5 Stocks For Passive Income In 2022

3. Enbridge Inc. (NYSE:ENB)

Dividend Yield as of February 18: 6.51%

Number of Hedge Fund Holders: 24

Enbridge Inc. (NYSE:ENB) is a Canadian multinational pipeline company that offers pipeline transport and storage services for oil, natural gas, and natural gas liquids across the United States and Canada. 

On February 11, Enbridge Inc. (NYSE:ENB)’s fourth quarter results were published. The company posted GAAP earnings per share of $0.71, surpassing consensus estimates by $0.13. Revenue over the period increased 24.68% from the prior-year quarter, reaching $9.82 billion, exceeding estimates by $3.48 billion. 

Enbridge (NYSE:ENB) declared a C$0.860 per share quarterly dividend on December 7, a 3% increase from its prior dividend of C$0.835. The dividend is payable on March 1, to shareholders of record on February 15. 

BMO Capital analyst Ben Pham raised the price target on Enbridge (NYSE:ENB) to C$59 from C$57 and kept an Outperform rating on the shares on February 14.

According to the third quarter database of Insider Monkey, Arrowstreet Capital held a significant stake in Enbridge (NYSE:ENB), with 837,902 shares worth $33.3 million. Overall, 24 hedge funds were bullish on the stock in Q3 2021. 

Here is what ClearBridge Investments Dividend Strategy has to say about Enbridge Inc. (NYSE:ENB) 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.”