Fortis Inc. (FTS) Posts Earnings Results, Beats Expectations By $0.04 EPS
Fortis Inc. (NYSE:FTS) issued its quarterly earnings results on Friday. The utilities provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04, Morningstar.com reports. Fortis had a return on equity of 6.85% and a net margin of 9.79%. The firm had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the firm posted $0.45 EPS. The business’s revenue for the quarter was up 35.7% compared to the same quarter last year.
Fortis (NYSE:FTS) traded up 1.83% during trading on Friday, reaching $36.23. The company had a trading volume of 152,918 shares. Fortis has a 12-month low of $29.14 and a 12-month high of $36.28. The stock has a market capitalization of $15.02 billion and a P/E ratio of 19.71. The stock has a 50 day moving average of $34.94 and a 200-day moving average of $33.02.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 21st will be given a $0.3197 dividend. The ex-dividend date of this dividend is Thursday, August 17th. This is a boost from Fortis’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 3.53%. Fortis’s dividend payout ratio is 68.02%.
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Separately, Zacks Investment Research raised Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price target on the stock in a research report on Monday, July 3rd. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $38.00.
A number of large investors have recently made changes to their positions in FTS. Tradewinds Capital Management LLC purchased a new stake in shares of Fortis during the first quarter valued at $108,000. Van ECK Associates Corp increased its stake in shares of Fortis by 19.4% in the first quarter. Van ECK Associates Corp now owns 3,472 shares of the utilities provider’s stock valued at $115,000 after buying an additional 564 shares during the period. Creative Planning increased its stake in shares of Fortis by 7.3% in the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock valued at $116,000 after buying an additional 225 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in shares of Fortis during the first quarter valued at $157,000. Finally, Bank of Hawaii purchased a new stake in shares of Fortis during the first quarter valued at $206,000. Institutional investors own 51.74% of the company’s stock.
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