Fortis Inc (TSE:FTS) – Stock analysts at National Bank Financial dropped their FY2018 EPS estimates for Fortis in a research note issued on Monday, October 15th, according to Zacks Investment Research. National Bank Financial analyst P. Kenny now forecasts that the company will post earnings of $2.60 per share for the year, down from their prior estimate of $2.65. National Bank Financial currently has a “Sector Perform” rating and a $45.00 price objective on the stock.
Several other analysts have also recently issued reports on FTS. TD Securities increased their target price on shares of Fortis from C$46.00 to C$48.00 and gave the stock a “buy” rating in a research note on Monday, November 5th. Raymond James reiterated an “outperform” rating and issued a C$50.00 target price on shares of Fortis in a research note on Monday, November 5th. CIBC increased their target price on shares of Fortis from C$46.00 to C$47.00 in a research note on Monday, November 5th. Royal Bank of Canada increased their target price on shares of Fortis from C$49.00 to C$50.00 and gave the stock an “outperform” rating in a research note on Monday, November 5th. Finally, Industrial Alliance Securities lowered their target price on shares of Fortis from C$51.00 to C$48.00 in a research note on Tuesday, October 9th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Fortis currently has an average rating of “Buy” and an average target price of C$48.11.
Fortis (TSE:FTS) last released its quarterly earnings data on Friday, November 2nd. The company reported C$0.65 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of C$0.65. The business had revenue of C$2.04 billion during the quarter, compared to the consensus estimate of C$2.14 billion.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Tuesday, November 20th will be given a dividend of $0.45 per share. The ex-dividend date is Monday, November 19th. This represents a $1.80 annualized dividend and a dividend yield of 3.95%. This is a boost from Fortis’s previous quarterly dividend of $0.43. Fortis’s dividend payout ratio (DPR) is 73.75%.
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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