Image source: Getty Images.
Can TSX dividend stocks convert $20,000 into $100,000? While it is not impossible, it will take time. How long depends on the dividend yield you lock in with your initial investment of $20,000. The next aspect is the stock’s dividend growth rate. And lastly, whether you reinvest your dividends. Reinvesting your investment income can help you compound your returns.
A TSX dividend stock to invest $20,000
Enbridge (TSX:ENB) is an aristocrat known for its high dividend yields and 29-year dividend growth history. Its stock trades in the $42-$58 range and is currently trading near the lower range at around $47. Moreover, the company increased its 2024 dividend by 3.1%. A lower stock price and higher dividend per share inflated its yield to 7.8%.
The company is acquiring three gas utilities of Dominion Energy for $19 billion. The acquisition will be accretive to cash flows and help it maintain a…
