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 research report report published on Sunday morning.

A number of other brokerages also recently commented on FTS. Royal Bank Of Canada reissued a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a research report on Friday, February 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a report on Thursday, January 22nd. Scotiabank reissued a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. Finally, TD Securities restated a “buy” rating on shares of Fortis in a research note on Tuesday, February 17th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $72.00.

Fortis Stock Performance

Shares of Fortis stock opened at $55.09 on Friday. The company has a current ratio of 0.51, a quick ratio of 0.42 and a debt-to-equity ratio of 1.28. The stock’s fifty day moving average price is $55.26 and its 200-day moving average price is $52.46. The firm has a market cap of $27.95 billion, a P/E ratio of 22.58, a P/E/G ratio of 4.59 and a beta of 0.49. Fortis has a 12 month low of $43.28 and a 12 month high of $58.78.

Fortis (NYSE:FTS) last issued 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 for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the business earned $0.83 EPS. On average, equities research analysts expect that Fortis will post 2.35 earnings per share for the current fiscal year.

Fortis Dividend Announcement

The business 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 $0.64 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.6%. Fortis’s dividend payout ratio (DPR) is currently 77.05%.

Institutional Investors Weigh In On Fortis

Large investors have recently made changes to their positions in the stock. Purpose Unlimited Inc. purchased a new position in Fortis in the 4th quarter worth $3,348,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Fortis by 85.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,197 shares of the utilities provider’s stock worth $114,000 after purchasing an additional 1,012 shares during the last quarter. DGS Capital Management LLC lifted its holdings in shares of Fortis by 6.5% during the fourth quarter. DGS Capital Management LLC now owns 49,334 shares of the utilities provider’s stock worth $2,562,000 after purchasing an additional 3,019 shares during the period. Compound Planning Inc. boosted its position in Fortis by 15.7% in the fourth quarter. Compound Planning Inc. now owns 5,247 shares of the utilities provider’s stock valued at $273,000 after buying an additional 711 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Fortis by 1.6% in the fourth quarter. Invesco Ltd. now owns 1,314,274 shares of the utilities provider’s stock valued at $68,263,000 after buying an additional 20,313 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.