FORTIS INC. $34 - Toronto symbol FTS

FORTIS INC. $34 (Toronto symbol FTS; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 215.4 million; Market cap: $7.3 billion; Price-to-sales ratio: 1.6; Dividend yield: 3.8%; TSINetwork Rating: Above Average; www.fortis.ca) is expanding its Tilbury Island liquefied natural gas (LNG) facility in Delta, B.C.

The company is spending $400 million on this project, which is equal to 1.1 times its 2013 earnings of $353 million, or $1.74 a share.

This expansion will help the company meet rising demand as trucking companies convert to natural gas, which is up to 40% cheaper than diesel fuel. Fortis has also signed an agreement to sell LNG to Hawaii’s main electrical utility, which further cuts this project’s risk. Fortis is a hold.

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