Raymond James reiterated their hold rating on shares of Fortis (NYSE:FTS) in a report released on Thursday, AnalystRatings.com reports. The brokerage currently has a $55.00 target price on the utilities provider’s stock.
Several other research analysts also recently commented on the company. CIBC reissued a hold rating and issued a $56.00 price objective on shares of Fortis in a research note on Wednesday. BMO Capital Markets downgraded Fortis from an outperform rating to a market perform rating and set a $55.00 price objective for the company. in a research note on Wednesday. Zacks Investment Research downgraded Fortis from a buy rating to a hold rating in a research note on Wednesday, August 7th. Royal Bank of Canada reissued a buy rating on shares of Fortis in a research note on Wednesday, August 21st. Finally, UBS Group set a $62.00 price objective on Fortis and gave the company a buy rating in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $55.50.
NYSE FTS traded down $0.14 during mid-day trading on Thursday, hitting $41.75. The stock had a trading volume of 41,195 shares, compared to its average volume of 394,907. The firm’s 50 day moving average is $40.75 and its 200 day moving average is $38.52. Fortis has a twelve month low of $31.37 and a twelve month high of $42.62. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.62 and a quick ratio of 0.51. The stock has a market capitalization of $18.32 billion, a price-to-earnings ratio of 21.85, a PEG ratio of 3.80 and a beta of 0.15.
Fortis (NYSE:FTS) last posted its quarterly earnings data on Friday, August 2nd. The utilities provider reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.11. Fortis had a return on equity of 6.80% and a net margin of 12.72%. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the company earned $0.57 EPS. As a group, equities research analysts expect that Fortis will post 1.97 earnings per share for the current year.
The business also recently announced a — dividend, which will be paid on Sunday, December 1st. Shareholders of record on Tuesday, November 19th will be paid a $0.3631 dividend. This represents a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, November 18th. Fortis’s dividend payout ratio (DPR) is presently 70.68%.
Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC increased its stake in shares of Fortis by 3.3% in the 2nd quarter. Janus Henderson Group PLC now owns 312,353 shares of the utilities provider’s stock worth $12,358,000 after acquiring an additional 9,953 shares during the last quarter. Reaves W H & Co. Inc. increased its stake in shares of Fortis by 5.9% in the 1st quarter. Reaves W H & Co. Inc. now owns 1,293,413 shares of the utilities provider’s stock worth $47,844,000 after acquiring an additional 72,491 shares during the last quarter. Forsta AP Fonden increased its stake in shares of Fortis by 8.4% in the 1st quarter. Forsta AP Fonden now owns 304,900 shares of the utilities provider’s stock worth $11,272,000 after acquiring an additional 23,700 shares during the last quarter. Unigestion Holding SA acquired a new stake in shares of Fortis in the 2nd quarter worth $320,000. Finally, Pictet Asset Management Ltd. increased its stake in shares of Fortis by 9.2% in the 2nd quarter. Pictet Asset Management Ltd. now owns 1,014,436 shares of the utilities provider’s stock worth $40,143,000 after acquiring an additional 85,163 shares during the last quarter. 51.55% of the stock is owned by institutional investors and hedge funds.
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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
Further Reading: What is an Initial Coin Offering (ICO)?
Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.