Stratos Wealth Partners LTD. raised its stake in Fortis Inc. (NYSE:FTS) by 27.1% during the second quarter, Holdings Channel reports. The fund owned 9,379 shares of the utilities provider’s stock after buying an additional 1,997 shares during the period. Stratos Wealth Partners LTD.’s holdings in Fortis were worth $330,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. Tradewinds Capital Management LLC acquired a new position in shares of Fortis during the first quarter valued at approximately $108,000. Van ECK Associates Corp increased its position in shares of Fortis by 19.4% in the first quarter. Van ECK Associates Corp now owns 3,472 shares of the utilities provider’s stock valued at $115,000 after buying an additional 564 shares during the last quarter. Creative Planning increased its position in shares of Fortis by 7.3% in the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock valued at $116,000 after buying an additional 225 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of Fortis during the first quarter valued at approximately $157,000. Finally, Bank of Hawaii acquired a new position in shares of Fortis during the first quarter valued at approximately $206,000. 51.87% of the stock is owned by hedge funds and other institutional investors.
Fortis Inc. (FTS) opened at 36.01 on Thursday. The firm’s 50-day moving average price is $35.45 and its 200 day moving average price is $33.32. The firm has a market cap of $15.05 billion and a P/E ratio of 19.46. Fortis Inc. has a 52 week low of $29.14 and a 52 week high of $36.78.
Fortis (NYSE:FTS) last issued its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.04. The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fortis had a return on equity of 6.87% and a net margin of 11.03%. The company’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same quarter last year, the company posted $0.45 EPS. Equities analysts forecast that Fortis Inc. will post $2.48 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 21st will be given a dividend of $0.3197 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend is Thursday, August 17th. This is an increase from Fortis’s previous quarterly dividend of $0.31. Fortis’s dividend payout ratio (DPR) is 68.02%.
Several research analysts have commented on the company. Zacks Investment Research downgraded Fortis from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 18th. CIBC downgraded Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Fortis has a consensus rating of “Hold” and an average price target of $38.00.
Fortis Company Profile
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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