Fortis (NYSE:FTS) Upgraded at Wall Street Zen
by Jessica Moore · The Cerbat GemWall Street Zen upgraded shares of Fortis (NYSE:FTS – Free Report) from a sell rating to a hold rating in a report issued on Sunday.
Several other analysts also recently issued reports on FTS. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. TD Securities reaffirmed a “buy” rating on shares of Fortis in a research report on Tuesday, February 17th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a research note on Friday, February 13th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a report on Thursday, January 22nd. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $72.00.
Get Our Latest Research Report on FTS
Fortis Trading Down 0.8%
Shares of FTS stock opened at $55.87 on Friday. 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 has a fifty-two week low of $45.87 and a fifty-two week high of $58.78. The firm’s 50 day moving average price is $56.77 and its two-hundred day moving average price is $53.53. The stock has a market cap of $28.45 billion, a price-to-earnings ratio of 22.90, a price-to-earnings-growth ratio of 4.69 and a beta of 0.47.
Fortis (NYSE:FTS – Get Free Report) last released its quarterly earnings data on Thursday, February 12th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.03. The company had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.54 billion. Fortis had a net margin of 14.24% and a return on equity of 7.24%. During the same quarter in the prior year, the business earned $0.83 earnings per share. On average, analysts anticipate that Fortis will post 2.66 EPS for the current year.
Fortis Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be paid a dividend of $0.64 per share. The ex-dividend date is Friday, May 15th. This represents a $2.56 annualized dividend and a yield of 4.6%. Fortis’s dividend payout ratio is 77.05%.
Hedge Funds Weigh In On Fortis
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Fortis during the 4th quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after buying an additional 428 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of Fortis by 123.9% during the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 409 shares during the period. LOM Asset Management Ltd acquired a new position in shares of Fortis during the fourth quarter valued at $43,000. Finally, Smartleaf Asset Management LLC grew its position in shares of Fortis by 2,119.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 996 shares during the last quarter. 57.77% of the stock is currently owned by institutional investors and hedge funds.
Fortis Company Profile
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.