Exploring Top 5 Canadian Dividend Stocks For 2021!

Here’s a list of TSX stocks to explore in 2021 that come with a history of regular dividend payouts and have reported consistent dividend growth in the last few years.

1. Enbridge (TSX:ENB)

Enbridge Inc pays a dividend of C$ 0.835 on a quarterly basis, which currently yield 7.896 per cent (as per TMX data). Having distributed dividends for over 65 years, the Canadian oil and gas supplier reported that its dividend surged at an average compound rate of 11 per cent annually in the last 25 years.

Enbridge stocks, which closed trading at C$ 42.3, climbed nearly eight per cent in the last three months and about four per cent in January 2021 to date.

©Kalkine Group 2021

2. Pembina Pipeline Corp (TSX:PPL)

Pembina Pipeline Corporation saw its dividend grow by 6.54 per cent in the last three years and by 6.77 per cent in the last five years. The company is set to pay a monthly dividend of C$ 0.21 on January 15, which currently yields 7.819 per cent, as per the TMX data.

The trending stocks of Pembina pipeline, priced at C$ 32.23 at the time of writing this article, jumped over 11 per cent in the last three months and about seven per cent year-to-date (YTD).

3. TC Energy Corporation (TSX:TRP)

TC Energy Corporation, which is the operator of the Keystone pipeline, has recorded a dividend growth of 7.98 per cent in the last three months and that of 8.94 per cent in the last five years, according to the data available on TMX Group.

Its quarterly dividend of C$ 0.81 is payable at the end of this month, on January 29, and currently reflects an yield of 6.04 per cent on the TMX portal.

TC Energy, which saw its stock price climb nearly four per cent in 2021 so far, announced in December that it plans to purchase all the outstanding stocks of US-based TC PipeLines (NYSE:TCP, TCP:US).

4. Labrador Iron Ore Royalty Corporation (TSX:LIF)

Labrador Iron Ore, which pays its shareholders C$ 1.8 in quarterly dividends, recorded a dividend growth of 7.65 per cent in the last five years, as per TMX. The Canadian corporation is set to distribute dividends on January 26.

Currently trending high among TSX stocks with high dividend yields, Labrador Iron Ore shares grew about 32 per cent in 2020 and over 35 per cent in the last six months.

5. Keyera Corp. (TSX:KEY)

Keyera Corp’s Board of Directors greenlit a cash dividend of C$ 0.16 in November 2020. The monthly dividend is set to be payable on January 15 this year and currently shows an yield of 8.054 per cent, according to the TMX website.

As per the data on the portal, Keyera’s three-year dividend growth stands at five per cent, while its five-year dividend growth is 6.3 per cent.

Keyera stocks, also trending on the TSX for its high dividend yield, grew over 14 per cent in the last three months and about 15 per cent in the last six months.