A stock that pays a juicy dividend is nice. A stock with a juicy dividend that grows every year is even better, and Fortis Inc. is a leader in that department
I’ve owned the utility operator personally for more than two decades. It’s also one of the largest holdings in my model
And I’m willing to bet there’s much more where that came from. Reflecting confidence in its future, Fortis also extended its dividend growth guidance of 4 to 6 per cent annually by a year, to 2029. Dividend hikes aren’t official until the board approves them, but with more than half a century of increases under its belt, Fortis isn’t a company I would bet against.Dividends can’t grow in a vacuum.
The balance of $10.8-billion will be invested primarily in Fortis’s utility operations in British Columbia, Alberta, Newfoundland, Ontario and the Caribbean. “We believe Fortis remains one of the ‘go-to’ stocks for Canadian investors … seeking a defensive utility,” said Maurice Choy, an analyst with RBC Dominion Securities, in a note., which increase borrowing costs for utilities and boost the appeal of fixed-income securities. However, I wasn’t about to give up on the stock – and I even added to my model portfolio position at the time.
Fortis Dividend Stock Cent Company Earnings Growth Fortis BMO Capital Markets St. John 'S Newfoundland
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