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Contrarian investors seeking high dividend yields and a shot at decent capital gains are wondering which top TSX dividend stocks might be undervalued and good to buy for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolio.
Enbridge stock price
Enbridge (TSX:ENB) trades near $49.50 per share at the time of writing compared to $59 at its high point two years ago.
The stock is off the 12-month low of around $43, and more gains should be on the way now that the Bank of Canada has made its first cut to interest rates since 2020.
The decline in Enbridge’s share price has largely occurred as a result of aggressive rate hikes by the Bank of Canada and the U.S. Federal Reserve over the past two years as they battled to get inflation under control. Inflation was 9% in the U.S. in June 2022 and 8% in Canada. Progress is being made as the rate hikes work their way…
