One of the best and most reliable dividend stocks to own on the TSX is undoubtedly Fortis Inc. (TSX:FTS)(NYSE:FTS). The utility company has consistently generated solid results over the years and it faces minimal volatility, as is evident with its low beta value of around 0.33.
The company has increased its dividend payments for an astounding 51 consecutive years. And it still expects to hike its dividend between a rate of 4% to 6% annually through to 2029. It continues to invest in more growth opportunities and cleaner energy. Its capital plan between now and 2029 calls for $26 billion in spending.
For investors, the stability that comes with Fortis along with its high-yielding dividend, which currently pays 3.7%, makes it an alluring option, one that may be too enticing to pass up. Even despite market volatility, this year, its shares are up about 12%. And in five years, the stock has generated gains totaling 27%. When you include the stock’s dividend payments, then over five years your total return is more than 50%.
The stock currently trades at 20 times its trailing earnings and although it’s not a terribly cheap buy, it is a solid one that investors can hang on to for the long haul. In each of the past three years, the company’s annual revenue has totaled more than $11 billion and its net income has been at least $1.3 billion.
Whether you want dividends, stability, or just an investment you won’t have to worry about, Fortis is an excellent stock to consider putting in your portfolio today.
