Fortis Inc (TSE:FTS) to Issue Quarterly Dividend of $0.48

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Fortis Inc (TSE:FTS) declared a quarterly dividend on Tuesday, September 10th, Zacks reports. Stockholders of record on Tuesday, November 19th will be paid a dividend of 0.477 per share on Sunday, December 1st. This represents a $1.91 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend is Monday, November 18th. This is a positive change from Fortis’s previous quarterly dividend of $0.45.

Shares of FTS stock traded up C$0.36 during mid-day trading on Thursday, reaching C$55.60. The stock had a trading volume of 280,155 shares, compared to its average volume of 1,093,103. Fortis has a 12-month low of C$40.71 and a 12-month high of C$56.62. The company has a market cap of $24.12 billion and a P/E ratio of 15.22. The business has a 50-day simple moving average of C$53.96 and a 200 day simple moving average of C$51.21. The company has a current ratio of 0.62, a quick ratio of 0.40 and a debt-to-equity ratio of 125.01.

Fortis (TSE:FTS) last announced its quarterly earnings results on Friday, August 2nd. The company reported C$0.74 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.58 by C$0.16. The firm had revenue of C$2.44 billion during the quarter, compared to analysts’ expectations of C$2.01 billion. Research analysts anticipate that Fortis will post 2.7699998 EPS for the current year.

A number of research firms recently commented on FTS. JPMorgan Chase & Co. lifted their price objective on Fortis from C$50.00 to C$52.00 in a research report on Monday, July 15th. Raymond James restated a “market perform” rating and issued a C$55.00 price target on shares of Fortis in a report on Tuesday, August 6th. Royal Bank of Canada lifted their price target on Fortis from C$56.00 to C$59.00 in a report on Wednesday, August 21st. CIBC lifted their price target on Fortis from C$55.00 to C$56.00 in a report on Wednesday. Finally, Wells Fargo & Co lifted their price target on Fortis from C$57.00 to C$59.00 in a report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of C$55.09.

About Fortis

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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Dividend History for Fortis (TSE:FTS)

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