Fortis Inc. (NYSE:FTS) – Equities research analysts at National Bank Financial issued their Q3 2017 earnings per share estimates for shares of Fortis in a research report issued to clients and investors on Monday. National Bank Financial analyst P. Kenny anticipates that the utilities provider will post earnings of $0.51 per share for the quarter. National Bank Financial also issued estimates for Fortis’ FY2017 earnings at $2.03 EPS and FY2018 earnings at $2.10 EPS.
Fortis (NYSE:FTS) last posted its earnings results on Friday, July 28th. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.04. Fortis had a net margin of 11.03% and a return on equity of 6.87%. The business had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the prior year, the company posted $0.45 EPS. The business’s revenue for the quarter was up 35.7% compared to the same quarter last year. TRADEMARK VIOLATION NOTICE: “National Bank Financial Comments on Fortis Inc.’s Q3 2017 Earnings (FTS)” was originally published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this story on another publication, it was copied illegally and republished in violation of US & international trademark and copyright legislation. The original version of this story can be viewed at https://www.dispatchtribunal.com/2017/10/28/national-bank-financial-comments-on-fortis-inc-s-q3-2017-earnings-fts.html.
FTS has been the topic of several other research reports. CIBC downgraded shares of Fortis from an “outperform” rating to a “neutral” rating in a report on Thursday, August 3rd. Zacks Investment Research raised shares of Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price target on the stock in a report on Monday, July 3rd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $38.00.
Shares of Fortis (NYSE:FTS) opened at 37.25 on Thursday. The stock has a market capitalization of $15.57 billion and a PE ratio of 19.50. The firm has a 50-day moving average of $36.51 and a 200 day moving average of $34.84. Fortis has a 1-year low of $29.14 and a 1-year high of $37.67.
Several hedge funds have recently added to or reduced their stakes in the company. Intl Fcstone Inc. lifted its holdings in shares of Fortis by 129.2% in the second quarter. Intl Fcstone Inc. now owns 40,952 shares of the utilities provider’s stock worth $1,439,000 after buying an additional 23,081 shares in the last quarter. Cetera Investment Advisers purchased a new position in shares of Fortis in the second quarter worth $205,000. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Fortis by 16.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 16,218 shares of the utilities provider’s stock worth $570,000 after buying an additional 2,345 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Fortis by 4,514.1% in the second quarter. Tower Research Capital LLC TRC now owns 3,922 shares of the utilities provider’s stock worth $179,000 after buying an additional 3,837 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Fortis in the second quarter worth $345,000. 52.18% of the stock is currently owned by hedge funds and other institutional investors.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Monday, November 20th will be issued a dividend of $0.3396 per share. The ex-dividend date of this dividend is Friday, November 17th. This represents a $1.36 annualized dividend and a yield of 3.65%. This is an increase from Fortis’s previous quarterly dividend of $0.32. Fortis’s payout ratio is currently 75.00%.
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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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