Fortis (NYSE:FTS) posted its earnings results on Friday. The utilities provider reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01, Morningstar.com reports. The business had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortis had a return on equity of 6.75% and a net margin of 11.97%. During the same quarter in the previous year, the firm earned $0.61 EPS.
FTS stock opened at $32.90 on Friday. The company has a quick ratio of 0.49, a current ratio of 0.59 and a debt-to-equity ratio of 1.37. The stock has a market cap of $14.04 billion, a price-to-earnings ratio of 16.62, a P/E/G ratio of 3.39 and a beta of -0.16. Fortis has a twelve month low of $30.88 and a twelve month high of $38.24.
The business also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Tuesday, November 20th will be issued a dividend of $0.349 per share. This represents a $1.40 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date is Monday, November 19th. This is a positive change from Fortis’s previous quarterly dividend of $0.32. Fortis’s payout ratio is presently 66.67%.
A number of research analysts have weighed in on FTS shares. Zacks Investment Research lowered Fortis from a “hold” rating to a “sell” rating in a report on Thursday, July 12th. Bank of America started coverage on Fortis in a report on Tuesday, October 9th. They set a “buy” rating for the company. One research 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. Fortis has a consensus rating of “Hold” and an average target price of $45.00.
Hedge funds have recently bought and sold shares of the business. Cumberland Partners Ltd purchased a new position in Fortis during the 2nd quarter valued at about $184,000. Toronto Dominion Bank grew its holdings in shares of Fortis by 28.0% during the second quarter. Toronto Dominion Bank now owns 8,426,529 shares of the utilities provider’s stock worth $269,575,000 after purchasing an additional 1,845,301 shares in the last quarter. Morgan Stanley grew its holdings in shares of Fortis by 3.1% during the second quarter. Morgan Stanley now owns 12,290,416 shares of the utilities provider’s stock worth $391,819,000 after purchasing an additional 368,124 shares in the last quarter. Bank of Nova Scotia grew its holdings in shares of Fortis by 7.6% during the second quarter. Bank of Nova Scotia now owns 3,246,050 shares of the utilities provider’s stock worth $103,577,000 after purchasing an additional 230,089 shares in the last quarter. Finally, State of Wisconsin Investment Board grew its holdings in shares of Fortis by 8.8% during the second quarter. State of Wisconsin Investment Board now owns 471,951 shares of the utilities provider’s stock worth $15,076,000 after purchasing an additional 38,223 shares in the last quarter. 49.87% of the stock is owned by institutional investors and hedge funds.
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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