3 TSX Dividend Stocks Yielding Up To 7.0%

As the Canadian market navigates the complexities of rising oil prices and inflationary pressures, investors are closely watching central bank policies that could influence economic stability. In this environment, dividend stocks offer a compelling option for those seeking steady income streams, with some TSX-listed companies yielding up to 7.0% amidst these shifting dynamics.

Top 10 Dividend Stocks In Canada

Name	Dividend Yield	Dividend Rating
Peyto Exploration & Development (TSX:PEY)	5.82%	★★★★☆☆
Olympia Financial Group (TSX:OLY)	7.08%	★★★★☆☆
Manulife Financial (TSX:MFC)	3.17%	★★★★★☆
Genesis Land Development (TSX:GDC)	6.74%	★★★★☆☆
Freehold Royalties (TSX:FRU)	6.20%	★★★★☆☆
Firm Capital Mortgage Investment (TSX:FC)	8.12%	★★★★☆☆
Corby Spirit and Wine (TSX:CSW.A)	6.57%	★★★★☆☆
Canadian Natural Resources (TSX:CNQ)	3.57%	★★★★★☆
Amerigo Resources (TSX:ARG)	6.00%	★★★★☆☆
Alphamin Resources (TSXV:AFM)	17.47%	★★★★☆☆

Click here to see the full list of 10 stocks from our Top TSX Dividend Stocks screener.

Below we spotlight a couple of our favorites from our exclusive screener.

Canadian Natural Resources (TSX:CNQ)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Canadian Natural Resources Limited is involved in acquiring, exploring, developing, producing, marketing, and selling crude oil, natural gas, and natural gas liquids across Western Canada, the UK sector of the North Sea, and Offshore Africa with a market cap of CA$147.81 billion.

Operations: Canadian Natural Resources Limited generates revenue from several segments, including Midstream and Refining (CA$1.03 billion), Oil Sands Mining and Upgrading (CA$20.82 billion), Exploration and Production in North America (CA$21.31 billion), the North Sea (CA$243 million), and Offshore Africa (CA$88 million).

Dividend Yield: 3.6%

Canadian Natural Resources offers a stable dividend profile with payouts consistently increasing over the past decade and a current yield of 3.57%. The dividends are well covered by earnings and cash flows, with payout ratios of 43% and 53.4%, respectively. Despite trading at good value relative to peers, insider selling is notable. Recent financial results show strong revenue growth, yet earnings are forecasted to decline in the coming years.

• Click here to discover the nuances of Canadian Natural Resources with our detailed analytical dividend report.
• Insights from our recent valuation report point to the potential undervaluation of Canadian Natural Resources shares in the market.

Genesis Land Development (TSX:GDC)

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: Genesis Land Development Corp., with a market cap of CA$191.89 million, is an integrated land developer and residential home builder focusing on owning and developing residential lands and serviced lots in the Calgary Metropolitan Area, Canada.

Operations: Genesis Land Development Corp. generates revenue primarily from its Home Building segment, which accounts for CA$277.03 million.

Dividend Yield: 6.7%

Genesis Land Development's dividend yield of 6.74% ranks in the top 25% among Canadian payers, yet its dividend history is unstable and volatile over the past decade. Although dividends have grown, they are not consistently reliable. The cash payout ratio of 34.4% suggests dividends are well covered by cash flows, but insufficient data limits analysis on earnings coverage. Recent earnings show a decline in net income despite slight revenue growth, with ongoing share buybacks noted.

• Dive into the specifics of Genesis Land Development here with our thorough dividend report.
• Upon reviewing our latest valuation report, Genesis Land Development's share price might be too pessimistic.

Olympia Financial Group (TSX:OLY)

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: Olympia Financial Group Inc., with a market cap of CA$236.88 million, operates in Canada as a non-deposit taking trust company through its subsidiary, Olympia Trust Company.

Operations: Olympia Financial Group Inc.'s revenue segments include Raisr (CA$1.65 million), Benefits (CA$10.54 million), Corporate (CA$0.04 million), Investment Account Services (IAS) (CA$72.10 million), and Corporate and Shareholder Services (CSS) (CA$4.76 million).

Dividend Yield: 7.1%

Olympia Financial Group's dividend yield of 7.08% is among the top 25% in Canada, but its history shows volatility and unreliability over the past decade. Recent affirmations of a CAD 0.50 monthly dividend highlight ongoing payments, yet a high payout ratio of 109.1% indicates dividends are not well covered by earnings despite being supported by cash flows at a 79% cash payout ratio. Recent earnings report declining revenue and net income compared to last year.

• Take a closer look at Olympia Financial Group's potential here in our dividend report.
• Our valuation report here indicates Olympia Financial Group may be undervalued.

Where To Now?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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