10 Best Canadian Dividend Stocks to Buy For Income Investors

4. Enbridge Inc. (NYSE:ENB)

Number of Hedge Fund Holders: 26

Enbridge Inc. (NYSE:ENB) ranks fourth on our list of the best dividend Canadian stocks for income investors. The Canadian multinational pipeline and energy company posted strong earnings in the third quarter of 2024. During the quarter, the company finalized the acquisition of three US natural gas utilities, a transaction initially announced in September 2023. These new assets complement Enbridge’s existing low-risk business model, delivering steady cash flow and opening doors to swift growth opportunities. The company reported a revenue of $10.66 billion, marking a substantial increase of over 48% compared to the same period the previous year and surpassing analysts’ expectations by $5.77 billion.

Enbridge Inc. (NYSE:ENB) has steadily expanded its energy infrastructure while increasing its emphasis on cleaner energy sources like natural gas and renewables. The growing industrial activity and rising electricity demand in the US and Canada are anticipated to boost natural gas consumption further. Data centers, in particular, are playing a key role in this increased electricity usage, driven by the expanding demand for AI applications. Many operators of these facilities are opting for cleaner energy solutions, such as renewables and natural gas, to power their operations. The stock is up by nearly 18% in the past 12 months.

Enbridge Inc. (NYSE:ENB) reported a solid cash position for the quarter, generating close to $3 billion in operating cash flow and $2.6 billion in distributable cash flow. On December 3, the company announced a 3% rise in its quarterly dividend, bringing it to C$0.9425 per share. This increase extended Enbridge’s impressive 30-year track record of dividend growth. The stock supports a dividend yield of 6.16%, as of January 10.

As of the close of Q3 2024, 26 hedge funds, down from 32 in the previous quarter, owned stakes in Enbridge Inc. (NYSE:ENB), as per Insider Monkey’s database. The total value of these stakes is $3.2 billion. With nearly 72 million shares, GQG Partners was the company’s largest stakeholder in Q3.