This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.
"If you're looking for a low-risk stock that's held up well in this dizzying market spiral, here it is: Fortis Inc. (TSE: FTS), my top pick for 2009," says Gordon Pape in The Canada Report.
"Fortis is trading at about the same level now in Canadian dollar terms as it was in early September. How many companies can say that?
"Don't confuse this with the troubled European financial giant of the same name. This Fortis is the largest investor-owned gas and electric distribution utility in Canada. Its regulated holdings include a natural gas utility in British Columbia and electric utilities in five Canadian provinces and three Caribbean countries.
"Third-quarter financial results were very strong and beat analysts' forecasts. Fortis reported net income of $49 million ($0.31 per share) compared to $31 million ($0.20 per share) in the same period of 2007 (figures in Canadian dollars). Year-to-date earnings were $169 million ($1.08 per share) compared to $114 million ($0.86 a share) for the first nine months of 2007.
"Fortis has one of the best records in Canada for sharing the wealth with its stockholders. It has raised its dividend for 36 consecutive years (how's that for consistency?).
"In December, the company kept the streak going by announcing a 4% increase in 2009 to $0.26 a share quarterly ($1.04 annually). Based on the price at the time of writing, the yield for the next 12 months will be 4.3%."
Steven Halpern's TheStockAdvisors.com offers a daily look at the latest market commentary and favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.
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