Fortis (NYSE:FTS) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Fortis (NYSE:FTS) from a sell rating to a hold rating in a report issued on Saturday morning.

Several other analysts also recently commented on FTS. Scotiabank restated a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. National Bank Financial reaffirmed a “sector perform” rating on shares of Fortis in a report on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research note on Thursday, January 22nd. TD Securities reissued a “buy” rating on shares of Fortis in a report on Tuesday, February 17th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a report on Friday, February 13th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

Fortis Stock Up 1.4%

FTS stock opened at $57.55 on Friday. Fortis has a twelve month low of $43.19 and a twelve month high of $57.93. The company has a quick ratio of 0.42, a current ratio of 0.51 and a debt-to-equity ratio of 1.28. The stock has a market cap of $29.20 billion, a P/E ratio of 23.58, a PEG ratio of 4.38 and a beta of 0.50. The business’s 50-day moving average price is $53.59 and its 200-day moving average price is $51.68.

Fortis (NYSE:FTS) last released its earnings results on Thursday, February 12th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $2.54 billion. During the same period in the prior year, the firm posted $0.83 EPS. On average, equities research analysts forecast that Fortis will post 2.35 EPS for the current year.

Fortis Announces Dividend

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 issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, May 15th. Fortis’s dividend payout ratio (DPR) is currently 76.64%.

Institutional Inflows and Outflows

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

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.