The S&P/TSX Composite Index was up 107 points in early afternoon trading on April 8. Canadian stocks have bounced back nicely from the broader retreat they suffered in late February and early March. Investors should stay on their toes, as the Bank of Canada (BoC) readies for another set of rate hikes in the months ahead. This could introduce further turbulence into the market.
Today, I want to look at four super dividend stocks you can set and forget this decade.
Why you can trust this dividend stock for the long haul
Emera (TSX: EMA) is the first dividend stock I’d look to snatch up in the spring of 2022. This Halifax-based company is engaged in the generation, transmission, and distribution of electricity to its customer base. Shares of Emera have climbed 3.2% in 2022 at the time of this writing.
Investors got to see Emera’s fourth-quarter and full-year 2021 results on February 14, 2022. It reported adjusted net income of $723 million or $2.81 per common share — up from $665 million, or $2.68 per common share, in the previous year. Investors should be encouraged by Emera’s $8.4 billion capital-investment plan. This will drive rate base growth and support its dividend payouts going forward.
This dividend stock is trading in favourable value territory compared to its industry peers. Emera last paid out a quarterly dividend of $0.662 per share. That represents a solid 4.1% yield.
Two energy heavyweights to buy and hold
The oil and gas sector have posted steady growth over the past year. Prices surged in the face of the Russia-Ukraine crisis as the global energy supply was threatened by a set of crippling sanctions enacted by the Western powers.
Suncor (TSX: SU)(NYSE: SU) is one of the top integrated energy stocks in Canada. Shares of this dividend stock have climbed 25% in 2022 as of early afternoon trading on April 8. The stock has surged 57% from the previous year. Adjusted funds from operations (AFFO) nearly tripled to $3.14 billion or $2.17 per common share in the fourth quarter of 2021. Suncor stock last had an attractive P/E ratio of 15. It offers a quarterly dividend of $0.42 per share, representing a 4% yield.
Enbridge (TSX: ENB)(NYSE: ENB) is an energy infrastructure giant and one of the largest stocks on the TSX by market cap. Its shares have increased 18% in the year-to-date period. Enbridge delivered full-year GAAP earnings of $5.8 billion, or $2.87 per common share in 2021 — up from $3.0 billion, or $1.48 per common share, in the previous year. It still possesses a very solid P/E ratio of 20. Moreover, Enbridge last paid out a quarterly dividend of $0.86 per share. That represents a strong 5.8% yield.
One more dividend stock you can depend on this decade
Rogers Communications (TSX: RCI.B)(NYSE: RCI) is the fourth and final dividend stock I’d look to snatch up today. This Toronto-based company is one of the largest telecoms in Canada. Shares of Rogers have increased 21% so far this year.
The company unveiled its final batch of 2021 earnings on January 27. Rogers has continued to benefit from the return of major sports, as its Media revenue delivered 26% growth. It also released its guidance for fiscal 2022. Rogers is projecting total service revenue growth between 4% and 6% and adjusted EBITDA growth between 6% and 8%.
