Fortis
Fortis (TSX:FTS)(NYSE:FTS) raised its dividend in each of the past 46 years, making the company one of the best dividend stocks in the TSX Index over the past half century. The board plans to maintain the trend through at least 2024 with anticipated dividend hikes of 6% per year over that time frame.
The solid guidance comes on the back of expected revenue and cash flow growth. Fortis continues to work through nearly $19 billion in capital projects that will significantly boost the rate base. The company has utility operations across Canada, the United States and the Caribbean.
Assets include power generation facilities, electricity transmission networks, and natural gas distribution systems. These tend to be recession-resistant and operate in regulated sectors.
Fortis trades near $53 per share at writing. The 12-month high is near $59, so there is decent upside opportunity. The stock currently provides a 3.6% dividend yield.
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