Fortis (TSE:FTS) Issues Quarterly Earnings Results

Fortis (TSE:FTS) released its quarterly earnings results on Thursday. The company reported C$0.90 earnings per share for the quarter, FiscalAI reports. Fortis had a return on equity of 7.48% and a net margin of 14.53%.The business had revenue of C$3.08 billion during the quarter.

Fortis Stock Performance

Shares of TSE FTS opened at C$76.77 on Friday. The company has a debt-to-equity ratio of 142.31, a current ratio of 0.74 and a quick ratio of 0.36. Fortis has a one year low of C$60.94 and a one year high of C$77.27. The business’s 50-day moving average price is C$71.75 and its two-hundred day moving average price is C$70.82. The company has a market capitalization of C$38.80 billion, a P/E ratio of 22.85, a price-to-earnings-growth ratio of 3.01 and a beta of 0.35.

Fortis Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, December 1st were given a dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, November 17th. This is a positive change from Fortis’s previous quarterly dividend of $0.62. This represents a $2.56 dividend on an annualized basis and a yield of 3.3%. Fortis’s payout ratio is 73.21%.

Analyst Upgrades and Downgrades

FTS has been the topic of several research analyst reports. Royal Bank Of Canada lifted their price objective on shares of Fortis from C$72.00 to C$79.00 in a research report on Wednesday, November 5th. Scotiabank raised their target price on Fortis from C$74.00 to C$79.00 in a research report on Tuesday, December 16th. Jefferies Financial Group lowered their price target on Fortis from C$72.00 to C$70.00 in a report on Wednesday, January 28th. Raymond James Financial upped their price target on Fortis from C$72.00 to C$75.50 and gave the company an “outperform” rating in a research report on Friday, October 24th. Finally, National Bank Financial raised their price objective on Fortis from C$68.00 to C$72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Fortis presently has a consensus rating of “Moderate Buy” and a consensus price target of C$74.65.

Fortis Company Profile

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.