Fortis Inc (FTS) to Release Earnings on Friday

Fortis Inc (TSE:FTS) will be posting its quarterly earnings results before the market opens on Friday, November 3rd. Analysts expect Fortis to post earnings of C$0.56 per share for the quarter.

Fortis Inc (FTS) opened at 47.51 on Wednesday. The stock’s 50 day moving average is $45.59 and its 200 day moving average is $45.20. Fortis Inc has a 12-month low of $39.58 and a 12-month high of $47.78. The firm has a market cap of $19.85 billion and a P/E ratio of 20.47.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, December 1st will be paid a dividend of $0.425 per share. This is a boost from Fortis’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, November 17th. This represents a $1.70 annualized dividend and a yield of 3.58%.

In other Fortis news, insider Earl Ludlow sold 35,056 shares of the business’s stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of C$46.45, for a total value of C$1,628,351.20.

Several equities research analysts recently weighed in on FTS shares. Barclays PLC boosted their target price on Fortis from C$37.00 to C$40.00 and gave the stock an “overweight” rating in a research note on Friday, July 21st. TD Securities boosted their target price on Fortis from C$48.00 to C$51.00 and gave the stock a “buy” rating in a research note on Monday, July 31st. Royal Bank Of Canada decreased their target price on Fortis from C$52.00 to C$51.00 and set an “outperform” rating for the company in a research note on Monday, July 31st. Scotiabank restated an “outperform” rating and set a C$50.00 target price on shares of Fortis in a research note on Monday, July 31st. Finally, CIBC cut Fortis from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from C$47.00 to C$48.00 in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of C$48.56.

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About Fortis

Fortis Inc is a Canada-based electric and gas utility holding company. The Company’s segments include Regulated Utilities and Non-Regulated Utilities. The Regulated Utilities segment includes Regulated Electric & Gas Utilities-the United States, which consists of ITC Holdings Corp. (ITC Holdings), UNS Energy Corporation and Central Hudson Gas & Electric Corporation (Central Hudson); Gas & Electric Utilities-Canadian, which consists of FortisAlberta Inc (FortisAlberta), FortisBC Energy Inc (FortisBC Energy), FortisBC Inc (FortisBC Electric) and Newfoundland Power Inc (Newfoundland Power); Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd., Fortis Turks and Caicos, and its investment in Belize Electricity Limited.

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