Analysts Set Fortis (NYSE:FTS) Target Price at $72.00

Shares of Fortis (NYSE:FTS) have been assigned a consensus rating of “Moderate Buy” from the ten analysts that are presently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $72.00.

Several research firms have weighed in on FTS. Wall Street Zen upgraded Fortis from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Scotiabank restated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research note on Thursday, January 22nd. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research report on Friday, February 13th.

Hedge Funds Weigh In On Fortis

Several hedge funds and other institutional investors have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Fortis in the fourth quarter worth about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in shares of Fortis by 157.4% during the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 428 shares during the period. Larson Financial Group LLC raised its position in shares of Fortis by 123.9% in the 3rd quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 409 shares in the last quarter. LOM Asset Management Ltd bought a new position in shares of Fortis in the 4th quarter worth approximately $43,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of Fortis by 2,119.1% in the 2nd 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 during the period. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Fortis Stock Performance

Fortis stock opened at $57.83 on Monday. The company has a current ratio of 0.51, a quick ratio of 0.42 and a debt-to-equity ratio of 1.28. The firm has a 50-day moving average of $54.10 and a 200-day moving average of $51.91. The firm has a market cap of $29.34 billion, a P/E ratio of 23.70, a P/E/G ratio of 4.36 and a beta of 0.49. Fortis has a 1-year low of $43.28 and a 1-year high of $57.93.

Fortis (NYSE:FTS) last posted its earnings results on Thursday, February 12th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.03. The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Fortis had a return on equity of 7.24% and a net margin of 14.24%.During the same period last year, the firm earned $0.83 earnings per share. Sell-side analysts expect that Fortis will post 2.35 EPS for the current year.

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be paid a dividend of $0.64 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.4%. Fortis’s payout ratio is presently 77.05%.

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.