Fortis Inc (NYSE:FTS) Announces $0.36 — Dividend

Fortis Inc (NYSE:FTS) announced a — dividend on Wednesday, September 11th, Wall Street Journal reports. Stockholders of record on Tuesday, November 19th will be given a dividend of 0.3631 per share by the utilities provider on Sunday, December 1st. This represents a dividend yield of 3.5%. The ex-dividend date is Monday, November 18th.

FTS stock traded down $0.12 on Wednesday, hitting $41.83. 493,802 shares of the company’s stock were exchanged, compared to its average volume of 370,175. The firm has a 50 day moving average price of $40.70 and a two-hundred day moving average price of $38.49. Fortis has a 12-month low of $31.37 and a 12-month high of $42.62. The stock has a market cap of $18.37 billion, a P/E ratio of 21.90, a price-to-earnings-growth ratio of 3.82 and a beta of 0.15. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.51 and a current ratio of 0.62.

Fortis (NYSE:FTS) last released its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.11. Fortis had a return on equity of 6.80% and a net margin of 12.72%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same period last year, the business posted $0.57 earnings per share. Sell-side analysts expect that Fortis will post 1.96 earnings per share for the current fiscal year.

A number of research firms recently commented on FTS. UBS Group set a $62.00 target price on shares of Fortis and gave the stock a “buy” rating in a research note on Friday, September 6th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Fortis in a report on Wednesday, August 21st. Wells Fargo & Co lifted their price objective on shares of Fortis from $59.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. ValuEngine downgraded shares of Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, BMO Capital Markets lowered shares of Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Fortis currently has an average rating of “Hold” and an average target price of $54.29.

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.

See Also: Capital Gains

Dividend History for Fortis (NYSE:FTS)

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