Somewhat Positive Press Coverage Somewhat Unlikely to Impact Fortis (NYSE:FTS) Stock Price

Press coverage about Fortis (NYSE:FTS) has trended somewhat positive this week, according to Accern. The research firm ranks the sentiment of media coverage by monitoring more than twenty million blog and news sources in real time. Accern ranks coverage of public companies on a scale of negative one to one, with scores closest to one being the most favorable. Fortis earned a daily sentiment score of 0.14 on Accern’s scale. Accern also assigned news headlines about the utilities provider an impact score of 46.7677595416964 out of 100, meaning that recent media coverage is somewhat unlikely to have an effect on the stock’s share price in the near term.

Several equities research analysts have recently weighed in on the company. CIBC downgraded Fortis from an “outperform” rating to a “neutral” rating in a report on Thursday, August 3rd. Zacks Investment Research raised Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 target price on the stock in a research report on Monday, July 3rd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $38.00.

Shares of Fortis (NYSE:FTS) traded up 0.42% during mid-day trading on Friday, reaching $36.21. The company’s stock had a trading volume of 172,318 shares. The company’s 50-day moving average is $35.53 and its 200-day moving average is $33.38. Fortis has a 52 week low of $29.14 and a 52 week high of $36.96. The stock has a market capitalization of $15.13 billion and a price-to-earnings ratio of 19.57.

Fortis (NYSE:FTS) last released its earnings results on Friday, July 28th. The utilities provider reported $0.45 EPS for the quarter, beating the consensus estimate of $0.41 by $0.04. Fortis had a net margin of 11.03% and a return on equity of 6.87%. The business had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the business earned $0.45 earnings per share. The business’s quarterly revenue was up 35.7% on a year-over-year basis. Equities analysts predict that Fortis will post $2.48 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 21st will be paid a dividend of $0.3197 per share. The ex-dividend date is Thursday, August 17th. This is a positive change from Fortis’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 3.53%. Fortis’s dividend payout ratio is currently 68.02%.

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About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.

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