Fortis remains our #1 income pick

Article Excerpt

In January when we decided on income pick for 2021, we considered a wide range of factors. They include the safety of a company’s dividend and how likely its underlying operations are to support regular dividend increases. That’s regardless of any future economic shock like the current COVID-19 pandemic. Thanks to its high-quality, regulated power utilities, we chose Fortis as the top income pick for this year. We continue to believe the company is well prepared to raise your dividend 6% each year through 2025. Fortis also stands to gain from rising demand for clean power as more and more drivers opt for electric vehicles. FORTIS INC. $56 is our #1 Income Buy for 2021. The company (Toronto symbol FTS; Conservative & Income Portfolios, Utilities sector; Shares outstanding: 469.4 million; Market cap: $26.3 billion; Price-to-sales ratio: 2.9; Dividend yield 3.6%; TSINetwork Rating: Above Average; www.fortisinc.com) began supplying electricity to St. John’s, Newfoundland, in 1885. It is now the main power utility in…

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