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.
股票市場屢創新高,但自主註冊退休儲蓄計劃(RRSP)投資者仍能在因加拿大和美國利率飆升而拋售的多倫多證券交易所紅利股中找到優惠。預計在未來幾個月和2025年之前,這兩個國家的利率都將下降。這應該會吸引資金回被低估的股息支付者。
TC Energy
TC Energy(多倫多證券交易所股票代碼:TRP)在過去24年中每年都提高股息,並且應該會有更多收益。該公司的Coastal GasLink管道於2023年底實現機械完工,並將於2025年開始向新的液化天然氣(LNG)出口設施輸送天然氣。除了來自其他資本項目的現金流擴張外,新的收入來源應支持持續的股息增長。TC Energy打算在中期內每年投資60億至70億美元購買新資產。
該股從去年年底的加息回調中開始反彈,並在加拿大銀行連續減息的背景下,在過去兩個月中恢復了勢頭。經濟學家預計,美國最快將在下個月開始減息,因此應該會有更多的上行空間。
TC Energy在加拿大、美國和墨西哥擁有93,000千米的天然氣管道和6500立方英尺的天然氣儲存容量。隨着各國和企業建造燃氣發電設施以滿足電動汽車和人工智能數據中心的電力需求,預計未來幾年天然氣需求將激增。
以當前價格接近61美元的價格購買TRP股票的投資者可以獲得6.3%的股息收益率。該股在2022年高達74美元,因此有不錯的上漲潛力。
Fortis
Fortis(TSX: FTS)是一家加拿大公用事業運營商,擁有690億美元的資產,分佈在加拿大、美國和加勒比地區。公司通過戰略收購和開發項目相結合實現發展。
Fortis正在制定一項250億美元的資本計劃,預計該計劃將把利率基礎從2023年的370億美元提高到2028年的494億美元。由此產生的收入和現金流增長應支持計劃中的4-6%的年度股息增長。富通在過去的50年中每年都增加股息,因此投資者應該對該指導感到滿意。
Fortis還有其他項目正在考慮中,這些項目可能會添加到開發計劃中,以推動現金流的增長。隨着利率的下降,借貸成本的下降將騰出更多現金,並可能導致公用事業部門的進一步整合。富通已經有好幾年沒有做什麼大事了。隨着融資成本的下降,看到該公司採取行動也就不足爲奇了。
在撰寫本文時,Fortis的交易價格接近59美元。這已跌破約50美元的12個月低點,但仍遠低於該股在2022年一度創下的65美元。以當前水平購買Fortis的投資者可以獲得4%的股息收益率。
2025年頂級註冊退休儲蓄計劃股票的底線
TC Energy和Fortis支付誘人的股息,這些股息應該會繼續增長。如果你有一些現金可以用在自管註冊退休儲蓄計劃中,那麼這些股票值得你關注。隨着加拿大和美國利率的下降,TC Energy和富通可能會在明年迎來不錯的順風。