Fortis (NYSE:FTS) Releases Earnings Results, Beats Estimates By $0.26 EPS

by · The Markets Daily

Fortis (NYSE:FTS – Get Free Report) posted its quarterly earnings data on Tuesday. The utilities provider reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.26, Briefing.com reports. Fortis had a net margin of 13.90% and a return on equity of 7.04%. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the prior year, the firm posted $0.63 EPS.

Fortis Stock Up 0.6 %

FTS stock traded up $0.27 during trading on Thursday, reaching $43.86. The stock had a trading volume of 530,835 shares, compared to its average volume of 700,873. Fortis has a one year low of $36.86 and a one year high of $46.06. The company’s 50 day moving average is $44.45 and its two-hundred day moving average is $41.92. The company has a quick ratio of 0.58, a current ratio of 0.69 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $21.81 billion, a price-to-earnings ratio of 18.58, a P/E/G ratio of 3.87 and a beta of 0.47.

Fortis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Monday, November 18th will be issued a $0.615 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $2.46 annualized dividend and a dividend yield of 5.61%. This is an increase from Fortis’s previous quarterly dividend of $0.43. Fortis’s dividend payout ratio is currently 72.46%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FTS shares. UBS Group upgraded Fortis to a “strong sell” rating in a report on Tuesday, September 10th. Bank of America initiated coverage on shares of Fortis in a research note on Friday, September 20th. They set an “underperform” rating on the stock. StockNews.com raised shares of Fortis from a “sell” rating to a “hold” rating in a research note on Sunday, August 4th. Finally, Raymond James cut shares of Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce”.

View Our Latest Report on Fortis

About Fortis

(Get Free Report)

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.

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