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This Top Dividend Stock Is Near Its 52-Week Low

Enbridge Inc. (TSX:ENB)(NYSE:ENB) is a top Canadian energy infrastructure company that benefits from the growth in the oil and gas industry. The company has interests in natural gas transmission, storage, and distribution, as well as renewable energy generation. However, Enbridge's stock has been struggling of late and is down 11% in the past 12 months.

However, for opportunistic investors, this can make for an excellent time to buy shares of Enbridge. As a result of the dropping share price and an already strong dividend, Enbridge's stock is now yielding an impressive 7% -- a remarkably high payout when you consider the S&P 500 average is around just 1.7%. Enbridge has been increasing its dividend payments for decades and with strong financials, the company is likely to continue doing so for the foreseeable future. Last December, the company announced a 3.2% increase in the dividend. And over the past 28 years, it increased its dividend by an average of 10%

Enbridge's business is stable as its pipeline system transports oil and gas to refineries, and it generates revenue through transportation fees. Unlike oil and gas producers, Enbridge's operations aren't volatile and dependent on commodity prices as it has many long-term contracts.

Over the past 12 months, the company has generated free cash flow of $6.4 billion. During that time, it also reported an operating profit of $8.2 billion on revenue of $53.3 billion. For long-term investors, this can be a solid dividend stock to pick up right now as it's currently trading at a relatively modest 17 times its future profits.