5 Best High Dividend Stocks in Canada for 2022

1. Enbridge Inc. (NYSE:ENB)

Dividend Yield as of December 16: 7.23%

Enbridge Inc. (NYSE:ENB) declared a C$0.860 per share quarterly dividend on December 7, which reflects a 3% increase from the previous dividend of C$0.835. The dividend will be payable on March 1, 2022 to shareholders of record on February 15. 

Enbridge Inc. (NYSE:ENB) is a Canada-based multinational pipeline corporation, transporting crude oil, natural gas, and natural gas liquids via its extensive pipelines across the US and Canada. RBC Capital analyst Robert Kwan on November 29 lowered the price target on Enbridge Inc. (NYSE:ENB) to C$60 from C$61 and kept an Outperform rating on the shares.

Offering a forward yield of 7.23%, Enbridge Inc. (NYSE:ENB) is one of the best high dividend stocks in Canada for 2022. Posting its Q3 results on November 5, Enbridge Inc. (NYSE:ENB) announced an EPS of $0.47, beating estimates by $0.02. The revenue jumped 31.91% year-over-year to $9.21 billion, outperforming estimates by $1.47 billion.

One of the leading stakeholders of Enbridge Inc. (NYSE:ENB) as of the third quarter is Arrowstreet Capital, with 837,902 shares worth $33.3 million. Overall, 24 hedge funds in the database of Insider Monkey were long Enbridge Inc. (NYSE:ENB), up from 19 funds in the preceding quarter. 

Here is what ClearBridge Investments has to say about Enbridge Inc. (NYSE:ENB) in its Q2 2021 investor letter:

“On a regional basis, the U.S. and Canada were the top contributors to quarterly performance, of which Canadian energy infrastructure company Enbridge was one of the lead performers. 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. Enbridge’s Line 3 Replacement Project received a favorable court ruling regarding the adequacy of its Environmental Impact Statement. This significantly lowers the execution risk for the project and enables the company to place the project into service later in the year.”

You can also take a look at 10 Best Value Stocks in Warren Buffett’s Portfolio and 10 High Dividend Stocks for 2022.

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