Fortis Inc (TSE:FTS) to Issue Quarterly Dividend of $0.48

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Fortis Inc (TSE:FTS) declared a quarterly dividend on Tuesday, September 10th, Zacks reports. Investors of record on Tuesday, November 19th will be paid a dividend of 0.477 per share on Sunday, December 1st. This represents a $1.91 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend is Monday, November 18th. This is a positive change from Fortis’s previous quarterly dividend of $0.45.

FTS stock traded up C$0.49 during trading hours on Thursday, hitting C$55.73. 343,432 shares of the stock traded hands, compared to its average volume of 1,093,399. The stock has a 50-day simple moving average of C$53.96 and a 200 day simple moving average of C$51.21. Fortis has a one year low of C$40.71 and a one year high of C$56.62. The company has a market cap of $24.12 billion and a P/E ratio of 15.24. The company has a current ratio of 0.62, a quick ratio of 0.40 and a debt-to-equity ratio of 125.01.

Fortis (TSE:FTS) last announced its earnings results on Friday, August 2nd. The company reported C$0.74 EPS for the quarter, beating the consensus estimate of C$0.58 by C$0.16. The company had revenue of C$2.44 billion for the quarter, compared to analysts’ expectations of C$2.01 billion. Analysts forecast that Fortis will post 2.7699998 earnings per share for the current year.

Several brokerages have recently commented on FTS. CSFB upped their target price on Fortis from C$50.00 to C$54.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. UBS Group upped their target price on Fortis from C$59.00 to C$62.00 in a report on Friday, September 6th. BMO Capital Markets downgraded Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday. Raymond James reaffirmed a “market perform” rating and set a C$55.00 target price on shares of Fortis in a report on Tuesday, August 6th. Finally, National Bank Financial upped their target price on Fortis from C$52.00 to C$53.00 and gave the company a “sector perform” rating in a report on Tuesday, August 6th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of C$55.09.

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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Dividend History for Fortis (TSE:FTS)

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