This 7.2%-Yielding Dividend Stock Is a Well-Oiled Income Machine
Enbridge (NYSE: ENB) has been one of the steadiest companies in the energy sector over the years, and 2023 was its 18th straight year of achieving its financial guidance. It's well on its way to delivering on its objectives this year, given its strong showing in the first quarter.
That quarter's report once again displayed Enbridge's strength by underscoring the view that the utility and pipeline operator can continue paying an attractive and growing dividend. At 7.2%, it offers a significantly higher yield than the S&P 500 (1.4%). Add in its financial strength and growth prospects, and the company is an ideal option for those seeking passive income.
Enbridge generated $5 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) during the first quarter and $3.4 billion of distributable cash flow (DCF). Adjusted EBITDA was up 11% from the year-ago period, while DCF rose 9% (and 4% on a per-share basis). Those are strong increases for such a large energy infrastructure company.
Source Fool.com
