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We’re pleased to present the Globe’s Dividend All-Stars, which highlights the best dividend-paying stocks on the Toronto Stock Exchange. Starting with a list of 200 of the largest stocks on the TSX, each stock was evaluated for its overall investment appeal. These 20 received the top grades. Here is the full list and ratings.

ATCO (ACO-X) is a sprawling utility-heavy conglomerate with global operations that makes its home in Calgary. It increased its dividend-per-share in each of the past 30 years and added to the record with a recent 3-per-cent boost. The company offers a 5.3-per-cent dividend yield and a 10.6-per-cent trailing earnings yield. As it happens, ATCO owns a majority stake in Canadian Utilities (CU), which is also a member of the All-Star team this year.

Canadian Utilities (CU) is in the utility, energy infrastructure, and retail energy business. The company is a subsidiary of ATCO (see above) and is based in Calgary. It highlights its 52-year track record of annual dividend-per-share growth that continued recently with a modest 1-per-cent boost. Canadian Utilities pays a 6-per-cent dividend yield and sports a 10-per-cent trailing earnings yield.

The Globe's Dividend All-Stars 2024: Full ratings for 200 stocks

Capital Power (CPX) produces power from 32 operating facilities across North America. The Edmonton-based company offers shareholders a 6.7 per cent dividend yield and expects to increase its dividend-per-share by 6 per cent in both 2024 and 2025. It has a forward earnings yield of 8.7 per cent based on 12-month earnings estimates.

CES Energy Solutions (CEU) makes its home in Calgary and provides consumable chemicals to the oil patch. The company happens to be the second smallest member of the team this year with a market capitalization near $980-million. It trades at eight times trailing earnings, pays a dividend yield of 2.4 per cent, and cut its share count by 5.8 per cent over the past four quarters.

CIBC (CM) is the fifth largest bank in Canada based on its $57-billion market capitalization, and the third largest Dividend All-Star this year. The Toronto-based company has a 10-per-cent return on equity, trades near 1.2 times book value, and nine times 12-month earnings estimates. It pays a 5.9-per-cent dividend yield and boosted its dividend-per-share by 5.9 per cent over the past year.

Great-West Lifeco (GWO) is a Winnipeg-based life and health insurer with investment services, asset management, and reinsurance businesses. It pays a 5.4-per-cent dividend yield and recently boosted its dividend-per-share by 6.7 per cent. Great-West Lifeco is a subsidiary of Power Corp (POW), which is also a Dividend All-Star.

IA Financial (IAG) is an insurance and wealth management firm based in Quebec City with operations in Canada and the United States. Its stock trades near 10 times earnings and it pays a 3.3-per-cent dividend yield. The company has a nice habit of boosting its quarterly dividend, which climbed by 13.3 per cent over the past year.

Keyera (KEY) is a natural gas processing, transportation, storage, and marketing company with assets in Alberta and Oklahoma serving customers in Canada and the United States. The Calgary-based company moved from paying its dividend monthly to quarterly in 2023 and recently increased its annualized dividend-per-share by 4.2 per cent. It offers a dividend yield of 6.1 per cent, which is covered by its 7 per cent trailing earnings yield.

Manulife Financial (MFC) provides insurance and wealth management to individuals and institutions, primarily in Asia, Canada, and the United States. The Toronto-based company is the largest stock in the team this year based on its market capitalization of $60-billion. Manulife pays a 4.8-per-cent dividend yield and cut its share count by 3.2 per cent over the last four quarters.

Mullen Group (MTL) is a trucking and logistics provider headquartered in Okotoks, Alta., that operates across the U.S. and Canada. Mullen pays a 4.9-per-cent dividend yield, in monthly instalments, and trades near 10 times trailing and forward 12-month earnings.

Parex Resources (PXT) is an independent oil and gas exploration and production company that operates in Colombia and is headquartered in Calgary. Parex pays a dividend yield of 7.2 per cent and trades near three times trailing earnings and four times forward 12-month earnings estimates.

Pembina Pipeline (PPL) is an energy transportation and midstream services company based in Calgary that operates primarily in Western Canada. Pembina moved from monthly to quarterly dividend payments in 2023 and increased its annualized dividend-per-share by 2.3 per cent over the past 12 months. It currently pays a dividend yield of 5.8 per cent and has a forward earnings yield of 6.7 per cent, based on 12-month earnings estimates.

