ENB - At a 2-Year Low Is This 8%-Yielding Oil and Gas Stock a Buy?
2023-09-14 05:18:00 ET
On Sept. 6, Enbridge (NYSE: ENB) stock fell to its lowest level since January 2021 after announcing the $14 billion acquisition (including debt) of three natural gas utilities from Dominion Energy (NYSE: D) . Even before the sell-off, Enbridge had one of the highest yields of the major North American pipeline companies. But now, Enbridge's dividend yield is 7.9%, which is more than five times the dividend yield of the average stock in the S&P 500 .
Let's take a look at the Dominion deal to see if it makes sense for Enbridge and if investors are making a mistake by selling this high-yield dividend stock .
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At a 2-Year Low, Is This 8%-Yielding Oil and Gas Stock a Buy?