*Stock Idea* Recession proof dividend aristocrat offering predictable and growing income
Company: Fortis (TSX: FTS)
Fortis is a leading North American utility that consists of ten affiliated electric and gas operations with $52 billion in
asset s serving over 3 million customers in Canada, the
United States and the Caribbean.
History is about to turn the chapter on the 2010s, leaving the decade with its longest bull market streak in history intact. While I like a good party, I also know when it's time to start looking for a ride home. These heady times of stock market highs leave me looking for the safety of a dependable dividend grower. And I found one that fits the bill. My latest stock idea, Fortis, has its own impressive streak - 46 years of continuous annual dividend increases.
All data presented in article is current as of December 11th, 2019.
Fortis offers investors a reliable dividend as most of its revenue comes from regulated assets. The company has an amazing track record of raising its dividend and steady earnings growth, which should keep the annual raises coming. Fortis has outlined an aggressive capital expenditure program
planned for the next few years. Management has forecasted it will grow its dividend 7% annually thru 2024.
Due to a recent pull back in the stock's price, Fortis is reasonably priced. Especially when most investors are searching for defensive plays such as Fortis in these uncertain times.
Dividend Quality Analysis
The Bottom Line
Fortis is a recession proof business, that offers predictable and growing income. What else can you ask for from a dividend income stock. Buy and forget!
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