#2 - Enbridge (NYSE:ENB)
The energy sector is a good place to find high-yield dividend stocks, and one of the best names to consider is Enbridge Inc. (NYSE: ENB). The Canadian midstream company is one of the leading transporters and distributors of crude oil and natural gas, with one of the most extended networks of pipelines, storage facilities, renewable energy assets, and natural gas distribution networks.
Over the last five years, oil prices have been affected by supply and demand. That tug-of-war is clearly seen in Enbridge's revenue. However, you'll also notice it hasn't affected the company's earnings, which have been consistent on a year-over-year basis, even going back two years. That's because over 90% of the company's earnings are tied to long-term inflation-linked contracts.
In the short term, the Enbridge Analyst Ratings on MarketBeat give ENB stock a consensus price target of $55.20, which is 57% higher than the stock's price as of April 22, 2024. And that goes along with a dividend that has a current yield of 7.75%. The payout ratio is about 74% of its cash flow. However, that cash flow has been increasing by an average of 10% over the last 30 years.
About Enbridge
Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.
Read More - Current Price
- $40.65
- Consensus Rating
- Hold
- Ratings Breakdown
- 2 Buy Ratings, 2 Hold Ratings, 2 Sell Ratings.
- Consensus Price Target
- $51.50 (26.7% Upside)
