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Fortis Inc. (NYSE:FTS) is included among the 13 Best Canadian Dividend Stocks to Buy and Hold for the Long Term.
CIBC lifted its price target for Fortis Inc. (NYSE:FTS) to C$75 from C$74 on November 5 and maintained its Outperformer rating, according to a report by the Fly.
In its third quarter earnings report, Fortis Inc. (NYSE:FTS) announced that it has spent about $4.2 billion on capital projects over the first nine months of the year and appears well positioned to hit its full-year goal of $5.6 billion. The company also rolled out a fresh five-year capital plan worth $28.8 billion, covering 2026 through 2030. Through this plan, management expects the rate base to grow at roughly 7% a year and reach $57.9 billion by the end of the decade.
With this investment strategy moving forward, leadership aims to raise the dividend by 4 to 6% each year through 2030, a move that keeps Fortis in the conversation as a reliable long-term pick for income-focused investors.The company also announced a 4% increase in its quarterly dividend on November 4, bringing the payout to $0.64 per share. This marked the 52nd straight year of dividend growth.
Fortis Inc. (NYSE:FTS) runs a largely regulated natural gas and electricity utility network, with about 93% of its assets tied to lower-risk transmission and distribution businesses. This setup helps keep its financial results stable through economic shifts and market swings, which in turn supports consistent dividend growth.
While we acknowledge the potential of FTS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 12 Best European Dividend Stocks to Buy Now and 15 Stocks with Highest Dividend to Invest In.
Disclosure: None.
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