Rajiv Jain’s GQG Partners Portfolio: 5 Dividend Stock Picks

2. Enbridge Inc. (NYSE:ENB)

Number of Hedge Fund Holders: 21
GQG Partners’ Stake Value: $380,238,000
Dividend Yield as of March 14: 6.08%

Enbridge Inc. (NYSE:ENB), a Canadian pipeline company, was one of the new holdings of GQG Partners in Q4 2021. The hedge fund started building a position in the company during the quarter, ending the period with over $380 million worth of ENB shares, which constituted 0.94% of Rajiv Jain’s portfolio. By the end of Q4 2021, the number of hedge funds tracked by Insider Monkey holding stakes in Enbridge Inc. (NYSE:ENB) declined to 21, from 24 in the previous quarter. Those stakes held a value of $550.2 million.

In December 2021, Enbridge Inc. (NYSE:ENB) announced a 3% increase in its quarterly dividend to $0.86 per share. The stock’s dividend yield, as of March 14, stood at a solid 6.08%. Enbridge Inc. (NYSE:ENB) has been paying dividends to shareholders for the past 67 years, while maintaining a 27-year track record of consistent dividend growth. Moreover, during the past 27 years, the stock’s dividend CAGR stands at 10%. In February, BMO Capital raised its price target on Enbridge Inc. (NYSE:ENB) to C$59, with an ‘Outperform’ rating on the shares.

ClearBriedge 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.”