2 Canadian Dividend Giants I’d Buy With Rates on Hold

With the Bank of Canada holding interest rates steady, dividend hunters have a golden window to snap up resilient Canadian payers trading at mouth-watering yields. Stable rates mean these cash-flow machines keep churning out reliable income without the squeeze of rising borrowing costs.

Here are two of the top dividend stocks I’ve got in mind for investors right now, and why these stocks look like solid picks in today’s environment.

Enbridge

Pipeline giant Enbridge (TSX:ENB) is among the leading dividend stocks in the market, and it’s been so for some time. With a current dividend yield of 5.3% and plenty of underlying catalysts supporting its stock price of late (just look at the chart below), this has been one of my top picks in recent years.

Now, I’d have to say this stock has taken off to a much more impressive degree than even I thought was possible. Much of that has to do with the company’s relative defensive nature in a market that’s becoming increasingly risk-averse. With most of Enbridge’s revenue flows originating from regulated assets and long-term take-or-pay contracts, this company is one that delivers predictable distributable cash flow (DCF) that shields it from oil price swings.

With around 80% of Enbridge’s EBITDA inflation-linked, the company has locked in real returns as costs creep up, while its sprawling North American pipeline network ensures steady utilization and demand. Yielding 5.3%, Enbridge targets mid-single-digit dividend growth ahead, making it a no-brainer for portfolios craving stability in this rate-hold environment.

Simply put, I think there are few better dividend-oriented options in the market for investors to choose from right now. Given Enbridge’s underlying performance and stability, this is a stock I think investors can safely own for years or decades to come.

Brookfield Renewable Partners

Now, let’s talk about Brookfield Renewable Partners (TSX:BEP.UN), and specifically this stock’s value as a top income holding.

Indeed, I think Renewable powerhouse Brookfield Renewable Partners is another dividend gem screaming “buy” amid steady rates. Its diversified portfolio of hydro, solar, wind, and storage assets fuels long-term contracted power deals that guarantee stable cash flows and juicy distributions. That’s what powers the company’s impressive 5.2% dividend yield, which I’d expect to head higher over time.

That’s because Brookfield Renewable isn’t like any other clean energy-focused company. This is a stock with a business model that supports relentless growth, recycling capital from mature assets into high-return projects like battery storage and grid upgrades, all while maintaining a rock-solid payout backed by predictable revenues. In a world shifting to green energy, Brookfield’s development pipeline and inflation-protected contracts make it resilient, with fundamentals pointing to sustained distribution increases.

If interest rates come down, I think the company’s appeal should be amplified. I don’t see a debt crunch on the horizon, just compounding returns for patient investors chasing yield and growth in one package.​ Enough said.

The post 2 Canadian Dividend Giants I’d Buy With Rates on Hold appeared first on The Motley Fool Canada.

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More reading

• 2 Top TSX Stocks to Buy Today With Long-Term Growth in Mind
• The Best Dividend Stocks to Buy and Hold Forever
• Is Enbridge Stock a Buy Under $75? Here’s My Take 
• Invest $50,000 in This Dividend Stock for $2,580 in Passive Income
• Should You Buy the 3 Highest-Paying Dividend Stocks on the TSX? (One Recently Yielded 16.8%.)

Fool contributor Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool recommends Brookfield Renewable Partners and Enbridge. The Motley Fool has a disclosure policy.