5 High-Yield Dividend Stocks to Buy in July

2. Enbridge Inc. (NYSE:ENB)

Dividend Yield as of July 13: 6.32%

Enbridge Inc. (NYSE:ENB) is a Canadian energy infrastructure company that has a delivery network of crude oil, natural gas, and renewable energy.

In Q1 2022, Enbridge Inc. (NYSE:ENB) reported a 14.3% year-over-year growth in its operating cash flow to C$2.93 billion. Its free cash flow of C$1.46 billion was not sufficient for dividend coverage of C$1.7 billion during the quarter, which pushed its payout ratio to 84.3%. However, the company has raised its dividend payments for the past 27 years and expects to continue with this practice in the coming years as well. Enbridge Inc. (NYSE:ENB) currently offers a quarterly payout of C$0.86 per share, which provides a yield of 6.32% as of July 13.

In May, both RBC Capital and National Bank lifted their price targets on Enbridge Inc. (NYSE:ENB), to C$65 and C$60, respectively.

Rajiv Jain’s GQG Partners was the largest shareholder of Enbridge Inc. (NYSE:ENB) in Q1, owning a stake worth over $2 billion. In addition to this, 24 hedge funds tracked by Insider Monkey’s database reported owning stakes in the company, valued at nearly $2.4 billion.

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.”