Enbridge is one of the biggest listings on the TSX by market cap. It is also the largest energy infrastructure company in North America. In the investing world, Enbridge is highly sought after because of its wide economic moat, impressive history of dividend growth, and high dividend yield. The stock currently offers a quarterly dividend of $0.738 per share, which represents an attractive 5.9% yield.
It is hard to match up with Enbridge’s size and dividend-growth history, but there are equities available for income investors that can match and exceed its dividend yield. Today, we are going to look at three stocks that can pay you more than Enbridge.
Alaris Royalty (TSX:AD)
Alaris Royalty is a Calgary-based company that is engaged in investing in operating entities. Shares had climbed 10% in 2019 as of close on May 15. The stock was up 16.8% year over year.
The company released its first-quarter 2019 results on May 6. Revenue rose to $27.7 million, which represented a 16.9% year-over-year increase on a per-share basis. Normalized EBITDA climbed 23.6% to $0.68 per share. Alaris revenue and earnings were boosted by distributions from new investments and organic growth through its 2019 reset.
Alaris last declared an April dividend of $0.1375 per share. This is paid on a monthly basis and represents a tasty 8.7% yield. Alaris has marginally improved its cash position from the prior year, and its dividend looks safe as we look ahead to the final three quarters of the year. This is a worthy target for income investors.
TransAlta Renewables (TSX: RNW)
TransAlta Renewables is a Calgary-based electric utility company that owns and operates energy generation and transmission facilities. Shares had climbed 31.9% in 2019 as of close on May 15. The stock was up 13.9% year over year.
TransAlta released its first-quarter 2019 results on May 13. Revenues increased marginally to $127 million compared to $125 million in the prior year. Comparable EBITDA climbed to $116 million over $110 million in Q1 2018. Net earnings increased to $76 million, or $0.29 per share, compared to $66 million, or $0.26 per share, in the first quarter of 2018.
In late April, TransAlta declared monthly dividends of $0.07833 into September 2019. This represents a nice 6.8% yield. The company has achieved dividend growth for six consecutive years. TransAlta boasts a strong dividend, and investors gearing up for the long term should feel comfortable targeting companies in the renewable energy sector.
Cineplex (TSX: CGX)
Cineplex operates chains of movie theatres across Canada. Shares of Cineplex had climbed 0.75% in 2019 as of close on May 15. The stock was still down 8.8% from the prior year.
Cineplex released its first-quarter results on May 9. Last week, I explained why the stock was an enticing target for value and income investors. Revenues fell 6.6% from the prior year, and Cineplex posted a net loss of $7.4 million. North American cinemas had a brutal start to the calendar year, but the slate will dramatically improve in the final three quarters. The release of Avengers: Endgame is already breaking records at the domestic box office and is now the third-highest grossing film in North America of all time behind Star Wars: The Force Awakens and Avatar.
The company increased its monthly dividend payout to $0.15 per share. This represents a 7.1% yield.
