5 Safe Dividend Stocks with Over 3% Yield

4. Enbridge Inc. (NYSE:ENB)

Enbridge is one of the rare stocks that have managed to gain value this year. That’s because it’s operating in the energy sector that has performed exceptionally well in 2022. The Canada-based pipeline company has a dividend yield of over 6% as of October 26. The company has increased its dividend consistently for the past 27 years.

In September, Raymond James upgraded the stock to Outperform from Market Perform, increasing the price target to C$60 from C$57. In his note to investors, Raymond James’ Michael Shaw said the company’s near-term and medium-term outlook has improved.

Here is what ClearBridge Investments Dividend Strategy has to say about Enbridge Inc.  in its Q3 2021 investor letter:

“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.”