Fortis (TSE:FTS) Releases Earnings Results

Fortis (TSE:FTS) released its quarterly earnings results on Wednesday. The company reported C$0.99 earnings per share for the quarter, FiscalAI reports. Fortis had a return on equity of 7.51% and a net margin of 14.78%.The business had revenue of C$3.40 billion during the quarter.

Fortis Price Performance

Fortis stock opened at C$76.62 on Thursday. The firm has a market cap of C$39.01 billion, a PE ratio of 22.54, a price-to-earnings-growth ratio of 3.01 and a beta of 0.47. Fortis has a 52-week low of C$63.54 and a 52-week high of C$80.69. The company has a quick ratio of 0.36, a current ratio of 0.51 and a debt-to-equity ratio of 145.62. The company’s 50 day moving average is C$77.97 and its two-hundred day moving average is C$74.33.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, June 1st will be paid a dividend of $0.64 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $2.56 annualized dividend and a yield of 3.3%. Fortis’s dividend payout ratio is presently 73.09%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Scotiabank upped their price objective on shares of Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a report on Friday, February 13th. Desjardins upped their price objective on shares of Fortis from C$79.00 to C$81.00 and gave the stock a “buy” rating in a report on Friday, February 13th. BMO Capital Markets upped their price objective on shares of Fortis from C$74.00 to C$77.00 and gave the stock a “market perform” rating in a report on Friday, February 13th. Barclays set a C$62.00 price objective on shares of Fortis and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, Royal Bank Of Canada upped their price objective on shares of Fortis from C$79.00 to C$80.00 and gave the stock a “sector perform” rating in a report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of C$75.75.

Insider Transactions at Fortis

In other Fortis news, insider Karen J. Gosse sold 8,412 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of C$78.18, for a total transaction of C$657,650.16. Following the sale, the insider directly owned 52,228 shares in the company, valued at C$4,083,185.04. This represents a 13.87% decrease in their position. 0.04% of the stock is currently owned by company insiders.

Fortis Company Profile

Fortis owns and operates 10 utility transmission and distribution assets in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. ITC operates electric transmission in seven U.S. states, with more than 16,000 miles of high-voltage transmission lines in operation serving a peak load in excess of 23 gigawatts.