3 High Dividend Canadian Oil Stocks

Canadian oil stocks are particularly appealing for income investors as they tend to pay higher dividends than many U.S.-based oil stocks.

Valuations have also remained quite low recently, boosting their respective total return profiles as a result.

These 3 Canadian oil stocks have high dividend yields and appear to be undervalued.

Enbridge Inc. (ENB)

Enbridge is an oil & gas company that operates the following segments: Liquids Pipelines, Gas Distributions, Energy Services, Gas Transmission & Midstream, and Green Power & Transmission. Enbridge was founded in 1949 and is headquartered in Calgary, Canada.

Enbridge reported its fourth quarter earnings results in February. The company generated revenues of CAD$17.2 billion during the period, which was up 6% compared to the previous year’s quarter, and which pencils out to US$12.5 billion.

During the quarter, Enbridge managed to grow its adjusted EBITDA by 2% year over year, to CAD$5.2 billion, up from CAD$5.1 billion during the previous year’s quarter.

During the fourth quarter, Enbridge was able to generate distributable cash flows of CAD$3.2 billion, which equates to US$2.3 billion, or US$1.06 on a per-share basis. Distributable cash flows rose by 4% in 2025.

Enbridge put billions worth of projects into service over the last couple of years, and more growth projects are under construction, which includes new energy assets such as wind farms as well as hydrocarbon assets such as pipelines. According to management, growth will persist going forward, as Enbridge targets long-term cash flow per share growth of around 5%.

ENB has increased its dividend for 31 consecutive years and currently yields over 5%.

Suncor Energy (SU)

Suncor Energy is one of the largest integrated energy producers in Canada. The company is involved in all the aspects of the energy value chain, operating in three segments: Exploration & Production, Refining & Marketing, and Other.

Suncor is headquartered in Calgary, Alberta, Canada and is cross listed on both the Toronto Stock Exchange and the New York Stock Exchange.

In early February, Suncor reported (2/3/26) results for the fourth quarter of 2025. It posted record quarterly production and refining volumes. It grew its production 4% over the prior year’s quarter and posted refinery utilization of 108%.

However, due to lower oil prices, adjusted operating income fell -12%. Suncor provided lackluster guidance for 2026, expecting production of 840,000-870,000 barrels per day (vs. 860,000 barrels per day in 2025) and refinery utilization of 97%-102%.

Suncor was greatly affected by the pandemic in 2020, but the company has recovered strongly thanks to favorable oil prices and wide refining margins. Suncor expects to achieve growth thanks to the ramp-up of production at Fort Hills and Hebron and other growth projects, which enhance value within its integrated asset portfolio. The company also makes sustained efforts to reduce its operating expenses.

Canadian Natural Resources (CNQ)

Canadian Natural Resources is an energy company that operates in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas liquids (NGLs), and natural gas.

It is headquartered in Calgary, Alberta. All the figures in this report are in U.S. dollars. In addition to trading on the New York Stock Exchange, CNQ stock trades on the Toronto Stock Exchange.

In early March, Canadian Natural Resources reported (3/5/26) results for the fourth quarter of 2025. The company grew its production 13% over the prior year’s quarter, to a new all-time high, thanks to acquisitions and organic growth. However, the price of oil decreased. As a result, the earnings-per-share of Canadian Natural Resources fell -12%. 

Canadian Natural Resources just raised its quarterly dividend by 6% and has now grown its dividend (in CAD) for 27 consecutive years.

Management provided guidance for average production of 1,615-1,665 barrels per day in 2026, implying 4.5% growth at the mid-point.

Canadian Natural Resources grew its proved reserves by 4% in 2025 and enhanced its reserve life index to 31 years. As this figure is nearly triple the average life of reserves of its peers (~11 years), it is impressive and certainly bodes well for the production growth prospects of the company.