Canadian Dividend Powerhouses: Ryan Bushell’s November 2024 Picks

Ryan Bushell’s Canadian Dividend Picks: A Strategic Guide to Income and Stability

Editorial Team (ET)May 18, 2025

In an era marked by market volatility and economic uncertainty, savvy investors turn to expert recommendations to navigate the financial landscape. Ryan Bushell, President and Portfolio Manager of Newhaven Asset Management, stands out for his insightful strategies, particularly in Canadian dividend stocks. His top picks for November 12, 2024—BCE Inc., Northland Power, and Canadian Natural Resources—reflect a robust approach to balancing risk with reliable income.

Market Outlook

Despite conservative positioning, Newhaven’s portfolios have seen impressive performance this year, bouncing back after two years of stagnation. As long-term interest rates rise, Bushell’s thesis on the growth potential in sectors such as energy and telecom has proven resilient, especially given Newhaven’s focus on assets that withstand fluctuating interest rates.

For Bushell, today’s market demands investments in companies with steady cash flows, tangible assets, and resilient business models. With rising inflation expectations and an increasingly complex geopolitical environment, Newhaven remains committed to companies positioned to thrive over the long haul.

Top Picks Overview

Ryan Bushell’s November 12, 2024, selections highlight his dedication to dividend-rich, well-established companies that offer investors a hedge against economic instability. His choices—BCE, Northland Power, and Canadian Natural Resources—each bring unique strengths and a high degree of resilience.

BCE Inc. (TSX: BCE)

BCE’s significant dividend yield and stable asset base make it a cornerstone in Bushell’s portfolio, even in turbulent times. While BCE has faced challenges, the company’s potential for growth and shareholder returns remains strong.

Northland Power (TSX: NPI)

As renewable energy stocks experience a downturn, Northland Power represents an attractive acquisition target. With its strategic assets and focus on contracted growth, Northland is well-positioned to rebound in the near future.

Canadian Natural Resources (TSX: CNQ)

With its consistent dividend growth and disciplined capital management, CNQ offers both stability and upside potential. Bushell sees this energy giant as a standout for investors looking to weather economic storms while securing a steady income. In-Depth Analysis

BCE: Navigating Challenging Times

BCE has faced recent setbacks, including the acquisition of Ziply, which surprised many investors. Despite this, the company’s extensive asset portfolio, high dividend yield, and history of resilience offer a positive outlook. BCE’s shares are currently trading at levels below the 2008 offer by Ontario Teachers’ Pension Plan, presenting an opportunity for investors seeking long-term returns.

Bushell recalls BCE’s journey after the failed OTPP acquisition in 2008, during which the company doubled its dividend. This historical context bolsters optimism that BCE may once again rejuvenate itself, enhancing value for shareholders and potentially restoring its market position.

Northland Power: Renewed Optimism

The broader renewable energy sector has faced challenges following recent elections and policy shifts. Despite the hurdles, Northland’s lack of exposure to the U.S. market and its solid infrastructure assets make it a compelling investment, particularly for long-term gains.

Northland’s upcoming Baltic power project, expected to deliver first power by 2025, marks a significant growth catalyst. The company’s potential sale of underperforming business units further enhances its value proposition, attracting attention from investors and acquirers alike.

Canadian Natural Resources: Stability in Volatility

Canadian Natural Resources is highly regarded for its robust management and financial stability, boasting over 20 consecutive years of dividend increases. With a strong commitment to shareholder returns and a strategic approach to acquisitions, CNQ is a pillar of stability in an otherwise volatile sector.

Following its recent acquisition of Chevron’s stake in the Athabasca Oil Sands Project (AOSP), CNQ remains focused on rewarding shareholders. With a dividend yield of 4.7% and a steady growth trajectory, CNQ embodies Bushell’s strategy of investing in assets that provide tangible value to investors.

Market Environment and Bushell’s Strategy

The market in 2024 has been turbulent, marked by inflationary pressures, geopolitical strife, and evolving interest rate dynamics. Yet, Ryan Bushell remains focused on companies with durable business models that can withstand these headwinds. His strategy revolves around high-dividend, stable companies in critical sectors such as energy, telecom, and utilities.

Conclusion

Ryan Bushell’s top picks—BCE Inc., Northland Power, and Canadian Natural Resources—reflect a carefully curated approach to income-focused, resilient investments. These companies not only provide strong dividend yields but also align with Bushell’s long-term vision for market stability and growth. For investors seeking a balanced approach amidst economic uncertainties, Bushell’s selections offer both income potential and stability, underscoring his strategic insights and unwavering commitment to tangible, value-driven assets.

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