2 Canadian Dividend Stocks That Look Reasonably Priced Right Now

Markets remain near their record highs, but investors can still find stocks that are attractive today to add to a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) focused on dividends and total returns.

Canadian Natural Resources

Canadian Natural Resources (TSX:CNQ) trades near $64 per share at the time of writing compared to the 2026 high around $71.

The dip gives investors who missed the big rally this year a chance to buy the stock on a pullback and pick up a dividend yield that is close to 4%.

CNRL is a giant in the Canadian energy sector with production assets that include oil sands, heavy and light conventional oil, offshore oil, and natural gas. The company is the majority or sole owner of most of its assets. This gives management the flexibility to quickly shift capital around the portfolio to take advantage of positive moves in commodity prices.

CNRL also has the balance sheet strength to make large acquisitions that only a few players are capable of pursuing when opportunities arise. This often happens when commodity prices are weak, providing CNRL with good upside when energy prices rebound.

CNRL is already benefiting from new oil and natural gas pipeline capacity that came online in the past couple of years in Canada to help producers sell more product to international buyers. Plans to add even more export capacity are in the works, which should enable CNRL and its peers to boost output.

CNRL has increased its dividend for 26 consecutive years. More gains should be on the way.

Bank of Nova Scotia

Bank of Nova Scotia (TSX:BNS) just hit a new record high. The stock is up more than 50% in the past year and has doubled off the 2023 low. Despite the big rebound, the stock still provides a 4% dividend yield and trades at an earnings multiple that trails its larger peers.

Bank of Nova Scotia is making good progress on its strategy shift. The company is allocating new growth capital to the United States and Canada, instead of investing more in Latin America, where Bank of Nova Scotia spent billions of dollars on acquisitions over the past 30 years as it built up a large presence in Mexico, Chile, Peru, Colombia, and other markets in the region.

The bank sold its businesses in Colombia, Costa Rica, and Panama last year. In 2024, Bank of Nova Scotia spent US$2.8 billion to acquire a 14.9% stake in KeyCorp, an American regional bank. Recently, Bank of Nova Scotia announced a deal to buy MapleMark Bank, a commercial bank in Texas.

Streamlining of the domestic Canadian operations has also been a focus of the business under the current CEO.

Bank of Nova Scotia reported solid fiscal Q2 2026 earnings. Adjusted net income rose to $2.65 billion from $2.07 billion in fiscal Q2 2025. Return on equity (ROE) increased to 13.2% from 10.4%. The ROE improvement helps justify the jump in the share price as investors are more comfortable paying a higher multiple for the stock.

The bottom line

CNRL and Bank of Nova Scotia pay good dividends that should continue to grow. If you have some cash to put to work in a dividend portfolio, these stocks deserve to be on your radar.

The post 2 Canadian Dividend Stocks That Look Reasonably Priced Right Now appeared first on The Motley Fool Canada.

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• 5 Cheap Canadian Stocks to Buy Before the Market Notices
• 5 TSX Dividend Stocks With Solid Yields Built for Steady Cash Flow in Any Market

The Motley Fool recommends Bank Of Nova Scotia and Canadian Natural Resources. The Motley Fool has a disclosure policy. Fool contributor Andrew Walker has no position in any stock mentioned.