3 Monster Dividend Stocks With Yields of up to 5.2%

Dividend stocks play a vital role in building a well-balanced portfolio. In addition to generating a steady income, they help enhance portfolio stability. Thanks to their resilient business models and strong cash flows, these companies tend to be less affected by economic fluctuations. Moreover, reinvesting dividends can further boost long-term returns through compounding.

With this in mind, let’s explore three top dividend stocks that currently present attractive buying opportunities.

Enbridge

Enbridge (TSX:ENB) stands out as a compelling dividend stock, supported by its contracted business model, consistent dividend growth, and clear long-term expansion prospects. The company generates approximately 98% of its cash flows from long-term take-or-pay agreements and regulated assets, with nearly 80% of those cash flows indexed to inflation, providing a strong hedge against rising prices.

This stability enables Enbridge to generate reliable, predictable cash flows, supporting both its dividend payments and steady increases. The company has an impressive track record, having paid dividends for more than 70 years and raised them for 31 consecutive years. It currently offers an attractive forward yield of around 5.2%.

Looking ahead, Enbridge has identified a $50 billion pipeline of growth opportunities over the next five years and plans to invest $10–$11 billion to advance these projects. Backed by these expansion initiatives, management expects adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) and distributable cash flow per share to grow at a mid-single-digit rate in the coming years, reinforcing the sustainability of its dividend payouts.

Canadian Natural Resources

Another top dividend stock I’m bullish on is Canadian Natural Resources (TSX:CNQ), which has delivered impressive dividend growth, increasing its payout at an annualized rate of over 20% for the past 26 years. The company operates large, low-risk, high-value reserves that require relatively modest capital reinvestment. In addition, its efficient operations have steadily lowered its breakeven point, supporting stronger margins and robust cash flow generation. Backed by these solid fundamentals, CNQ has consistently raised its dividend at an attractive pace and currently offers a forward yield of about 3.8%.

Looking ahead, oil prices could remain elevated in the near- to medium-term due to ongoing geopolitical tensions in the Middle East, which would act as a tailwind for CNQ. The company also boasts an extensive reserve base of over 5 billion barrels of oil equivalent, primarily composed of high-value petroleum assets. To further enhance its production capacity, it plans to invest approximately $6.4 billion this year. Given the supportive commodity price environment and its ongoing expansion initiatives, CNQ appears well-positioned to sustain its dividend growth trajectory.

Bank of Nova Scotia

My final pick is Bank of Nova Scotia (TSX:BNS), a reliable dividend payer with an exceptional track record. The bank has distributed dividends without interruption since 1833 and currently offers an attractive forward yield of around 4.6%. With a full suite of financial services spanning more than 55 countries, its diversified revenue base supports stable, consistent cash flow, enabling dependable dividend payments.

The bank has also begun fiscal 2026 on a strong note, delivering an impressive first-quarter performance. Its adjusted earnings per share (EPS) rose 16.5% year over year to $2.05, driven by solid contributions from all four core business segments. Additionally, its common equity tier 1 (CET1) ratio improved by 10 basis points to 13.3%, supported by higher retained earnings and the divestiture of operations in Colombia, Costa Rica, and Panama.

Alongside its improving financial performance, BNS’s ongoing strategic repositioning – focusing more on its core North American operations while reducing exposure to higher-risk Latin American markets – should lead to more stable and sustainable earnings growth. Given its strengthening fundamentals, solid capital position, and long-standing dividend history, the bank appears well-positioned to maintain its dividend payouts, making it an attractive option for income-focused investors.

The post 3 Monster Dividend Stocks With Yields of up to 5.2% appeared first on The Motley Fool Canada.

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More reading

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• Canadian Investors: Here’s the 1 Sector You Want to Own When Oil Surges

Fool contributor Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Bank of Nova Scotia, Canadian Natural Resources, and Enbridge. The Motley Fool has a disclosure policy.