Enbridge (TSX: ENB) has built a reputation as one of the most reliable Canadian dividend stocks over the last three decades.
Valued at a market cap of $153 billion, ENB stock has returned roughly 850% to shareholders after adjusting for dividend reinvestments. Despite these outsized gains, the blue-chip dividend stock offers you a yield of over 5% in September 2026.
Let’s see if Enbridge stock is still a good buy right now.
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The bull case for investing in ENB stock
Enbridge is among the world’s largest energy infrastructure companies. It moves oil through liquids pipelines, ships natural gas across North America, distributes gas to homes and businesses through its utilities, and generates renewable power. A diversified base of cash-generating assets has enabled Enbridge to maintain and raise dividends across economic cycles.
On the Q2 call, CEO Greg Ebel described Enbridge as a company that maintains real optionality because few businesses can allocate capital across four complementary energy franchises at a large scale.
Notably, Enbridge has raised its dividend for 31 consecutive years, enhancing the yield-at-cost significantly.
In Q2 2026, Enbridge grew adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) by more than $130 million year over year. Mainline volumes averaged 3.1 million barrels per day, and utilization stayed high across all four business units.
Management reaffirmed the ffull-year2026 guidance it set last December. The company also sanctioned close to $9 billion in new projects so far in 2026, working toward a goal of up to $20 billion by the end of 2027.
Big wins this quarter included a Wisconsin pipeline relocation project, a natural gas storage deal tied to Freeport LNG, and continued construction on new solar and wind projects built alongside partners like Meta.
A focus on dividend growth
Enbridge emphasized that it has identified $50 billion in organic growth projects it could pursue through 2030, backed by a $41 billion secured capital backlog locked in.
The backlog is a key driver of dividend growth. Management confirmed it plans to return between $40 billion and $45 billion to shareholders over the next five years, building on the $38 billion returned over the past five.
Enbridge’s U.S. gas utilities are seeing rate base growth over 8%, and in North Carolina that figure is close to 19% due to data centre demand and industrial reshoring.
Gas Transmission chief Matthew Akman also flagged strong early interest in Project Beacon, a Northeast pipeline expansion that could reduce energy costs for utility customers in that region.
Based on everything shared in the Q2 earnings call, Enbridge stock remains a “buy” for long-term investors.
The dividend track record is intact, guidance was reaffirmed, and the $50 billion project pipeline gives the company a long runway of visible growth into the next decade.
A key metric to watch is debt levels, which sit near the top of management’s comfort range for now.
For patient investors building a portfolio of Canadian dividend stocks, Enbridge continues to check the boxes that matter most: consistency, diversification, and a management team willing to be direct about both the wins and the risks.
