In this article, we discuss 5 Canadian dividend stocks with over 3% yield. If you want our detailed analysis of these stocks, go directly to 10 Canadian Dividend Stocks With Over 3% Yield.
5. Suncor Energy Inc. (NYSE:SU)
Dividend Yield as of February 11: 4.40%
Number of Hedge Fund Holders: 32
Suncor Energy Inc. (NYSE:SU) is headquartered in Calgary, Alberta, specializing in synthetic crude oil, petroleum, natural gas, and petrochemicals. Suncor Energy Inc. (NYSE:SU)’s dividend yield as of February 11 came in at 4.40%, making it one of the top Canadian dividend stocks with over 3% yield.
Suncor Energy (NYSE:SU) declared on October 28 a C$0.42 per share quarterly dividend, which reflects a 100% increase from its prior dividend of C$0.21. The dividend was paid December 24, to shareholders of record on December 3.
Scotiabank analyst Jason Bouvier raised the price target on Suncor Energy (NYSE:SU) to C$38 from C$37 and kept an Outperform rating on the shares on January 13.
According to Insider Monkey’s third quarter database, 32 hedge funds were long Suncor Energy (NYSE:SU), with stakes valued at $1.08 billion. Arrowstreet Capital is the biggest Suncor Energy (NYSE:SU) stakeholder, with 8.88 million shares worth $184 million.
4. Algonquin Power & Utilities Corp. (NYSE:AQN)
Dividend Yield as of February 11: 4.88%
Number of Hedge Fund Holders: 15
Algonquin Power & Utilities Corp. (NYSE:AQN) is a renewable energy and utility company based in Oakville, Ontario, and serves customers across North America. Algonquin Power & Utilities Corp. (NYSE:AQN), via its subsidiaries, provides hydroelectric, wind, and solar power generation facilities, in addition to natural gas and water utilities.
On November 11, Algonquin Power & Utilities Corp. (NYSE:AQN) declared a $0.1706 per share quarterly dividend, in line with previous. The dividend was paid on January 14, to shareholders of record on December 31. Algonquin Power & Utilities Corp. (NYSE:AQN)’s dividend yield on February 11 stood at 4.88%.
BMO Capital analyst Ben Pham upgraded Algonquin Power & Utilities Corp. (NYSE:AQN) on November 10 to Outperform from Market Perform with an unchanged price target of $17. The upgrade followed Algonquin Power & Utilities Corp. (NYSE:AQN)’s acquisition of Kentucky Power and the associated $650 million equity offering. The analyst sees “attractive” 24% potential total return in Algonquin Power & Utilities Corp. (NYSE:AQN) shares.
According to Insider Monkey’s Q3 data, 15 hedge funds were long Algonquin Power & Utilities Corp. (NYSE:AQN), down from 24 funds in the preceding quarter. Billionaire Ken Griffin’s Citadel Investment Group is the biggest Algonquin Power & Utilities Corp. (NYSE:AQN) stakeholder, holding 1.10 million shares worth $53.5 million.
3. TC Energy Corporation (NYSE:TRP)
Dividend Yield as of February 11: 5.22%
Number of Hedge Fund Holders: 15
Headquartered in Calgary, Alberta, TC Energy Corporation (NYSE:TRP) is a leading North American energy company that specializes in pipeline transport, natural gas storage, and electricity generation. TC Energy Corporation (NYSE:TRP) develops energy infrastructure across Canada, the United States, and Mexico.
TC Energy Corporation (NYSE:TRP) declared on November 5 a $0.87 per share quarterly dividend, in line with previous. The dividend was paid on January 31, to shareholders of record on December 31. TC Energy Corporation (NYSE:TRP)’s dividend yield on February 11 came in at 5.22%.
On January 11, CIBC analyst Robert Catellier lowered the price target on TC Energy Corporation (NYSE:TRP) to C$69 from C$72 and kept an Outperform rating on the shares.
Heathbridge Capital Management held a prominent stake in TC Energy Corporation (NYSE:TRP) in Q3 2021, owning 652,515 shares worth $31.3 million. Overall, 15 hedge funds tracked by Insider Monkey at the close of the third quarter were bullish on TC Energy Corporation (NYSE:TRP), down from 22 funds in the prior quarter.
2. BCE Inc. (NYSE:BCE)
Dividend Yield as of February 11: 5.55%
Number of Hedge Fund Holders: 15
BCE Inc. (NYSE:BCE) is a Canadian holding company operating in the telecommunications and mass media industries, providing fixed line and mobile telephony, internet services, digital television, radio broadcasting, and print services.
On November 4, BCE Inc. (NYSE:BCE) declared a C$0.875 per share quarterly dividend, in line with previous. The dividend was paid on January 15, to shareholders of record on December 15. BCE Inc. (NYSE:BCE) delivers a 5.55% yield as of February 11, and is one of the top Canadian dividend stocks.
Desjardins analyst Jerome Dubreuil raised the price target on BCE Inc. (NYSE:BCE) to C$66 from C$64 and kept a Hold rating on the shares on November 8.
John Overdeck and David Siegel’s Two Sigma Advisors is the largest BCE Inc. (NYSE:BCE) stakeholder as of Q3 2021, with 904,927 shares worth $45.3 million. Overall, 15 hedge funds reported owning stakes in BCE Inc. (NYSE:BCE) in the third quarter of 2021, with stakes totaling $129.1 million.
1. Enbridge Inc. (NYSE:ENB)
Dividend Yield as of February 11: 6.19%
Number of Hedge Fund Holders: 24
Enbridge Inc. (NYSE:ENB) is a Calgary-based multinational pipeline company that provides pipeline transport and oil, natural gas, and natural gas liquids storage across the United States and Canada. Enbridge Inc. (NYSE:ENB) delivers a dividend yield of 6.19% as of February 11.
Enbridge Inc. (NYSE:ENB) declared on December 7 a C$0.860 per share quarterly dividend, which is a 3% increase from the prior dividend of C$0.835. The dividend will be paid on March 1, to shareholders of record on February 15.
On January 26, National Bank analyst Patrick Kenny raised the price target on Enbridge Inc. (NYSE:ENB) to C$56 from C$54 and kept an Outperform rating on the shares.
In the third quarter of 2021, 24 hedge funds reported owning stakes in Enbridge Inc. (NYSE:ENB), with stakes totaling $211.4 million, as compared to 19 funds in the preceding quarter, holding stakes worth $166 million in Enbridge Inc. (NYSE:ENB). Israel Englander’s Millennium Management is one of the leading Enbridge Inc. (NYSE:ENB) stakeholders as of Q3 2021, with 806,563 shares, amounting to $32.1 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 Stocks to Buy and Hold According to Bill Gates and 10 Dividend Stocks in Adage Capital’s Portfolio.
