ENB - This Magnificent 7.5%-Yielding Dividend Stock Continues to Find Innovative Ways to Power Its Growth
2024-06-26 06:38:00 ET
Enbridge (NYSE: ENB) has one of the best records of paying dividends in the energy sector. The Canadian pipeline and utility company has paid dividends to its shareholders for nearly seven decades. Meanwhile, it has raised its payout for almost 30 straight years.
It should have the power to continue increasing its payout (which yields more than 7.5% these days) for several more years. One catalyst driving that view is its ability to find innovative ways to capture additional expansion opportunities.
Enbridge and Six Nations Energy Development (a newly created consortium of Indigenous groups in Canada) recently revealed plans to advance a new wind energy project in Saskatchewan. The Seven Stars Energy project would produce 200 megawatts (MW) of emissions-free power. That's enough to support the energy needs of more than 100,000 homes in the Canadian province.
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This Magnificent 7.5%-Yielding Dividend Stock Continues to Find Innovative Ways to Power Its Growth