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With a market capitalization of over $75 billion, Enbridge (NYSE: ENB) is the largest midstream energy company today. The oil and gas stock's dividend yield of 7.6% is also among the highest in the energy sector, and it's backed by a solid dividend track record.

Canada-based Enbridge has increased its dividend every year for 29 consecutive years now, and grew its dividend at a compound annual growth rate of 10% during the period. Enbridge stock has yielded staggering returns of more than 1,200% over the period with reinvested dividends, thanks to its dividend growth.

That makes Enbridge an appealing dividend stock to own, but how much should you invest in the oil stock now to earn $1,000 in dividend income? Let's find out.

Enbridge's last paid quarterly dividend of 0.915 Canadian dollars per share amounts to an annualized dividend of CA$3.66 a share, or $2.67 a share. With the oil stock currently trading at around $35.35 apiece as of this writing, you'd have to buy roughly 375 shares, or invest around $13,260 now, to earn an annual dividend of $1,000 from Enbridge.

Enbridge stock yields 7.6%, and its dividend looks very reliable going by the company's profile and growth prospects.

Enbridge is a solid dividend stock to buy

Enbridge operates the largest natural gas utility by volume, the largest crude oil pipelines, and one of the largest natural gas pipeline systems in North America -- it transports nearly 30% of the oil produced and 20% of natural gas consumed on the continent. Enbridge's pipelines business already generates steady cash flows under long-term contracts, but the company is acquiring several utilities this year to further fortify its cash-flow profile.

Enbridge expects these acquisitions and planned investments of $25 billion through 2028 to boost its adjusted earnings per share by 4% to 6% between 2023 and 2026, and by 5% beyond that. With dividends expected to grow in line with earnings, investors who buy Enbridge stock today could earn solid returns in the long term.

Should you invest $1,000 in Enbridge right now?

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Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Enbridge. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.