Fortis (NYSE:FTS) Given Average Recommendation of “Moderate Buy” by Analysts

Fortis (NYSE:FTS) has earned a consensus rating of “Moderate Buy” from the ten analysts that are covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $72.00.

Several equities analysts recently issued reports on the stock. TD Securities reissued a “buy” rating on shares of Fortis in a report on Tuesday, February 17th. Wall Street Zen raised shares of Fortis from a “sell” rating to a “hold” rating in a report on Sunday, March 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research note on Thursday, January 22nd. Scotiabank reissued a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Fortis in a research report on Friday, February 13th.

Fortis Stock Performance

Fortis stock opened at $56.80 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.51 and a quick ratio of 0.42. The stock has a fifty day moving average price of $55.95 and a two-hundred day moving average price of $52.82. Fortis has a 52-week low of $43.28 and a 52-week high of $58.78. The firm has a market capitalization of $28.82 billion, a P/E ratio of 23.28, a P/E/G ratio of 4.69 and a beta of 0.47.

Fortis (NYSE:FTS) last issued its earnings results on Thursday, February 12th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.62 by $0.03. Fortis had a net margin of 14.24% and a return on equity of 7.24%. The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the previous year, the company earned $0.83 EPS. As a group, analysts anticipate that Fortis will post 2.35 EPS for the current fiscal year.

Fortis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be paid a $0.64 dividend. The ex-dividend date is Friday, May 15th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.5%. Fortis’s dividend payout ratio (DPR) is 77.05%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Fortis in the fourth quarter worth about $335,980,000. FIL Ltd raised its stake in Fortis by 9.1% during the 4th quarter. FIL Ltd now owns 19,898,613 shares of the utilities provider’s stock worth $1,034,545,000 after buying an additional 1,666,481 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Fortis by 4,662.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 986,548 shares of the utilities provider’s stock worth $51,244,000 after acquiring an additional 965,833 shares in the last quarter. Bank of America Corp DE grew its stake in Fortis by 60.7% in the third quarter. Bank of America Corp DE now owns 2,508,277 shares of the utilities provider’s stock valued at $127,270,000 after acquiring an additional 947,079 shares during the period. Finally, Cibc World Market Inc. increased its holdings in shares of Fortis by 8.6% in the fourth quarter. Cibc World Market Inc. now owns 8,564,134 shares of the utilities provider’s stock worth $445,335,000 after acquiring an additional 677,226 shares in the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

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.