When it comes to selecting a stock to buy and hold forever in your Tax-Free Savings Account (TFSA), Hydro One (TSX:H) emerges as a compelling choice. As Ontario’s largest electricity transmission and distribution provider, Hydro One offers the stability and growth potential that long-term investors crave.
Hydro One stock
Hydro One is the backbone of Ontario’s electrical grid, delivering power to nearly 1.4 million customers across the province. Its regulated business model ensures consistent revenue streams, making it a reliable pick for those looking to build wealth over time.
In the third quarter (Q3) of 2024, Hydro One reported a net income attributable to common shareholders of $371 million, up from $357 million in the same period of 2023. This translates to basic earnings per share (EPS) of $0.62. This was a slight increase from $0.60 the previous year. The uptick was primarily driven by higher revenues approved by the…
