There's no shortage of great stocks to buy and hold on the market. And while the general consensus on diversification calls for multiple investments across a broad spectrum of the market, there is one stock in particular for investors to consider.

In fact, it's the one stock that I would choose to buy and hold if I could only pick one. In case you're curious, that stock is Enbridge (TSX:ENB), and here's why it's the stock to buy and hold right now.

Meet Enbridge: More than a one-trick stock

Most investors know about certain parts of Enbridge, such as its pipeline network. There's a good reason for that, as the pipeline segment generates the energy infrastructure giant's revenue and comprises both crude and natural gas elements.

More importantly, the segment is incredibly defensive, thanks to the insane amounts of crude and natural gas hauled each day. To put that amount into perspective, Enbridge hauls one-third of all North American-produced crude across its vast network.

Turning to natural gas, the volume is equal to one-fifth of the energy needs of the entire U.S. market.

Suffice it to say, Enbridge's pipeline business is a necessity and an incredibly defensive option for investors looking to buy and hold a single stock (always in a larger portfolio!).

But that's not even the best part about Enbridge's vast pipeline network.

The company charges for the use of its network and not for the volatile price of the commodity being hauled. This means that irrespective of which way crude prices move, Enbridge continues to generate a recurring revenue stream that leaves room for growth investments and a juicy yield (more on that in a moment).

The other (lucrative) parts of Enbridge

Some investors may be shocked to realize that Enbridge also boasts one of the largest renewable energy portfolios in Canada. The company's growing network of sites includes sites in both North America and Europe, providing another reliable and recurring revenue stream.

Enbridge's renewable energy business consists of solar, hydro and wind facilities. Collectively, those facilities generate a net capacity of 3,481 megawatts (MW), which is sufficient to power 1.3 million homes.

Investors should note that Enbridge has invested over $10 billion into the segment over the past two decades. The company also remains committed to investing further in the segment, which holds massive long-term potential.

Another segment worth noting is Enbridge's natural gas utility business. Enbridge boasts seven million customers across the U.S. and Canada, a feat which now ranks the company as one of the largest natural gas utilities on the continent.

This is yet another defensive business segment that provides a reliable revenue stream that is both stable and growing. That fact alone makes Enbridge an intriguing option to buy and hold.

Let's talk about that dividend

One of the main reasons why investors continue to flock to Enbridge is because of the dividends that it offers. The company has been paying out dividends for over 69 years without fail. Enbridge has also amassed an impressive three decades of consecutive annual increases to that dividend.

As of the time of writing, Enbridge pays out a juicy 6.06% yield, making it one of the best yields on the market. For investors looking for a stock to buy and hold, that yield means that a $35,000 investment will generate an income of over $2,130.

Keep in mind that prospective investors who aren't ready to draw on that income yet can reinvest it, allowing any future income to continue to grow on its own. Again, this makes Enbridge a solid option to buy and hold for the long term.

Will you buy and hold this stellar stock?

No stock is without some risk, and that even includes defensive picks like Enbridge. Fortunately, Enbridge boasts multiple defensive segments and a juicy yield to minimize much of that risk.

In my opinion, investors looking for a solid stock to buy and hold can confidently add a position in Enbridge to any well-diversified portfolio.