipeline and oil storage company that transports crude oil, natural gas, and natural gas liquids across the United States and Canada. Enbridge Inc. (NYSE:ENB)’s dividend yield on April 1 came in at 5.82%, making it one of the most notable Canadian dividend stocks for reliable income. 

On December 7, Enbridge Inc. (NYSE:ENB) declared a C$0.860 per share quarterly dividend, a 3% increase from its previous dividend of C$0.835. The dividend was distributed to shareholders on March 1. 

The company published its Q4 results on February 11, posting GAAP earnings per share of $0.71, exceeding estimates by $0.13. Revenue for the quarter increased 24.68% year-over-year to $9.82 billion, topping market consensus by $3.48 billion.

BMO Capital analyst Ben Pham on February 14 raised the price target on Enbridge Inc. (NYSE:ENB) to C$59 from C$57 and kept an Outperform rating on the shares.

According to the database of Insider Monkey, 21 hedge funds were bullish on Enbridge Inc. (NYSE:ENB) at the end of the fourth quarter of 2021, with collective stakes amounting to more than $550 million. Rajiv Jain’s GQG Partners held the biggest stake in the company, with 9.7 million shares worth $380.2 million.

Here is what ClearBridge Investments Dividend Strategy has to say about Enbridge Inc. (NYSE:ENB) in its Q3 2021 investor letter:

“We are meaningfully overweight energy, particularly within North American energy infrastructure. Enbridge and Williams, our two infrastructure holdings, possess crown jewel infrastructure assets. They each deliver meaningful proportions of the overall energy produced and consumed in North America. Their revenues are backed by long-term contracts with high-quality counterparties and have little direct commodity price exposure. Their growth has been driven by the increasing production of North American energy. The advent of unconventional oil and gas production (oil sand and shale) has made North America a low-cost competitor on a global basis. We expect strong North American production to be an enduring feature of global energy supply for decades to come.”

You can also take a look at 10 Fertilizer Stocks to Buy Today and 10 Best Roth IRA Stocks To Buy in 2022. 

Follow Insider Monkey on Twitter