What are the best Canadian dividend stocks to buy and hold?

A considerable lot of the biggest Canadian organizations are listed on both the TSX and U.S exchange, in order to achieve a bigger pool of financial investors. Some Canadian organizations shun the TSX altogether and are listed exclusively on U.S trades, so it’s very simple for Americans to invest in the Canadian market. There are 176 Canadian organizations listed in the U.S as indicated by Nasdaq.com, with valuable metals and energy companies representing a lopsided measure of those stocks. If you are wondering what are the best Canadian dividend stocks to buy and hold then this article will guide you through it.

Given the inclination with which mining and energy companies pay dividends, Canadian stocks are prolific ground for income investors searching for new income streams, enabling them to differentiate their portfolios geologically in the process. To help investors in their hunt, we have scoured through each Canadian stock exchanging the U.S which pays a dividend and positioned them in view of the responsibility for stocks among the accumulation of world-class flexible investments in our database (the stock with the higher dividend yield is positioned higher in case of a tie).

 

First up is Agnico Eagle Mines Ltd (USA) (NYSE: AEM), which 23 hedge funds in our system owned on March 31. Agnico turned in another strong performance in the second-quarter, beating top- and bottom-line estimates. The company, which operates gold mines in Canada, Finland, and Mexico, also raised its FY 2017 gold production guidance by 3% to 1.62 million ounces. Agnico hiked its dividend by 35% earlier this year, giving it a forward yield of 0.85%.

 

Auto parts supplier Magna International Inc. (USA) (NYSE: MGA) is next, being owned by 23 hedge funds at the end of March. The company was recently upgraded to ‘Top Pick’ status by Cormark, which likes the company’s strong earnings growth. The firm has a $59 price target on the stock, which is more than 20% greater than its current price. Magna earned $1.53 per share in the first-quarter, beating estimates by $0.19.

 

Natural gas producer Encana Corp (USA) (NYSE: ECA) ranks seventh on the list of the 10 best Canadian dividend stocks to buy and hold. While the stock’s forward yield is a rather paltry 0.60%, there is a lot of potential upside with this stock. Raymond James has an ‘Outperform’ rating on it and likes the company’s more focused portfolio of assets. In that vein, Encana sold off its assets in Colorado for $735 million in June, which included 3,100 natural gas wells and 550,000 acres of land, as it continues to narrow its focus to four key plays: the Permian and Eagle Ford in Texas, and the Montney and Duverney in B.C.

 

If you like this list you’ll surely love our more extended version of this list. Do read the full article about 10 best Canadian dividend stocks to buy and hold.

 

*

*

Top

Warren Buffett's Best Picks

Warren Buffett's these stock picks will crush the market over the next 12 months. Get our report FREE by becoming a member now