Shares of Fortis Inc (NYSE:FTS) have been assigned an average rating of “Hold” from the eight brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and four have assigned a buy recommendation to the company.
FTS has been the subject of several research reports. ValuEngine raised shares of Fortis from a “hold” rating to a “buy” rating in a research report on Friday, December 21st. Bank of America initiated coverage on shares of Fortis in a research report on Tuesday, October 9th. They issued a “buy” rating for the company. Finally, Zacks Investment Research raised shares of Fortis from a “sell” rating to a “hold” rating in a research report on Friday, November 9th.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Glassman Wealth Services purchased a new stake in Fortis during the third quarter valued at approximately $132,000. Wetherby Asset Management Inc. purchased a new stake in Fortis during the third quarter valued at approximately $213,000. Gluskin Sheff & Assoc Inc. purchased a new stake in Fortis during the third quarter valued at approximately $216,000. US Bancorp DE lifted its position in Fortis by 98.2% during the second quarter. US Bancorp DE now owns 8,187 shares of the utilities provider’s stock valued at $261,000 after acquiring an additional 4,057 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its position in Fortis by 38.3% during the second quarter. Cubist Systematic Strategies LLC now owns 10,016 shares of the utilities provider’s stock valued at $319,000 after acquiring an additional 2,775 shares during the last quarter. 50.55% of the stock is owned by hedge funds and other institutional investors.
Fortis stock opened at $34.24 on Friday. The stock has a market capitalization of $14.58 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 3.53 and a beta of 0.09. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.59 and a quick ratio of 0.49. Fortis has a 1 year low of $30.88 and a 1 year high of $35.86.
Fortis (NYSE:FTS) last announced its quarterly earnings results on Friday, November 2nd. The utilities provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.01. Fortis had a net margin of 11.72% and a return on equity of 6.80%. The firm had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the company earned $0.61 EPS. As a group, research analysts expect that Fortis will post 1.94 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 15th will be given a $0.342 dividend. The ex-dividend date is Thursday, February 14th. This represents a $1.37 annualized dividend and a dividend yield of 4.00%. Fortis’s payout ratio is presently 69.74%.
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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
See Also: Intrinsic Value
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