5 Best Canadian Dividend Stocks To Buy Now

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1. Algonquin Power & Utilities Corp. (NYSE:AQN)

Dividend Yield as of November 28: 9.50%

Algonquin Power & Utilities Corp. (NYSE:AQN) is a Canadian utility company that generates and distributes natural gas and other utility services. In October, Credit Suisse upgraded the stock to Outperform with a $15 price target, highlighting the company’s net flows this year and its overall performance.

In Q3 2022, Algonquin Power & Utilities Corp. (NYSE:AQN) reported revenue of $666.7 million, which saw a 26.1% growth from the same period last year. The company’s operating cash flow came in at over $103 million and its net earnings stood at $73.5 million.

On November 11, Algonquin Power & Utilities Corp. (NYSE:AQN) declared a quarterly dividend of $0.1808 per share, which fell in line with its previous dividend. The company is one of the best dividend stocks on our list as it has been raising its dividends consistently for the past 10 years. The stock’s dividend yield on November 28 came in at 9.50%.

As of the close of Q3 2022, 16 hedge funds tracked by Insider Monkey owned stakes in Algonquin Power & Utilities Corp. (NYSE:AQN), the same as in the previous quarter. These stakes are collectively valued at roughly $120 million. With over 1 million shares, Citadel Investment Group was the company’s leading stakeholder in Q3.

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You can also take a look at 12 Best High-Yield Dividend Stocks To Buy Now and 10 Best Small-Cap Dividend Stocks to Buy Now

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