Somewhat Favorable Press Coverage Somewhat Unlikely to Impact Fortis (FTS) Stock Price
Press coverage about Fortis (NYSE:FTS) has trended somewhat positive recently, according to Accern Sentiment. The research group ranks the sentiment of press coverage by analyzing more than 20 million news and blog sources in real time. Accern ranks coverage of publicly-traded companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Fortis earned a media sentiment score of 0.16 on Accern’s scale. Accern also assigned news headlines about the utilities provider an impact score of 46.0948778342236 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the company’s share price in the next few days.
FTS has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price objective for the company in a research note on Monday, July 3rd. CIBC downgraded shares of Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Fortis presently has a consensus rating of “Hold” and an average target price of $38.00.
Shares of Fortis (NYSE FTS) traded up 0.88% during trading on Thursday, hitting $36.58. 390,803 shares of the stock traded hands. The stock has a market cap of $15.29 billion and a PE ratio of 19.98. The firm’s 50-day moving average price is $36.03 and its 200-day moving average price is $33.82. Fortis has a 12 month low of $29.14 and a 12 month high of $36.96.
Fortis (NYSE:FTS) last released its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. Fortis had a net margin of 11.03% and a return on equity of 6.87%. The firm had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the company earned $0.45 EPS. The firm’s revenue for the quarter was up 35.7% compared to the same quarter last year. Analysts anticipate that Fortis will post $2.51 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 21st will be paid a dividend of $0.3197 per share. 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 dividend on an annualized basis and a dividend yield of 3.50%. Fortis’s payout ratio is currently 74.42%.
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Fortis Company Profile
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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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