Fortis (FTS) Earning Somewhat Favorable News Coverage, Report Finds
News stories about Fortis (NYSE:FTS) have trended somewhat positive on Monday, Accern reports. The research firm scores the sentiment of press coverage by reviewing more than 20 million news and blog sources in real time. Accern ranks coverage of public companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Fortis earned a daily sentiment score of 0.13 on Accern’s scale. Accern also gave headlines about the utilities provider an impact score of 45.9127283372022 out of 100, indicating that recent press coverage is somewhat unlikely to have an effect on the stock’s share price in the next few days.
Several analysts have recently commented on the company. CIBC downgraded Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Zacks Investment Research raised Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price objective for the company in a research note on Monday, July 3rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $38.00.
Fortis (NYSE FTS) traded down 0.21% during trading on Monday, hitting $37.50. The stock had a trading volume of 105,088 shares. Fortis has a 1-year low of $29.14 and a 1-year high of $37.67. The stock’s 50-day moving average price is $36.39 and its 200-day moving average price is $34.02. The company has a market capitalization of $15.67 billion and a P/E ratio of 20.48.
Fortis (NYSE:FTS) last announced its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. Fortis had a net margin of 11.03% and a return on equity of 6.87%. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the previous year, the business earned $0.45 EPS. The firm’s revenue for the quarter was up 35.7% on a year-over-year basis. Analysts expect that Fortis will post $2.55 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, August 21st were issued a $0.3197 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date was Thursday, August 17th. Fortis’s payout ratio is presently 74.42%.
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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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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