5 Canadian Dividend Stocks With Over 3% Yield

1. Enbridge Inc. (NYSE:ENB)

Dividend Yield as of February 11: 6.19%

Number of Hedge Fund Holders: 24

Enbridge Inc. (NYSE:ENB) is a Calgary-based multinational pipeline company that provides pipeline transport and oil, natural gas, and natural gas liquids storage across the United States and Canada. Enbridge Inc. (NYSE:ENB) delivers a dividend yield of 6.19% as of February 11. 

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

On January 26, National Bank analyst Patrick Kenny raised the price target on Enbridge Inc. (NYSE:ENB) to C$56 from C$54 and kept an Outperform rating on the shares.

In the third quarter of 2021, 24 hedge funds reported owning stakes in Enbridge Inc. (NYSE:ENB), with stakes totaling $211.4 million, as compared to 19 funds in the preceding quarter, holding stakes worth $166 million in Enbridge Inc. (NYSE:ENB). Israel Englander’s Millennium Management is one of the leading Enbridge Inc. (NYSE:ENB) stakeholders as of Q3 2021, with 806,563 shares, amounting to $32.1 million.

Here is what ClearBridge Investments Dividend Strategy has to say about Enbridge Inc. (NYSE:ENB) in its Q3 2021 investor letter:

“We are meaningfully overweight energy, particularly within North American energy infrastructure. Enbridge and Williams, our two infrastructure holdings, possess crown jewel infrastructure assets. They each deliver meaningful proportions of the overall energy produced and consumed in North America. Their revenues are backed by long-term contracts with high-quality counterparties and have little direct commodity price exposure. Their growth has been driven by the increasing production of North American energy. The advent of unconventional oil and gas production (oil sand and shale) has made North America a low-cost competitor on a global basis. We expect strong North American production to be an enduring feature of global energy supply for decades to come.”

You can also take a look at 10 Stocks to Buy and Hold According to Bill Gates and 10 Dividend Stocks in Adage Capital’s Portfolio.

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