Down 20%, This Big-Time Dividend Stock Looks Incredibly Cheap Versus the S&P 500
Enbridge (NYSE: ENB) is coming off a strong year. The energy infrastructure behemoth grew its cash flow per share by 9% in 2022, fueled by strong operational performance and new investments. That gave the company the power to increase its dividend by another 3.2%, marking its 28th straight year of dividend growth.
Despite that excellent performance, shares have declined by 11% over the past year. That makes this energy stock look incredibly cheap, as the sell-off has driven Enbridge's dividend yield up over 7%.
Enbridge generated nearly 11 billion Canadian dollars ($8.1 billion), or CA$5.42 ($3.99) per share, of distributable cash flow last year, which was toward the high end of its guidance range. The company sees its cash flow rising to a range of CA$5.25 to CA$5.65 ($3.87 to $4.16) per share this year. It expects to benefit from having completed CA$4 billion ($2.9 billion) of expansion projects last year, which should help offset headwinds from lower commodity prices and higher interest rates.
Source Fool.com
