Fortis (NYSE:FTS) Plans Quarterly Dividend of C$0.67

Fortis (NYSE:FTS) declared a quarterly dividend on Monday, November 2nd. Investors of record on Tuesday, November 17th will be given a dividend of C$0.67 per share by the utilities provider on Tuesday, December 1st. This represents a $2.66 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Tuesday, November 17th. This is a 3.9% increase from Fortis’s previous quarterly dividend of C$0.64.

Fortis has decreased its dividend by an average of 0.1% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Fortis has a dividend payout ratio of 71.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Fortis to earn $2.73 per share next year, which means the company should continue to be able to cover its $1.82 annual dividend with an expected future payout ratio of 66.7%.

Fortis Stock Performance

NYSE FTS opened at $59.69 on Wednesday. The company has a current ratio of 0.56, a quick ratio of 0.47 and a debt-to-equity ratio of 1.27. The stock has a 50-day moving average of $54.92 and a 200 day moving average of $55.94. The stock has a market capitalization of $30.79 billion, a price-to-earnings ratio of 24.16 and a beta of 0.42. Fortis has a twelve month low of $49.60 and a twelve month high of $60.19.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Tuesday, November 3rd. The utilities provider reported $0.66 EPS for the quarter, topping the consensus estimate of $0.63 by $0.03. The company had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.27 billion. Fortis had a return on equity of 7.16% and a net margin of 14.17%. Sell-side analysts anticipate that Fortis will post 2.55 EPS for the current fiscal year.

Trending Headlines about Fortis

Here are the key news stories impacting Fortis this week:

• Positive Sentiment: Fortis earned $0.66 per share, topping the $0.63 consensus and increasing from $0.59 a year earlier. Fortis Q3 earnings and revenue results
• Positive Sentiment: The board raised the quarterly dividend to C$0.67 from C$0.64, a 3.9% increase. The dividend is payable December 1 to shareholders of record November 17. Fortis third-quarter results and dividend announcement
• Positive Sentiment: Management highlighted record growth investment and issued a new five-year capital outlook, which may support future utility growth. Fortis earnings call highlights
• Negative Sentiment: Revenue was $2.12 billion, below analyst expectations of $2.27 billion, tempering the positive earnings surprise. Fortis quarterly earnings results

About Fortis

Fortis Inc is a Canadian utility holding company that owns and operates regulated electric and natural gas utilities. Its businesses are primarily focused on the transmission and distribution of electricity, natural gas distribution, and related energy infrastructure.

Through its portfolio of utility subsidiaries, Fortis serves customers across Canada and the United States, with additional operations in the Caribbean. Its businesses include electric utilities, natural gas utilities, and electric transmission assets, providing essential energy services to residential, commercial, and industrial customers.

Fortis has expanded from its Canadian utility origins through acquisitions and investments in regulated infrastructure.