10 Best Canadian Dividend Stocks to Buy For Income Investors

2. Canadian Natural Resources Limited (NYSE:CNQ)

Number of Hedge Fund Holders: 48

Canadian Natural Resources Limited (NYSE:CNQ) is an oil and natural gas company that specializes in related products and services. In the third quarter of 2024, the company reported $2.1 billion in revenue, with net earnings from operations reaching $2 billion. The company achieved a strong average production of around 1,363,000 BOE/d, consisting of 1,022,000 bbl/d of liquids and over 2.0 Bcf/d of natural gas.

Canadian Natural Resources Limited (NYSE:CNQ) distinguishes itself within the Canadian energy sector through its diverse production operations. Although it is best known for its oil sands production, the company also has assets in conventional heavy oil, light oil, offshore oil, natural gas, and natural gas liquids. With full ownership of most of these assets, the company’s management has the flexibility to reallocate capital across its portfolio swiftly, enabling it to seize the most attractive market opportunities. The stock has surged by over 9.4% in the past 12 months.

From a financial perspective, Canadian Natural Resources Limited (NYSE:CNQ) drew attention by generating over $3 billion in operating cash flow and $3.9 billion in adjusted funds flow during the quarter. It also returned $1.2 billion to shareholders through dividends. On October 7, the company announced a 7% increase in its quarterly dividend to C$0.5625 per share, marking its 26th consecutive year of dividend growth. With an attractive dividend yield of 4.76%, CNQ is one of the best dividend Canadian stocks on our list.

Insider Monkey’s database of Q3 2024 showed that 48 hedge funds held stakes in Canadian Natural Resources Limited (NYSE:CNQ), up from 46 in the previous quarter. The collective value of these stakes is more than $3.2 billion. With 43.5 million shares, Fisher Asset Management was the company’s leading stakeholder in Q3.