Down 19%, This Top Dividend Stock Looks Set to Soar in the Coming Years
With the market stumbling again over the last few weeks, shares of Enbridge (NYSE: ENB) have plunged 19% below their recent high. The sell-off has pushed the energy infrastructure giant's dividend yield up to 7%. That makes the company an even more compelling investment opportunity, given its growth prospects.
Enbridge recently enhanced its ability to grow by making several value-enhancing moves. With shares now cheaper, and more growth lined up, the stock looks set to soar in the coming years.
Enbridge recently acquired Tri Global Energy (TGE), a leading renewable energy project developer. It's investing $270 million and could make an additional $50 million of payments contingent on TGE's success in executing its projects. TGE is currently the third largest onshore wind energy developer in the U.S. and has 7 gigawatts (GW) of wind and solar energy projects under development. To put that into context, Enbridge has over 2.1 GWs of renewable energy projects in operation or under construction, enough to power 940,000 homes.
Source Fool.com
