Best High Yield Dividend Stocks this February 2026 in Canada

Canadian Utilities (TSX:CU) stands out for its impressive track record, boasting its 54th consecutive dividend increase and a robust yield of 5.53%. While the stock has faced a -9.71% return over the past year, analysts project significant future growth, targeting CA$4.6 billion in revenue and CA$808.3 million in earnings by 2028, highlighting the company’s potential as a reliable income source for dividend-seeking investors. This utility remains a top-rated option for those looking to invest in financially stable companies with consistent payouts.

Canadian Utilities is projected to achieve CA$4.6 billion in revenue and CA$808.3 million in earnings by 2028, requiring a 7.4% annual revenue growth and an increase in earnings from CA$446 million.

Alvopetro Energy (TSXV:ALV) stands out as a top-rated oil and gas exploration company, boasting an attractive dividend yield of 8.36%. With a remarkable 1-year return of 36.87% and an impressive 5-year return of 236.02%, it signals a strong buy opportunity for investors seeking reliable income from financially healthy assets in Brazil and Canada. The stock is reinforced by positive forecasts from both short and long-term Moving Averages, further solidifying its appeal.

Alvopetro Energy Ltd. stock shows positive buy signals from both short and long-term Moving Averages, indicating a favorable outlook.

Meren Energy (TSX:MER) stands out as a promising exploration and production oil and gas company, boasting an impressive dividend yield of 11.97%. With a solid 1-year return of 7.77% and an outstanding 5-year return of 82.46%, it appeals to investors seeking reliable income and growth potential. Analysts have rated MER as a B+, with Credit Suisse recommending an outperform stance, indicating strong market confidence in the stock's future performance.

MER's 50-day moving average of 589.99 indicates that the stock is a Buy.

Meren Energy (MRNFF) is a small-cap oil company valued at $940 million, primarily focused on assets in Nigeria. While it was highlighted as a top oil pick for 2025, it has underperformed the S&P 500 by 30% due to weak prices and asset concentration.

Meren Energy typically pays four dividends per year, with the last dividend of 3.71 cents going ex two months ago and paid one month ago. The next dividend is expected to be declared in two months.

Cardinal Energy (TSX:CJ) stands out in the oil sector with a robust dividend yield of 7.7% and impressive long-term performance, delivering a remarkable 765.74% return over five years. Analysts are optimistic, rating the stock an A- and signaling positive momentum through both short- and long-term moving averages. This makes Cardinal Energy an attractive choice for investors seeking reliable income and growth potential in Alberta and Saskatchewan’s oil markets.

Cardinal Energy Ltd. (CJ.TO) shows positive long-term potential, with buy signals from both short and long-term moving averages.

The average 12-month price target for Cardinal Energy is C$8.69, with a high of C$9.00 and a low of C$7.75, indicating a potential decrease of 4.11% from the current price of C$9.06.

Nutrien emerges as an attractive investment, currently undervalued at a 23% discount and offering a dividend yield of approximately 3.58%. With a strong one-year return of 26.50% and a favorable long-term outlook, analysts maintain a bullish consensus, reflecting confidence in the company’s growth potential. Recognized for its solid fundamentals, Nutrien is well-positioned for investors seeking reliable income and strategic agricultural exposure.

NTR stock has positive buy signals from both short and long-term moving averages, indicating a favorable forecast.

Analysts have a bullish consensus on NTR with a median price target of $67.50, suggesting a potential upside of 1.7% from its current price of $66.38.

The average price target for Nutrien Ltd is $67.78, with estimates ranging from $60.00 to $77.00, indicating a slight decrease from the current price of $68.68.

Nutrien is expected to maintain free cash flow above $2.1 billion over the next decade, with projections reaching $2.23 billion by 2029.

Parex Resources (TSX:PXT) stands out as an independent oil and gas producer in Colombia, offering a compelling dividend yield of 8.46%. With a strong one-year return of 49.10% and an A- analyst rating, the stock shows positive signals for both short and long-term investments. Investors looking for reliable income from a financially healthy company may find PXT an attractive option.

Parex Resources Inc. (PXT.TO) shows buy signals from both short and long-term moving averages, indicating a positive forecast for the stock.

Parex Resources (PXT) has experienced a 32.59% increase over the past year, with a 52-week price range of $10.30 to $19.81.

PXT shares are down 1.74% to $17.54 due to subdued market activity and profit-taking, without any significant company-specific news.

Parex Resources aims for an average production of 47,000 boe/d in FY 2026, reflecting a 5% growth from FY 2025, with projected capital expenditures of $300 million.