Brokerages Set Fortis (NYSE:FTS) Target Price at $61.00

Shares of Fortis (NYSE:FTS) have been assigned a consensus rating of “Hold” from the nine ratings firms that are currently covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $66.3333.

Several analysts recently issued reports on the company. TD Securities reiterated a “buy” rating on shares of Fortis in a report on Tuesday. Wolfe Research set a $50.00 target price on Fortis in a report on Tuesday. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a research report on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a report on Friday, July 17th. Finally, Wall Street Zen cut shares of Fortis from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd.

Fortis Price Performance

Shares of FTS stock opened at $56.31 on Thursday. The firm has a market cap of $28.77 billion, a price-to-earnings ratio of 22.80 and a beta of 0.43. The company has a quick ratio of 0.41, a current ratio of 0.56 and a debt-to-equity ratio of 1.27. Fortis has a 12 month low of $48.64 and a 12 month high of $59.40. The stock has a 50-day moving average price of $57.00 and a 200 day moving average price of $56.32.

Fortis (NYSE:FTS) last posted its earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.01. The company had revenue of $1.67 billion during 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 earned $0.76 EPS. Research analysts expect that Fortis will post 2.57 EPS for the current year.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Fortis’s dividend payout ratio (DPR) is presently 72.87%.

Institutional Investors Weigh In On Fortis

A number of institutional investors have recently modified their holdings of the business. Scarborough Advisors LLC bought a new position in Fortis during the first quarter worth about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Fortis during the fourth quarter worth approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its position in shares of Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after buying an additional 428 shares in the last quarter. Larson Financial Group LLC boosted its stake in shares of Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after buying an additional 409 shares during the period. Finally, LOM Asset Management Ltd acquired a new stake in Fortis during the fourth quarter worth approximately $43,000. Institutional investors own 57.77% of the company’s stock.

Fortis Company 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.