Fortis (NYSE:FTS) Receives Average Rating of “Moderate Buy” from Analysts

Fortis (NYSE:FTS) has been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $72.00.

FTS has been the topic of a number of recent analyst reports. Wall Street Zen raised Fortis from a “sell” rating to a “hold” rating in a research note on Saturday. National Bank Financial restated a “sector perform” rating on shares of Fortis in a research report on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research report on Thursday, January 22nd. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research note on Friday, February 13th. Finally, TD Securities reaffirmed a “buy” rating on shares of Fortis in a research report on Tuesday, February 17th.

Fortis Stock Performance

Shares of Fortis stock opened at $57.55 on Monday. The stock has a market cap of $29.20 billion, a price-to-earnings ratio of 23.58, a P/E/G ratio of 4.38 and a beta of 0.49. Fortis has a twelve month low of $43.19 and a twelve month high of $57.93. The company’s fifty day moving average is $53.59 and its 200 day moving average is $51.69. The company has a quick ratio of 0.42, a current ratio of 0.51 and a debt-to-equity ratio of 1.28.

Fortis (NYSE:FTS) last announced its earnings results on Thursday, February 12th. The utilities provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.62 by $0.03. Fortis had a return on equity of 7.24% and a net margin of 14.24%.The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the previous year, the business earned $0.83 EPS. Sell-side analysts forecast that Fortis will post 2.35 EPS for the current year.

Fortis Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be given a dividend of $0.64 per share. The ex-dividend date is Friday, May 15th. This represents a $2.56 annualized dividend and a dividend yield of 4.4%. Fortis’s dividend payout ratio is presently 76.64%.

Hedge Funds Weigh In On Fortis

Institutional investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Fortis during the 4th quarter worth approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in shares of Fortis by 157.4% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 428 shares during the period. Larson Financial Group LLC boosted its stake in Fortis by 123.9% during the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 409 shares in the last quarter. LOM Asset Management Ltd bought a new position in Fortis during the fourth quarter worth $43,000. Finally, Smartleaf Asset Management LLC grew its holdings in Fortis by 2,119.1% in the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 996 shares during the period. 57.77% of the stock is owned by institutional investors and hedge funds.

About Fortis

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.