Baskin Financial Services Inc. lifted its position in shares of Fortis (NYSE:FTS – Free Report) by 144.8% during the third quarter, HoldingsChannel reports. The firm owned 18,089 shares of the utilities provider’s stock after buying an additional 10,700 shares during the quarter. Baskin Financial Services Inc.’s holdings in Fortis were worth $955,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. TD Waterhouse Canada Inc. grew its stake in Fortis by 0.7% in the third quarter. TD Waterhouse Canada Inc. now owns 9,504,530 shares of the utilities provider’s stock valued at $502,562,000 after acquiring an additional 68,504 shares during the period. Triasima Portfolio Management inc. increased its holdings in shares of Fortis by 2.1% in the third quarter. Triasima Portfolio Management inc. now owns 268,825 shares of the utilities provider’s stock worth $14,233,000 after acquiring an additional 5,635 shares in the last quarter. Mitchell & Pahl Private Wealth LLC increased its holdings in shares of Fortis by 6.4% in the third quarter. Mitchell & Pahl Private Wealth LLC now owns 19,962 shares of the utilities provider’s stock worth $1,054,000 after acquiring an additional 1,207 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Fortis by 32.5% during the third quarter. Farther Finance Advisors LLC now owns 2,047 shares of the utilities provider’s stock worth $108,000 after purchasing an additional 502 shares during the period. Finally, CoreCap Advisors LLC raised its position in shares of Fortis by 78.4% during the third quarter. CoreCap Advisors LLC now owns 544 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 239 shares during the period. Institutional investors and hedge funds own 57.77% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on FTS. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a report on Tuesday, August 4th. TD Securities reissued a “buy” rating on shares of Fortis in a research note on Tuesday, August 4th. Royal Bank Of Canada raised their target price on shares of Fortis from $80.00 to $89.00 and gave the stock a “sector perform” rating in a report on Monday, August 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research note on Thursday. Finally, Canadian Imperial Bank of Commerce lowered shares of Fortis from an “outperform” rating to a “hold” rating in a research note on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Fortis currently has an average rating of “Hold” and a consensus price target of $65.00.
Check Out Our Latest Analysis on Fortis
Fortis Stock Down 1.5%
FTS stock traded down $0.85 during trading hours on Monday, reaching $54.91. 221,178 shares of the stock were exchanged, compared to its average volume of 819,363. The firm’s 50-day moving average is $54.54 and its 200-day moving average is $55.97. Fortis has a 12 month low of $49.60 and a 12 month high of $59.40. The company has a market cap of $28.32 billion, a price-to-earnings ratio of 22.23 and a beta of 0.42. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.56 and a quick ratio of 0.47.
Fortis (NYSE:FTS – Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.83 billion. Fortis had a return on equity of 7.16% and a net margin of 14.17%. During the same period in the previous year, the company posted $0.76 earnings per share. On average, equities research analysts expect that Fortis will post 2.58 earnings per share for the current year.
Fortis Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th were given a C$0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Wednesday, August 19th. Fortis’s dividend payout ratio (DPR) is currently 73.68%.
Fortis Profile
Fortis Inc is a Canadian utility holding company that owns and operates regulated electric and natural gas utilities. Its businesses are primarily focused on the transmission and distribution of electricity, natural gas distribution, and related energy infrastructure.
Through its portfolio of utility subsidiaries, Fortis serves customers across Canada and the United States, with additional operations in the Caribbean. Its businesses include electric utilities, natural gas utilities, and electric transmission assets, providing essential energy services to residential, commercial, and industrial customers.
Fortis has expanded from its Canadian utility origins through acquisitions and investments in regulated infrastructure.
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