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Top 3 Canadian Dividend Stocks for Long-Term Investment - Kalkine Australian Subscription

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Top 3 Canadian Dividend Stocks for Long-Term Investment - Kalkine

Latest News

Revenue of Renascor Resources (ASX: RNU) jumps 214% in 1HFY24. What lies ahead?

Revenue of Renascor Resources (ASX: RNU) jumps 214% in 1HFY…

Beach Energy (ASX: BPT) eyes first gas production from Waitsia Gas Plant in Q4FY24

Beach Energy (ASX: BPT) eyes first gas production from Wait…

Vinyl Group (ASX: VNL) reports 218% QoQ revenue jump in Q3FY24 driven by Brag Media acquisition

Vinyl Group (ASX: VNL) reports 218% QoQ revenue jump in Q3F…

Pro Medicus (ASX: PME) seeks to expand its geographical reach to drive revenue growth

Pro Medicus (ASX: PME) seeks to expand its geographical rea…

Accent Group’s (ASX:AX1)gross margin expands in H1FY24 co plans 20 new stores in H2

Accent Group’s (ASX:AX1)gross margin expands in H1FY24 co p…

The surprising stock market rally at the end of 2023 has investors seeking undervalued TSX dividend stocks for their self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolios. Among the candidates is Enbridge (TSX:ENB), a giant in the North American energy infrastructure industry, with a market capitalization exceeding $100 billion. The company plays a crucial role in transporting approximately one-third of the oil produced in Canada and the United States, along with 20% of the natural gas consumed by American households and businesses. 

As of the latest data, Enbridge's stock trades near $49, showing an increase from $43 in October but remaining significantly below the 2022 peak of $59. Despite market fluctuations, Enbridge has demonstrated consistent dividend growth, recently raising its dividend by 3.1% for 2024. This marks the 29th consecutive annual dividend hike, reinforcing its appeal to income-focused investors. 

Another notable contender for investors seeking dividend stability is BCE (TSX:BCE), Canada's largest communications firm. BCE has a robust track record of dividend growth, consistently increasing its dividend by at least 5% annually for the past 15 years. With the majority of its revenue derived from core mobile and internet subscription services, BCE is viewed as a resilient stock even during economic downturns. The share price experienced a decline from $65 in May to below $50 in October but currently stands at approximately $54.50. Economists' expectations of a potential reduction in interest rates by the Bank of Canada in 2024 could lead to renewed interest in BCE. Despite the previous drop, BCE offers investors a solid 7.1% dividend yield. 

Bank of Nova Scotia (TSX:BNS) is also highlighted as a potential opportunity. While the bank has underperformed in recent years, a new CEO has initiated changes to improve returns. With a focus on growth opportunities in Canada, the United States, and Mexico, and a reduction in international businesses that previously struggled to meet shareholder expectations, Bank of Nova Scotia is undergoing strategic shifts. The current share price is around $63.50, down from $93 in early 2022. Although considered a contrarian pick with potential ongoing turbulence, the bank's dividend appears stable, offering investors a 6.7% yield. 

In summary, Enbridge, BCE, and Bank of Nova Scotia are deemed attractive options for investors seeking dividend-paying stocks with the potential for growth. Despite market fluctuations, these stocks present opportunities for those with cash to deploy in their TFSA or RRSP portfolios. 

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The advice given by Kalkine Canada Advisory Services Inc. and provided on this website is general information only and it does not take into account your investment objectives, financial situation and the particular needs of any particular person. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. The website www.kalkine.ca is published by Kalkine Canada Advisory Services Inc. The link to our Terms & Conditions has been provided please go through them. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.

Latest News

Revenue of Renascor Resources (ASX: RNU) jumps 214% in 1HFY24. What lies ahead?

Revenue of Renascor Resources (ASX: RNU) jumps 214% in 1HFY24. What lies ahead? - Kalkine

Beach Energy (ASX: BPT) eyes first gas production from Waitsia Gas Plant in Q4FY24

Beach Energy (ASX: BPT) eyes first gas production from Waitsia Gas Plant in Q4FY24 - Kalkine

Vinyl Group (ASX: VNL) reports 218% QoQ revenue jump in Q3FY24 driven by Brag Media acquisition

Vinyl Group (ASX: VNL) reports 218% QoQ revenue jump in Q3FY24 driven by Brag Media acquisition - Kalkine

Pro Medicus (ASX: PME) seeks to expand its geographical reach to drive revenue growth

Pro Medicus (ASX: PME) seeks to expand its geographical reach to drive revenue growth - Kalkine

Accent Group’s (ASX:AX1)gross margin expands in H1FY24 co plans 20 new stores in H2

Accent Group’s (ASX:AX1)gross margin expands in H1FY24 co plans 20 new stores in H2 - Kalkine

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