High-yielding dividend stocks often have a reputation for being risky. That's for good reason — many are.

However, there is no shortage of companies out there that have seen higher yields sustainably for long periods of time, and these yields can remain in place (or decline as share prices rise), benefiting investors who lock in these yields before they come down.

One such company I've been pounding the table on as a yield play is Enbridge (TSX:ENB), which has seen its yield drop dramatically in recent years as its shares have surged (see chart below).

Here's more on why I think Enbridge is worth considering right now.

What does Enbridge do?

For those who are unaware, Enbridge is among the top pipeline operators in North America. The company operates more than 29,000 km of active crude oil pipelines and more than 30,000 km of active natural gas pipelines. In other words, Enbridge brings oil and gas from where it's produced to where it's needed. So, as a key beneficiary of the energy independence discussion, there really isn't a better option out there.

This business model has allowed the company to produce very stable cash flows for a very long time. Enbridge has historically paid out a significant percentage of its earnings to shareholders via dividends, with a current yield of around 6.6%.

This has been complemented to a greater degree by debt repayment and balance sheet strengthening activity by Enbridge's management team in recent quarters. I like the direction this company is headed on this front, and I see the stock as a key beneficiary of what could be an impending Trump presidency in the U.S. (we'll see on this front).

Financials make this stock a buy

Of course, this business model still doesn't warrant an investment if Enbridge fails to meet expectations on the earnings front. Yes, revenue growth matters (the company is growing its top line around 5% per year), and Enbridge does have some degree of pricing power. However, given the reality that this stock is generally viewed as a bond proxy, earnings matter most.

On the earnings front, Enbridge brought in $1.85 billion this past quarter. That was roughly the same number as the company brought in a year prior, though I do think there are reasons why this number could increase over time.

We'll have to see if the political environment in the U.S. and Canada shapes up as many expect, but that could be a key driver. Additionally, higher energy prices (while bad for the consumer) could provide a boon to companies like Enbridge. In a sense, there are key risks here. But I think over the long term, this is a company that should benefit from supply outpacing demand, and it is a great yield option for those seeking passive-income streams right now.