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Canada’s elderly population is expected to explode in the next few years. However, many pre-retirees are not well prepared for full retirement. A recent survey by the Ontario Health Care Pension Plan revealed that 75% of respondents aged 55 to her 64 had savings less than her $100,000. Additionally, more than 40% of her respondents owned less than her $5,000. Today, we’d like to take a look at dividend stocks that can help current and future retirees earn income in retirement. Let’s dive in.
The energy infrastructure giant is a dividend aristocrat with staggering yields
embridge (TSX:ENB) is a Calgary-based energy infrastructure giant. This Canadian blue chip stock has delivered dividend growth for a quarter of a century. Shares of Enbridge were down 2% month-over-month in early afternoon trading on July 13. The stock is down 8.2% through 2023.
Investors expect the company’s second quarter (Q2) 2023 financial results to be announced in late July. In the first quarter, Enbridge delivered adjusted earnings of $1.7 billion, or $0.85 per common share, broadly flat compared to the prior year. The share price of this dividend stock is trading at a firm price range compared to its peers. The quarterly dividend will be $0.887 per share. This represents a staggering yield of 7.2%.
Here’s another high-dividend stock that boasts an impressive streak of earnings
Fortis (TSX:FTS) is a St. John’s-based utility holding company. The stock has increased its dividend for 49 consecutive years. This means Fortis is about to become his second dividend king in Canada. The company’s stock has fallen slightly over the past month. Shares are still up 2.1% year-to-date.
For the first quarter of 2023, Fortis reported adjusted earnings per share (EPS) of $0.91, compared with $0.78 in the first quarter of fiscal 2022. On the other hand, it confirmed that its full-year capital plan of $4.3 billion is on track. Fortis’ previous price/earnings ratio (PER) was strong at 19. The quarterly dividend is $0.565 per share, representing a solid 4% yield.
Retirees can get access to green energy and Northland’s monthly dividend
northland power (TSX:NPI) is a Toronto-based independent power generation company that develops, builds, owns and operates clean and green power projects in North America, Europe and around the world. The green energy dividend stock has fallen 5.3% over the past month. Northland Power is down 28% by 2023.
The company plans to announce its next financial results in August. Northland’s results took a hit in the first quarter, but were still in line with analyst expectations. The dividend stock currently has an attractive P/E ratio of 9.7. Additionally, the monthly dividend is $0.10, yielding a yield of 4.4%.
Another reliable dividend stock to target today
Canadian National Railways (TSX:CNR) is a Montreal-based company engaged in retail and related transportation businesses. The company’s stock has risen 1.1% over the past month. Dividend stocks are still down 4.8% in 2023.
Investors can expect CNR’s next earnings release on July 25. In the first quarter of 2023, the company delivered his $4.31 billion increase in revenue by 16%. Additionally, operating profit increased 35% to $1.66 billion. CNR’s previous P/E ratio is stable at 19, and it pays a quarterly dividend of $0.79 per share. This represents a yield of 2%.
