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Although the broader equity markets have bounced back strongly this month, concerns over inflation, the impact of geopolitical tensions, and higher interest rates persist. Given the uncertain outlook, investors should look to strengthen their portfolios with defensive stocks, such as utility stocks. Although the sector has been under pressure over the last two years amid a higher interest rate environment, I believe the correction has provided enticing buying opportunities in the following three stocks.
Fortis
First on my list would be Fortis (TSX:FTS), which serves 3.5 million customers in the United States, Canada, and the Caribbean Islands. With around 100% of its assets regulated, the electricity and natural gas transmission and distribution company earns stable cash flows irrespective of the broader economic outlook. Supported by stable cash flows, the company has raised its dividends for 50…
