One Energy Dividend Stock That Boasts a 6.6% Yield

Enbridge (TSX:ENB)(NYSE:ENB) stock was up 0.34% in mid-afternoon trading on September 3. Shares have plunged 9% over the past three months.

Turbulence in the broader energy sector provides investors an opportunity to add Enbridge, one of the top dividend stocks on the TSX, at a solid discount.

In the second quarter, Enbridge reported GAAP earnings of $1.73 billion or $0.86 per share compared to $1.07 billion or $0.63 per share in the prior year.

The company announced $2 billion of new secured growth projects across its utilities and renewable power businesses.

This adds to Enbridge’s already deep pipeline as we look ahead to the next decade.

For the year-to-date period, Enbridge has reported adjusted earnings of $2.9 billion compared to $2.47 billion in the first six months of 2018. Distributable cash flow (DCF) has climbed to $5.07 billion over $4.17 billion.

Enbridge is slated to post dividend hikes into 2021, and currently offers a quarterly payout of $0.738 per share. This represents a tasty 6.6% yield.

Enbridge dipped into technically oversold territory in late July and has since recovered. However, the stock still boasts a favourable price-to-earnings ratio of 15.9 and a price-to-book of 1.4. It is trading at the middle of its 52-week range.

Enbridge boasts a wide economic moat and a massive project pipeline. It is set to post dividend-growth into the next decade, and should be a top target for income investors in September.