Data Is the New Oil, and It's Powering Growth for This 7%-Yielding Dividend Stock
Oil has been fueling the industrial economy for over a century. It's still important today and likely will remain vital for years to come. However, the digital economy runs on a different fuel: data. Companies rely on data centers to process and store data for their cloud computing and artificial intelligence (AI) applications. And those power-hungry facilities require massive amounts of energy.
That's playing right into the hands of Enbridge (NYSE: ENB), a leader in energy infrastructure. The Canadian pipeline and utility operator is capitalizing on new opportunities to help supply lower-carbon energy to data centers. This could give the company even more cash to grow its 7%-yielding dividend in the future.
Enbridge recently closed its $4.3 billion acquisition of Questar, the second of three natural gas utilities it's buying from . The initial draw of buying Questar (now Enbridge Utah) and the other two gas utilities is that they generate very stable cash flow that should grow steadily in the future.
Source Fool.com
