5 High Dividend Stocks to Shore Up Your Cash Position Before Recession Begins

4. Enbridge Inc. (NYSE:ENB)

Dividend Yield as of August 4: 6.05%

Enbridge Inc. (NYSE:ENB) is a Canadian multinational pipeline company that operates pipelines throughout Canada and the US.

In Q2 2022, Enbridge Inc. (NYSE:ENB) reported an operating cash flow of over $2.5 billion, and its free cash flow came in at $1.54 billion. The company’s distributable cash flow was $2.7 billion, up from $2.5 billion in 2021. Enbridge Inc. (NYSE:ENB) holds a strong dividend history, paying dividends to shareholders consistently for the past 67 years. Moreover, it also holds a 27-year streak of consistent dividend growth. The company offers a quarterly dividend of C$0.86 per share, with a dividend yield of 6.05%, as of August 4.

On August 2, Raymond James raised its price target on Enbridge Inc. (NYSE:ENB) to C$57 and kept a Market Perform rating on the shares.

At the end of Q1 2022, 24 hedge funds in Insider Monkey’s database owned stakes in Enbridge Inc. (NYSE:ENB), compared with 21 in the previous quarter. The total value of these stakes is roughly $2.4 billion, up from $550 million worth of stakes owned by hedge funds in Q4 2021.

ClearBridge Investments mentioned Enbridge Inc. (NYSE:ENB) in its Q3 2021 investor letter. Here is what the firm had to say:

“We are meaningfully overweight energy, particularly within North American energy infrastructure. Enbridge and Williams, our two infrastructure holdings, possess crown jewel infrastructure assets. They each deliver meaningful proportions of the overall energy produced and consumed in North America. Their revenues are backed by long-term contracts with high-quality counterparties and have little direct commodity price exposure. Their growth has been driven by the increasing production of North American energy. The advent of unconventional oil and gas production (oil sand and shale) has made North America a low-cost competitor on a global basis. We expect strong North American production to be an enduring feature of global energy supply for decades to come.”