5 Top Canadian Dividend Stocks to Buy in April 2024 (2024)

Sneha Nahata

·4 min read

5 Top Canadian Dividend Stocks to Buy in April 2024 (1)

Written by Sneha Nahata at The Motley Fool Canada

Investing individend stocksgenerates a regular income stream, making it attractive for investors seeking a steady cash inflow. Besides providing regular income,fundamentally strongdividend-paying companies have the potential to deliver notable capital gains over time and add stability to your portfolio.

So, for investors planning to invest in dividend stocks in April 2024, here are my top five picks.

A top bank stock

LeadingCanadian banksare a top choice for income investors as they have been uninterruptedly paying dividends for several decades. Within the banking space,Bank of Montreal(TSX:BMO) stands out for its stellar dividend payment history. The financial services giant has been paying dividends for 195 years, the longest by any Canadian company. Also, its dividends have grown at a compound annual growth rate (CAGR) of 5% in the last 15 years.


Bank of Montreal’s diversified revenue streams, loan expansion, growing deposit base, market share growth, and operational efficiency drive its earnings and, in turn, dividend payments. The financial services giant remains on track to expand its earnings at a CAGR of 7 to 10% in the medium term. This positions the bank well to increase its dividend at a mid-single-digit rate during the same period.

2 utility stocks

From banks, let’s move toward utilities, which are renowned for their ability to generate predictable cash flows and solid track records of consistently growing dividend payments in all market conditions. Investors could consider adding shares ofCanadian Utilities(TSX:CU) andFortis(TSX:FTS) from the utility sector.

Coming to Canadian Utilities, it boasts the longest history of uninterrupted dividend growth among all publicly traded Canadian companies. With an impressive streak of 51 consecutive years of dividend increases, it stands as one of the top dividend stocks in Canada. Its portfolio of highly contracted assets and regulated earnings base provide a solid foundation for dividend growth. The company continues to invest in regulated utility and contracted assets, which will expand its earnings and dividend payouts.

Similar to Canadian Utilities, Fortis is a no-brainer dividend stock. It has increased its dividend for 50 consecutive years. Moreover, the utility giant expects to increase its dividend at a CAGR of 4 to 6% through 2028. Fortis projects its rate base to increase at a CAGR of 6.3% through 2028. This will expand its earnings base and position it well to grow its dividend payouts.

2 energy stocks

Canadian Energy stocks are famous for their stellar dividend payment history.Enbridge(TSX:ENB) andCanadian Natural Resources(TSX:CNQ) are top energy stocks for earning worry-free dividends. These stocks also offer high yields.

Enbridge’s diversified revenue stream, high utilization of its assets, contractual arrangements, and power-purchase agreements position it well to deliver distributable cash flow (DCF), which supports its dividend payouts. The company has increased its dividend for 29 consecutive years. Further, ENB stock offers a compelling yield of more than 7%. Enbridge expects its DCF per share to grow at a CAGR of 5% in the long term, positioning it well to increase its dividend at a mid-single-digit rate.

Canadian Natural Resources has raised its dividend for 24 consecutive years. What stands out is that this oil and gas company’s dividend grew at a CAGR of 21% during the same period. Canadian Natural Resources’ long-life assets, high value reserves, and low maintenance capital requirement position it well to generate strong earnings irrespective of the commodity cycle. This enables the company to increase its dividends at a decent pace and return cash to its shareholders.

The post 5 Top Canadian Dividend Stocks to Buy in April 2024 appeared first on The Motley Fool Canada.

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Fool contributorSneha Nahatahas no position in any of the stocks mentioned.The Motley Fool recommends Canadian Natural Resources, Enbridge, and Fortis. The Motley Fool has a disclosure policy.


5 Top Canadian Dividend Stocks to Buy in April 2024 (2024)


What are the three dividend stocks to buy and hold forever? ›

3 Magnificent S&P 500 Dividend Stocks Down 30% (or More) to Buy and Hold Forever
  • Realty Income is the largest net lease REIT, and it offers a lofty 5.5% dividend yield.
  • Franklin Resources has a sticky asset management business and a 5.3% yield.
  • Hormel is a protein-focused food maker with a historically high 3.2% yield.
3 days ago

What are the top 3 TSX dividend stocks? ›

Top 10 Dividend Stocks In Canada
NameDividend YieldDividend Rating
Whitecap Resources (TSX:WCP)6.92%★★★★★★
Enghouse Systems (TSX:ENGH)3.49%★★★★★☆
iA Financial (TSX:IAG)3.82%★★★★★☆
Royal Bank of Canada (TSX:RY)4.08%★★★★★☆
6 more rows
Apr 2, 2024

What are the highest dividend stocks to buy? ›

10 Best Dividend Stocks to Buy
  • Verizon Communications VZ.
  • Johnson & Johnson JNJ.
  • Altria Group MO.
  • Comcast CMCSA.
  • Medtronic MDT.
  • Duke Energy DUK.
  • PNC Financial Services PNC.
  • Kinder Morgan KMI.
May 3, 2024

