5 Canadian Dividend Stocks to Buy for 2022

1. Enbridge Inc. (NYSE:ENB)

Number of Hedge Fund Holders: 24
Dividend Yield: 7.14%

At the end of Q3, the hedge fund interest increased in Enbridge Inc. (NYSE:ENB), a Canadian natural gas distribution company. Of the hedge funds tracked by Insider Monkey, 24 hedge funds held stakes in the company in Q3, up from 19 in the previous quarter. These stakes hold a consolidated value of $211.4 million, compared with $166 million in Q2.

Enbridge Inc. (NYSE:ENB)’s dividend has grown at a CAGR of 13.57% over the past ten years. The company recently announced a 3% growth in its quarterly dividend at C$0.860 per share, making it one of the best Canadian dividend stocks to buy. In Q3, Enbridge Inc. (NYSE:ENB) posted an EPS of C$0.59, beating estimates by C$0.03. As of the close of December 14, the stock is up 16.17% year-to-date.

Recently, National Bank lifted its price target on Enbridge Inc. (NYSE:ENB) to C$54, while maintaining an Outperform rating on the shares.

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

“On a regional basis, the U.S. and Canada was the top contributor 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 Canadian Dividend Stocks with Over 3% Yield and 10 Best Canadian Gold Stocks To Buy Right Now

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