Enbridge Inc. (EBRGF), the Canadian energy infrastructure giant, has long been a favorite among dividend-hungry investors. With a consistent dividend yield hovering around 6%, it's a stock that seems to promise steady, reliable returns. But while the market remains fixated on that enticing dividend yield, a quiet transformation is brewing beneath the surface, one that could signal a significant shift in Enbridge's future.

A deep dive into the company's recent financial data reveals a curious anomaly: despite a consistent increase in the number of outstanding shares over the past two decades, the market capitalization remains stubbornly stagnant, even hitting "-1" in recent records. This disconnect is particularly perplexing given the company's ongoing efforts to diversify its energy portfolio, a move aimed at securing its long-term relevance in a world increasingly focused on sustainability.

Could this be a case of the market overlooking a fundamental shift in Enbridge's value proposition? Are investors failing to grasp the potential of this dividend powerhouse to become a dominant player in the renewable energy space?

The evidence suggests that Enbridge is not simply resting on its laurels as a traditional energy infrastructure provider. The company's consistent investment in renewable energy assets, evident in its financial statements, paints a picture of a company actively positioning itself for the future.

Consider the company's "Green Power and Transmission" segment. While it still represents a smaller portion of Enbridge's overall operations, its growth trajectory is undeniable. The segment's revenue has been steadily climbing, driven by investments in wind, solar, geothermal, and waste heat recovery facilities across North America. This commitment to renewable energy is further underscored by the company's recent expansion of its transmission facilities, creating a robust infrastructure to support the growth of green power.

But here's where the market disconnect becomes truly apparent. Despite this strategic shift towards a more diversified energy portfolio, the market capitalization has not responded in kind. The lack of growth in this key metric suggests that investors are either undervaluing Enbridge's renewable energy assets or simply failing to recognize their significance.

This disconnect presents a compelling opportunity for savvy investors. While Enbridge's current market capitalization may be underwhelming, the company's underlying fundamentals tell a different story. The continued growth of its renewable energy segment, coupled with its robust dividend yield, suggests that Enbridge is poised for a significant revaluation in the coming years.

A Closer Look at the Numbers:

Outstanding Shares

The following chart depicts the historical growth in outstanding shares for Enbridge.