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The surprising stock market rally at the end of 2023 has investors seeking undervalued TSX dividend stocks for their self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolios. Among the candidates is Enbridge (TSX:ENB), a giant in the North American energy infrastructure industry, with a market capitalization exceeding $100 billion. The company plays a crucial role in transporting approximately one-third of the oil produced in Canada and the United States, along with 20% of the natural gas consumed by American households and businesses.
As of the latest data, Enbridge's stock trades near $49, showing an increase from $43 in October but remaining significantly below the 2022 peak of $59. Despite market fluctuations, Enbridge has demonstrated consistent dividend growth, recently raising its dividend by 3.1% for 2024. This marks the 29th consecutive annual dividend hike, reinforcing its appeal to income-focused investors.
Another notable contender for investors seeking dividend stability is BCE (TSX:BCE), Canada's largest communications firm. BCE has a robust track record of dividend growth, consistently increasing its dividend by at least 5% annually for the past 15 years. With the majority of its revenue derived from core mobile and internet subscription services, BCE is viewed as a resilient stock even during economic downturns. The share price experienced a decline from $65 in May to below $50 in October but currently stands at approximately $54.50. Economists' expectations of a potential reduction in interest rates by the Bank of Canada in 2024 could lead to renewed interest in BCE. Despite the previous drop, BCE offers investors a solid 7.1% dividend yield.
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