A dividend king is a stock that has delivered at least 50 consecutive years of dividend growth. We see top equities that have marked this milestone in the United States, including giants like Procter & Gamble and Coca-Cola. Today, I want to zero-in on two top Canadian dividend stocks. One is chasing the crown, and another has become the first to achieve this coveted position on the Canadian market.
Fortis (TSX:FTS)(NYSE:FTS) is a St. John’s-based utility holding company. Shares of this utility stock have increased 3.9% in 2023 as of late morning trading on March 31. The stock is still down 6.9% in the year-over-year period.
This company’s five-year capital plan that it reiterated in the fourth quarter of fiscal 2022 is meant to support rate base growth of 6% and annual dividend growth of 4-6% through 2027. Fortis currently offers a quarterly distribution of $0.565 per share. That represents a 3.9% yield. This company has delivered 49 straight years of dividend growth.
Canadian Utilities (TSX:CU) is a Calgary-based company that is engaged in the electricity, natural gas, and retail energy businesses around the world. Its shares have jumped 2.3% so far in 2023. In fiscal 2022, Canadian Utilities posted adjusted earnings of $655 million – up from $586 million in the previous year.
The stock has achieved 51 straight years of dividend growth. It currently offers a quarterly distribution of $0.449 per share, which represents a solid 4.7% yield.