Analysts Set Fortis Inc (NYSE:FTS) PT at $57.83
Shares of Fortis Inc (NYSE:FTS) have received a consensus recommendation of “Hold” from the fifteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $57.71.
Several brokerages recently issued reports on FTS. CIBC reiterated a “hold” rating and set a $56.00 price target on shares of Fortis in a research report on Wednesday, September 11th. Raymond James reiterated a “hold” rating and set a $55.00 price target on shares of Fortis in a research report on Thursday, September 12th. Wells Fargo & Co boosted their price target on shares of Fortis from $59.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Wolfe Research began coverage on shares of Fortis in a research report on Thursday, October 10th. They set a “market perform” rating on the stock. Finally, TheStreet upgraded shares of Fortis from a “c+” rating to a “b-” rating in a research report on Tuesday, September 17th.
A number of large investors have recently bought and sold shares of the stock. Stephens Inc. AR raised its holdings in shares of Fortis by 13.8% during the third quarter. Stephens Inc. AR now owns 19,618 shares of the utilities provider’s stock valued at $830,000 after purchasing an additional 2,386 shares during the last quarter. Tuttle Tactical Management purchased a new position in shares of Fortis during the third quarter valued at approximately $224,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Fortis by 2.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 77,832 shares of the utilities provider’s stock valued at $3,293,000 after purchasing an additional 2,203 shares during the last quarter. Baskin Financial Services Inc. purchased a new position in shares of Fortis during the third quarter valued at approximately $2,622,000. Finally, Advisor Partners LLC raised its holdings in shares of Fortis by 14.4% during the third quarter. Advisor Partners LLC now owns 6,514 shares of the utilities provider’s stock valued at $276,000 after purchasing an additional 818 shares during the last quarter. 51.60% of the stock is currently owned by institutional investors and hedge funds.
Fortis (NYSE:FTS) last announced its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.11. Fortis had a net margin of 12.72% and a return on equity of 6.80%. The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the company earned $0.57 earnings per share. On average, equities research analysts forecast that Fortis will post 1.96 earnings per share for the current year.
The firm also recently disclosed a — dividend, which will be paid on Sunday, December 1st. Investors of record on Tuesday, November 19th will be paid a dividend of $0.3631 per share. This represents a yield of 3.5%. The ex-dividend date of this dividend is Monday, November 18th. Fortis’s payout ratio is currently 70.68%.
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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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