What are the three dividend stocks to get paid monthly? ›

7 Best Monthly Dividend Stocks to Buy Now
Monthly Dividend StockMarket capitalizationTrailing-12-month dividend yield
Realty Income Corp. (O)$48 billion5.6%
Cross Timbers Royalty Trust (CRT)$79 million11.1%
Permian Basin Royalty Trust (PBT)$555 million5.8%
PennantPark Floating Rate Capital Ltd. (PFLT)$701 million10.8%
3 more rows
May 6, 2024

What is the safest dividend stock to buy now? ›

Top 25 High Dividend Stocks
TickerNameDividend Safety
TAT&TBorderline Safe
CCICrown CastleBorderline Safe
KMIKinder MorganSafe
6 more rows
5 days ago

What is the highest paying monthly dividend stock? ›

Top 10 Highest-Yielding Monthly Dividend Stocks in 2022
  • ARMOUR Residential REIT – 20.7%
  • Orchid Island Capital – 17.8%
  • AGNC Investment – 14.8%
  • Oxford Square Capital – 13.7%
  • Ellington Residential Mortgage REIT – 13.2%
  • SLR Investment – 11.5%
  • PennantPark Floating Rate Capital – 10%
  • Main Street Capital – 7%

What are the best dividend stocks to buy in Canada 2024? ›

In April 2024, the top-performing dividend-payers included gold company Pan American Silver PAAS, gold company SSR Mining SSRM, and oil and gas exploration and production company Paramount Resources POU.

What is the best Canadian dividend stock? ›

In the first quarter of 2024, the top-performing dividend-payers included copper company Lundin Mining LUN, oil and gas exploration and production company Peyto Exploration & Development PEY, and oil and gas exploration and production company Tamarack Valley Energy TVE.

What Canadian stock pays the best dividend? ›

Manulife Financial Corporation (NYSE:MFC)

The company's dividend growth streak currently spans over 10 years and it offers a quarterly dividend of C$0.365 per share. With a dividend yield of 4.82%, MFC is one of the best Canadian dividend stocks on our list.

What are the top 5 dividend stocks to buy? ›

15 Best Dividend Stocks to Buy for 2024
StockDividend yield
First American Financial Corp. (FAF)3.8%
Pfizer Inc. (PFE)6.6%
Coca-Cola Co. (KO)3.3%
Johnson & Johnson (JNJ)3.4%
11 more rows
Apr 19, 2024

What is the highest dividend king stock? ›

That's why Altria remains a Dividend King to this day, and frankly, the dividend faces little stress thanks to a manageable 75% dividend payout ratio. The company's presumed demise has shares trading at a modest valuation of less than 9 times earnings.

What are the best dividend stocks over 5 percent? ›

Agree Realty, Clearway Energy, Oneok, Vici Properties, and Verizon all pay dividends yielding more than 5%. Those companies should be able to sustain and grow their high-yielding dividends over the long haul. That makes them great stocks to buy for a potential lifetime of dividend income.

Does Coca-Cola pay monthly dividends? ›

The Coca-Cola Company's ( KO ) ex-dividend date is June 14, 2024 , which means that buyers purchasing shares on or after that date will not be eligible to receive the next dividend payment. The Coca-Cola Company ( KO ) pays dividends on a quarterly basis. The next dividend payment is planned on July 1, 2024 .

Is agnc dividend safe? ›

Is AGNC's 15% dividend safe in 2024? The answer is likely yes, but that doesn't make this stock an attractive buy for long-term investors.

Why is the agnc dividend so high? ›

The main reason is that the share price has declined over time to its most recent close at $9.81, so the yield has remained so high that dividend boosts are not needed.

What are the forever dividend stocks? ›

7 Dividend Kings to Buy and Hold Forever
StockDividend yieldDividend growth streak
Procter & Gamble Co. (PG)2.4%68 years
3M Co. (MMM)6.5%65 years
Coca-Cola Co. (KO)3.3%61 years
Johnson & Johnson (JNJ)3.2%61 years
3 more rows
Apr 11, 2024

What are the three dividend stocks for passive income? ›

Here are three of them: Altria (NYSE: MO), AT&T (NYSE: T), and Enbridge (NYSE: ENB). I'll detail what makes them stand out as high-yield dividend stocks you can buy this month and hold for those juicy dividends. You might even score some solid capital gains, too.

What is the best dividend company of all time? ›

P&G is the longest-tenured consumer staple Dividend King, part of an elite cohort of companies that have increased their payouts for at least 50 years. P&G's track record for dividend increases and the size of its increases make it one of the most reliable dividend stocks out there.

Which stock to hold for long term? ›

best long term stocks
S.No.NameQtr Sales Var %
1.Ksolves India35.17
2.Network People207.14
3.Tips Industries21.61
4.Waaree Renewab.344.38
23 more rows


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