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This Utility Stock Has Been Beating the Market This Year and Recently Raised Its Dividend

This Utility Stock Has Been Beating the Market This Year and Recently Raised Its Dividend

It has been a volatile year for the markets, and while stocks have been rallying in recent weeks, it still has been a fairly lackluster performance; the S&P 500 is up less than 1% while the TSX has risen by nearly 5%. And amid uncertainty, investors have been focusing on safer investments to buy and hold. One of them has been Hydro One Limited (TSX:H).

The utility stock is up around 13% since the start of the year and has soundly been outperforming the market. It’s a good, safe dividend stock to own. And recently, it gave investors reason even more of a reason to add it to their portfolios: a dividend hike.

On May 7, the company declared a quarterly dividend of $0.3331, which was an increase of 6% from its previous quarterly payment of $0.3142. Over the course of a full year, Hydro One stock is now paying its shareholders $1.3324, which equates to a yield of 2.7% That’s an above-average yield given that the average S&P 500 stock pays an average of 1.4%.

Hydro One has consistently posted a profit over the years, and since 2022, the bottom line has been north of $1 billion. The company has grown its operations steadily and there’s minimal risk with this type of investment, making it a suitable option whether you’re looking for a great dividend stock to own or just want to park your money some place safe at a time when the threat of tariffs and trade wars are still weighing on the markets.