5 High-Growth Canadian Dividend Stocks to Invest In

2. Canadian Natural Resources Limited (NYSE:CNQ)

5-Year Average Annual Dividend Growth Rate: 22.6%
Dividend Yield as of March 15: 5.22%

Canadian Natural Resources Limited (NYSE:CNQ) is an oil and natural gas company that mainly specializes in crude oil. On March 2, the company raised its quarterly dividend by 6% to C$0.90. This was the company’s 24th consecutive year of dividend growth. Its 5-year average annual dividend growth rate stands at 22.6%, which makes it one of the high-growth Canadian dividend stocks on our list. The stock has a dividend yield of 5.22%, as of March 15.

In January, Stifel initiated its coverage on Canadian Natural Resources Limited (NYSE:CNQ) with a Buy rating and a C$97 price target. The firm sees significant value in oil and gas equities even during an inflationary environment.

At the end of Q4 2022, 41 hedge funds tracked by Insider Monkey reported having stakes in Canadian Natural Resources Limited (NYSE:CNQ), the same as in the previous quarter. These stakes have a total value of over $1.8 billion.