Fortis (NYSE:FTS) Releases Earnings Results, Beats Estimates By $0.16 EPS

Fortis (NYSE:FTS) posted its quarterly earnings data on Thursday. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.16, reports. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Fortis had a return on equity of 6.75% and a net margin of 12.72%. During the same period in the prior year, the business earned $0.56 EPS.

NYSE FTS traded up $0.01 on Friday, hitting $44.03. The company’s stock had a trading volume of 305,175 shares, compared to its average volume of 325,590. Fortis has a 52-week low of $34.96 and a 52-week high of $44.49. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.32. The company’s 50-day simple moving average is $42.76 and its 200 day simple moving average is $41.45. The firm has a market cap of $20.09 billion, a P/E ratio of 21.80, a PEG ratio of 3.96 and a beta of 0.11.

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be issued a dividend of $0.3593 per share. This represents a $1.44 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend is Thursday, May 14th. Fortis’s dividend payout ratio is presently 75.39%.

Several brokerages recently weighed in on FTS. TheStreet cut Fortis from a “b-” rating to a “c+” rating in a report on Monday, November 11th. Bank of America cut Fortis from a “buy” rating to a “neutral” rating in a report on Thursday, December 5th. Scotiabank upgraded Fortis from a “sector perform” rating to an “outperform” rating in a report on Wednesday, December 4th. BMO Capital Markets began coverage on Fortis in a report on Tuesday, December 3rd. They set a “market perform” rating for the company. Finally, CIBC cut Fortis from a “sector outperform” rating to a “neutral” rating in a report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. Fortis currently has a consensus rating of “Hold” and an average 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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Earnings History for Fortis (NYSE:FTS)

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