Fortis (NYSE:FTS) Receives $72.00 Consensus PT from Brokerages

Shares of Fortis (NYSE:FTS) have been assigned a consensus rating of “Moderate Buy” from the ten analysts that are currently covering the stock, Marketbeat reports. Five 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.

FTS has been the topic of a number of recent analyst reports. TD Securities reiterated a “buy” rating on shares of Fortis in a research report on Tuesday, February 17th. Scotiabank reaffirmed a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Wall Street Zen raised Fortis from a “sell” rating to a “hold” rating in a report on Sunday, March 22nd. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a report on Friday, February 13th.

Hedge Funds Weigh In On Fortis

Institutional investors have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Fortis in the fourth quarter worth approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in shares of Fortis by 157.4% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 428 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Fortis by 123.9% in the 3rd quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 409 shares during the last quarter. LOM Asset Management Ltd bought a new stake in shares of Fortis in the 4th quarter worth approximately $43,000. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Fortis by 2,119.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 996 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors.

Fortis Stock Down 0.1%

FTS stock opened at $55.62 on Friday. The stock has a 50-day simple moving average of $55.63 and a two-hundred day simple moving average of $52.68. Fortis has a twelve month low of $43.28 and a twelve month high of $58.78. The firm has a market capitalization of $28.22 billion, a PE ratio of 22.80, a PEG ratio of 4.64 and a beta of 0.49. The company has a quick ratio of 0.42, a current ratio of 0.51 and a debt-to-equity ratio of 1.28.

Fortis (NYSE:FTS) last issued its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the company earned $0.83 earnings per share. On average, equities analysts predict that Fortis will post 2.35 EPS for the current fiscal year.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be given a dividend of $0.64 per share. The ex-dividend date is Friday, May 15th. This represents a $2.56 dividend on an annualized basis and a yield of 4.6%. Fortis’s dividend payout ratio (DPR) is presently 76.64%.

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.