QV Investors Inc. Cuts Position in Fortis $FTS

QV Investors Inc. reduced its stake in Fortis (NYSE:FTS) by 8.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 969,681 shares of the utilities provider’s stock after selling 94,440 shares during the period. Fortis accounts for 4.3% of QV Investors Inc.’s portfolio, making the stock its 7th largest position. QV Investors Inc. owned approximately 0.19% of Fortis worth $49,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Trust Co. of Toledo NA OH purchased a new position in shares of Fortis during the 2nd quarter worth approximately $28,000. Smartleaf Asset Management LLC boosted its position in shares of Fortis by 2,119.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 996 shares in the last quarter. State of Wyoming purchased a new stake in Fortis in the second quarter worth $56,000. Allworth Financial LP raised its holdings in Fortis by 157.3% in the second quarter. Allworth Financial LP now owns 1,253 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 766 shares in the last quarter. Finally, Fifth Third Bancorp purchased a new position in Fortis during the second quarter valued at $65,000. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

Fortis Trading Up 0.1%

NYSE:FTS opened at $52.33 on Friday. The stock has a market cap of $26.55 billion, a price-to-earnings ratio of 21.80, a PEG ratio of 4.76 and a beta of 0.50. The company has a quick ratio of 0.54, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The company’s 50 day moving average price is $51.67 and its 200-day moving average price is $50.49. Fortis has a 52 week low of $41.24 and a 52 week high of $52.89.

Fortis (NYSE:FTS) last announced its quarterly earnings data on Tuesday, November 4th. The utilities provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.02). Fortis had a return on equity of 7.05% and a net margin of 14.18%.The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.22 billion. On average, equities research analysts forecast that Fortis will post 2.35 earnings per share for the current fiscal year.

Fortis Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $2.56 annualized dividend and a dividend yield of 4.9%. Fortis’s dividend payout ratio (DPR) is 75.83%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Scotiabank reaffirmed a “sector perform” rating on shares of Fortis in a research report on Monday, October 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research note on Wednesday, October 8th. BMO Capital Markets restated a “market perform” rating on shares of Fortis in a report on Wednesday, November 5th. National Bankshares reiterated a “sector perform” rating on shares of Fortis in a report on Wednesday, November 5th. Finally, CIBC restated an “outperform” rating on shares of Fortis in a research note on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fortis currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Fortis 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.