08:52:08 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Fortis Inc
Symbol FTS
Shares Issued 415,964,472
Close 2017-05-30 C$ 44.24
Market Cap C$ 18,402,268,241
Recent Sedar Documents

Globe says Fortis delivers steady growth in earnings

2017-05-31 08:13 ET - In the News

The Globe and Mail reports in its Wednesday edition that Fortis ($44.24) has delivered steady growth in earnings and dividends, with gradual increases in the share price, too. The Globe's John Heinzl writes that Fortis has one of the longest dividend-growth records for a Canadian company, having increased its annual payment for 43 consecutive years. Fortis has said it aims to raise its dividend at an annual rate of 6 per cent through 2021. Fortis currently pays $1.60 a share annually, for a yield of 3.6 per cent. Assuming it achieves its growth target, the dividend will climb to $2.14 by 2021. Fortis has a long record of successful acquisitions. In addition to growing through acquisitions, Fortis also invests in its existing operations to raise its rate base -- the value of assets on which a utility is permitted to earn a regulated rate of return. Edward Jones analyst Andy Smith says "Given that a regulated utility is allowed to earn a return on its asset base, we expect these investments to translate into solid earnings growth." He rates Fortis "buy." Rising earnings, in turn, will support Fortis's dividend-growth plans. Fortis is trading at about 17 times estimated 2017 earnings.

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