Fortis Inc. (TSE:FTS) Raises Dividend to $0.83 Per Share

Fortis Inc. (TSE:FTS) announced a quarterly dividend on Monday, November 18th,Zacks Dividends reports. Investors of record on Sunday, December 1st will be given a dividend of 0.83 per share on Sunday, December 1st. This represents a $3.32 dividend on an annualized basis and a yield of 5.34%. The ex-dividend date is Monday, November 18th. This is a boost from Fortis’s previous quarterly dividend of $0.59.

Fortis Trading Down 0.1 %

Shares of Fortis stock opened at C$62.21 on Friday. Fortis has a 52-week low of C$51.02 and a 52-week high of C$62.56. The company has a debt-to-equity ratio of 128.59, a current ratio of 0.69 and a quick ratio of 0.36. The firm has a market capitalization of C$30.81 billion, a PE ratio of 19.50, a price-to-earnings-growth ratio of 3.01 and a beta of 0.23. The company’s fifty day moving average price is C$60.97 and its two-hundred day moving average price is C$57.50.

Insider Transactions at Fortis

In related news, Senior Officer Keri Linda Glitch purchased 450 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was purchased at an average cost of C$61.41 per share, for a total transaction of C$27,634.59. Following the completion of the purchase, the insider now directly owns 450 shares in the company, valued at C$27,634.59. This trade represents a ∞ increase in their ownership of the stock. Also, Senior Officer James Reid sold 19,972 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of C$59.46, for a total value of C$1,187,493.18. Company insiders own 0.04% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. CIBC lifted their price objective on Fortis from C$57.00 to C$59.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Raymond James downgraded Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. increased their price objective on shares of Fortis from C$52.00 to C$53.00 in a report on Thursday, July 25th. BMO Capital Markets boosted their target price on Fortis from C$59.00 to C$61.00 in a research report on Thursday, September 5th. Finally, Scotiabank upped their price objective on shares of Fortis from C$56.00 to C$63.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. Three analysts have rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of C$60.33.

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.