FY2017 EPS Estimates for Fortis Inc. Boosted by National Bank Financial (FTS)
Fortis Inc. (NYSE:FTS) – National Bank Financial upped their FY2017 EPS estimates for shares of Fortis in a research note issued to investors on Monday. National Bank Financial analyst P. Kenny now expects that the utilities provider will post earnings per share of $2.13 for the year, up from their previous estimate of $2.03. National Bank Financial currently has a “Underperform” rating on the stock. National Bank Financial also issued estimates for Fortis’ FY2018 earnings at $2.18 EPS, FY2020 earnings at $2.23 EPS and FY2021 earnings at $2.27 EPS.
A number of other analysts also recently commented on the company. Zacks Investment Research downgraded Fortis from a “hold” rating to a “sell” rating in a research report on Wednesday, January 3rd. Scotiabank reiterated a “buy” rating and set a $51.00 target price on shares of Fortis in a research report on Monday, December 4th. Raymond James Financial upgraded Fortis from a “market perform” rating to an “outperform” rating in a research report on Friday, February 9th. Finally, UBS Group upgraded Fortis from a “market perform” rating to an “outperform” rating in a research report on Friday, February 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $42.33.
A number of institutional investors and hedge funds have recently bought and sold shares of FTS. Alliancebernstein L.P. boosted its position in Fortis by 44.0% during the second quarter. Alliancebernstein L.P. now owns 53,061 shares of the utilities provider’s stock worth $1,865,000 after purchasing an additional 16,223 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Fortis by 12.3% in the second quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock valued at $122,000 after acquiring an additional 382 shares in the last quarter. Parametric Portfolio Associates LLC lifted its position in shares of Fortis by 0.3% in the second quarter. Parametric Portfolio Associates LLC now owns 15,074 shares of the utilities provider’s stock valued at $530,000 after acquiring an additional 44 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Fortis in the second quarter valued at $345,000. Finally, Raymond James Financial Services Advisors Inc. lifted its position in shares of Fortis by 16.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 16,218 shares of the utilities provider’s stock valued at $570,000 after acquiring an additional 2,345 shares in the last quarter. Institutional investors own 49.57% of the company’s stock.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th will be given a dividend of $0.3353 per share. The ex-dividend date is Wednesday, February 14th. This represents a $1.34 dividend on an annualized basis and a yield of 4.21%. Fortis’s payout ratio is 66.67%.
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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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