This Phenomenal Dividend Stock Can't Stop Adding Fuel to Its Growth Engine
Enbridge (NYSE: ENB) has a phenomenal dividend growth track record. The Canadian pipeline and utility company has increased its payout for the last 28 consecutive years, growing it at an impressive 10% compound annual rate over that time frame.
While Enbridge's dividend growth rate has slowed in more recent years due to the company's massive scale, the payout keeps heading higher. That should continue for the foreseeable future. Fueling that view is the company's knack for securing new investments.
Enbridge entered 2023 with a robust backlog of growth capital projects. The company began with 17 billion Canadian dollars ($12.4 billion) of commercially secured capital projects. That backlog fueled the company's baseline view that it would grow its earnings by 2% to 4% annually over the medium term.
Source Fool.com
