Top 3 TSX Dividend Stocks For November 2024

In the aftermath of a decisive U.S. election, Canadian markets have been buoyed by reduced uncertainty and favorable fundamentals, contributing to record highs for the TSX this year. As investors navigate this evolving landscape, dividend stocks remain an appealing option for those seeking stability and income potential amidst shifting economic policies and market dynamics.

Top 10 Dividend Stocks In Canada

Name	Dividend Yield	Dividend Rating
Whitecap Resources (TSX:WCP)	7.02%	★★★★★★
Acadian Timber (TSX:ADN)	6.65%	★★★★★★
Olympia Financial Group (TSX:OLY)	7.24%	★★★★★☆
Power Corporation of Canada (TSX:POW)	4.83%	★★★★★☆
Enghouse Systems (TSX:ENGH)	3.46%	★★★★★☆
Canadian Natural Resources (TSX:CNQ)	4.41%	★★★★★☆
IGM Financial (TSX:IGM)	5.07%	★★★★★☆
Russel Metals (TSX:RUS)	3.98%	★★★★★☆
Royal Bank of Canada (TSX:RY)	3.30%	★★★★★☆
Sun Life Financial (TSX:SLF)	4.07%	★★★★★☆

Click here to see the full list of 27 stocks from our Top TSX Dividend Stocks screener.

Here's a peek at a few of the choices from the screener.

High Liner Foods (TSX:HLF)

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

Overview: High Liner Foods Incorporated processes and markets frozen seafood products in North America, with a market cap of CA$398.75 million.

Operations: High Liner Foods Incorporated generates its revenue by processing and marketing frozen seafood products across North America.

Dividend Yield: 4.5%

High Liner Foods recently reported a significant rise in net income despite a drop in sales, reflecting strong earnings growth. The company increased its quarterly dividend to C$0.17, indicating confidence in its operations. While the dividend yield is below top-tier Canadian payers, it is well-covered by both earnings and cash flows due to low payout ratios. However, the dividend history has been volatile over the past decade, which may concern some investors seeking stability.

• Navigate through the intricacies of High Liner Foods with our comprehensive dividend report here.
• Our valuation report here indicates High Liner Foods may be undervalued.

IGM Financial (TSX:IGM)

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

Overview: IGM Financial Inc. is a Canadian wealth and asset management company with a market cap of approximately CA$10.51 billion.

Operations: IGM Financial Inc. generates its revenue primarily from two segments: Asset Management, contributing CA$1.23 billion, and Wealth Management, contributing CA$2.35 billion.

Dividend Yield: 5.1%

IGM Financial's recent earnings report shows a rise in quarterly revenue to C$853.15 million, with net income at C$239.18 million, supporting its dividend reliability. The company declared a dividend of 56.25 cents per share, covered by both earnings and cash flows, with payout ratios around 60%. Despite being below top-tier yields in Canada, IGM's dividends have grown steadily over the past decade without volatility, offering stability for investors.

• Dive into the specifics of IGM Financial here with our thorough dividend report.
• Our expertly prepared valuation report IGM Financial implies its share price may be lower than expected.

Peyto Exploration & Development (TSX:PEY)

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

Overview: Peyto Exploration & Development Corp. is an energy company focused on the exploration, development, and production of natural gas, oil, and natural gas liquids in Alberta's Deep Basin with a market cap of CA$2.99 billion.

Operations: Peyto Exploration & Development Corp. generates revenue from its Oil & Gas - Exploration & Production segment, amounting to CA$901.99 million.

Dividend Yield: 8.7%

Peyto Exploration & Development's dividend yield of 8.68% ranks among the top 25% in Canada, yet it faces sustainability challenges, as the cash payout ratio is 113.9%, indicating dividends are not well-covered by free cash flows. Despite recent affirmations of a C$0.11 monthly dividend, historical volatility and high debt levels present concerns. The stock trades at a significant discount to its estimated fair value, providing potential value despite these risks.

• Take a closer look at Peyto Exploration & Development's potential here in our dividend report.
• The analysis detailed in our Peyto Exploration & Development valuation report hints at an deflated share price compared to its estimated value.

Where To Now?

• Dive into all 27 of the Top TSX Dividend Stocks we have identified here.
• Have a stake in these businesses? Integrate your holdings into Simply Wall St's portfolio for notifications and detailed stock reports.
• Enhance your investing ability with the Simply Wall St app and enjoy free access to essential market intelligence spanning every continent.

Curious About Other Options?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• 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.

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