Peyto Exploration (PEY) is a Calgary-based oil and gas exploration and production company. It pays a monthly dividend and offers an outsized dividend yield of 10.1 per cent. While Peyto’s dividend has varied (both up and down) over the years as its results have varied, it currently has a hefty forward earnings yield of 14.7 per cent based on 12-month earnings estimates.

Power (POW) is a large financial conglomerate based in Montreal. It owns a 68-per-cent stake in Great-West Lifeco (GWO) and 62 per cent of IGM Financial (IGM), which also appear herein. Power trades near 0.8 times its adjusted net asset value, which includes the quarter-end market value of its publicly-traded subsidiaries. The company boosted its dividend-per-share by 6.1 per cent over the past year and sports a 5.5-per-cent dividend yield.

Russel Metals (RUS) is a North American metals distribution and processing company based in Mississauga. The company grew its dividend-per-share by 5.3 per cent over the past 12 months and pays a 3.4-per-cent dividend yield, which is well covered by its 9.2 per cent trailing earnings yield.

Sagicor Financial (SFC) is a life and health insurance company with its headquarters in Barbados. It offers a 4.9 per cent dividend yield (paid in U.S. dollars) and trades near seven times expected 12-month earnings. Sagicor’s thinly-traded stock is near its 52-week high, which pushed its market capitalization up to $886-million, making it the smallest Dividend All-Star this year.

Sun Life Financial (SLF) is a financial services company that provides life and health insurance and asset management. The company makes its home in Toronto and grew its dividend-per-share by 8.3 per cent over the past year. It pays a 4.3-per-cent dividend yield and trades near 11 times forward 12-month earnings estimates.

Suncor Energy (SU) is a large integrated oil and gas company based in Calgary with operations primarily in the U.S. and Canada. It is the second largest member of the team this year with a market capitalization near $58-billion. Suncor boosted its dividend-per-share by 4.8 per cent over the past year and it offers a dividend yield of 4.9 per cent. It also cut its share count by 4.1 per cent over the last four quarters and trades near 10 times forward 12-month earnings estimates.

Transcontinental (TCL-A) is a printing and packaging company that makes its home in Montreal with operations primarily in the U.S., Canada, and Latin America. The company pays a 6.6-per-cent dividend yield while trading near 0.6 times book value and seven times forward 12-month earnings estimates.

Whitecap Resources (WCP) is an oil and gas company that makes its home in Calgary. The company pays an 8.3 per cent dividend yield, in monthly instalments. Its earnings currently cover its dividend because it has a 10.4 per cent trailing earnings yield and a 15.5-per-cent forward earnings yield based on 12-month earnings estimates.

Norman Rothery, PhD, CFA, is the founder of StingyInvestor.com.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 12/04/24 3:20pm EDT.

SymbolName% changeLast
ACO-X-T
Atco Ltd Cl I NV
-1.51%36.58
CU-T
Canadian Utilities Ltd Cl A NV
-1.73%30.17
CPX-T
Capital Power Corp
-0.52%36.42
CM-T
Canadian Imperial Bank of Commerce
-0.57%66.15
GWO-T
Great-West Lifeco Inc
-0.32%40.36
IAG-T
IA Financial Corp Inc
-0.88%81.98
KEY-T
Keyera Corp
-0.8%34.69
MFC-T
Manulife Fin
-1.54%31.95
MTL-T
Mullen Group Ltd
-2%14.7
PXT-T
Parex Resources Inc
-0.42%23.48
PPL-T
Pembina Pipeline Corp
-0.37%47.83
PEY-T
Peyto Exploration and Dvlpmnt Corp
-0.26%15.19
POW-T
Power Corp of Canada Sv
+0.03%36.46
RUS-T
Russel Metals
+0.07%40.86
SFC-T
Sagicor Financial Company Ltd
-0.28%7.17
SLF-T
Sun Life Financial Inc
-0.69%70.21
SU-T
Suncor Energy Inc
-1.05%51.92
TCL-A-T
Transcontinental Inc Cl A Sv
-2.95%13.8
WCP-T
Whitecap Resources Inc
+1.53%10.63

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