Fortis (NYSE:FTS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Fortis (NYSE:FTS) have been assigned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are presently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $72.00.

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a report on Thursday, January 22nd. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a research note on Wednesday, November 5th. CIBC reiterated an “outperform” rating on shares of Fortis in a report on Tuesday, October 21st. Finally, National Bankshares restated a “sector perform” rating on shares of Fortis in a report on Wednesday, November 5th.

Fortis Price Performance

Shares of Fortis stock opened at $54.31 on Thursday. The firm has a market capitalization of $27.55 billion, a PE ratio of 22.63, a price-to-earnings-growth ratio of 4.23 and a beta of 0.50. The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 1.32. Fortis has a 12 month low of $42.95 and a 12 month high of $54.79. The business’s 50-day moving average price is $51.95 and its 200-day moving average price is $50.91.

Fortis (NYSE:FTS) last issued its earnings results on Tuesday, November 4th. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate 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. Sell-side analysts forecast that Fortis will post 2.35 EPS for the current fiscal year.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, February 17th. Fortis’s dividend payout ratio is 75.83%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. JARISLOWSKY FRASER Ltd increased its stake in shares of Fortis by 1.7% in the 3rd quarter. JARISLOWSKY FRASER Ltd now owns 13,325 shares of the utilities provider’s stock worth $676,000 after purchasing an additional 220 shares in the last quarter. West Family Investments Inc. grew its holdings in Fortis by 4.3% during the third quarter. West Family Investments Inc. now owns 5,443 shares of the utilities provider’s stock valued at $276,000 after purchasing an additional 224 shares during the period. Newport Trust Company LLC increased its position in Fortis by 2.8% in the third quarter. Newport Trust Company LLC now owns 9,734 shares of the utilities provider’s stock worth $494,000 after buying an additional 263 shares in the last quarter. Argonautica Private Wealth Management Inc. raised its stake in shares of Fortis by 3.5% in the third quarter. Argonautica Private Wealth Management Inc. now owns 7,895 shares of the utilities provider’s stock worth $401,000 after buying an additional 270 shares during the period. Finally, Compound Planning Inc. lifted its position in shares of Fortis by 6.6% during the 3rd quarter. Compound Planning Inc. now owns 4,536 shares of the utilities provider’s stock valued at $230,000 after buying an additional 281 shares in the last quarter. 57.77% of the stock is owned by hedge funds and other institutional investors.

About Fortis

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.