Investment Thesis
As a dividend aristocrat boasting 46 years of consecutive dividend increases, it is safe to say that the majority of retail investors who hold shares of Fortis Inc. (FTS) do so for its dividend. The ~20% share price appreciation Fortis posted in 2019 has made the company expensive and its yield modest on a historical basis. As with all utility companies, rising interest rates will increase financing costs and will make the dividend comparatively less attractive to income seekers. For this reason, it is important that investors initiate positions in Fortis