Enbridge Inc. (TSX: ENB) has been trading below $71 recently, prompting many income-oriented investors to ask whether now is a good time to buy. With its long history of dividend payments and a business model rooted in energy infrastructure, Enbridge has traditionally attracted investors looking for stable cash flow and reliable distributions. But the question isn’t simply “is the price lower than before?” — it’s whether the company’s fundamentals still support growth and yield at these levels.

One reason Enbridge has pulled back is that its valuation expanded significantly over prior years, especially as investors sought yield in a low-rate environment. When energy infrastructure companies like Enbridge rallied, much of the upside was driven by expectations of tariff growth, expanding pipeline capacity and persistent demand for energy transport. Those themes haven’t disappeared, but they’ve become more tempered as macro conditions evolve and markets price in slower economic growth.

Enbridge’s core business — operating pipelines that transport crude oil, liquids and natural gas — generates fee-based revenue that’s less sensitive to commodity price swings than you might expect. These long-term contracts and regulated revenue streams are a structural advantage because they provide predictable cash flows that help sustain dividends regardless of near-term commodity volatility. That’s part of why many investors still view Enbridge as a defensive income holding rather than a pure growth stock.

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Dividend investors should also consider the sustainability of payouts. Enbridge’s dividend yield tends to sit well above market averages, which is attractive — but a high yield isn’t enough on its own. The company’s ability to cover that dividend through operating cash flow and disciplined capital allocation is what really matters. At current price levels, the yield becomes more attractive only if the underlying cash flow remains intact and management continues to prioritize shareholder returns alongside infrastructure development.

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Looking ahead, the case for buying Enbridge below $71 hinges on your investment goals. If you’re a long-term investor seeking tax-advantaged income and diversified exposure to essential infrastructure, this price level could offer a reasonable entry point. However, if your focus is on massive capital gains or high-octane growth, there may be better opportunities elsewhere. Evaluating Enbridge as part of a diversified income strategy — rather than a standalone bet — aligns most closely with how this stock typically performs over economic cycles.