Want $1,000 a Year in Passive Income? Here's How Much Enbridge Stock You'd Need.
Key Points
Enbridge is an oil and natural gas pipeline operator.
Transporting gas and oil through a pipeline network generates consistent, predictable income regardless of the price of the underlying commodity.
Although it’s a solid passive income pick, its place in your portfolio is limited to this role.
- 10 stocks we like better than Enbridge ›
Could you use an extra $1,000 per year in reliable dividend income? Whether you want to spend it, invest, or tuck it away for a rainy day, most people could. And shares of a Canadian oil and gas pipeline company called Enbridge (NYSE: ENB) would be a great choice to generate this annual cash flow.
Here's a closer look at how much you'd need to own.
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An impressive dividend pedigree
It's an ideal business for driving dividends. Unlike the energy industry's explorers and refiners, pipeline owners like Enbridge simply get paid to push gas and oil through their pipes, charging a flat fee based on the volume of the delivery in question. As long as Americans continue consuming and exporting natural gas and crude oil, this company enjoys dividend-generating cash flow.
And Americans are doing exactly that. That's what this stock's history says, anyway. Not only has Enbridge paid a quarterly dividend like clockwork for decades now, but it has also raised its annual payout for 31 consecutive years. Its quarterly per-share payment of 0.97 Canadian dollars means an annual payout of CA$3.88 per share -- or $2.81 in American dollars -- which equals a dividend yield of just over 5% for U.S. investors.
So owning 360 shares of this stock, worth roughly $20,000, would produce about $1,000 in yearly annual income. That's pretty good. That's really good, in fact, compared to similarly safe dividend stocks.
Not for growth, but great for reliable long-term income
Although you won't experience a great deal of capital growth with this holding, this ticker's dividend payment has historically at least kept pace with inflation. That's important, too, as is the 31-year streak of uninterrupted dividend increases that isn't likely to stop anytime soon.
Just be sure reliable and growing dividend income is your priority before diving in. If not, there may be better options for you.
Should you buy stock in Enbridge right now?
Before you buy stock in Enbridge, consider this:
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James Brumley 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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