Fortis (NYSE:FTS) announced its earnings results on Friday. The utilities provider reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.11, Morningstar.com reports. Fortis had a net margin of 12.61% and a return on equity of 6.44%. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm earned $0.57 earnings per share.
Shares of FTS traded down $0.11 during mid-day trading on Friday, hitting $39.62. 353,329 shares of the company’s stock were exchanged, compared to its average volume of 334,611. Fortis has a fifty-two week low of $31.37 and a fifty-two week high of $40.47. The stock has a market cap of $17.32 billion, a price-to-earnings ratio of 20.74, a P/E/G ratio of 4.01 and a beta of 0.18. The company has a 50 day simple moving average of $39.61. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.70 and a quick ratio of 0.62.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Tuesday, August 20th will be paid a dividend of $0.344 per share. This is an increase from Fortis’s previous quarterly dividend of $0.34. The ex-dividend date is Monday, August 19th. This represents a $1.38 annualized dividend and a dividend yield of 3.47%. Fortis’s dividend payout ratio is 70.16%.
Several equities research analysts have recently weighed in on FTS shares. UBS Group reiterated a “buy” rating on shares of Fortis in a research note on Friday, June 7th. Bank of America set a $54.00 target price on shares of Fortis and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 23rd. CIBC reiterated an “average” rating and set a $55.00 target price on shares of Fortis in a research note on Tuesday, July 23rd. Finally, BMO Capital Markets reiterated a “buy” rating and set a $50.00 target price on shares of Fortis in a research note on Tuesday, April 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Fortis has an average rating of “Hold” and an average target price of $51.20.
Fortis Company Profile
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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