Fortis Inc. (TSX:FTS)(NYSE:FTS) is one of the companies which has taken quite the hit of late, given the changing interest rate environment in North America. With the broader utilities sector feeling the impact of a rising interest rate environment, Fortis has taken a step back from its impressive rise in recent years, with the company’s share price appreciating nearly 34% over this time period with an average annual yield hovering around 4%.
Fortis remains one of the best dividend plays on the TSX for a number of reasons, among which is the company’s incredible longevity with respect to dividend distributions and dividend increases. Fortis currently holds the spot as the Canadian equity with the longest track record of dividend increases currently traded on the Canadian exchanges – a truly remarkable achievement when one considers all the fantastic names that have come and gone over the years.
While the past does not necessarily represent what the future has in store, and Fortis is indeed in an industry which is likely to be shaken up in the long-term, one thing many long-term investors like with Fortis is the company’s devotion to investing into renewable energy projects.
Fortis remains one of Canada’s leading utilities in terms of renewable energy investment, and as such, retains my vote as one of the best value plays currently available on the TSX today.
Invest wisely, my friends.
