Hey there,
Yes, we have no problems with Enbridge as a dividend growth stock. While dividend growth has slowed to the low single digits, the dividend is still well covered by cash flows. For a pipeline like Enbridge, it is best to compare the safety of the dividend against distributable cash flow (DCF) and not earnings as is traditionally done. As of the end of Q4, the payout ratio against DCF was only 65% - well within the company's targeted range of 60-70%.
The company's capital plan is self-funded, which means cash flows are enough to cover the book of work and the dividend and it expects its debt ratios to drop to the lower half of the 4.5-5.0x range.
It is worth noting, that high capex companies like ENB will struggle in an environment where rates rise rapidly (as they have). That said, ENB has enough flexibility to navigate the current headwinds and IMO is a reliable dividend growth stock.
Mat
(I am long ENB)