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Investors who missed the surprise rally in the fourth quarter (Q4) of 2023 are wondering which top Canadian dividend stocks are still undervalued and good to buy for a self-directed Tax-Free Savings Account (TFSA) focused on passive income or a Registered Retirement Savings Plan (RRSP) targeting total returns.
Fortis
Fortis (TSX:FTS) trades for close to $54 at the time of writing compared to more than $64 at the high point in 2022. The pullback is primarily due to rising interest rates rather than any operational issues at the utility company.
Fortis gets nearly all of its revenue from rate-regulated businesses that include power-generation facilities, electric transmission networks, and natural gas distribution utilities. The roughly $66 billion in assets provided essential electric and natural gas services to 3.4 million utility customers. Cash flow should be steady, regardless of the state of the…
