Fortis (NYSE:FTS) Price Target Cut to $59.00 by Analysts at UBS Group

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Fortis (NYSE:FTS) had its price target lowered by UBS Group from $62.00 to $59.00 in a research report released on Friday, Stock Target Advisor reports. UBS Group currently has a buy rating on the utilities provider’s stock.

A number of other analysts have also recently weighed in on FTS. TheStreet raised Fortis from a c+ rating to a b- rating in a research report on Tuesday, September 17th. Wells Fargo & Co raised their price target on Fortis from $59.00 to $61.00 and gave the company an outperform rating in a report on Wednesday, September 4th. JPMorgan Chase & Co. raised their price target on Fortis from $52.00 to $57.00 and gave the company a neutral rating in a report on Monday, October 14th. Bank of America raised their price target on Fortis from $56.00 to $58.00 and gave the company a buy rating in a report on Thursday, September 12th. Finally, Wolfe Research began coverage on Fortis in a report on Thursday, October 10th. They issued a market perform rating for the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $55.40.

Fortis stock traded down $0.34 during mid-day trading on Friday, reaching $39.87. 354,753 shares of the company were exchanged, compared to its average volume of 385,425. Fortis has a twelve month low of $31.80 and a twelve month high of $42.80. The firm’s 50-day simple moving average is $41.77 and its two-hundred day simple moving average is $39.97. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.51 and a current ratio of 0.56. The firm has a market cap of $17.69 billion, a PE ratio of 20.87, a price-to-earnings-growth ratio of 3.61 and a beta of 0.14.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Friday, November 1st. The utilities provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. Fortis had a return on equity of 6.75% and a net margin of 12.72%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same period last year, the firm earned $0.65 EPS. As a group, equities research analysts anticipate that Fortis will post 1.97 EPS for the current year.

The firm also recently declared a — dividend, which will be paid on Sunday, December 1st. Stockholders of record on Tuesday, November 19th will be issued a $0.3631 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a dividend yield of 3.5%. Fortis’s dividend payout ratio is currently 70.68%.

Institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC raised its holdings in Fortis by 6.8% during the first quarter. FMR LLC now owns 576,547 shares of the utilities provider’s stock worth $21,309,000 after purchasing an additional 36,627 shares during the last quarter. Unigestion Holding SA acquired a new position in Fortis during the second quarter worth $320,000. Ferguson Wellman Capital Management Inc. raised its holdings in Fortis by 2.0% during the second quarter. Ferguson Wellman Capital Management Inc. now owns 244,625 shares of the utilities provider’s stock worth $9,664,000 after purchasing an additional 4,820 shares during the last quarter. Community Financial Services Group LLC raised its holdings in Fortis by 3.2% during the second quarter. Community Financial Services Group LLC now owns 98,429 shares of the utilities provider’s stock worth $3,885,000 after purchasing an additional 3,051 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its holdings in Fortis by 198.9% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 219,251 shares of the utilities provider’s stock worth $8,676,000 after purchasing an additional 145,900 shares during the last quarter. 52.13% of the stock is owned by institutional investors and hedge funds.

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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

Read More: Stock Symbols and CUSIP Explained

Analyst Recommendations for Fortis (NYSE:FTS)

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