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Blue-chip stocks are quite popular among investors who seek a combination of safety, consistency, and growth. These stocks belong to companies that have been in the business for many years and have a large market capitalization.Highlights
- BCE (TSX:BCE) is one of Canada's biggest telecom services provider, with a C$ 54.5 billion market cap
- In 2023, BCE expects to expand its fibre footprint to 650,000 locations
- The dividend yield of Enbridge is 6.78 per cent, and it paid a quarterly dividend of C$ 0.887 per share
However, past performances and a company's stature is no guarantee for future gains. Every investor or stock market enthusiast must note that various factors drive the market, and it could get affected by certain world events or volatility.
In this article, we will discuss some Canadian blue-chip stocks and see how have they performed:
BCE Inc. (TSX: BCE) BCE is one of Canada's biggest telecom services provider, with a C$ 54.5 billion market cap and a lengthy track record of reliability.
BCE stock was yielding 6.47 per cent as on March 14, 2023, and has improved its cash flow per the latest financial statements. Due to strong performance across the board, BCE reported an 18 per cent rise in cash flow from operations in Q4 2022.
The company said that it created a record by achieving 854,000 new direct fiber connections in 2022. As a result, it drove the largest retail Internet net activations in 16 years.
In 2023, BCE expects to expand its fibre footprint to 650,000 locations, and it also looks to invest in 5G and 5G+ networks.
Notably, the free cash flow of the communications company jumped 64.2 per cent year-over-year (YoY) to C$ 376 million.
Enbridge Inc. (TSX: TSX:ENB) Another blue-chip stock with a history of steady dividend payments is Enbridge stock. The enormous energy infrastructure corporation had market capitalization of C$ 106 billion at the time of writing.
The dividend yield of Enbridge was 6.78 per cent as on March 13, 2023, and it paid a quarterly dividend of C$ 0.887 per share.
In 2022, Enbridge's cash from operating activities amounted to C$ 11.2 billion compared to C$ 9.3 billion in 2021. Meanwhile, the adjusted EBITDA was C$ 15.5 billion compared to C$ 14 billion in the same comparable period.
The energy company also reaffirmed its 2023 full-year guidance and expects its EBITDA range to be between C$ 15.9 billion and C$ 16.5 billion.
Please note, the above content constitutes a very preliminary observation based on the industry and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.