Fortis (NYSE:FTS) Receives $72.00 Average Price Target from Analysts

Fortis (NYSE:FTS) has earned an average recommendation of “Moderate Buy” from the eleven analysts that are presently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $67.00.

FTS has been the subject of several recent analyst reports. Wall Street Zen upgraded Fortis from a “sell” rating to a “hold” rating in a research note on Sunday, April 19th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a research note on Friday, February 13th. Barclays started coverage on shares of Fortis in a report on Tuesday. They issued an “overweight” rating and a $62.00 price target for the company. Scotiabank reiterated 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 report on Tuesday, February 17th.

Fortis Price Performance

NYSE:FTS opened at $56.61 on Tuesday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.51 and a quick ratio of 0.42. The company has a 50 day moving average price of $56.78 and a 200-day moving average price of $53.70. Fortis has a 1-year low of $45.87 and a 1-year high of $58.78. The firm has a market cap of $28.82 billion, a price-to-earnings ratio of 23.19 and a beta of 0.47.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Thursday, February 12th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. Fortis had a net margin of 14.24% and a return on equity of 7.24%. The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same period in the prior year, the firm posted $0.83 earnings per share. Equities research analysts forecast that Fortis will post 2.66 EPS for the current year.

Fortis Dividend Announcement

The company also recently announced 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. 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 4.5%. Fortis’s dividend payout ratio is presently 77.05%.

Institutional Trading of Fortis

Large investors have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Fortis in the 4th quarter valued at $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its stake in shares of Fortis by 157.4% in the third 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 in the last quarter. Larson Financial Group LLC boosted its position in Fortis by 123.9% during the third 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 acquired a new stake in Fortis in the 4th quarter valued at about $43,000. Finally, Smartleaf Asset Management LLC lifted its stake in Fortis by 2,119.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 996 shares in the last quarter. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

About Fortis

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.