In the last week, the Canadian market has stayed flat, with notable gains of 3.4% in the Real Estate sector. Over the past 12 months, the market has risen by 16%, and earnings are forecast to grow by 16% annually. In such a dynamic environment, dividend stocks that offer consistent returns and potential for growth can be a valuable addition to your portfolio. Here are three top TSX dividend stocks to consider for your Canadian investments.

Top 10 Dividend Stocks In Canada

Click here to see the full list of 34 stocks from our Top TSX Dividend Stocks screener.

Here we highlight a subset of our preferred stocks from the screener.

Canadian Natural Resources

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Canadian Natural Resources Limited acquires, explores for, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids (NGLs), with a market cap of CA$104.52 billion.

Operations: Canadian Natural Resources Limited's revenue segments include CA$16.47 billion from Oil Sands Mining and Upgrading, CA$18.15 billion from North American Exploration and Production, CA$522 million from North Sea Exploration and Production, CA$492 million from Offshore Africa Exploration and Production, and CA$983 million from Midstream and Refining.

Dividend Yield: 4.3%

Canadian Natural Resources offers a reliable dividend, with payments growing steadily over the past decade and currently yielding 4.26%. The company's dividends are well-covered by both earnings (56.1% payout ratio) and free cash flow (42.7% cash payout ratio). Recent earnings reports showed an increase in revenue to CAD 9.05 billion for Q2 2024, up from CAD 7.89 billion a year ago, supporting continued dividend stability and growth potential.

• Get an in-depth perspective on Canadian Natural Resources' performance by reading our dividend report here.

• In light of our recent valuation report, it seems possible that Canadian Natural Resources is trading behind its estimated value.

IGM Financial

Simply Wall St Dividend Rating: ★★★★★☆

Overview: IGM Financial Inc. operates as a wealth and asset management company in Canada with a market cap of CA$9.19 billion.

Operations: IGM Financial Inc. generates revenue from its asset management segment (CA$1.21 billion) and wealth management segment (CA$2.30 billion).

Dividend Yield: 5.8%

IGM Financial has a stable dividend history over the past decade, with recent payments yielding 5.8%. The dividends are well-covered by earnings (62.9% payout ratio) and cash flows (70.8% cash payout ratio). Recent Q2 2024 results show revenue at C$816.31 million, up from C$771.65 million a year ago, and net income at C$216.19 million compared to C$138.2 million, supporting the sustainability of its dividends moving forward.

• Navigate through the intricacies of IGM Financial with our comprehensive dividend report here.

• Upon reviewing our latest valuation report, IGM Financial's share price might be too pessimistic.

Whitecap Resources

Simply Wall St Dividend Rating: ★★★★★★

Overview: Whitecap Resources Inc. is an oil and gas company that focuses on the acquisition, development, and production of petroleum and natural gas assets in Western Canada, with a market cap of CA$6.18 billion.

Operations: Whitecap Resources Inc. generates CA$3.37 billion from its Oil & Gas - Exploration & Production segment.

Dividend Yield: 7.0%

Whitecap Resources offers a compelling dividend yield of 7.04%, placing it in the top 25% of Canadian dividend payers. The company's dividends have been stable and growing over the past decade, supported by a reasonable payout ratio of 54.2% and cash payout ratio of 68.4%. Recent earnings for Q2 2024 showed revenue at C$905.4 million and net income at C$244.5 million, reinforcing its ability to sustain dividends amidst ongoing share buybacks and strategic acquisitions.

• Click here and access our complete dividend analysis report to understand the dynamics of Whitecap Resources.

• According our valuation report, there's an indication that Whitecap Resources' share price might be on the cheaper side.

Seize The Opportunity

• Navigate through the entire inventory of 34 Top TSX Dividend Stocks here.

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Seeking Other Investments?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.

• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.

• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include TSX:CNQ TSX:IGM and TSX:WCP.

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