ENB:CC - Income Alert: These Stocks Just Raised Their Dividends
2024-03-18 16:50:00 ET
There’s no shortage of great income stocks on the market. Among those, some stocks raised their dividends recently. Suffice to say, these should be on the short-list of any investor.
Here’s a handful of stocks that raised their dividends recently for you to consider.
This energy infrastructure pick has it all
Enbridge ( TSX:ENB ) is a superb income stock that most investors should already be aware of. For those unfamiliar with the stock, Enbridge operates both a pipeline business as well as a natural gas utility operation.
That pipeline segment provides a recurring and stable revenue stream that allows the company to invest in growth and payout a handsome dividend . And given the quantity of crude and natural gas hauled across that pipeline network, that makes Enbridge a great defensive option.
Turning to the natural gas utility business, Enbridge is full of long-term potential. That’s thanks to a trio of acquisitions late last year, which made Enbridge the largest natural gas utility in North America with nearly 5 million customers.
Additionally, Enbridge also has a growing renewable energy portfolio. That renewable portfolio consists of over 40 facilities located across Europe and North America.
Turning to dividends, Enbridge has paid out quarterly and provided annual increases for nearly three decades without fail. The most recent uptick, paying out $0.915 per share took effect last month. That handily adds Enbridge to the list of stocks that raised their dividends recently.
This also means that Enbridge boasts a yield of 7.62%, making it one of the best-paying and defensive investments on the market.
All aboard the income train
There’s another defensive stock that belongs to the club of those which raised their dividends to note.
Canadian National Railway ( TSX:CNR ) is the largest railroad in Canada and one of the largest on the continent. That immense size is a major competitive advantage over its peers as it’s the only railroad with access to three coasts.
Canadian National hauls a massive amount of freight. That can be anything from automotive components, chemicals and crude oil to finished products, wheat and raw materials.
In total, Canadian National hauls a whopping $250 billion of goods each year. Not only does this make Canadian National a vital defensive part of the entire continental market, but it also makes it a great defensive pick.
As an income producer, Canadian National offers investors a quarterly dividend. As one of the companies that recently raised their dividends, the payout as of earlier this month works out to $0.845 per share. This gives the company a respectable 1.94% yield.
While that yield may not be the highest on the market, the company has also provided that annual or better uptick reliably for over two decades.
That fact alone ranks it high on the list of stocks that raised their dividends.
Banking on stable income growth
It would be impossible to compile a list of stocks that raised their dividends and not mention Canada’s big banks .
Canada’s big banks are among the best long-term options to consider. They offer a stable domestic market, growth from international markets, and juicy dividends.
The one big bank stock joining the ranks of stocks that raised their dividends is Bank of Montreal ( TSX:BMO ). BMO has plenty of experience in paying out dividends; the bank has done it for nearly two centuries without fail.
And thanks to the most recent uptick that was payable on January 29 this year, BMO now pays $1.51 per share. This makes it a superb pick to consider.
As of the time of writing, that works out to a yield of 4.75%, making it a compelling option for income investors.
But income isn’t the only thing that BMO can offer investors. Last year BMO completed the acquisition of California-based Bank of the West. This vastly bolstered BMO’s presence in the U.S. and signalled its entry into multiple state markets.
Specifically, the bank gained hundreds of new branch locations and billions in deposits and loans. It also bumped BMO into position as one of the largest banks in the U.S. market, with a presence in 32 states.
The post Income Alert: These Stocks Just Raised Their Dividends appeared first on The Motley Fool Canada .
Fool contributor Demetris Afxentiou has positions in Canadian National Railway and Enbridge. The Motley Fool recommends Canadian National Railway and Enbridge. The Motley Fool has a disclosure policy .
2024