Does your portfolio contain Enbridge (TSX:ENB)? If not, now might be a great time to consider buying some Enbridge Stock.

Apart from its insane dividend, buying Enbridge stock does boast some other advantages. Hereâs a look at a few of those reasons and why now is a good time to buy this energy infrastructure giant.

The Enbridge you know and the parts you may not know

Enbridge is primarily known for its pipeline business, which contains both natural gas and crude elements.

Thereâs a good reason for that. Enbridge transports massive amounts of both across that network each day.

Specifically, Enbridge is responsible for transporting one-third of all North American-produced crude and provides 40% of all U.S. crude imports. Turning to natural gas, Enbridge transports 24.6 Bcf/d (billions of cubic feet per day), which is roughly one-fifth of the natural gas needs of the U.S.

In short, Enbridge is one of, if not the most defensive investment on the market.

And thatâs just one part of Enbridge. Prospective investors can take solace in knowing that buying Enbridge stock also includes other segments and opportunities.

That includes Enbridgeâs growing renewable energy segment. The company has dropped over $10 billion into the segment over the past two decades, amassing an impressive network.

That network now includes approximately 40 facilities located across North America and Europe. Those facilities include mainly wind, solar and hydro facilities, which generate a reliable, contract-backed source of revenue.

Collectively, Enbridgeâs renewable energy facilities generate enough capacity to power 1.1 million homes.

Prospective investors of Enbridge stock should also note that the company also operates a natural gas utility. Thanks to a series of acquisitions over the past year, Enbridgeâs natural gas utility is now the largest on the continent.

That includes nearly 7 million customers across both the U.S. and Canada. And like other utility operations, the facilities are backed by long-term regulated contracts that provide a reliable source of revenue.

Hereâs why you should buy Enbridge stock

The well-diversified nature of Enbridge aside, thereâs another key reason why investors keep looking toward buying Enbridge stock.

The dividend.

Enbridge offers investors a very tasty quarterly dividend. As of the time of writing, the yield on that dividend works out to an insane 7.4%. This handily makes Enbridge stock one of the highest-paying yields on the market.

To illustrate that crazy earnings potential, letâs use a $40,000 example (which is always as part of a larger, well-diversified portfolio).

In exchange for that initial purchase of Enbridge stock, investors can expect to generate an income of just over $2,930. And thatâs just in the first year.

Investors who arenât ready to draw on that income yet can choose to reinvest those dividends. This allows them (and your future income) to grow until needed.

Additionally, prospective investors of Enbridge stock should also note that the company has provided annual upticks to that dividend for nearly three decades without fail. This furthers the appeal of buying Enbridge stock today and holding it for the longer term.

Will you buy Enbridge stock?

No stock is without some risk, and that even includes defensive stocks like Enbridge. Fortunately, Enbridge is well-diversified across multiple segments between its pipeline, renewable, and utility operations to offset some of that risk.

In my opinion, Enbridge is a superb long-term stock that should be a core position in any long-term portfolio.

Buy Enbridge stock now and hold it for decades.

The post Enbridge Stock Pays a Massive 7 Percent Dividend and Now is a Great Time to Buy  appeared first on The Motley Fool Canada.