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Highlights
- Dividend yields are a key deciding factor for investors who want to fetch passive income on money invested.
- Despite a challenging year, some Canadian stocks have built a reputation of paying regular dividends backed by their robust operations and sound financials.
- A company here posted a dividend yield of 12.38 per cent.
Dividend yields are a key deciding factor for investors who want to fetch passive income on money invested. Despite the tough year, some Canadian stocks have built a reputation of paying regular dividends backed by their robust operations and sound financials.
Here are five Canadian stocks with the highest dividend yield.
1. Labrador Iron Ore Royalty Corp (TSX:LIF)
Labrador Iron Ore Royalty Corp is ranked as one of the top dividend companies with a dividend yield of 12.38 per cent.
The Canadian basic materials company has scheduled a quarterly dividend pay-out of C$ 1.15 per share on January 26 against an ex-dividend date of December 30, 2021.
The Toronto-headquartered materials company recorded a net income of C$ 104.8 million in Q3 FY2021 compared to C$ 57.7 million a year ago.
The LIF stock closed at C$ 37.15 apiece Wednesday, January 5. The material stock increased by roughly 15 per cent in the last year.
2. Enbridge Inc (TSX:ENB)
Enbridge Inc, which held a dividend yield of 6.84 per cent, will pay a quarterly dividend of C$ 0.86 apiece on March 1. The ex-dividend date for this pay-out is on February 14.
Enbridge posted a distributable cash flow of C$ 2.3 billion in the third quarter of fiscal 2021, up from C$ 2.1 billion in the prior-year's comparable quarter.
Scrips of this energy company closed at C$ 50.23 apiece on January 5. Its scrip fetched a return of almost 19 per cent year-over-year (YoY).
Also read: Top 5 TSX energy stocks under $10 for your 2022 portfolio
3. Keyera Corp (TSX:KEY)
Keyera Corp, with a dividend yield of 6.77 per cent, will dole out a monthly dividend of C$ 0.16 apiece on January 17 against an ex-dividend date of December 21, 2021.
The midstream energy firm more than doubled its net earnings to C$ 70 million in the third quarter of 2021 from C$ 33 million in Q3 2020.
Stocks of Keyera Corp closed at C$ 28.42 apiece on January 5 and gained by over 19 per cent in the past year.
4. Extendicare Inc (TSX:EXE)
Extendicare Inc, a Markham, Ontario-headquartered healthcare provider, held a dividend yield of 6.56 per cent. The company will pay a monthly dividend of C$ 0.04 apiece on January 17. Its ex-dividend date was December 30, 2021.
The operator of long-term care facilities and retirement homes recorded revenue of C$ 310.1 million in Q3 FY2021, a YoY increment of 4.5 per cent.
Stocks of this healthcare company closed at C$ 7.31 apiece on January 5. Its stock delivered a return of over 12 per cent YoY.
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5. Pembina Pipeline Corp (TSX:PPL)
Pembina Pipeline Corp is scheduled for a monthly dividend pay-out of C$ 0.21 apiece on January 14 against an ex-dividend date of December 30, 2021.
The pipeline company, which held a dividend yield of 6.54 per cent, reported total revenue of C$ 2.14 billion in Q3 FY2021 compared to C$ 1.49 billion a year ago.
This pipeline stock closed at C$ 38.49 apiece on January 5. It swelled by over 19 per cent in the past year.
Bottom line
Dividend stocks can provide financial flexibility to their investors and battle against inflation. People can invest in quality dividend stocks based on fundamentals and technical research to ensure that the company is financially sound.
Also read: Top 5 TSX stocks under $1 to buy in 2022
