Investors seeking immediate income from their portfolios could consider dividend stocks. That said, dividends aren’t guaranteed, so it’s important to focus on TSX stocks with strong, stable business models that can consistently support their payouts. Canadian stocks with attractive yields and sustainable payouts are top investments to generate worry-free income right away.
Against this background, Enbridge (TSX:ENB) is my favourite stock for immediate income right now. It currently yields 5.2%.
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Why Enbridge stock?
Enbridge is a dependable high-yield dividend stock. It operates an extensive pipeline network that transports oil and natural gas. Moreover, its energy infrastructure assets are highly utilized, driving distributable cash flow (DCF) and earnings. This, in turn, supports its payouts.
Enbridge has a long record of rewarding shareholders. It has paid dividends for more than 70 years and has steadily increased them since 1995, making it a strong choice for investors seeking immediate income.
Enbridge’s payouts are supported by its high-quality assets and strong operating structure. A significant portion of ENB’s earnings before interest, taxes, depreciation, and amortization (EBITDA) comes from regulated operations or long-term take-or-pay contracts. This structure insulates it from short-term commodity price volatility and allows Enbridge to maintain consistent revenue even when energy prices fluctuate, thus giving management the confidence to continue rewarding shareholders.
By targeting a payout ratio of 60% to 70% of DCF, Enbridge continues to reward shareholders while reinvesting in the business. This leaves enough cash to fund new projects and maintain financial flexibility.
Besides income, Enbridge stock has also delivered steady capital gains. Shares of this energy infrastructure company have risen by more than 15% so far in 2026 and have delivered a 69.2% capital gain over the past three years.
Enbridge to deliver steady growth in the coming years
Enbridge’s diversified portfolio, spanning liquids pipelines, gas storage, utilities, and renewable power, positions it to benefit from rising energy demand while limiting exposure to commodity price volatility.
Management has reaffirmed its financial outlook for 2026, projecting adjusted EBITDA in the range of $20.2 billion to $20.8 billion and DCF per share between $5.70 and $6.10. Moreover, Enbridge projects its adjusted earnings per share (EPS) to grow by 4–6%.
Beyond 2026, Enbridge’s management anticipates adjusted EBITDA, EPS, and DCF per share to increase by about 5% annually. This outlook suggests that the company’s asset base and contract structure should continue generating steady earnings as new projects come online and existing infrastructure operates at higher utilization levels.
ENB’s strong utilization across its liquids pipeline network will continue to generate solid revenue. At the same time, the company’s secured backlog of capital projects worth $39 billion, supported by long-term agreements or regulated frameworks, will likely support steady earnings growth, strengthening its growth outlook.
In addition, rising demand for energy from data centres and energy transition opportunities augur well for ENB’s growth.
Overall, Enbridge’s reliable payouts, consistent dividend increases, high yield, diversified assets, expansion of its renewable energy portfolio, and solid AI-driven growth opportunities make it a favourite stock for steady income.
Owning 100 ENB shares would generate approximately $97 in quarterly income, based on a dividend of $0.97 per share, translating to about $388 annually.
