Fortis (TSE:FTS) announced its quarterly earnings results on Friday. The company reported C$0.65 earnings per share for the quarter, meeting analysts’ consensus estimates of C$0.65, RTT News reports. The company had revenue of C$2.04 billion for the quarter, compared to analyst estimates of C$2.14 billion.
Shares of FTS traded down C$0.11 during trading on Friday, reaching C$43.14. 1,380,300 shares of the company traded hands, compared to its average volume of 1,014,774. Fortis has a twelve month low of C$39.38 and a twelve month high of C$48.73.
The business also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Tuesday, November 20th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, November 19th. This is a boost from Fortis’s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.17%.
A number of equities research analysts have weighed in on the stock. CIBC dropped their price target on shares of Fortis from C$48.00 to C$46.00 in a research report on Wednesday, October 24th. National Bank Financial lifted their price target on shares of Fortis from C$44.00 to C$45.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 16th. Industrial Alliance Securities dropped their price target on shares of Fortis from C$51.00 to C$48.00 in a research report on Tuesday, October 9th. Finally, BMO Capital Markets dropped their price target on shares of Fortis from C$49.00 to C$48.00 in a research report on Tuesday, September 11th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of C$47.38.
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 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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