ENB - This High-Yielding Energy Dividend Stock Gets 57% of Its Profit From Oil. But Here's Where Future Profit Growth Will Come From.
2024-01-17 05:07:00 ET
Enbridge (NYSE: ENB) earns about 16 billion Canadian dollars ($11.9 billion) each year. More than half of that income (57% in 2023) comes from its liquids pipelines business.
The energy infrastructure company operates the longest and most-complex crude oil and liquids transportation system in the world. It handles 30% of all the oil produced in North America each year.
Enbridge's liquids pipelines are crucial to supporting its big-time dividend (currently yielding 7.3%). But while oil is the company's main fuel source today, lower-carbon energy will provide its future growth. The company's investments in natural gas and renewable energy should give it the ability to continue increasing its high-yielding payout, something it has done for 29 straight years.
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This High-Yielding Energy Dividend Stock Gets 57% of Its Profit From Oil. But Here's Where Future Profit Growth Will Come From.