Written by Andrew Walker at The Motley Fool Canada
Retirees and other investors focused on dividends are wondering which TSX stocks might be undervalued right now and good to buy for a self-directed Tax-Free Savings Account (TFSA) focused on passive income.
Fortis
Fortis (TSX:FTS) operates $68 billion in utility assets located in Canada, the United States, and the Caribbean. These include power-generation facilities, electric transmission networks, and natural gas distribution utilities that generate steady rate-regulated revenue.
Fortis trades for $55 per share at the time of this writing. The stock is about 10% above the 12-month low, but it is still far off the $65 it reached in 2022.
The slide in the share price that occurred over the past two years is primarily the result of market reaction to rising interest rates in Canada and the United States. Soaring inflation forced the Bank of Canada and the U.S….
