Fortis Inc. (FTS) Hits New 12-Month High at $37.22
Fortis Inc. (NYSE:FTS) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $37.22 and last traded at $37.17, with a volume of 80,757 shares traded. The stock had previously closed at $36.87.
Several research analysts recently issued reports on FTS shares. Zacks Investment Research raised Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 target price for the company in a research report on Monday, July 3rd. CIBC lowered Fortis from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $38.00.
The company has a market capitalization of $15.52 billion and a price-to-earnings ratio of 20.2785. The stock has a 50-day moving average of $36.18 and a 200 day moving average of $33.91.
Fortis (NYSE:FTS) last posted its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.04. The business had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fortis had a net margin of 11.03% and a return on equity of 6.87%. The firm’s revenue for the quarter was up 35.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. On average, equities research analysts anticipate that Fortis Inc. will post $2.48 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Monday, August 21st were paid a $0.3197 dividend. The ex-dividend date was Thursday, August 17th. This is an increase from Fortis’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 3.47%. Fortis’s payout ratio is currently 74.42%.
A number of institutional investors have recently bought and sold shares of FTS. Wells Fargo & Company MN lifted its stake in Fortis by 164.3% in the first quarter. Wells Fargo & Company MN now owns 146,943 shares of the utilities provider’s stock worth $4,873,000 after purchasing an additional 91,356 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Fortis by 16.1% in the first quarter. Canada Pension Plan Investment Board now owns 41,053 shares of the utilities provider’s stock worth $1,357,000 after purchasing an additional 5,700 shares during the last quarter. APG Asset Management N.V. lifted its stake in Fortis by 11.6% in the first quarter. APG Asset Management N.V. now owns 434,787 shares of the utilities provider’s stock worth $14,367,000 after purchasing an additional 45,350 shares during the last quarter. First Trust Advisors LP bought a new stake in Fortis in the first quarter worth $17,904,000. Finally, Bank of New York Mellon Corp lifted its stake in Fortis by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 483,238 shares of the utilities provider’s stock worth $16,024,000 after purchasing an additional 14,574 shares during the last quarter. 52.31% of the stock is owned by institutional investors and hedge funds.
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Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.