Fortis (NYSE:FTS) Declares Quarterly Dividend of C$0.67

Fortis (NYSE:FTS) declared a quarterly dividend on Tuesday, November 3rd. Stockholders of record on Tuesday, November 17th will be given a dividend of C$0.67 per share by the utilities provider on Tuesday, December 1st. This represents a $2.66 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, November 17th. This is a 3.9% increase from Fortis’s previous quarterly dividend of C$0.64.

Fortis has decreased its dividend payment by an average of 0.1% per year over the last three years and has increased its dividend every year for the last 5 years. Fortis has a dividend payout ratio of 71.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Fortis to earn $2.74 per share next year, which means the company should continue to be able to cover its $1.82 annual dividend with an expected future payout ratio of 66.4%.

Fortis Trading Up 0.7%

Shares of FTS stock traded up $0.40 during trading hours on Tuesday, hitting $59.69. 1,542,719 shares of the company’s stock traded hands, compared to its average volume of 838,012. The stock has a market cap of $30.79 billion, a PE ratio of 24.16 and a beta of 0.42. The stock’s 50 day simple moving average is $54.83 and its 200 day simple moving average is $55.90. The company has a quick ratio of 0.47, a current ratio of 0.56 and a debt-to-equity ratio of 1.27. Fortis has a 12 month low of $49.60 and a 12 month high of $60.19.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Tuesday, November 3rd. The utilities provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.03. Fortis had a net margin of 14.17% and a return on equity of 7.16%. On average, sell-side analysts anticipate that Fortis will post 2.57 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research report on Tuesday, August 4th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Fortis in a research report on Wednesday, October 28th. TD Securities reaffirmed a “buy” rating on shares of Fortis in a research note on Tuesday, August 4th. Wolfe Research set a $50.00 target price on Fortis in a report on Tuesday, August 4th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Fortis presently has a consensus rating of “Hold” and a consensus target price of $65.00.

About Fortis

Fortis Inc is a Canadian utility holding company that owns and operates regulated electric and natural gas utilities. Its businesses are primarily focused on the transmission and distribution of electricity, natural gas distribution, and related energy infrastructure.

Through its portfolio of utility subsidiaries, Fortis serves customers across Canada and the United States, with additional operations in the Caribbean. Its businesses include electric utilities, natural gas utilities, and electric transmission assets, providing essential energy services to residential, commercial, and industrial customers.

Fortis has expanded from its Canadian utility origins through acquisitions and investments in regulated infrastructure.