5 Best Canadian Dividend Stocks For Income Investors

In this article, we discuss 5 best Canadian dividend stocks for income investors. If you want to read our detailed analysis of the Canadian stock market and the past performance of Canadian dividend stocks, go directly to read 12 Best Canadian Dividend Stocks For Income Investors.

5. Imperial Oil Limited (NYSE:IMO)

Number of Hedge Fund Holders: 25

Imperial Oil Limited (NYSE:IMO) is a Canadian integrated energy company engaged in various aspects of the petroleum industry. The company offers a quarterly dividend of C$0.50 per share and has a dividend yield of 2.52%, as of January 30. It has been rewarding shareholders with growing dividends for the past 28 years, which makes IMO one of the best Canadian dividend stocks on our list.

The number of hedge funds tracked by Insider Monkey owning stakes in Imperial Oil Limited (NYSE:IMO) jumped to 25 in Q3 2023, from 19 in the previous quarter. The consolidated value of these stakes is roughly $293 million. With over 22 million shares, First Eagle Investment Management was the company’s leading stakeholder in Q3.

4. Enbridge Inc. (NYSE:ENB)

Number of Hedge Fund Holders: 35

Enbridge Inc. (NYSE:ENB) is next on our list of the best Canadian dividend stocks for income investors. The energy infrastructure company has been growing its dividends for the past 29 years and offers a per-share dividend of C$0.915 every quarter. The stock has a dividend yield of 7.49%, as of January 30.

Enbridge Inc. (NYSE:ENB) was a popular stock among elite funds in Insider Monkey’s database in the third quarter of 2023, as the company ended the quarter with 35 hedge fund positions, up from 28 in the preceding quarter. The total value of these stakes is over $401 million.

3. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Holders: 38

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian-based gold mining company with operations and exploration projects in various regions globally. The company is primarily focused on the exploration, development, and production of gold and other precious metals. Though the company does not hold any dividend growth streak, it has been making regular dividend payments since the early 1980s. It currently pays a quarterly dividend of $0.40 per share and has a dividend yield of 3.24%, as of January 30.

Of the 910 hedge funds tracked by Insider Monkey at the end of Q3 2023, 38 funds owned stakes in Agnico Eagle Mines Limited (NYSE:AEM), compared with 42 in the preceding quarter. The collective value of these stakes is over $526.4 million.

2. Canadian National Railway Company (NYSE:CNI)

Number of Hedge Fund Holders: 39

With a dividend growth streak of 28 consecutive years, CNI is one of the best Canadian dividend stocks on our list. The transport company pays a quarterly dividend of C$0.845 per share and has a dividend yield of 2.01%, as recorded on January 30.

At the end of September 2023, 39 hedge funds tracked by Insider Monkey reported having stakes in Canadian National Railway Company (NYSE:CNI), up from 38 in the previous quarter. These stakes are collectively valued at over $1.12 billion.

1. Canadian Natural Resources Ltd (NYSE:CNQ)

Number of Hedge Fund Holders: 41

Canadian Natural Resources Ltd (NYSE:CNQ) tops our list of the best Canadian dividend stocks for income investors. In November 2023, the company announced a significant 11% increase in its quarterly dividend, reaching C$1.00 per share. This milestone marked the 25th consecutive year of continuous dividend growth for CNQ. The stock’s dividend yield on January 30 came in at 4.56%.

The number of hedge funds tracked by Insider Monkey owning stakes in Canadian Natural Resources Ltd (NYSE:CNQ) grew to 41 in Q3 2023, from 36 in the previous quarter. The consolidated value of these stakes is roughly $3 billion.

You can also take a look at 13 Best Long-Term Dividend Stocks To Buy Now and 15 Best Stocks To Buy According to Billionaires