Fortis Inc. Announces New $25 Billion Five Year Capital Outlook and 4.4% Increase in Fourth Quarter Dividend Marking 50 Years of Dividend Increases
Portfolio Pulse from Benzinga Newsdesk
Fortis Inc. (NYSE:FTS) has announced a new five-year capital plan of $25 billion, representing a 6.3% rate base growth. The growth is largely driven by investments in transmission in the U.S. Midwest and resource transition plan in Arizona. The company also announced a 4.4% increase in its fourth quarter dividend, marking 50 years of consecutive increases in dividends paid. The annual dividend growth guidance of 4-6% has been extended to 2028.
September 19, 2023 | 10:04 am
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Fortis Inc.'s new five-year capital plan and increased dividend could attract investors, potentially driving up the stock price in the short term.
The announcement of a new capital plan indicates that Fortis is planning for growth, which is a positive signal to investors. The increase in the dividend, marking 50 years of consecutive increases, demonstrates the company's commitment to returning value to shareholders, which could make the stock more attractive to investors. This could potentially drive up the stock price in the short term.
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