Fortis (NYSE:FTS) Issues Earnings Results

Fortis (NYSE:FTS) issued its quarterly earnings data on Thursday. The utilities provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.16, Briefing.com reports. Fortis had a net margin of 12.72% and a return on equity of 6.75%. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the prior year, the firm posted $0.56 earnings per share.

FTS stock traded up $0.01 during trading on Friday, hitting $44.02. The stock had a trading volume of 39,246 shares, compared to its average volume of 326,273. Fortis has a twelve month low of $34.96 and a twelve month high of $44.49. The company’s 50-day moving average price is $42.76 and its two-hundred day moving average price is $41.45. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.56 and a quick ratio of 0.46. The stock has a market capitalization of $20.09 billion, a P/E ratio of 21.80, a PEG ratio of 3.96 and a beta of 0.11.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be issued a $0.3593 dividend. This represents a $1.44 annualized dividend and a yield of 3.26%. The ex-dividend date is Thursday, May 14th. Fortis’s payout ratio is 75.39%.

FTS has been the topic of a number of analyst reports. Raymond James restated a “hold” rating and set a $55.00 target price on shares of Fortis in a research report on Wednesday, January 29th. BMO Capital Markets initiated coverage on Fortis in a research report on Tuesday, December 3rd. They set a “market perform” rating on the stock. CIBC lowered Fortis from a “sector outperform” rating to a “neutral” rating in a report on Wednesday, January 29th. Wells Fargo & Co boosted their price objective on Fortis from $59.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Scotiabank raised Fortis from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $56.00.

About Fortis

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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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Earnings History for Fortis (NYSE:FTS)

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