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Buy Telus, Enbridge, and BCE for the High Yield and Hike

Income investors chasing high yields have three stocks to consider. They pay more than money market funds, which range from 4% to 5.40% risk-free.

Telus (TU) yields around 6%. The telecom giant posted revenue growing by 7.5% Y/Y to $4.9 billion. It added 59,000 telecom customers Y/Y in Q3. It increased its dividend by 3.4% to $0.3761/share.

BCE, Telus’s competitor, posted revenue increasing by 1.0% to $6.08 billion. Its consolidated adjusted EBITDA grew by 3.1%. It solidified its quarterly dividend by reporting strong wireless customer activations of 231,212 in the quarter. This is the second-best-ever quarterly result. Before the report, markets feared that a weak customer base would hurt its cash flow. Instead, immigration growth in Canada is driving strong results.

Enbridge (ENB), a pipeline, posted a non-GAAP EPS of 62 cents. Adjusted EBITDA rose by 3% to $3.9 billion. The $3.1 billion in cash provided by operating activities ensures that the firm will hike its dividend in January 2024.

Unfortunately, Enbridge announced a deal to buy seven U.S. renewable natural gas facilities for US $1.2 billion. It increased its stake in two German offshore wind projects to EUR 625 million. Investors need to trust management may succeed beyond its core competency.