Stock markets are at record highs, but self-directed Registered Retirement Savings Plan (RRSP) investors can still find deals among TSX dividend stocks that sold off due to soaring interest rates in Canada and the United States. Interest rates are expected to decline in both countries in the coming months and through 2025. This should attract money back into undervalued dividend payers.
TC Energy
TC Energy (TSX:TRP) raised its dividend in each of the past 24 years, and more gains should be on the way. The company's Coastal GasLink pipeline reached mechanical completion in late 2023 and will start to deliver natural gas to a new liquified natural gas (LNG) export facility in 2025. The new revenue stream, in addition to cash flow expansion from other capital projects, should support ongoing dividend growth. TC Energy intends to invest $6 billion to $7 billion annually on new assets over the medium term.
The stock started its rebound from the rate-hike pullback near the end of last year and picked up momentum over the past two months on the back of consecutive rate cuts by the Bank of Canada. Economists expect the U.S. to begin cutting interest rates as soon as next month, so more upside should be on the way.
TC Energy has 93,000 km of natural gas pipelines and 650 billion cubic feet of natural gas storage capacity in Canada, the United States, and Mexico. Natural gas demand is expected to surge in the coming years as countries and businesses build gas-fired power-generation facilities to meet electricity demand from electric vehicles and AI data centres.
Investors who buy TRP stock at the current level near $61 can get a dividend yield of 6.3%. The stock was as high as $74 in 2022, so there is decent upside potential.
Fortis
Fortis (TSX:FTS) is a Canadian utility operator with $69 billion in assets spread out across Canada, the United States, and the Caribbean. The company grows through a combination of strategic acquisitions and development projects.
Fortis is working on a $25 billion capital program that is expected to increase the rate base from $37 billion in 2023 to $49.4 billion in 2028. The resulting boost to revenue and cash flow should support planned annual dividend increases of 4-6%. Fortis increased the dividend in each of the past 50 years, so investors should feel comfortable with the guidance.
Fortis has other projects under consideration that could be added to the development pipeline to push cash flow growth higher. As interest rates decline, the drop in borrowing costs will free up more cash and could lead to more consolidation in the utility sector. Fortis hasn't done a large deal for several years. It wouldn't be a surprise to see the company make a move as funding costs drop.
Fortis trades near $59 at the time of writing. That's off the 12-month low of around $50 but is still well shy of the $65 the stock fetched at one point in 2022. Investors who buy Fortis at the current level can get a dividend yield of 4%.
The bottom line on top RRSP stocks for 2025
TC Energy and Fortis pay attractive dividends that should continue to grow. If you have some cash to put to work in a self-directed RRSP, these stocks deserve to be on your radar. As interest rates decline in Canada and the United States, TC Energy and Fortis could catch a nice tailwind through next year.
股票市场屡创新高,但自主注册退休储蓄计划(RRSP)投资者仍能在因加拿大和美国利率飙升而抛售的多伦多证券交易所红利股中找到优惠。预计在未来几个月和2025年之前,这两个国家的利率都将下降。这应该会吸引资金回被低估的股息支付者。
TC Energy
TC Energy(多伦多证券交易所股票代码:TRP)在过去24年中每年都提高股息,并且应该会有更多收益。该公司的Coastal GasLink管道于2023年底实现机械完工,并将于2025年开始向新的液化天然气(LNG)出口设施输送天然气。除了来自其他资本项目的现金流扩张外,新的收入来源应支持持续的股息增长。TC Energy打算在中期内每年投资60亿至70亿美元购买新资产。
该股从去年年底的加息回调中开始反弹,并在加拿大银行连续降息的背景下,在过去两个月中恢复了势头。经济学家预计,美国最快将在下个月开始降息,因此应该会有更多的上行空间。
TC Energy在加拿大、美国和墨西哥拥有93,000千米的天然气管道和6500立方英尺的天然气储存容量。随着各国和企业建造燃气发电设施以满足电动汽车和人工智能数据中心的电力需求,预计未来几年天然气需求将激增。
以当前价格接近61美元的价格购买TRP股票的投资者可以获得6.3%的股息收益率。该股在2022年高达74美元,因此有不错的上涨潜力。
Fortis
Fortis(TSX: FTS)是一家加拿大公用事业运营商,拥有690亿美元的资产,分布在加拿大、美国和加勒比地区。公司通过战略收购和开发项目相结合实现发展。
Fortis正在制定一项250亿美元的资本计划,预计该计划将把利率基础从2023年的370亿美元提高到2028年的494亿美元。由此产生的收入和现金流增长应支持计划中的4-6%的年度股息增长。富通在过去的50年中每年都增加股息,因此投资者应该对该指导感到满意。
Fortis还有其他项目正在考虑中,这些项目可能会添加到开发计划中,以推动现金流的增长。随着利率的下降,借贷成本的下降将腾出更多现金,并可能导致公用事业部门的进一步整合。富通已经有好几年没有做什么大事了。随着融资成本的下降,看到该公司采取行动也就不足为奇了。
在撰写本文时,Fortis的交易价格接近59美元。这已跌破约50美元的12个月低点,但仍远低于该股在2022年一度创下的65美元。以当前水平购买Fortis的投资者可以获得4%的股息收益率。
2025年顶级注册退休储蓄计划股票的底线
TC Energy和Fortis支付诱人的股息,这些股息应该会继续增长。如果你有一些现金可以用在自管注册退休储蓄计划中,那么这些股票值得你关注。随着加拿大和美国利率的下降,TC Energy和富通可能会在明年迎来不错的顺风。