Fortis (TSX:FTS) has been among the best-performing TSX stocks over the past year. One look at the company's stock chart below and investors can see just what I'm talking about.

Of course, plenty of investors out there are going to look at this chart and may shy away from Fortis. After all, considering how far this stock has run, and the utility giant's valuation of 19 times earnings (which isn't expensive compared to the market, but is compared to this sector), one might come to the conclusion this is a dividend proxy that may not be worth buying here.

However, I think the opposite is true. Here's why I think Fortis is a top dividend stock to buy right now.

Defensive business model

It's becoming apparently clear to most investors that recession risks have picked up. No matter how you slice it, from the inverted yield curve (which recently un-inverted) to other recessionary red flags that are staring us right in the face, there are reasons to be concerned right now.

However, the utilities sector is seeing a renaissance of sorts, as investors price in the fact that if we're going to have an AI-driven economy moving forward, we're going to need electricity. And a lot of it.

Fortis' status as a top electricity and natural gas provider to the Canadian, U.S., and Caribbean markets positions the company well to take advantage of these long-term trends. Serving more than 3.4 million customers in its core markets, the company has benefited from a regulated utilities model that provides immense cash flow stability. In this environment, that's the kind of defensive exposure most investors are after.

Solid dividend supported by rock-solid financials

The other key factor to consider when it comes to considering whether Fortis is a good pick in this environment would be interest rates. The stock's current 3.6% dividend yield is very attractive relative to where longer-term Canadian bonds trade right now. Accordingly, as a bond proxy, there's a lot to like about Fortis as a top dividend king worth owning for the long term.

Fortis is a dividend king, due to its status as being one of the few Canadian companies to have raised its dividend for more than 50 years straight. Powered by strong earnings growth (which rose from US$294 million to US$331 million this past quarter on a year-over-year basis), Fortis looks well-positioned to ride these trends higher over time.

Fortis remains a buy

There are few companies I've been pounding the table harder on in recent years than Fortis. In my view, dividend investors seeking long-term passive income can't go wrong owning this name. This is a utilities giant with strong secular tailwinds that should support continued dividend growth in the 6% annualized range for the foreseeable future. Until something structural changes with respect to this company or its sector, this is a long-term stock to buy and hold, even at current levels.