Here's How Much Enbridge (ENB) Stock You'd Need to Earn $1,000 in Dividend Income Each Year.
Key Points
Enbridge, yielding nearly 6%, has a track record of dividend growth spanning over three decades.
A 359-share position in Enbridge, worth around $17,268, would generate around $1,000 per year in dividend income.
While dividend growth has averaged around 3.3% annually in recent years, there may be a path for it to rise toward 5% annually in the coming years.
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Enbridge (NYSE: ENB) is a high-yield dividend stock with a long track record of dividend growth. For 31 consecutive years, the Canada-based energy pipeline company has raised its quarterly cash dividend.
Although currency fluctuations impact Enbridge's dividend in U.S. dollar terms, it could serve as a steady cash flow generator for dividend-focused investors. Not only that, but there is much to suggest that the stock will continue to increase its payout over time, perhaps at even higher levels than in the recent past.
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How much Enbridge stock do you need to own to generate $1,000 per year?
Based on Enbridge's current dividend and the current value of the Canadian dollar, this stock pays quarterly dividends totaling around $2.79 per share each year. This gives it a forward dividend yield of around 5.8%. To generate $1,000 per year in annual dividend income, you would need to purchase 359 of Enbridge's U.S.-listed shares.
This position, worth around $17,268, would generate annual dividend income of $1,001.61. In terms of dividend sustainability, Enbridge is guiding for distributable cash flow (DCF) of between CA$5.70 and CA$6.10 per share, or between $4.04 and $4.31 per share in U.S. dollar terms. In other words, Enbridge is paying out around 65% to 70% of its DCF as dividends, a sustainable level for a midstream energy stock.
The path to faster dividend growth
In Canadian dollar terms, Enbridge has increased its dividend by around 3.3% annually over the past five years. However, Enbridge's dividend growth could rise going forward. Management anticipates growth in earnings before interest, taxes, depreciation, and amortization (EBITDA), DCF, and earnings per share (EPS) exceeding 5% annually beyond 2026. Chalk this up to factors such as increased demand for gas transmission assets driven by the ongoing data center boom.
If this growth surge pans out, Enbridge could go from increasing its dividends by 3% annually to amounts that top 5% annually. The stock, which has gained just 9.4% in 10 years, could deliver much stronger price performance over the next decade.
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Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Enbridge. The Motley Fool has a disclosure policy.
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