4 Big Dividend-Paying Stocks for 2023

These four stocks all earn strong cash flow and offer attractive dividend yields, making them some of the best to buy in 2023.

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Canadian investors have plenty of opportunities to find attractive dividend stocks to buy for their portfolios in 2023.

With the uncertainty of the economy today, it’s essential to buy stocks that are consistently profitable and well established enough to return cash to investors on a regular basis.

Not all dividend stocks offer significant passive income. However, there are plenty of reliable companies with attractive dividend yields that can provide substantial passive income, making them attractive for investors in the current market environment.

Furthermore, these are some of the best stocks to buy and hold long term, as the significant dividend payments allow investors to reinvest that cash flow and take advantage of the power of compound interest.

If you’re looking for dividend stocks to buy in 2023 that offer big payouts, here are four of the top companies to consider today.

One of the best dividend stocks to buy and hold for years

If you’re looking for big dividend payments in 2023, then one of the first Canadian stocks to consider adding to your portfolio is Enbridge (TSX:ENB), the massive energy infrastructure company.

Enbridge is ideal for passive-income seekers, because it has a dominant position in an industry that’s highly defensive due to its importance.

The stock has a market cap of more than $100 billion and is responsible for transporting roughly 30% of all the crude oil produced in North America, and that’s just one of its segments.

Its well-diversified business sees Enbridge constantly earn billions in cash flow, which it uses to fund the dividend, potentially pay down debt and invest in continued growth for the future.

Considering how reliable and important Enbridge is to our economy, as well as the fact that it offers a yield of more than 6.8% today, there’s no doubt it’s one of the top dividend stocks to consider in 2023.

This telecom company is one of the top dividend stocks to consider for your portfolio in 2023

Another high-quality, blue-chip stock that, in many ways, is similar to Enbridge is BCE (TSX:BCE), the $55 billion telecom stock.

Although energy and telecommunications are two very different industries, BCE is another company that’s reliable due to the essential services it offers and also earns tonnes of cash flow, making it an attractive dividend-growth stock.

It has spent tonnes of capital in recent years to build out its 5G as well as fibre-to-the-home infrastructure. However, at the same time, it’s continued to increase its dividend, which now offers a yield upwards of 6.3%.

Therefore, BCE is undoubtedly a top dividend stock to consider adding to your portfolio in 2023.

This massive renewable energy company pays an attractive dividend

One of the best industries to find stocks to buy and hold for the long term is renewable energy, and one of the best stocks in the space is Brookfield Renewable Partners (TSX:BEP.UN).

In addition to the fact that Brookfield is a leader in the space with over $72 billion in assets under management and has assets in North America, South America, Europe, and Asia, it’s also constantly recycling capital, which gives it impressive growth potential.

Furthermore, while the stock has a current dividend yield of 4.4%, it also aims to increase its payouts to investors by 5-9% each year.

Therefore, considering its attractive yield, potential for both capital gains and dividend growth, as well as the stock’s reliability, it’s certainly a top dividend stock to add to your holdings in 2023.

This utility dividend stock is a top buy while markets remain uncertain in 2023

Finally, if you’re worried about the increase in volatility, as the economic environment has worsened over the last year, utility stocks like Emera (TSX:EMA) are some of the safest investments you can make.

Every stock has risk, but utility stocks mitigate much of that risk due to the essential services they offer, the fact that the industry is regulated by governments, and by diversifying their operations. Emera, for example, has assets in six countries.

Furthermore, like the other three stocks listed above, it offers consistent dividend increases. And with the stock trading slightly off its highs, investors can buy Emera today and lock in a yield just shy of 5%.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Daniel Da Costa has positions in Bce and Enbridge. The Motley Fool recommends Brookfield Renewable Partners, Emera, and Enbridge. The Motley Fool has a disclosure policy.

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