Fortis Inc (TSE:FTS) Declares Quarterly Dividend of $0.48

Fortis Inc (TSE:FTS) announced a quarterly dividend on Wednesday, July 29th, RTT News reports. Stockholders of record on Wednesday, August 19th will be paid a dividend of 0.4775 per share on Tuesday, September 1st. This represents a $1.91 dividend on an annualized basis and a dividend yield of 3.54%.

Shares of TSE FTS opened at C$53.93 on Thursday. The company has a quick ratio of 0.35, a current ratio of 0.55 and a debt-to-equity ratio of 117.40. Fortis has a 52 week low of C$41.52 and a 52 week high of C$59.28. The firm has a 50-day simple moving average of C$52.24 and a 200-day simple moving average of C$53.77. The stock has a market capitalization of $25.04 billion and a price-to-earnings ratio of 14.53.

Fortis (TSE:FTS) last announced its quarterly earnings data on Wednesday, May 6th. The company reported C$0.68 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of C$0.73 by C($0.05). The company had revenue of C$2.39 billion for the quarter, compared to analysts’ expectations of C$2.47 billion. As a group, equities research analysts expect that Fortis will post 2.8699998 EPS for the current year.

Several brokerages have weighed in on FTS. TD Securities increased their target price on shares of Fortis from C$62.00 to C$63.00 and gave the stock an “action list buy” rating in a research note on Thursday, May 7th. CIBC raised their target price on shares of Fortis from C$57.00 to C$58.00 in a report on Thursday, May 7th. Scotiabank raised their price objective on shares of Fortis from C$62.00 to C$63.00 in a report on Wednesday, April 15th. Raymond James set a C$58.00 target price on shares of Fortis and gave the stock an “outperform” rating in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Fortis from C$57.00 to C$55.00 in a research report on Thursday, July 23rd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Fortis currently has an average rating of “Buy” and a consensus price target of C$59.92.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

Further Reading: Profit margin is different from the revenue

Dividend History for Fortis (TSE:FTS)

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