Fortis Inc. (TSE:FTS – Get Rating)'s share price reached a new 52-week low during trading on Tuesday . The company traded as low as C$54.52 and last traded at C$54.58, with a volume of 458079 shares trading hands. The stock had previously closed at C$55.52.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on FTS shares. CSFB decreased their price target on Fortis from C$66.00 to C$62.00 in a research note on Friday, July 22nd. BMO Capital Markets reduced their price objective on Fortis from C$62.00 to C$60.00 in a research note on Tuesday, September 20th. Credit Suisse Group reduced their price objective on Fortis to C$62.00 and set a "neutral" rating for the company in a research note on Friday, July 22nd. UBS Group cut Fortis from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from C$61.00 to C$56.00 in a research note on Thursday, June 30th. Finally, Wells Fargo & Company cut Fortis to a "sell" rating in a research note on Wednesday, June 1st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of C$61.29.
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Fortis Price Performance
The company has a debt-to-equity ratio of 123.72, a current ratio of 0.64 and a quick ratio of 0.40. The stock has a 50 day moving average price of C$58.88 and a 200-day moving average price of C$60.86. The stock has a market capitalization of C$26.20 billion and a price-to-earnings ratio of 20.73.
Fortis (TSE:FTS – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The company reported C$0.57 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of C$0.62 by C($0.05). The firm had revenue of C$2.49 billion during the quarter, compared to analysts' expectations of C$2.25 billion. On average, analysts forecast that Fortis Inc. will post 2.9600002 earnings per share for the current year.
Fortis Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Friday, August 19th were paid a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Thursday, August 18th. Fortis's dividend payout ratio (DPR) is currently 79.92%.
Fortis Company Profile
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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 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.
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