Fortis Inc. (NYSE:FTS) Short Interest Down 16.2% in April


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Fortis Inc. (NYSE:FTS) was the recipient of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 1,960,000 shares, a decrease of 16.2% from the March 31st total of 2,340,000 shares. Based on an average daily volume of 405,100 shares, the short-interest ratio is presently 4.8 days. Currently, 0.4% of the company’s stock are sold short.

Several brokerages have recently weighed in on FTS. Zacks Investment Research lowered shares of Fortis from a “buy” rating to a “hold” rating in a report on Monday. Royal Bank of Canada lowered their target price on shares of Fortis from $60.00 to $59.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 16th. Raymond James restated a “market perform” rating and issued a $58.00 target price on shares of Fortis in a report on Tuesday. Scotiabank lowered their target price on shares of Fortis from $63.00 to $61.00 and set an “outperform” rating on the stock in a report on Wednesday, January 27th. Finally, National Bank Financial lowered their target price on shares of Fortis and set a “sector perform” rating on the stock in a report on Wednesday, January 27th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $58.25.

Institutional investors have recently added to or reduced their stakes in the company. Arkadios Wealth Advisors grew its position in shares of Fortis by 166.0% during the 1st quarter. Arkadios Wealth Advisors now owns 665 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 415 shares during the period. Pacer Advisors Inc. bought a new position in shares of Fortis during the 4th quarter valued at approximately $157,000. Veriti Management LLC bought a new position in shares of Fortis during the 4th quarter valued at approximately $163,000. Captrust Financial Advisors grew its position in shares of Fortis by 60.5% during the 4th quarter. Captrust Financial Advisors now owns 5,385 shares of the utilities provider’s stock valued at $220,000 after acquiring an additional 2,030 shares during the period. Finally, Advisor Partners LLC grew its position in shares of Fortis by 5.6% during the 3rd quarter. Advisor Partners LLC now owns 6,321 shares of the utilities provider’s stock valued at $258,000 after acquiring an additional 333 shares during the period. 47.82% of the stock is owned by hedge funds and other institutional investors.

NYSE:FTS traded down $0.26 on Tuesday, hitting $44.48. The stock had a trading volume of 399,034 shares, compared to its average volume of 402,696. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.61 and a current ratio of 0.73. The stock has a market cap of $20.88 billion, a P/E ratio of 22.49, a price-to-earnings-growth ratio of 3.06 and a beta of 0.22. Fortis has a 1 year low of $35.53 and a 1 year high of $44.96. The firm’s fifty day simple moving average is $43.65 and its two-hundred day simple moving average is $41.44.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Thursday, February 11th. The utilities provider reported $0.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.17. The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $2.40 billion. Fortis had a net margin of 13.88% and a return on equity of 6.00%. During the same quarter last year, the business posted $0.62 EPS. Equities research analysts predict that Fortis will post 1.97 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 1st. Shareholders of record on Monday, May 17th will be paid a $0.3962 dividend. This is a positive change from Fortis’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Friday, May 14th. This represents a $1.58 annualized dividend and a yield of 3.56%. Fortis’s dividend payout ratio (DPR) is 80.21%.

Fortis Company Profile

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 433,000 retail customers in southeastern Arizona; and 98,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,233 megawatts (MW), including 59 MW of solar capacity.

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