Fortis (FTS) Scheduled to Post Quarterly Earnings on Wednesday

Fortis (TSE:FTS) is scheduled to announce its earnings results before the market opens on Wednesday, May 1st. Analysts expect the company to announce earnings of C$0.92 per share for the quarter.

Fortis (TSE:FTS) last issued its earnings results on Friday, February 9th. The company reported C$0.72 earnings per share (EPS) for the quarter, hitting the consensus estimate of C$0.72. Fortis had a net margin of 13.66% and a return on equity of 7.41%. The firm had revenue of C$2.89 billion for the quarter, compared to analysts’ expectations of C$3.22 billion.

Fortis Stock Down 0.1 %

Shares of Fortis stock opened at C$53.37 on Wednesday. The company has a debt-to-equity ratio of 128.76, a quick ratio of 0.36 and a current ratio of 0.68. Fortis has a 52-week low of C$49.82 and a 52-week high of C$62.00. The stock has a market capitalization of C$26.31 billion, a price-to-earnings ratio of 17.22, a P/E/G ratio of 2.80 and a beta of 0.17. The company’s 50 day moving average price is C$53.05 and its 200-day moving average price is C$54.19.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 17th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 4.42%. The ex-dividend date is Thursday, May 16th. Fortis’s dividend payout ratio is 76.13%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FTS shares. BMO Capital Markets cut their target price on shares of Fortis from C$58.50 to C$58.00 and set a “market perform” rating on the stock in a report on Monday, February 12th. National Bankshares lifted their price target on shares of Fortis from C$52.00 to C$55.00 and gave the company a “sector perform” rating in a report on Tuesday, January 30th. Bank of America lifted their price target on shares of Fortis from C$49.00 to C$50.00 in a report on Tuesday, January 16th. JPMorgan Chase & Co. cut their price target on shares of Fortis from C$53.00 to C$50.00 and set an “underweight” rating on the stock in a report on Monday, January 22nd. Finally, Scotiabank cut their price target on shares of Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a report on Monday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Fortis presently has a consensus rating of “Hold” and a consensus price target of C$57.00.

Insiders Place Their Bets

In other news, Director Margarita Dilley purchased 960 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was acquired at an average cost of C$38.57 per share, for a total transaction of C$37,027.20. In other Fortis news, Senior Officer Ronald Hinsley sold 972 shares of the stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of C$38.79, for a total transaction of C$37,706.21. Also, Director Margarita Dilley acquired 960 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were bought at an average cost of C$38.57 per share, with a total value of C$37,027.20. In the last 90 days, insiders acquired 2,851 shares of company stock valued at $111,115. 0.04% of the stock is owned by insiders.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.