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Canadian pensioners are searching for top high-yield TSX stocks that pay growing dividends. Enbridge (TSX:ENB) is a popular choice, but the share price is up about 7% from the 2023 low. Investors who missed the bounce are wondering if ENB stock is still undervalued and good to buy for a self-directed Tax-Free Savings Account focused on passive income.
Enbridge overview
ENB trades near $46.50 at the time of writing compared to $43 in early October last year and $59 at the high point in 2022.
The decline after the post-crash rally has largely occurred as a result of rising interest rates in Canada and the United States rather than due to any specific operational issues. On one hand, investors might have shifted funds out of dividend stocks and into Guaranteed Investment Certificates (GICs) to take advantage of the jump in rates offered on these no-risk alternatives. Rising debt costs might also be at…
