2 Canadian Dividend Stocks That Look Reasonably Priced Right Now

Dividend investors are wondering which top TSX stocks are still good to buy right now for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolio focused on dividends and total returns.

Equity markets remain near record highs, but some top TSX dividend stocks have pulled back a bit, giving investors a chance to buy the dip.

Enbridge

Enbridge (TSX:ENB) trades near $72 per share at the time of writing compared to the recent high of $77.

The gas utilities and energy infrastructure giant has been on an upward trend for the past 30 months, supported by a drop in borrowing costs, strategic acquisitions, and a solid growth program.

Enbridge uses debt to fund part of its expansion initiatives. The reduction in interest rates that occurred in 2024 and 2025 helped attract investors back to the stock after they bailed out out in 2022 and 2023 on concerns that soaring interest rates would put pressure on cash flow and potentially lead to a dividend cut.

As it turned out, Enbridge maintained its dividend growth. The company is benefitting from revenue and profit expansion driven by a combination of acquisitions and development projects. Enbridge spent US$14 billion in 2024 to buy three American natural gas utilities. In addition, Enbridge is working on a $39 billion capital program that the company says will help raise adjusted earnings and distributable cash flow by 5% per year over the medium term.

Enbridge increased the dividend in each of the past 31 years. Investors who buy ENB stock at the current price can get a dividend yield near 5.4%.

Canadian Natural Resources

Canadian Natural Resources (TSX:CNQ) trades for $59 per share at the time of writing compared to a high of roughly $71 in March. The stock is still up 27% in 2026, but the pullback is a chance for investors who missed the surge to get in at a level not seen since February.

The spike this year is due to soaring oil prices caused by war in the Middle East. The closure of the Strait of Hormuz and damage to oil and natural gas infrastructure has driven up energy prices.

Wars in Ukraine and Iran have demonstrated the riskiness of relying on energy supplies from Russia and the Middle East. This has led to strong interest in Canadian and American oil and liquified natural gas. International buyers need to have secure energy supplies, and there aren’t many countries that can provide this at a large scale. CNRL is a major Canadian energy producer with oil sands, conventional light and heavy oil, offshore oil, natural gas liquids, and natural gas assets.

The global disruptions, along with Canada’s renewed interest in becoming an energy superpower, should lead to expansion of export capacity for Canadian oil and LNG. That bodes well for CNRL over the long term. As such, investors should look beyond any near-term volatility in the stock. At the current share price CNQ provides a dividend yield of 4.3%, so you get paid well to ride out some turbulence. CNRL has raised the dividend in each of the past 26 years.

The bottom line

Enbridge and CNRL pay good dividends that should continue to grow. If you have some cash to put to work, these stocks deserve to be on your radar.

The post 2 Canadian Dividend Stocks That Look Reasonably Priced Right Now appeared first on The Motley Fool Canada.

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* Returns as of April 20th, 2026

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The Motley Fool recommends Canadian Natural Resources and Enbridge. The Motley Fool has a disclosure policy. Fool contributor Andrew Walker has no position in any stock mentioned.