Fortis Inc (NYSE:FTS) declared a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders of record on Wednesday, August 19th will be paid a dividend of 0.353 per share by the utilities provider on Tuesday, September 1st. This represents a $1.41 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend is Tuesday, August 18th.
Fortis has raised its dividend payment by an average of 19.4% per year over the last three years and has raised its dividend every year for the last 3 years. Fortis has a dividend payout ratio of 73.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Fortis to earn $2.10 per share next year, which means the company should continue to be able to cover its $1.37 annual dividend with an expected future payout ratio of 65.2%.
Shares of FTS traded down $0.49 during trading hours on Friday, hitting $40.16. 5,773 shares of the stock traded hands, compared to its average volume of 329,301. The company has a current ratio of 0.55, a quick ratio of 0.47 and a debt-to-equity ratio of 1.18. Fortis has a 1-year low of $28.59 and a 1-year high of $44.72. The firm has a market capitalization of $18.60 billion, a PE ratio of 19.07, a price-to-earnings-growth ratio of 3.46 and a beta of 0.22. The business has a fifty day moving average of $38.60 and a 200-day moving average of $39.43.
Fortis (NYSE:FTS) last issued its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.16. Fortis had a return on equity of 6.57% and a net margin of 13.69%. The business had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the firm posted $0.74 earnings per share. As a group, equities research analysts expect that Fortis will post 1.96 earnings per share for the current fiscal year.
Several equities analysts have recently issued reports on the company. BMO Capital Markets upped their price target on Fortis from $55.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, May 7th. Wells Fargo & Co lowered their price target on Fortis from $64.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. CIBC increased their price target on Fortis from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. UBS Group increased their price target on Fortis from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Friday, June 5th. Finally, Bank of America downgraded Fortis from a “neutral” rating to an “underperform” rating in a report on Tuesday, April 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $56.38.
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.
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