Scotiabank upgraded shares of Fortis (NYSE:FTS) from a sector perform rating to an outperform rating in a research report released on Wednesday morning, The Fly reports.
A number of other equities analysts have also weighed in on the company. Zacks Investment Research raised Fortis from a hold rating to a buy rating and set a $44.00 price objective for the company in a research note on Tuesday, November 12th. TheStreet cut Fortis from a b- rating to a c+ rating in a research report on Monday, November 11th. BMO Capital Markets assumed coverage on Fortis in a research note on Tuesday. They set a market perform rating on the stock. CIBC raised Fortis from a neutral rating to an outperform rating in a report on Tuesday. Finally, Howard Weil upgraded Fortis from a sector perform rating to a sector outperform rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $55.63.
Shares of FTS traded down $0.07 during trading hours on Wednesday, reaching $39.74. 582,757 shares of the stock traded hands, compared to its average volume of 392,539. The company has a current ratio of 0.56, a quick ratio of 0.46 and a debt-to-equity ratio of 1.32. Fortis has a 52-week low of $31.80 and a 52-week high of $42.80. The company’s 50-day moving average price is $40.52 and its two-hundred day moving average price is $40.33. The company has a market cap of $17.13 billion, a P/E ratio of 20.81, a price-to-earnings-growth ratio of 3.51 and a beta of 0.11.
Fortis (NYSE:FTS) last issued its earnings results on Friday, November 1st. 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 12.72% and a return on equity of 6.75%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the prior year, the firm posted $0.65 EPS. On average, research analysts forecast that Fortis will post 1.96 EPS for the current year.
The business also recently declared a — dividend, which was paid on Sunday, December 1st. Shareholders of record on Tuesday, November 19th were paid a $0.3631 dividend. This represents a yield of 3.5%. The ex-dividend date was Monday, November 18th. Fortis’s payout ratio is currently 75.39%.
Several institutional investors have recently modified their holdings of the company. Stonebridge Capital Advisors LLC bought a new stake in shares of Fortis in the second quarter worth about $30,000. Ropes Wealth Advisors LLC bought a new stake in Fortis in the 2nd quarter worth approximately $39,000. AGF Investments LLC bought a new stake in Fortis in the 2nd quarter worth approximately $54,000. Price Capital Management Inc. purchased a new stake in shares of Fortis during the 3rd quarter worth approximately $63,000. Finally, Flinton Capital Management LLC raised its holdings in shares of Fortis by 23.8% during the 2nd quarter. Flinton Capital Management LLC now owns 2,080 shares of the utilities provider’s stock worth $79,000 after acquiring an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 52.10% of the company’s stock.
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.
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