Investors seeking reliable passive income often turn to dividend stocks for their consistent cash flow. Not only do these stocks provide regular income, but they also offer the potential for capital appreciation and stability in investment portfolios. For those considering dividend stocks in April 2024, here are five top picks to consider.


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A Top Bank Stock

Bank of Montreal (TSX:BMO) is a leading Canadian bank with an impressive track record of dividend payments spanning 195 years. Its dividends have grown steadily, boasting a compound annual growth rate (CAGR) of 5% over the last 15 years.


The bank's diversified revenue streams, expanding loan portfolio, and operational efficiency contribute to its robust earnings. With a projected earnings growth of 7 to 10% in the medium term, Bank of Montreal is well-positioned to continue increasing its dividends at a mid-single-digit rate.

2 Utility Stocks TSX:CU and TSX:FTS

Canadian Utilities (TSX:CU)

Canadian Utilities holds the longest streak of uninterrupted dividend growth among Canadian companies, with 51 consecutive years of dividend increases. Its portfolio of regulated assets provides a solid foundation for sustained dividend growth.


The company's investments in regulated utilities and contracted assets support its earnings growth, allowing for consistent dividend payouts.

Fortis (TSX:FTS)

Fortis is another standout utility stock with a remarkable track record of dividend increases for 50 consecutive years.


With a projected dividend growth rate of 4 to 6% through 2028, Fortis anticipates continued expansion of its earnings base, ensuring reliable dividend payouts for investors.

2 Energy Stocks Enbridge and Canadian Natural Resources

Enbridge (TSX:ENB)

Enbridge is a leading energy infrastructure company with a diversified revenue stream and strong contractual arrangements.


The company's distributable cash flow (DCF) supports its dividend payments, with a yield of over 7%. Enbridge expects its DCF per share to grow at a CAGR of 5% in the long term, enabling consistent dividend increases.

Canadian Natural Resources (TSX:CNQ)

Canadian Natural Resources is a prominent oil and gas company with a solid history of dividend growth.


Despite fluctuations in the commodity cycle, the company maintains strong earnings from its long-life assets and high-value reserves. This enables Canadian Natural Resources to increase its dividends at a respectable pace, providing shareholders with reliable income.


In conclusion, investing in top Canadian dividend stocks such as Bank of Montreal, Canadian Utilities, Fortis, Enbridge, and Canadian Natural Resources offers investors the opportunity to earn worry-free passive income while benefiting from potential capital appreciation over the long term.