I don’t need every stock in my portfolio to be a big winner in the short term. Some of my best holdings are the ones that quietly keep doing the same useful things year after year. They generate cash. They pay dividends. They invest in new projects. And they make it easier to stay invested when the market turns uncertain. With Canadian investors still watching trade tensions, global conflict, and shifting interest rate expectations, that kind of stability can matter even more. A dependable business can help you focus less on short-term noise and more on long-term income.
In this article, I’ll look at a Canadian dividend stock that continues to give me plenty of reasons to hold on for the long run.
Why Enbridge keeps earning its keep in my portfolio
If I want a dependable dividend stock that I can hold through different market conditions, Enbridge (TSX: ENB) is exactly the type of business that I trust.
Headquartered in Calgary, Enbridge transports and distributes energy through liquid pipelines and natural gas transmission systems. It also owns regulated gas utilities, storage assets, and renewable power operations. ENB stock currently trades around $65 per share, giving it a market cap of about $145 billion. At that price, the stock offers a handsome 5.9% annualized dividend yield.
The shares are up about 1% year-to-date, but they have fallen roughly 13% in six months. Rather than focusing too much on those short-term moves, I would rather look at what the underlying business has been doing. On that front, Enbridge continues to generate substantial cash flow while investing for future growth.
Cash flow keeps supporting Enbridge’s dividends
Enbridge’s dependable cash generation is a big reason I would rather keep collecting its dividend than worry too much about its short-term stock price moves.
In the second quarter, the company’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) inched up about 3% year-over-year (YoY) to roughly $4.8 billion. Higher revenue from rate increases at East Tennessee, Texas Eastern, and Enbridge Gas Utah helped drive the increase.
Enbridge’s cash provided by operating activities jumped about 27% YoY to $4.1 billion. At the same time, its distributable cash flow (DCF) improved by nearly 2%, helped by higher adjusted EBITDA and the timing of maintenance capital spending. Recently, the company also reaffirmed its full-year 2026 guidance.
Enbridge’s growth gives me another reason to keep holding
While Enbridge’s dividends are already attractive, the company’s growing asset base gives this long-term holding more appeal.
The company ended the second quarter with about $41 billion of secured growth projects. Since then, it has announced a US$600 million deal to acquire Salt Creek Midstream’s crude gathering business. In September, Enbridge acquired Tallgrass Energy’s crude transportation business for US$2.55 billion. The deal includes the Pony Express pipeline and related assets.
Enbridge is also finding ways to fund expansion while preserving financial flexibility. Kohlberg Kravis Roberts (KKR) and Apollo agreed to invest about $2.7 billion in the Aspen Point and Sunrise expansion programs on Enbridge’s Westcoast system, while Enbridge will retain majority ownership and operating control.
Why I’ll never sell Enbridge stock
Enbridge continues to offer a 5.9% yield, resilient cash flow, and a deep pipeline of contracted and regulated growth opportunities. As long as the business keeps supporting its dividend and expanding its cash flow base, this is one dividend stock I would much rather hold than sell.
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