Fortis (NYSE:FTS) to Issue Quarterly Dividend of C$0.64

Fortis (NYSE:FTS) announced a quarterly dividend on Wednesday, July 29th. Investors of record on Wednesday, August 19th will be paid a dividend of 0.64 per share by the utilities provider on Tuesday, September 1st. This represents a c) annualized dividend and a yield of 4.4%. The ex-dividend date is Wednesday, August 19th.

Fortis has decreased its dividend by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 5 years. Fortis has a dividend payout ratio of 73.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Fortis to earn $2.75 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 68.4%.

Fortis Stock Down 1.2%

Shares of NYSE FTS opened at $57.62 on Thursday. The company’s 50-day simple moving average is $56.98 and its 200-day simple moving average is $56.14. Fortis has a 52-week low of $48.53 and a 52-week high of $59.40. The firm has a market cap of $29.43 billion, a price-to-earnings ratio of 23.42 and a beta of 0.43. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25.

Fortis (NYSE:FTS) last released its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. The business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.56 billion. Fortis had a net margin of 14.21% and a return on equity of 7.25%. During the same quarter in the previous year, the company earned $1.00 earnings per share. Equities analysts predict that Fortis will post 2.58 EPS for the current fiscal year.

About Fortis

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.