Fortis (NYSE:FTS) announced its earnings results on Friday. The utilities provider reported $0.55 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.11, Morningstar.com reports. Fortis had a return on equity of 6.44% and a net margin of 12.61%. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the business posted $0.57 earnings per share.

Shares of NYSE FTS traded down $0.11 during mid-day trading on Friday, hitting $39.62. 353,329 shares of the company traded hands, compared to its average volume of 334,611. Fortis has a 1 year low of $31.37 and a 1 year high of $40.47. The firm has a market cap of $17.32 billion, a PE ratio of 20.74, a price-to-earnings-growth ratio of 4.01 and a beta of 0.18. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 1.37. The business’s 50 day moving average is $39.61.

The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Tuesday, August 20th will be issued a dividend of $0.344 per share. This represents a $1.38 annualized dividend and a dividend yield of 3.47%. This is an increase from Fortis’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Monday, August 19th. Fortis’s dividend payout ratio is currently 70.16%.

Several research analysts recently weighed in on FTS shares. UBS Group reaffirmed a “buy” rating on shares of Fortis in a research note on Friday, June 7th. BMO Capital Markets reaffirmed a “buy” rating and set a $50.00 target price on shares of Fortis in a research note on Tuesday, April 16th. Raymond James cut Fortis from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 23rd. Zacks Investment Research raised Fortis from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Wednesday, July 17th. Finally, Bank of America set a $54.00 target price on Fortis and gave the company a “buy” rating in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $51.20.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Toronto Dominion Bank lifted its holdings in shares of Fortis by 40.6% during the first quarter. Toronto Dominion Bank now owns 11,480,664 shares of the utilities provider’s stock valued at $424,250,000 after purchasing an additional 3,314,547 shares during the last quarter. TD Asset Management Inc. lifted its holdings in shares of Fortis by 3.3% during the second quarter. TD Asset Management Inc. now owns 9,625,555 shares of the utilities provider’s stock valued at $380,897,000 after purchasing an additional 304,290 shares during the last quarter. GQG Partners LLC lifted its holdings in shares of Fortis by 14.1% during the first quarter. GQG Partners LLC now owns 5,234,809 shares of the utilities provider’s stock valued at $193,323,000 after purchasing an additional 648,264 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Fortis by 7.3% during the first quarter. The Manufacturers Life Insurance Company now owns 2,619,960 shares of the utilities provider’s stock valued at $96,912,000 after purchasing an additional 178,476 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its holdings in shares of Fortis by 144.5% during the first quarter. Artisan Partners Limited Partnership now owns 1,651,719 shares of the utilities provider’s stock valued at $61,046,000 after purchasing an additional 976,119 shares during the last quarter. 51.54% of the stock is owned by institutional investors and hedge funds.

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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Earnings History for Fortis (NYSE:FTS)

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