Dividend stocks typically suffer when interest rates rise. Hydro One’s are thriving
. Ontario’s electricity distributor is thriving amid all the uncertainty – a reminder that sometimes, with the right conditions, being boring is beautiful.
Hydro One is what analysts call an “all-weather” stock, and it has the perfect ingredients for these chaotic times: Ontario’s electricity regulator permits rate hikes to counter cost inflation; the company has a sound balance sheet with very little variable rate debt; and the utility is now solely focused on its home province, so it does not have risky expansion plans that might put investors on edge. It’s steady as she goes, and shareholders are eating it up.
Hydro One, meanwhile, has been delivering exactly what it said it would, even with volatile leadership. “The company continues to execute on its straightforward strategy,” CIBC World Markets analyst Mark Jarvi wrote in a note to clients last week. Earnings continue to meet or exceed earnings expectations, and the company’s balance sheet is in great financial shape.
Hydro One’s share price suffered at first, but Mr. Ford eventually stopped talking about the company, and its stock has roughly doubled since.
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