4 Canadian Dividend Stocks to Hold Forever

Market volatility has come and gone, but Canadians may still want to target dividend stocks like Enbridge Inc. (TSX:ENB)(NYSE:ENB) right now.

The S&P/TSX Composite Index dropped 28 points on March 29. North American markets succumbed to volatility in late February and early March but have since bounced back and made up losses. Regardless, Canadian investors may want to target dividend stocks in this uncertain environment. Today, I want to look at four of my favourites. Let’s jump in.

Here’s an energy heavyweight you can trust for the long term

Back in November 2020, I’d discussed why Enbridge (TSX:ENB)(NYSE:ENB) was a dividend stock that Canadians could trust for the long term. The Calgary-based company is an energy infrastructure giant. Its shares have climbed 16% in 2022 as of close on March 28. The stock is up 22% from the previous year.

In 2021, Enbridge delivered GAAP earnings of $5.8 billion, or $2.87 per common share — up from $3 billion, or $1.48 per common share, in 2020. Meanwhile, adjusted EBITDA rose to $14 billion over $13.3 billion in the previous year. Shares of this dividend stock possess a solid price-to-earnings (P/E) ratio of 20. Moreover, it offers a quarterly distribution of $0.86 per share. That represents a strong 5.9% yield.

This dividend stock is chasing a Canadian crown

Fortis (TSX:FTS)(NYSE:FTS) is a St. John’s-based utility holding company. Back in August 2020, I’d discussed why this was a dividend stock worth holding for the long haul. However, its shares have been largely static so far in 2022. The stock is up 9.8% from the prior year.

The company delivered adjusted annual net earnings of $1.21 billion, or $2.59 per common share, in 2021. Best of all, it announced a big boost to its $20 billion five-year capital plan. It hopes the steady rate base increase will support annual dividend growth of 6% through 2025. Fortis has achieved dividend growth for 47 consecutive years. It last paid out a quarterly distribution of $0.535 per share, representing a 3.5% yield.

One more top utility you can depend on for income

Emera (TSX:EMA) is another top utility I’d look to snatch up in late March. This dividend stock has declined 3% so far this year. It shares are still up 7.8% in the year-over-year period.

Investors got to see Emera’s final batch of 2021 earnings on February 14, 2022. It delivered adjusted net income of $723 million, or $2.81 per common share — up from $665 million, or $2.68 per common share, in the prior year. Meanwhile, Emera is also proceeding with a sizable capital-investment plan. This dividend stock offers a quarterly distribution of $0.662 per share, which represents a 4.3% yield.

The last dividend stock I’d look to snatch up today

Suncor (TSX:SU)(NYSE:SU) is the fourth and final dividend stock I’m excited about owning as we move into April. Shares of this top integrated energy company have climbed 23% in 2022. Its shares have shot up 54% in the year-over-year period.

This top energy company unveiled its fourth-quarter and full-year 2021 results on February 2. It posted adjusted funds from operations of $3.14 billion, or $2.17 per common share — up from $1.22 billion, or $0.80 per common share, in the prior year. Suncor stock still possesses a favourable P/E ratio of 14. It offers a quarterly dividend of $0.42 per share. This represents a solid 4.1% yield.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool recommends EMERA INCORPORATED, Enbridge, and FORTIS INC.

More on Dividend Stocks

hand stacks coins
Dividend Stocks

3 Ultra-High-Yield Dividend Stocks You Can Buy and Hold for a Decade

These three high-yield dividend stocks still have some work to do, but each are in steady areas that are only…

Read more »

senior man and woman stretch their legs on yoga mats outside
Dividend Stocks

TFSA: 2 Canadian Stocks to Buy and Hold Forever

Here are 2 TFSA-worthy Canadian stocks. Which one is a good buy for your TFSA today?

Read more »

calculate and analyze stock
Dividend Stocks

This 5.5% Dividend Stock Pays Cash Every Single Month!

This REIT may offer monthly dividends, but don't forget about the potential returns in the growth industry its involved with.

Read more »

Silver coins fall into a piggy bank.
Dividend Stocks

How to Use Your TFSA to Earn up to $6,000 Per Year in Tax-Free Passive Income

A high return doesn't mean you have to make a high investment -- or a risky one -- especially with…

Read more »

path road success business
Dividend Stocks

2 High-Yield Dividend Stocks to Buy Hand Over Fist and 1 to Avoid

High yields are great and all, but only if returns come with them. And while two of these might, another…

Read more »

Man holds Canadian dollars in differing amounts
Dividend Stocks

This 7% Dividend Stock Pays Cash Every Month

A high dividend yield isn't everything. But when it pays out each month and offers this stability, it's worth considering!

Read more »

young people stare at smartphones
Dividend Stocks

GST/HST “Vacation”: Everything Canadians Need to Know

The GST/HST "vacation" is a little treat for the holidays, along with a $250 payment. What should you do with…

Read more »

Train cars pass over trestle bridge in the mountains
Dividend Stocks

Is CNR Stock a Buy, Sell, or Hold for 2025?

Can CNR stock continue its long-term outperformance into 2025 and beyond? Let's explore whether now is a good time to…

Read more »