5 Best Canadian Dividend Stocks to Buy Now

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1. Enbridge Inc. (NYSE: ENB)

Number of Hedge Fund Holders: 22
Dividend Yield: 7.14%

Enbridge Inc. (NYSE: ENB) is an energy infrastructure company that operates through its Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services segments. The company ranks 1st on our list of the best Canadian dividend stocks to buy now.

Scotiabank’s Robert Hope has raised his price target on Enbridge Inc. (NYSE: ENB) shares this July, alongside retaining his Outperform rating on the stock. The new price target is $43.72.

In the first quarter of 2021, Enbridge Inc. (NYSE: ENB) had an EPS of $0.67, beating estimates by $0.08. The company’s revenue was $10.04 billion, up 17% year over year and beating estimates by $624.56 million. Enbridge Inc. (NYSE: ENB) has also gained 14.95% in the past 6 months and 21.68% year to date.

By the end of the first quarter of 2021, 22 hedge funds out of the 866 tracked by Insider Monkey held stakes in Enbridge Inc. (NYSE: ENB) worth roughly $144 million. This is compared to 28 hedge funds in the previous quarter with a total stake value of approximately $181 million.

ClearBridge Investments, an investment management firm, mentioned Enbridge Inc. (NYSE: ENB) in its first-quarter 2021 investor letter. Here’s what they said:

“Enbridge owns and operates one of the largest oil and gas pipeline networks in North America. The company also owns regulated gas distribution utilities in Ontario, Canada. The first quarter saw the market giving the energy sector credit for its leverage to the eventual economic recovery as COVID-19 vaccines get rolled out through 2021.”

You can also take a look at 10 Best Dividend Champions to Buy Now and 10 Best Dividend Aristocrats to Buy According to Hedge Funds.

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