Image source: Getty Images
The TSX is trading near a record high after a strong rally in 2024. Investors seeking dividends for passive income are wondering which stocks might be good to buy on the next dip.
Enbridge
Enbridge (TSX:ENB) trades near $60 per share at the time of writing compared to $47 a year ago. The rebound erased all the losses in the pullback that occurred through the second half of 2022 and most of 2023. In fact, Enbridge recently hit a multi-year high.
The correction occurred largely as a result of rising interest rates in Canada and the United States. Enbridge uses debt to finance part of it growth program that includes acquisitions and development projects. The sharp increase in borrowing costs triggered concerns among investors that Enbridge might have to reduce its dividend due to the negative impact on cash flow.
Bargain hunters started to buy the stock last fall when the U.S. Federal Reserve and the Bank…
