3.8 Billion More Reasons to Buy This High-Yield Dividend Stock Hand Over Fist
Enbridge (NYSE: ENB) has treated its investors like dividend royalty over the years. The Canadian energy infrastructure giant has increased its payout for 27 straight years, growing it at a 10% compound annual rate. That's an impressive performance, especially considering Enbridge operates in the volatile energy sector.
Enbridge should have plenty of fuel to continue growing its dividend in the future, especially after adding another 3.8 billion Canadian dollars ($2.8 billion) of expansion projects in the third quarter. Add that growth to its high-yielding payout (Enbridge currently yields over 6%), and it's a stock that income investors will want to buy hand over fist these days.
Enbridge already had a lot of growth lined up heading into the third quarter. It entered that period with almost CA$13 billion ($9.6 billion) of capital projects in its backlog. That gave it the line of sight that it could grow its cash flow per share at a 5% to 7% annual rate through at least 2024.
Source Fool.com
