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Should you crave dividends, a pullback can really feel just like the market put your snack on sale. Immediately, these two dividend shares sit under latest highs, and each nonetheless run the type of money engines that matter for earnings traders. Let’s get into it.

BIR

Birchcliff Power (TSX:BIR) makes cash by producing Canadian pure fuel and liquids, then promoting into a couple of market so it doesn’t depend on AECO alone. The dividend inventory has climbed about 22% over the previous yr, but it nonetheless trades roughly 10% under its 52-week excessive, with latest pricing round $7.25. That hole provides dividend hunters a greater entry level with out demanding good timing.

The most recent quarter exhibits why Birchcliff appears to be like down however not out. In Q3 2025, it reported petroleum and pure fuel income of $149.6 million. The power producer generated money circulation from working actions of $78.5 million and adjusted funds circulation of $87.1 million, or $0.32 per share. It additionally delivered free funds circulation of $15.6 million. Internet earnings got here in at a lack of $14.1 million, or unfavorable $0.05 per share, which highlights how earnings can swing even when money holds up.

The near-term outlook appears to be like constructive, with actual numbers behind it. Birchcliff averaged 80,406 barrels of oil equal per day (boe/d) in Q3, up 7% yr over yr, and it lifted 2025 manufacturing steerage to 79,000 to 80,000 boe/d. For 2026, it outlined a $325 million to $375 million capital plan that targets 81,000 to 84,000 boe/d, and it declared a $0.03 quarterly dividend for This autumn 2025. The valuation appears to be like larger, buying and selling at 27 instances earnings, so you must assume commodity costs will drive the story.

IMO

Imperial Oil (TSX:IMO) gives a steadier type of dividend enchantment. It runs oil sands manufacturing, refining, and chemical substances, and that blend can clean outcomes when one section cools. The dividend inventory has gained about 39% over the previous yr, and it not too long ago traded round its all-time excessive. That’s not a bargain-bin dip, however it nonetheless counts as a pullback for a reputation many traders deal with as a core holding.

Its Q3 2025 outcomes present sturdy operations even with some one-off noise. Imperial reported estimated web earnings of $539 million, whereas web earnings excluding recognized objects reached $1.1 billion. Kearl averaged file complete gross bitumen manufacturing of 316,000 boe/d. Refinery throughput averaged 425,000 barrels per day with 98% utilization. It additionally generated $1.8 billion in money circulation from working actions within the quarter and paid $0.72 per share in dividends throughout the interval.

Trying into 2026, Imperial has pointed to larger spending and barely larger upstream manufacturing, with a 2026 capital and exploration funds of $2 billion to $2.2 billion and upstream manufacturing steerage of 441,000 to 460,000 boe/d. That plan goals to elevate money circulation and decrease unit prices, which might assist dividends and buybacks. The valuation nonetheless appears to be like honest for a cash-heavy enterprise, trailing at 18 instances earnings, however oil costs can swing and upkeep can pinch downstream outcomes.

Backside line

Collectively, these two dividend shares provide you with two completely different dividend flavours whereas costs sit off their peaks. Birchcliff gives extra upside if fuel markets co-operate, plus a ahead valuation that may look kinder if money circulation stays sturdy. Imperial gives scale, operational muscle, and a shareholder-return behavior that retains exhibiting up within the numbers. And proper now, right here’s what $7,000 can herald from dividends alone.

Purchase them for money era and self-discipline, not for a fast bounce, and also you set your self up for a calmer 2026.