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A rally over the past few months wiped out a number of good deals that were available late last year. However, self-directed Tax-Free Savings Account (TFSA) investors can still find undervalued Canadian dividend stocks to add to their portfolios targeting passive income and total returns.
Enbridge
Enbridge (TSX:ENB) trades near $46.50 at the time of writing compared to $59 at the high point in 2022.
The drop in the share price is probably overdone. Rising interest rates are largely responsible for the decline in the stock rather than any operational issues with the company. Enbridge delivered solid results in 2023 that essentially matched the 2022 numbers. For 2024, management expects distributable cash flow (DCF) to rise by about 3%. This will help support the recent 3.1% dividend increase the board put in place for this year. The dividend has risen annually for the past 29 years.
Enbridge has a large…
