Fortis Inc (NYSE:FTS) – National Bank Financial reduced their FY2019 earnings per share (EPS) estimates for Fortis in a note issued to investors on Monday, October 15th, according to Zacks Investment Research. National Bank Financial analyst P. Kenny now expects that the utilities provider will post earnings of $2.04 per share for the year, down from their prior forecast of $2.09.
A number of other analysts have also recently commented on FTS. Zacks Investment Research upgraded Fortis from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Bank of America began coverage on Fortis in a research report on Tuesday, October 9th. They issued a “buy” rating for the company. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Fortis has an average rating of “Buy” and a consensus target price of $45.00.
Fortis (NYSE:FTS) last posted its quarterly earnings results on Friday, November 2nd. The utilities provider reported $0.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The firm had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortis had a return on equity of 6.80% and a net margin of 11.72%. During the same quarter in the previous year, the business earned $0.61 earnings per share.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Stockholders of record on Tuesday, November 20th will be paid a $0.349 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Monday, November 19th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.04%. Fortis’s dividend payout ratio is 66.67%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cumberland Partners Ltd bought a new position in Fortis during the second quarter valued at approximately $184,000. Trexquant Investment LP bought a new position in Fortis during the second quarter valued at approximately $202,000. Wetherby Asset Management Inc. bought a new position in Fortis during the third quarter valued at approximately $213,000. Gluskin Sheff & Assoc Inc. bought a new position in Fortis during the third quarter valued at approximately $216,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in Fortis during the first quarter valued at approximately $221,000. 50.18% of the stock is owned by hedge funds and other institutional investors.
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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