The Canadian market has seen a 1.1% increase over the last week and is up 20% over the past 12 months, with earnings forecasted to grow by 15% annually. In this thriving environment, dividend stocks like Canadian Natural Resources offer attractive opportunities for investors seeking steady income and potential growth.

Top 10 Dividend Stocks In Canada

Click here to see the full list of 31 stocks from our Top TSX Dividend Stocks screener.

Underneath we present a selection of stocks filtered out by our screen.

Canadian Natural Resources

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs) with a market cap of CA$96.94 billion.

Operations: Canadian Natural Resources Limited generates revenue from several segments, including Midstream and Refining (CA$983 million), Oil Sands Mining and Upgrading (CA$16.47 billion), Exploration and Production in North America (CA$18.15 billion), the North Sea (CA$522 million), and Offshore Africa (CA$492 million).

Dividend Yield: 4.5%

Canadian Natural Resources (CNQ) has shown consistent dividend growth over the past decade, with stable payments and a reliable yield of 4.51%. The dividend is well-covered by both earnings (payout ratio: 56.1%) and free cash flow (cash payout ratio: 42.7%). Recent announcements include a quarterly cash dividend of C$0.525 per share, payable on October 4, 2024, and strong Q2 earnings with revenues of C$9.05 billion and net income of C$1.72 billion compared to last year’s figures.

• Get an in-depth perspective on Canadian Natural Resources' performance by reading our dividend report here.

• Upon reviewing our latest valuation report, Canadian Natural Resources' share price might be too pessimistic.

IGM Financial

Simply Wall St Dividend Rating: ★★★★★☆

Overview: IGM Financial Inc. is a Canadian wealth and asset management company with a market cap of CA$9.52 billion.

Operations: IGM Financial Inc.'s revenue is primarily derived from its Wealth Management segment, which contributes CA$2.30 billion, and its Asset Management segment, which adds CA$1.21 billion.

Dividend Yield: 5.5%

IGM Financial's dividend payments are well-covered by earnings (payout ratio: 62.9%) and cash flows (cash payout ratio: 70.7%), with a reliable yield of 5.55%. The company has maintained stable and growing dividends over the past decade. Recent activities include a share buyback of CAD 49.1 million and strong Q2 earnings, reporting CAD 816.31 million in revenue and CAD 216.19 million in net income, alongside a declared dividend of CAD 0.5625 per share payable on October 31, 2024.

• Click here and access our complete dividend analysis report to understand the dynamics of IGM Financial.

• In light of our recent valuation report, it seems possible that IGM Financial is trading behind its estimated value.

Whitecap Resources

Simply Wall St Dividend Rating: ★★★★★★

Overview: Whitecap Resources Inc. is an oil and gas company that focuses on the acquisition, development, and production of petroleum and natural gas assets in Western Canada, with a market cap of CA$6.19 billion.

Operations: Whitecap Resources Inc. generates revenue primarily from its Oil & Gas - Exploration & Production segment, amounting to CA$3.37 billion.

Dividend Yield: 6.9%

Whitecap Resources offers a high and reliable dividend yield of 6.92%, with payments well-covered by earnings (payout ratio: 54.2%) and cash flows (cash payout ratio: 67.9%). The company has maintained stable and growing dividends over the past decade, trading at good value compared to peers. Recent news confirms consistent monthly dividends of CAD $0.0608 per share, with Q2 revenue of CAD $905.4 million and net income of CAD $244.5 million reflecting strong financial performance.

• Navigate through the intricacies of Whitecap Resources with our comprehensive dividend report here.

• Our valuation report unveils the possibility Whitecap Resources' shares may be trading at a discount.

Taking Advantage

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• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.

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• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include TSX:CNQ TSX:IGM and TSX:WCP.

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