FY2017 EPS Estimates for Fortis Inc. (FTS) Lifted by National Bank Financial

Fortis Inc. (NYSE:FTS) – Research analysts at National Bank Financial raised their FY2017 EPS estimates for shares of Fortis in a research note issued to investors on Monday. National Bank Financial analyst P. Kenny now anticipates that the utilities provider will post earnings per share of $2.13 for the year, up from their prior estimate of $2.03. National Bank Financial has a “Underperform” rating on the stock. National Bank Financial also issued estimates for Fortis’ FY2018 earnings at $2.18 EPS, FY2020 earnings at $2.23 EPS and FY2021 earnings at $2.27 EPS.

A number of other research firms also recently weighed in on FTS. Zacks Investment Research downgraded Fortis from a “buy” rating to a “hold” rating in a report on Thursday, October 19th. Scotiabank reaffirmed a “buy” rating and set a $51.00 price objective on shares of Fortis in a report on Monday, December 4th. Raymond James Financial raised Fortis from a “market perform” rating to an “outperform” rating in a report on Friday, February 9th. Finally, UBS Group raised Fortis from a “market perform” rating to an “outperform” rating in a report on Friday, February 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $42.33.

Shares of Fortis (NYSE:FTS) opened at $32.31 on Wednesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.43 and a current ratio of 0.52. The firm has a market capitalization of $13,713.45, a P/E ratio of 16.76, a price-to-earnings-growth ratio of 2.92 and a beta of -1.44. Fortis has a 1-year low of $31.27 and a 1-year high of $38.24.

Several institutional investors and hedge funds have recently made changes to their positions in FTS. Alliancebernstein L.P. boosted its holdings in shares of Fortis by 44.0% in the 2nd quarter. Alliancebernstein L.P. now owns 53,061 shares of the utilities provider’s stock worth $1,865,000 after acquiring an additional 16,223 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Fortis by 12.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock worth $122,000 after acquiring an additional 382 shares in the last quarter. Parametric Portfolio Associates LLC boosted its holdings in shares of Fortis by 0.3% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 15,074 shares of the utilities provider’s stock worth $530,000 after acquiring an additional 44 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Fortis in the 2nd quarter worth approximately $345,000. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Fortis by 16.9% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 16,218 shares of the utilities provider’s stock worth $570,000 after acquiring an additional 2,345 shares in the last quarter. 49.57% of the stock is currently owned by institutional investors and hedge funds.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be issued a $0.3353 dividend. This represents a $1.34 annualized dividend and a dividend yield of 4.15%. The ex-dividend date is Wednesday, February 14th. Fortis’s payout ratio is currently 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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