National Bank Financial Comments on Fortis Inc.’s FY2019 Earnings (FTS)

Fortis Inc. (NYSE:FTS) – Analysts at National Bank Financial issued their FY2019 earnings per share estimates for shares of Fortis in a research report issued on Monday. National Bank Financial analyst P. Kenny anticipates that the utilities provider will post earnings per share of $2.19 for the year. National Bank Financial has a “Underperform” rating on the stock. National Bank Financial also issued estimates for Fortis’ FY2022 earnings at $2.28 EPS.

FTS has been the subject of a number of other research reports. Zacks Investment Research cut Fortis from a “hold” rating to a “sell” rating in a research report on Wednesday, January 3rd. Scotiabank reiterated a “buy” rating and issued a $51.00 price objective on shares of Fortis in a research note on Monday, December 4th. UBS Group upgraded Fortis from a “market perform” rating to an “outperform” rating in a research note on Friday. Finally, Raymond James Financial upgraded Fortis from a “market perform” rating to an “outperform” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Fortis presently has a consensus rating of “Hold” and a consensus price target of $42.33.

Shares of Fortis (NYSE:FTS) traded down $0.32 during trading hours on Tuesday, hitting $32.37. The company’s stock had a trading volume of 204,077 shares, compared to its average volume of 323,103. Fortis has a 12 month low of $31.27 and a 12 month high of $38.24. The firm has a market capitalization of $13,898.04, a PE ratio of 17.12, a P/E/G ratio of 2.96 and a beta of -1.44. The company has a quick ratio of 0.43, a current ratio of 0.52 and a debt-to-equity ratio of 1.31.

Several institutional investors have recently bought and sold shares of FTS. Benjamin F. Edwards & Company Inc. bought a new position in shares of Fortis in the fourth quarter worth about $103,000. PNC Financial Services Group Inc. increased its stake 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 worth $122,000 after purchasing an additional 382 shares during the period. Capital Analysts LLC increased its stake in shares of Fortis by 641.8% in the fourth quarter. Capital Analysts LLC now owns 2,856 shares of the utilities provider’s stock worth $190,000 after purchasing an additional 2,471 shares during the period. Cetera Investment Advisers bought a new position in shares of Fortis in the second quarter worth about $205,000. Finally, Icon Wealth Partners LLC bought a new position in shares of Fortis in the fourth quarter worth about $261,000. Institutional investors and hedge funds own 49.57% of the company’s stock.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be paid a $0.3353 dividend. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.14%. Fortis’s payout ratio is presently 70.16%.

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About Fortis

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 Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.

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