Fortis Inc. (FTS) Reaches New 52-Week High at $37.22
Fortis Inc. (NYSE:FTS) reached 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. The stock had previously closed at $36.87.
Several research firms recently issued reports on FTS. CIBC downgraded shares of Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Zacks Investment Research raised shares of Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price target on the stock in a research note on Monday, July 3rd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $38.00.
The stock has a market cap of $15.67 billion and a PE ratio of 20.48. The stock has a 50 day moving average of $36.31 and a 200-day moving average of $33.96.
Fortis (NYSE:FTS) last issued its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.04. Fortis had a net margin of 11.03% and a return on equity of 6.87%. The business had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the previous year, the company earned $0.45 earnings per share. Fortis’s revenue for the quarter was up 35.7% on a year-over-year basis. On average, analysts expect that Fortis Inc. will post $2.48 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, August 21st were paid a $0.3197 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.41%. This is a boost from Fortis’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Thursday, August 17th. Fortis’s payout ratio is presently 74.42%.
Several institutional investors have recently modified their holdings of FTS. Bank of Montreal Can lifted its stake in shares of Fortis by 21.9% in the second quarter. Bank of Montreal Can now owns 25,618,736 shares of the utilities provider’s stock worth $900,499,000 after buying an additional 4,594,810 shares during the last quarter. FMR LLC lifted its stake in shares of Fortis by 11.8% in the second quarter. FMR LLC now owns 10,358,373 shares of the utilities provider’s stock worth $364,077,000 after buying an additional 1,090,988 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Fortis in the first quarter worth $33,896,000. CIBC Asset Management Inc lifted its stake in shares of Fortis by 21.8% in the second quarter. CIBC Asset Management Inc now owns 5,425,532 shares of the utilities provider’s stock worth $190,477,000 after buying an additional 971,742 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Fortis by 51.1% in the second quarter. Franklin Resources Inc. now owns 2,714,989 shares of the utilities provider’s stock worth $95,467,000 after buying an additional 918,369 shares during the last quarter. Institutional investors and hedge funds own 52.31% of the company’s stock.
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Fortis Company Profile
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.
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