Fortis Inc. Announces Quarterly Dividend of $0.59 (TSE:FTS)

Fortis Inc. (TSE:FTS) announced a quarterly dividend on Tuesday, July 30th, Zacks reports. Shareholders of record on Tuesday, August 20th will be paid a dividend of 0.59 per share on Sunday, September 1st. This represents a $2.36 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend is Tuesday, August 20th.

Fortis Stock Up 1.1 %

Shares of TSE FTS opened at C$57.72 on Thursday. The company has a debt-to-equity ratio of 128.89, a current ratio of 0.60 and a quick ratio of 0.36. The company has a market cap of C$28.46 billion, a P/E ratio of 18.44, a PEG ratio of 2.80 and a beta of 0.18. Fortis has a 1 year low of C$49.82 and a 1 year high of C$57.94. The firm has a 50-day simple moving average of C$54.39 and a two-hundred day simple moving average of C$53.91.

Fortis (TSE:FTS) last issued its earnings results on Wednesday, May 1st. The company reported C$0.93 EPS for the quarter, topping analysts’ consensus estimates of C$0.89 by C$0.04. The business had revenue of C$3.12 billion for the quarter, compared to analyst estimates of C$3.34 billion. Fortis had a net margin of 14.11% and a return on equity of 7.38%. Research analysts anticipate that Fortis will post 3.2075145 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Wells Fargo & Company lifted their price objective on shares of Fortis from C$56.00 to C$59.00 in a report on Wednesday, May 8th. Scotiabank cut their price objective on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. BMO Capital Markets lifted their price objective on shares of Fortis from C$58.00 to C$58.50 and gave the company a “market perform” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. lifted their price objective on shares of Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. Finally, CIBC lifted their price objective on shares of Fortis from C$56.00 to C$57.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of C$57.63.

Insider Transactions at Fortis

In related news, Senior Officer James Reid acquired 700 shares of the stock in a transaction dated Wednesday, June 19th. The stock was acquired at an average cost of C$52.37 per share, for a total transaction of C$36,659.00. Insiders own 0.04% of the company’s stock.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.