Fortis (NYSE:FTS) Stock Has Average Target Price of $65.00 According to Brokerages

Shares of Fortis (NYSE:FTS) have earned an average recommendation of “Hold” from the eight research firms that are currently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $65.00.

A number of equities research analysts recently weighed in on the company. Wolfe Research set a $50.00 target price on Fortis in a research report on Tuesday, August 4th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a report on Monday, August 3rd. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research report on Tuesday, August 4th. TD Securities reiterated a “buy” rating on shares of Fortis in a research report on Tuesday, August 4th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a report on Thursday.

Fortis Stock Performance

NYSE FTS opened at $54.95 on Tuesday. The company’s fifty day moving average is $54.53 and its two-hundred day moving average is $55.96. Fortis has a 52-week low of $49.60 and a 52-week high of $59.40. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.56 and a quick ratio of 0.47. The firm has a market capitalization of $28.34 billion, a price-to-earnings ratio of 22.13 and a beta of 0.42.

Fortis (NYSE:FTS) last announced its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. Fortis had a net margin of 14.17% and a return on equity of 7.16%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the prior year, the business earned $0.76 earnings per share. Equities research analysts forecast that Fortis will post 2.58 EPS for the current year.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th were paid a C$0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Wednesday, August 19th. Fortis’s dividend payout ratio is presently 73.68%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Trust Co. of Vermont bought a new position in Fortis during the 2nd quarter valued at about $26,000. Scarborough Advisors LLC acquired a new position in Fortis in the first quarter valued at about $29,000. CoreCap Advisors LLC grew its stake in 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 buying an additional 239 shares during the last quarter. Aberdeen Wealth Management LLC bought a new stake in Fortis during the second quarter worth about $31,000. Finally, Allworth Financial LP bought a new stake in Fortis during the second quarter worth about $62,000. 57.77% of the stock is owned by institutional investors.

About Fortis

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.