For many investors, the stock market in 2024 has been nothing short of a roller coaster ride. As market conditions changed, some Canadian stocks exceeded expectations, reaching unexpected highs after disappointing lows. Let’s explore two major surprises that have captured investors’ attention this year.
First is Enbridge (TSX: ENB), a stock that has made a significant impact in 2024, surprising those investors who sold it off after a dismal 2023. In 2023, the stock plummeted by about 10%, becoming a favorite for short-term bearish sentiment. Fast forward to 2024, and Enbridge has dramatically turned the tide, skyrocketing an impressive 30%.
So, what triggered this dramatic recovery? Enbridge’s stable blue-chip status, reliable dividend growth record, and attractive dividend yield have made it a top choice for investors seeking safe and stable returns. In an environment of falling interest rates, its yields have become more appealing, attracting income-seeking investors back to the stock.
As of the time of writing, Enbridge’s stock is priced at $61.29 per share, with a dividend yield of up to 6.2%. For those seeking reliable dividends, Enbridge still stands out as a solid choice.
Next is Waste Connections (TSX: WCN), which is a leader in waste management services in Canada and the United States, having performed strongly over the years. The stock reached a new high this year. As of the time of writing, Waste Connections is trading at $270.38 per share and continues to demonstrate growth potential. In October, the company increased its quarterly dividend by 10.5%.
Despite its high valuation, Waste Connections remains a growth stock worth watching. While its elevated price-to-earnings ratio may raise some eyebrows, its robust financial position makes it a stock that could offer potential upside.
