Fortis (FTS) Set to Announce Quarterly Earnings on Wednesday

Fortis (TSE:FTS) is scheduled to announce its earnings results before the market opens on Wednesday, July 31st. Analysts expect the company to announce earnings of C$0.64 per share for the quarter.

Fortis (TSE:FTS) last posted its quarterly earnings results on Wednesday, May 1st. The company reported C$0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.89 by C$0.04. Fortis had a return on equity of 7.38% and a net margin of 14.11%. The business had revenue of C$3.12 billion for the quarter, compared to analyst estimates of C$3.34 billion.

Fortis Price Performance

Shares of TSE FTS opened at C$56.88 on Tuesday. Fortis has a 1-year low of C$49.82 and a 1-year high of C$57.73. The company has a debt-to-equity ratio of 128.89, a current ratio of 0.60 and a quick ratio of 0.36. The business’s fifty day moving average price is C$54.32 and its two-hundred day moving average price is C$53.87. The firm has a market capitalization of C$28.04 billion, a PE ratio of 18.17, a P/E/G ratio of 2.80 and a beta of 0.18.

Fortis Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Saturday, June 1st were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $2.36 annualized dividend and a yield of 4.15%. Fortis’s dividend payout ratio is currently 75.40%.

Analysts Set New Price Targets

FTS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price objective on Fortis from C$52.00 to C$53.00 in a research note on Thursday, July 25th. Scotiabank decreased their price objective on Fortis from C$60.00 to C$56.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. CIBC lifted their price objective on Fortis from C$56.00 to C$57.00 and gave the stock a “neutral” rating in a report on Thursday, May 2nd. Wells Fargo & Company lifted their price objective on Fortis from C$56.00 to C$59.00 in a report on Wednesday, May 8th. Finally, BMO Capital Markets lifted their price objective on Fortis from C$58.00 to C$58.50 and gave the stock a “market perform” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Fortis currently has a consensus rating of “Hold” and a consensus price target of C$57.63.

Insider Buying and Selling

In related news, Senior Officer James Reid purchased 700 shares of the stock in a transaction that occurred on Wednesday, June 19th. The shares were bought at an average price of C$52.37 per share, with a total value of C$36,659.00. 0.04% of the stock is currently owned by insiders.

About Fortis

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.