Fortis (NYSE:FTS) Sets New 1-Year Low at $41.67

Shares of Fortis Inc. (NYSE:FTSGet Rating) hit a new 52-week low on Wednesday . The company traded as low as $41.67 and last traded at $42.00, with a volume of 33020 shares trading hands. The stock had previously closed at $41.90.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FTS. UBS Group downgraded Fortis from a “neutral” rating to a “sell” rating and set a $56.00 target price on the stock. in a research note on Thursday, June 30th. Wells Fargo & Company downgraded Fortis from an “equal weight” rating to an “underweight” rating in a research report on Wednesday, June 1st. Finally, Edward Jones downgraded Fortis from a “buy” rating to a “hold” rating in a research report on Wednesday, July 27th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $59.88.

Fortis Stock Performance

The stock has a market capitalization of $19.97 billion, a PE ratio of 20.05, a price-to-earnings-growth ratio of 3.63 and a beta of 0.35. The company has a quick ratio of 0.53, a current ratio of 0.64 and a debt-to-equity ratio of 1.23. The stock has a fifty day moving average of $45.61 and a 200-day moving average of $47.53.

Fortis (NYSE:FTSGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.04). Fortis had a return on equity of 6.53% and a net margin of 12.77%. The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Equities analysts anticipate that Fortis Inc. will post 2.12 earnings per share for the current fiscal year.

Fortis Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were given a dividend of $0.4149 per share. This represents a $1.66 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend was Thursday, August 18th. Fortis’s dividend payout ratio (DPR) is currently 79.33%.

Hedge Funds Weigh In On Fortis

Several institutional investors have recently added to or reduced their stakes in FTS. Bank of Montreal Can increased its position in Fortis by 1.6% during the 2nd quarter. Bank of Montreal Can now owns 20,440,524 shares of the utilities provider’s stock worth $978,377,000 after purchasing an additional 317,126 shares during the period. Vanguard Group Inc. boosted its stake in shares of Fortis by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 16,633,053 shares of the utilities provider’s stock worth $823,337,000 after acquiring an additional 413,289 shares in the last quarter. TD Asset Management Inc. boosted its stake in shares of Fortis by 0.5% during the 2nd quarter. TD Asset Management Inc. now owns 10,903,204 shares of the utilities provider’s stock worth $514,330,000 after acquiring an additional 51,846 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Fortis by 21.5% during the 2nd quarter. Toronto Dominion Bank now owns 10,607,379 shares of the utilities provider’s stock worth $532,614,000 after acquiring an additional 1,877,025 shares in the last quarter. Finally, GQG Partners LLC boosted its stake in shares of Fortis by 8.0% during the 2nd quarter. GQG Partners LLC now owns 9,368,085 shares of the utilities provider’s stock worth $441,920,000 after acquiring an additional 690,422 shares in the last quarter. Institutional investors and hedge funds own 49.38% of the company’s stock.

About Fortis

(Get Rating)

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.

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