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The TSX rebound that occurred in late 2023 caught many dividend investors by surprise. Those who missed the rally are wondering which Canadian dividend stocks might still be undervalued and good to buy for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) focused on income and total returns.
Enbridge
Enbridge (TSX:ENB) trades for close to $48 at the time of writing compared to $59 at the high point in 2022 before the crash in oil prices and the surge in interest rates sent pipeline stocks into an extended decline.
The company is best known for being an oil pipeline operator in Canada and the United States. This is still a core part of the business. Enbridge moves about 30% of the oil produced in the two countries and also has an oil export terminal in Texas that it acquired for US$3 billion in 2021.
Enbridge’s renewable energy and natural gas divisions,…
