Fortis Inc (NYSE:FTS) declared a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders of record on Wednesday, August 19th will be paid a dividend of 0.353 per share by the utilities provider on Tuesday, September 1st. This represents a $1.41 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend is Tuesday, August 18th.
Fortis has increased its dividend by an average of 19.4% annually over the last three years and has increased its dividend every year for the last 3 years. Fortis has a dividend payout ratio of 73.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Fortis to earn $2.10 per share next year, which means the company should continue to be able to cover its $1.37 annual dividend with an expected future payout ratio of 65.2%.
Shares of FTS stock traded down $0.49 during trading hours on Friday, hitting $40.16. 5,773 shares of the company were exchanged, compared to its average volume of 329,301. The firm has a market cap of $18.60 billion, a PE ratio of 19.07, a PEG ratio of 3.46 and a beta of 0.22. Fortis has a 1 year low of $28.59 and a 1 year high of $44.72. The company has a quick ratio of 0.47, a current ratio of 0.55 and a debt-to-equity ratio of 1.18. The firm has a fifty day moving average of $38.60 and a 200 day moving average of $39.43.
Several research analysts have recently weighed in on the stock. BMO Capital Markets increased their price objective on shares of Fortis from $55.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, May 7th. Credit Suisse Group raised their price target on shares of Fortis from $56.00 to $58.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Zacks Investment Research upgraded shares of Fortis from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Wednesday, July 8th. CIBC raised their price target on shares of Fortis from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Finally, Wells Fargo & Co cut their price target on shares of Fortis from $64.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $56.38.
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.
Read More: Marijuana Stocks Investing Considerations
Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.