FORTIS (FTS) Stocks
Fortis Inc. is a utility company. It is recognized as one of the largest in North America. The company offers its services in 9 states in the United States, three countries in the Caribbean as well as five provinces in Canada.
Its portfolio includes numerous utility companies such as Central Hudson Gas & Electric, Tucson Electric Power and UniSource Energy Services, Newfoundland Power, Maritime Electric, Caribbean Utilities, FortisOntario (a holding company for, Cornwall Electric, Algoma Power and Canadian Niagara Power), ITC Transmission as well as FortisTCI.
The company also operates a hydro generation company, Fortis Generation, and a petroleum supplier, Griffith Energy Services.
Fortis Inc. employs nearly 8 900 people across the United States, Central America, Canada and the Caribbean.
The company’s headquarters is located in St. John’s, Newfoundland and Labrador, Canada.
HISTORY OF FORTIS
- Fortis Inc. is founded in 1987 as a holding company by shareholders of Newfoundland Light & Power Co. to form separate company. Newfoundland Light & Power shares are exchanged for Fortis shares and Newfoundland Light & Power becomes a wholly-owned subsidiary of Fortis.
- In 2003 the company buys assets of Aquila, Inc. This provides the opportunity for the company to expand into Western Canada and it serves approximately 415 000 people in Alberta. Its portfolio now includes British Columbia assets of regulated transmission, generation and distribution operations.
- In 2007 the company buys Kinder Morgan’s Terasen Gas business.
- In 2013 a Central Hudson Gas & Electric holding company, CH Energy Group, is purchased for a price of $ 1.5 billion. The same year Fortis buys UNS Energy.
- The company purchases ITC Holdings Corporation for a price of $ 11.3 billion in 2016.
- ITC is the largest United States independent utility company and the transaction expands Fortis’ portfolio impressively.
VISION & VALUES OF FORTIS
- Fortis Inc. has a vision of being the leading utility supplier in the industry. It focuses on managing its resources and providing quality services to its customers, which in turn delivers strong earnings to shareholders.
- Fortis is committed to its social and environmental responsibilities. The company contributes to a variety of non-profit organizations. The Salvation Army’s Center of Hope, Stella’s Circle Expressive Therapy and several other organizations and initiatives benefit from the company’s financial contributions.
- Fortis is named among the Best 50 Corporate Citizens in Canada. The company’s environmental efforts focuses on the minimizing its overall carbon footprint and programs are followed to conserve water and energy.
MARKET PERFORMANCE OF FORTIS
- Fortis Inc. trades on the New York Stock Exchange under the NYSE stock symbol “FTS”.
- Data analysis for the company’s earnings for the second quarter of 2019 reports net earnings attributable to common equity shareholders of $ 720 million, $1.66 per common share. Adjusted net earnings are $0.54 per common share. The company’s capital expenditure plan increased to $ 4.3 billion.
- Fortis is targeting an estimated 6 percent growth of dividends annually through 2023.