Fortis Inc (NYSE:FTS) – Stock analysts at National Bank Financial boosted their FY2019 earnings per share estimates for Fortis in a note issued to investors on Sunday, November 4th. National Bank Financial analyst P. Kenny now expects that the utilities provider will earn $2.06 per share for the year, up from their previous estimate of $2.04.
FTS has been the topic of a number of other research reports. Zacks Investment Research raised shares of Fortis from a “sell” rating to a “hold” rating in a report on Wednesday, September 5th. Bank of America began coverage on shares of Fortis in a research note on Tuesday, October 9th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $45.00.
Shares of Fortis stock opened at $33.69 on Wednesday. The firm has a market capitalization of $14.04 billion, a price-to-earnings ratio of 17.28, a PEG ratio of 3.40 and a beta of -0.16. Fortis has a 12-month low of $30.88 and a 12-month high of $38.24. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.49 and a current ratio of 0.59.
Fortis (NYSE:FTS) last announced its quarterly earnings results on Friday, November 2nd. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. The business had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortis had a net margin of 11.72% and a return on equity of 6.82%. During the same quarter last year, the firm earned $0.61 EPS.
Several institutional investors and hedge funds have recently made changes to their positions in FTS. Cumberland Partners Ltd bought a new stake in shares of Fortis during the 2nd quarter valued at about $184,000. Trexquant Investment LP bought a new stake in shares of Fortis during the 2nd quarter valued at about $202,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Fortis during the 1st quarter valued at about $221,000. US Bancorp DE boosted its stake in shares of Fortis by 98.2% during the 2nd quarter. US Bancorp DE now owns 8,187 shares of the utilities provider’s stock valued at $261,000 after purchasing an additional 4,057 shares in the last quarter. Finally, LPL Financial LLC bought a new stake in shares of Fortis during the 1st quarter valued at about $287,000. 50.18% of the stock is currently owned by hedge funds and other institutional investors.
The business also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Tuesday, November 20th will be paid a dividend of $0.349 per share. This is a positive change from Fortis’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Monday, November 19th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.14%. Fortis’s payout ratio is presently 66.67%.
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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
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