The stock market breaking out to new all-time highs and many investors are protecting their profits by investing in the best Canadian dividend stocks. Dividend stocks offer investors a sense of security and stability, providing both steady returns and potential for capital appreciation. In today’s volatile market environment, a few Canadian dividend stocks stand out above the rest for their solid fundamentals, reliable dividend payouts, and promising growth prospects.
Here are the top five best Canadian dividend stocks to buy in March 2024 for income-focused investors looking to bolster their portfolios.
- Enbridge Inc. (ENB.TO)
- Bank of Nova Scotia (BNS.TO)
- Telus Corporation (T.TO)
- National Bank of Canada (NA.TO)
- Barrick Gold Corporation (ABX.TO)
1. Enbridge Inc. (ENB.TO)
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 42.75 – 54.05
- Avg. Volume: 7,204,946
- Market Cap: 100.413B
- PE Ratio (TTM): 16.63
- EPS (TTM): 2.84
- Earnings Date: May 07, 2024
- Forward Dividend & Yield: 3.66 (7.76%)
Enbridge Inc. (ENB.TO) is a leading energy infrastructure company based in Canada, renowned for its extensive network of pipelines, storage facilities, and renewable energy assets. With a history spanning over 70 years, Enbridge has established itself as one of the best Canadian energy stocks, delivering consistent returns to shareholders through dividend payments and capital appreciation.
Key Highlights
- Dividend Yield: Enbridge boasts an attractive dividend yield, currently hovering around 7.76%, making it an appealing choice for income investors.
- Strong Financials: The company’s robust financial performance, supported by stable cash flows and diversified revenue streams, underpins its ability to sustain dividend payments even in challenging market conditions.
- Growth Opportunities: Enbridge’s strategic investments in renewable energy projects and expansion initiatives position it well to capitalize on the transition towards cleaner energy sources, offering long-term growth potential.
- Commitment to Sustainability: Enbridge is committed to environmental stewardship and sustainability, aligning with the growing emphasis on ESG (Environmental, Social, and Governance) investing.
2. Bank of Nova Scotia (BNS.TO)
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 54.29 – 67.42
- Avg. Volume: 4,433,800
- Market Cap: 82.274B
- PE Ratio (TTM): 10.91
- EPS (TTM): 6.17
- Earnings Date: May 22, 2024
- Forward Dividend & Yield: 4.24 (6.43%)
Commonly known as Scotiabank, Bank of Nova Scotia (BNS) is one of Canada’s largest and most reputable banks with a significant presence in both domestic and international markets. Scotiabank has a rich history dating back over 185 years. During that time, it has built a strong reputation for financial stability, prudent management, and shareholder-friendly policies, making it one of the top Canadian blue-chip stocks to buy right now.
Key Highlights
- Dividend Growth: Scotiabank has a consistent track record of dividend growth, making it an appealing choice for investors seeking reliable income streams that grow over time.
- Diversified Revenue Streams: The bank’s diversified business segments, including retail banking, commercial banking, wealth management, and international operations, provide resilience and stability to its earnings.
- Global Footprint: Scotiabank’s extensive international presence, particularly in Latin America, offers exposure to high-growth emerging markets, enhancing its growth prospects.
- Digital Innovation: The bank’s ongoing investments in technology and digital banking initiatives position it to adapt to changing consumer preferences and enhance operational efficiency.
3. Telus Corporation (T.TO)
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 21.16 – 28.95
- Avg. Volume: 2,838,631
- Market Cap: 34.442B
- PE Ratio (TTM): 40.94
- EPS (TTM): 0.57
- Earnings Date: May 02, 2024
- Forward Dividend & Yield: 1.50 (6.31%)
Telus Corporation (T.TO) is one of Canada’s leading telecommunications companies, providing a wide range of communication and entertainment services to consumers and businesses across the country. The telecom company’s focus on customer service, innovation, and shareholder value has made it top choice for income-oriented investors in search of the best Canadian stocks.
Key Highlights
- Dividend Stability: Telus has a track record of stable and growing dividends, supported by its resilient business model and strong cash flow generation.
- Leading Market Position: The company’s leading position in the Canadian telecommunications industry, along with its investments in network infrastructure and technology, positions it for long-term success.
- Growth Initiatives: Telus is actively pursuing growth opportunities in areas such as 5G network expansion, healthcare technology, and digital media, driving future revenue growth and shareholder value.
- Social Responsibility: Telus is committed to corporate social responsibility and sustainability, actively supporting community initiatives and environmental conservation efforts.
4. National Bank of Canada (NA.TO)
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 84.27 – 108.96
- Avg. Volume: 1,606,285
- Market Cap: 36.593B
- PE Ratio (TTM): 11.26
- EPS (TTM): 9.58
- Earnings Date: May 29, 2024
- Forward Dividend & Yield: 4.24 (3.97%)
National Bank of Canada (NA.TO) is one of the six largest banks in Canada, offering a wide range of financial services to individuals, businesses, and institutional clients. One of the top Canadian bank stocks, National Bank has a history of innovation, customer service, and prudent risk management, making it a trusted financial partner for Canadians across the country.
Key Highlights
- Dividend Yield: National Bank offers an attractive 3.97% dividend yield, providing investors with a steady income stream.
- Diverse Revenue Streams: The bank’s diversified business segments, including personal and commercial banking, wealth management, and financial markets, contribute to its stable earnings and dividend payments.
- Regional Strength: National Bank has a strong presence in Quebec and other regions of Canada, allowing it to capitalize on local market opportunities and serve the unique needs of its clients.
- Digital Transformation: The bank is actively investing in technology and digital banking initiatives to enhance customer experience, improve efficiency, and drive long-term growth.
5. Barrick Gold Corporation (ABX.TO)
- Rating: ⭐⭐⭐⭐⭐
- 52 Week Range: 18.65 – 28.19
- Avg. Volume: 3,180,026
- Market Cap: 37.209B
- PE Ratio (TTM): 20.99
- EPS (TTM): 1.01
- Earnings Date: Feb 28, 2024
- Forward Dividend & Yield: 0.54 (2.68%)
Barrick Gold Corporation (ABX.TO) is one of the world’s largest gold mining companies, with operations spanning multiple continents. One of the best gold stocks to buy in Canada, Barrick Gold has demonstrated a dedication to responsible mining practices, operational excellence, and value creation for shareholders. The company offers investors exposure to the precious metals sector, the potential for capital appreciation, and a stable dividend income.
Key Highlights
- Dividend Policy: Barrick Gold has a dividend policy linked to the price of gold, providing investors with exposure to both gold price appreciation and dividend income.
- Strong Production Profile: The company’s diversified portfolio of mines and projects ensures a stable production profile, mitigating operational risks and enhancing cash flow generation.
- Financial Discipline: Barrick Gold maintains a disciplined approach to capital allocation, focusing on value-accretive investments and cost management initiatives to maximize shareholder returns.
- ESG Commitment: The company is committed to environmental, social, and governance (ESG) principles, integrating sustainability into its business practices and contributing to positive social and environmental outcomes.
