Many investors have been buying up stocks after former U.S. President Donald Trump won this month’s election. The already hot market continues to soar higher and some stocks are doing much better than others. Oil and gas stocks have been performing particularly well as a Republican government is likely going to be much friendlier to the industry than a Democratic government would have been.
And it’s not just U.S. stocks which will benefit from this trend. As there’s more throughput and oil production in North America, many top Canadian stocks will surge as well. One stock to watch out for is Enbridge (TSX:ENB)(NYSE:ENB). The Canadian pipeline giant has been doing well of late with its share price closing at just over $60 last week. It has risen by more than 8% since Trump’s election win on Nov. 5 and this could be the start of a much larger rally ahead.
Enbridge is one of the safest Canadian dividend stocks to own and with a yield of 6%, it offers a mouthwatering payout for investors. But now, under potentially more attractive industry conditions, there could be room for the stock to rise by even more in the months and weeks ahead. Enbridge is trading at 21 times its trailing profits and that’s even with its shares rallying by 27% since the start of the year.
For long-term investors, Enbridge can be a stellar investment to hang on to for its continued dividend growth and the stability which it offers, making it an ideal option to put into your tax-free savings account for years.
