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

Shares of Fortis (NYSE:FTS) have been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are presently covering the firm, MarketBeat.com 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 covered the stock in the last year is $72.00.

Several analysts have recently commented on FTS shares. BMO Capital Markets restated a “market perform” rating on shares of Fortis in a research note on Friday, February 13th. Wall Street Zen raised Fortis from a “sell” rating to a “hold” rating in a research note on Sunday, March 22nd. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. TD Securities reissued a “buy” rating on shares of Fortis in a research note on Tuesday, February 17th. Finally, Scotiabank restated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Purpose Unlimited Inc. acquired a new stake in shares of Fortis in the 4th quarter worth about $3,348,000. Caitong International Asset Management Co. Ltd boosted its stake in Fortis by 85.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,197 shares of the utilities provider’s stock valued at $114,000 after purchasing an additional 1,012 shares during the last quarter. DGS Capital Management LLC boosted its stake in Fortis by 6.5% during the 4th quarter. DGS Capital Management LLC now owns 49,334 shares of the utilities provider’s stock valued at $2,562,000 after purchasing an additional 3,019 shares during the last quarter. Compound Planning Inc. increased its holdings in Fortis by 15.7% during the 4th quarter. Compound Planning Inc. now owns 5,247 shares of the utilities provider’s stock worth $273,000 after purchasing an additional 711 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Fortis by 1.6% during the 4th quarter. Invesco Ltd. now owns 1,314,274 shares of the utilities provider’s stock worth $68,263,000 after purchasing an additional 20,313 shares in the last quarter. 57.77% of the stock is owned by institutional investors.

Fortis Stock Down 0.5%

Fortis stock opened at $55.80 on Friday. The company has a market capitalization of $28.31 billion, a PE ratio of 22.87, a PEG ratio of 4.67 and a beta of 0.49. Fortis has a 12-month low of $43.28 and a 12-month high of $58.78. The firm’s fifty day moving average is $55.78 and its 200 day moving average is $52.77. 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 posted its quarterly earnings results on Thursday, February 12th. The utilities provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. Fortis had a net margin of 14.24% and a return on equity of 7.24%. The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period last year, the company posted $0.83 earnings per share. As a group, sell-side analysts predict that Fortis will post 2.35 EPS for the current fiscal year.

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Friday, May 15th. Fortis’s payout ratio is 77.05%.

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.