In this article, we discuss the 5 Canadian dividend stocks with over 3% yield. If you want to read our detailed analysis of these stocks, go directly to the 10 Canadian Dividend Stocks with Over 3% Yield.
5. Algonquin Power & Utilities Corp. (TSX:AQN.TO)
Forward Dividend Yield: 4.74%
Algonquin Power & Utilities Corp. (TSX:AQN.TO) owns and operates utility assets in the United States, Canada, Bermuda, and Chile. The company has interests in hydroelectric, wind, solar, and thermal facilities for the generation of electricity, as well as in the distribution of natural gas and water. It also offers wastewater collection services. It is headquartered in Oakville and was founded in 1988.
In late October, Algonquin Power & Utilities Corp. (TSX:AQN.TO) revealed that American Electric Power, an investor-owned utility firm based in Ohio, had agreed to sell the Kentucky operations to Liberty Utilities, a subsidiary of Algonquin, in a deal worth $2.8 billion.
Algonquin Power & Utilities Corp. (TSX:AQN.TO) has said it will use the proceeds from the sale to eliminate forecast equity needs. These include investments in renewables, transmission and other projects.
4. TC Energy Corporation (TSX:TRP.TO)
Forward Dividend Yield: 5.43%
TC Energy Corporation (TSX:TRP.TO) is an energy infrastructure company. The prime interests of the firm are in natural gas and it has so far built a network of over 93,000 kilometers of natural gas pipelines that it operates as well. The company recently announced that it will be seeking a 30% reduction in greenhouse gas intensity from operations by 2030 and will target net zero emission by 2050 as it explores low-carbon usage sources to support operations.
As part of the transition, TC Energy Corporation (TSX:TRP.TO) revealed in September that it would be partnering with EDP Renewables, a Spanish renewable energy firm, for the production of a 297 MW Sharp Hills wind farm in Alberta.
TC Energy Corporation (TSX:TRP.TO) also recently signed an agreement with Nikola, an American clean energy vehicle firm, to develop large-scale hydrogen hubs in the US and Canada to accelerate the adoption of clean energy vehicles.
3. First National Financial Corporation (TSX:FN.TO)
Forward Dividend Yield: 5.47%
First National Financial Corporation (TSX:FN.TO) is a Toronto-based firm that engages in the residential and commercial mortgage business. It recently posted earnings for the third quarter, reporting earnings per share of C$0.78 and a revenue of C$353 million, down 5% compared to the revenue over the same period last year. It also declared a special dividend of $1.25 per share, in addition to a monthly dividend of $0.1958 per share.
First National Financial Corporation (TSX:FN.TO) is different from other mortgage companies in Canada because most of the services it provides are online. The company was founded in 1988 and has a market cap of more than $2 billion.
First National Financial Corporation (TSX:FN.TO) CEO Stephen Smith, during the earnings call, said that the demand for single-family and commercial mortgages remained strong despite changing market dynamics and the company was posting strong profits despite higher volumes.
2. BCE Inc. (TSX:BCE.TO)
Forward Dividend Yield: 5.53%
BCE Inc. (TSX:BCE.TO) operates as a telecommunications and media firm. Some of the services it provides include wireless, wireline, Internet, and television, among others. The company recently approached Canadian regulators with regards to the merger of Rogers and Shaw, two of the biggest communications firms in Canada, on grounds that the deal would set up an “unprecedented level of market power”.
BCE Inc. (TSX:BCE.TO) has argued that the merger would also create a monopoly in the broadcast business, as the combined company would control 47% of the English broadcasting distribution network in Canada.
Even as it opposes the merger, BCE Inc. (TSX:BCE.TO) has been busy investing in ventures that would help it grow in the competitive telecom market. It recently announced that it was partnering with Amazon to help businesses manage hybrid cloud transitions.
1. Pembina Pipeline Corporation (TSX:PPL.TO)
Forward Dividend Yield: 6.02%
Pembina Pipeline Corporation (TSX:PPL.TO) is an energy transportation company based in Calgary. It recently posted earnings for the third quarter, reporting earnings per share of C$1.01, beating market predictions by C$0.32. The revenue over the period was C$2.1 billion, up 43% year-on-year and smashing estimates by C$270 million. It also declared a monthly dividend of C$0.21 per share, in line with previous.
Mick Dilger, the CEO of Pembina Pipeline Corporation (TSX:PPL.TO), recently revealed that the company had asked two companies working on rival bids for carbon capture and transportation in Canada to join hands and support a Pembine-led initiative for the purpose.
The Pembina Pipeline Corporation (TSX:PPL.TO) CEO believes that a large program would be a better solution for all concerned and added that talks on the proposal were active and both groups were cooperating.
You can also take a peek at 10 Best Stocks to Buy According to Billionaire Ken Fisher and 10 Best Stocks to Buy for the Next Ten Years.
