2 Dividend Stocks to Double Up on Right Now

Canada offers a wealth of dividend stocks for every type of investor. And it has never been a better time to stock up on those income-paying greats.

Here’s a look at two of those dividend stocks to purchase now and begin collecting a tasty income.

Option 1: Invest in Enbridge

One of the first dividend stocks that investors should consider buying right now is Enbridge (TSX:ENB). Enbridge is one of the largest energy infrastructure companies on the planet.

The company boasts a diversified string of businesses that includes a pipeline business, a renewable energy operation, and a natural gas utility.

Enbridge’s pipeline network generates the bulk of the company’s revenue. The pipeline business includes both natural gas and crude elements, hauling massive amounts of both each day.

The pipeline business operates much like a toll road, generating a recurring and stable passive revenue stream.

The renewable energy business and natural gas utility offer a similar defensive appeal. Both operate under a utility-like model bound by long-term regulated contracts, generating ample revenue that leaves room for growth and dividends.

That’s a key point why Enbridge is one of the dividend stocks for any investor to buy. Enbridge has been paying out dividends for over 70 years. The company has also amassed a streak of over 30 years of consecutive annual increases.

As of the time of writing, Enbridge pays out a respectable 6% yield, making it one of the best-paying options on the market.

Option 2: Buy Fortis

Another one of the great dividend stocks to buy now is Fortis (TSX:FTS). While Enbridge delivers income through energy infrastructure, Fortis offers stability through utilities.

Fortis is one of the largest utility stocks on the continent. The company enjoys a solid portfolio of assets across Canada, the U.S., and the Caribbean.

Those assets are bound by long-term regulated contracts that provide a recurring and stable revenue stream. Those contracts span decades in duration, allowing Fortis to invest in growth while paying out a handsome quarterly dividend.

Fortis is unique among its peers when it comes to growth. Rather than resting on its laurels, Fortis is actively investing in initiatives to bolster its portfolio. That includes both transitioning to renewables and upgrading existing facilities.

Turning to income, Fortis continues to impress. The dividend is one of the key reasons why this is one of the dividend stocks every investor needs. Fortis offers a quarterly payout, which currently carries a yield of 3.6% making this a superb option for income generation.

Adding to that appeal is the fact that Fortis continues to provide annual upticks to that dividend. In fact, Fortis has provided annual increases for over 50 consecutive years without fail.

That streak makes Fortis one of just two dividend kings in Canada and a solid buy-and-forget option for any portfolio.

Will you buy these dividend stocks?

All stocks carry some risk. That’s why it’s important to diversify with investments from across the market. Fortunately, both Enbridge and Fortis can provide investors with ample defensive appeal in addition to offering growth and income-producing potential.

In my opinion, one or both of these stocks should be core holdings for any long-term portfolio.

The post 2 Dividend Stocks to Double Up on Right Now appeared first on The Motley Fool Canada.

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More reading

• TFSA: 3 Top TSX Stocks for Your $7,000 Contribution
• 3 Dividend Stocks Worth Holding Forever
• 3 Canadian Stocks With Highly Sustainable Dividends
• TFSA Passive Income: 2 TSX Stocks to Consider for 2026
• 2 Unstoppable Dividend Stocks to Buy if There’s a Stock Market Sell-Off

Fool contributor Demetris Afxentiou has positions in Enbridge and Fortis. The Motley Fool recommends Enbridge and Fortis. The Motley Fool has a disclosure policy.