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The stock market correction continues for much of the TSX, and that includes among energy stocks. Enbridge (TSX:ENB)(NYSE:ENB) has proven itself not immune to the powers of Mr. Market. After reaching 52-week highs of almost $54 per share, Enbridge stock came down with the rest of the market.

Energy drop

There’s a reason it’s called a stock market correction. Enbridge stock came down with much of the TSX today as oil prices continue to surge upwards. Shares of Enbridge stock came down 13% after reaching 52-week highs to around $48 per share.

However, there has been a slight uptick recently, even as the stock market correction continues. This came after Enbridge stock announced a partnership with Capital Power for a new carbon-capture program. In the partnership, Enbridge stock would transport and storage the carbon provided by Capital Power. This would allow for carbon neutrality, while finding new uses for Enbridge’s pipelines.

These projects are already up and running for other pipeline companies, and it’s what will be needed in a clean energy future. A report recently stated that the world produced a record level of clean energy projects in 2021. As more projects come up with government support, that’s cash energy companies like Enbridge stock want a piece of.

Why you should care

Clean energy is the future. And that means the future of your cash belongs in clean energy as well. Surging oil and gas prices, not to mention coal, make clean energy infrastructure look even more attractive — to consumers and to companies like Enbridge stock.

Investors would, in the short term, receive a double whammy. On the one hand, you continue to get access to its long-term contracts that lead to stable revenue. But on top of that, you get a surge of income from growth projects in the clean energy sector. Long term, you have revenue from two strong sources for decades to come.

A piece of the action

Right now, there’s another bonus from buying up Enbridge stock at these prices. You get access to a 7.03% dividend yield. That’s something you simply don’t see on the TSX today. Furthermore, pipeline companies are likely to join the club when it comes to boosting their stagnant dividends. So, you could be looking at an 8% yield very soon.

If you buy on the dip, you’ll get a solid dividend and access to long-term growth — all for incredible value. Right now, Enbridge stock trades at 16.96 times earnings, and an EV/EBITDA of 12.54. That’s both in and around value territory. Furthermore, analysts give it a potential upside of 17% as of writing. And that’s just in the next year.

While the stock market correction can be a drag on the TSX today, see it as an opportunity or even as an early gift for the holiday season. You get access to a strong, long-term hold that delivers cash almost immediately. A $20,000 investment in Enbridge stock today would give you $1,421 in dividends annually as of writing.

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