Fortis (FTS) Set to Announce Quarterly Earnings on Tuesday

Fortis (TSE:FTS) is set to issue its quarterly earnings data before the market opens on Tuesday, November 5th. Analysts expect the company to announce earnings of C$0.80 per share for the quarter.

Fortis Stock Down 0.8 %

Shares of FTS opened at C$59.74 on Monday. The firm has a market capitalization of C$29.58 billion, a P/E ratio of 18.73, a P/E/G ratio of 3.01 and a beta of 0.23. Fortis has a 12-month low of C$51.02 and a 12-month high of C$62.47. The company has a current ratio of 0.69, a quick ratio of 0.36 and a debt-to-equity ratio of 128.59. The firm has a fifty day moving average price of C$60.56 and a 200-day moving average price of C$56.91.

Fortis Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Sunday, December 1st will be paid a dividend of $0.83 per share. This is a positive change from Fortis’s previous quarterly dividend of $0.59. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.56%. The ex-dividend date is Monday, November 18th. Fortis’s payout ratio is currently 77.12%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Raymond James lifted their price objective on Fortis from C$59.00 to C$61.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. BMO Capital Markets lifted their price objective on Fortis from C$59.00 to C$61.00 in a report on Thursday, September 5th. CIBC lifted their price objective on Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Bank of America set a C$60.00 price objective on Fortis and gave the company an “underperform” rating in a report on Friday, September 20th. Finally, Royal Bank of Canada increased their price target on shares of Fortis from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Fortis currently has an average rating of “Hold” and a consensus price target of C$60.33.

Insider Transactions at Fortis

In related news, Senior Officer James Reid sold 19,972 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of C$59.46, for a total value of C$1,187,493.18. Corporate 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.