10 Best Dividend Stocks Yielding at Least 7% According to Hedge Funds

7. TC Energy Corporation (NYSE:TRP)

Number of Hedge Fund Holders: 23

Dividend Yield as of May 28: 7.32%

TC Energy Corporation (NYSE:TRP) is a natural gas company, based in Canada. The company operates one of the largest networks of natural gas pipelines in North America. It currently offers a quarterly dividend of C$0.96 per share, having it raised by 3.2% in February this year. Through this increase, the company stretched its dividend growth streak to 24 years, which makes TRP one of the best dividend stocks on our list. The stock has a dividend yield of 7.32%, as of May 28.

With a share price of $37.53 as of May 28, TC Energy Corporation (NYSE:TRP) has a trailing twelve-month P/E ratio of around 19.6, which indicates that it is currently trading below its historical valuation. The stock’s current valuation provides an opportunity for investors to gain additional returns from price appreciation over the next few years. In addition, as pipeline companies operate under long-term contracts, they are much less impacted by short-term changes in oil and gas prices or conditions of the broader market. This shows that TC Energy Corporation (NYSE:TRP) offers a certain level of protection against economic volatility. In the first quarter of 2024, the company achieved record deliveries on its natural gas pipeline systems.

Insider Monkey’s database of Q1 2024 indicated that 23 hedge funds held stakes in TC Energy Corporation (NYSE:TRP), up from 19 a quarter earlier. These stakes are worth nearly $115 million in total. Paul Marshall And Ian Wace remain bullish on the stock during the quarter, increasing their stake in the company by 929%.