5 High-Growth Canadian Dividend Stocks to Invest In

3. Imperial Oil Limited (NYSE:IMO)

5-Year Average Annual Dividend Growth Rate: 18.8%
Dividend Yield as of March 15: 2.86%

Imperial Oil Limited (NYSE:IMO) is a Canadian petroleum refineries company, which is the subsidiary of America’s oil company, ExxonMobil. The company is one of the best high-growth dividend stocks on our list as it has raised its payouts for consecutive 28 years. Moreover, the company has rewarded shareholders with regular dividends for over 100 years. It currently pays a quarterly dividend of C$0.44 per share and has a dividend yield of 2.86%. In the past five years, the company has raised its payouts at an annual average rate of 18.8%.

Raymond James raised its price target on Imperial Oil Limited (NYSE:IMO) to C$74 in February with a Market Perform rating on the shares.

The number of hedge funds tracked by Insider Monkey owning stakes in Imperial Oil Limited (NYSE:IMO) grew to 23 in Q4 2022, from 19 in the previous quarter, as per Insider Monkey’s database. These stakes have a consolidated value of over $164.6 million.

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