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Oversold TSX dividend stocks have rallied in recent weeks. Investors who missed the bounce are wondering which top Canadian dividend stocks are still undervalued and might be good to buy for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) focused on high yields.
Enbridge
Enbridge (TSX:ENB) trades near $48 per share at the time of writing compared to $59 at one point in 2022.
The drop appears overdone considering the strong performance of the business this year and the growth outlook. Enbridge has a $25 billion capital program on the go and continues to make acquisitions. The latest deal is an agreement to buy three natural gas utilities in the United States for US$14 billion.
Enbridge just increased the dividend by 3.1% for 2024. This is the 29th consecutive annual dividend hike. Investors who buy ENB stock at the current level can get a 7.6% dividend yield.
