Public Employees Retirement System of Ohio Decreases Stake in Fortis $FTS

Public Employees Retirement System of Ohio trimmed its holdings in shares of Fortis (NYSE:FTS) by 56.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 41,317 shares of the utilities provider’s stock after selling 53,755 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Fortis were worth $2,297,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Fortis by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 24,129,958 shares of the utilities provider’s stock worth $1,254,541,000 after purchasing an additional 536,118 shares during the last quarter. FIL Ltd raised its holdings in Fortis by 9.1% in the fourth quarter. FIL Ltd now owns 19,898,613 shares of the utilities provider’s stock valued at $1,034,545,000 after acquiring an additional 1,666,481 shares in the last quarter. Scotia Capital Inc. boosted its stake in Fortis by 3.7% during the 3rd quarter. Scotia Capital Inc. now owns 9,163,354 shares of the utilities provider’s stock valued at $461,748,000 after acquiring an additional 326,212 shares during the last quarter. Cibc World Market Inc. boosted its stake in Fortis by 8.6% during the 4th quarter. Cibc World Market Inc. now owns 8,564,134 shares of the utilities provider’s stock valued at $445,335,000 after acquiring an additional 677,226 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Fortis by 6.0% in the 4th quarter. Geode Capital Management LLC now owns 6,593,417 shares of the utilities provider’s stock worth $357,381,000 after purchasing an additional 372,377 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Key Stories Impacting Fortis

Here are the key news stories impacting Fortis this week:

• Positive Sentiment: Earnings beat estimates: Fortis reported quarterly EPS of $0.78, up from $0.76 a year earlier and well above the consensus estimate of $0.56 in the company’s earnings release. A separate Zacks report cited adjusted EPS of $0.56 versus a $0.55 consensus, indicating the precise figure varies by accounting measure, but both measures reflected an earnings beat. Fortis earnings conference call
• Positive Sentiment: Tilbury LNG expansion approved: British Columbia approval of FortisBC’s Tilbury LNG expansion improves the outlook for a major infrastructure and growth project, potentially supporting long-term rate-base expansion and utility earnings. Fortis Q2 earnings and Tilbury LNG approval
• Positive Sentiment: Dividend maintained: Fortis declared a quarterly dividend of $0.64 per share, payable September 1 to shareholders of record August 19. The annualized payout implies an approximately 4.5% yield, reinforcing the stock’s appeal to income-focused investors. Fortis third-quarter dividend announcement
• Neutral Sentiment: Profitability remains steady: Fortis reported a 7.25% return on equity and a 14.21% net margin. These metrics support financial stability but do not indicate a material change in operating profitability.
• Negative Sentiment: Leverage and liquidity remain considerations: Fortis has a debt-to-equity ratio of 1.25, a current ratio of 0.49 and a quick ratio of 0.41. Elevated leverage and limited near-term liquidity could weigh on valuation, particularly if interest rates remain high or project costs increase.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FTS. Barclays decreased their price target on Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Wall Street Zen downgraded shares of Fortis from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. BMO Capital Markets restated a “market perform” rating on shares of Fortis in a research report on Thursday, May 7th. TD Securities reaffirmed a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research report on Friday, July 17th. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $61.00.

Fortis Price Performance

Shares of NYSE:FTS opened at $56.93 on Friday. The firm’s 50 day moving average is $57.01 and its two-hundred day moving average is $56.19. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $29.08 billion, a P/E ratio of 23.05 and a beta of 0.43. Fortis has a 52 week low of $48.64 and a 52 week high of $59.40.

Fortis (NYSE:FTS) last released its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.01. Fortis had a return on equity of 7.25% and a net margin of 14.21%.The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the prior year, the business posted $0.76 earnings per share. Analysts anticipate that Fortis will post 2.58 earnings per share for the current year.

Fortis Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be given a $0.64 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $2.56 annualized dividend and a yield of 4.5%. Fortis’s payout ratio is 76.83%.

Fortis 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.