Fortis Inc (NYSE:FTS) declared a quarterly dividend on Thursday, February 13th, Wall Street Journal reports. Shareholders of record on Friday, May 15th will be given a dividend of 0.3593 per share by the utilities provider on Monday, June 1st. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date is Thursday, May 14th.
Fortis has raised its dividend by an average of 4.9% annually over the last three years and has increased its dividend every year for the last 3 years. Fortis has a payout ratio of 70.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Fortis to earn $2.05 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 70.2%.
Shares of Fortis stock traded up $0.23 during trading hours on Friday, reaching $44.25. The company’s stock had a trading volume of 8,864 shares, compared to its average volume of 326,273. Fortis has a one year low of $34.96 and a one year high of $44.49. The company has a market capitalization of $20.09 billion, a P/E ratio of 21.90, a P/E/G ratio of 3.96 and a beta of 0.11. The stock’s fifty day simple moving average is $42.76 and its two-hundred day simple moving average is $41.45. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.46 and a current ratio of 0.56.
A number of research analysts recently weighed in on FTS shares. Wells Fargo & Co raised their price target on shares of Fortis from $59.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday. Zacks Investment Research raised shares of Fortis from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. TheStreet lowered shares of Fortis from a “b-” rating to a “c+” rating in a research report on Monday, November 11th. Scotiabank raised shares of Fortis from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, December 4th. Finally, CIBC lowered shares of Fortis from a “sector outperform” rating to a “neutral” rating in a research report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. Fortis presently has an average rating of “Hold” and a consensus target price of $56.00.
Fortis Company Profile
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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