Fortis (NYSE:FTS) Receives Consensus Rating of “Moderate Buy” from Analysts

Fortis (NYSE:FTS) has earned an average rating of “Moderate Buy” from the twelve analysts that are covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $72.00.

Several equities analysts have recently commented on FTS shares. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a research note on Wednesday, November 5th. Scotiabank restated a “sector perform” rating on shares of Fortis in a report on Monday, October 6th. National Bankshares reaffirmed a “sector perform” rating on shares of Fortis in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research report on Wednesday, October 8th. Finally, CIBC restated an “outperform” rating on shares of Fortis in a report on Tuesday, October 21st.

Fortis Price Performance

Shares of FTS stock opened at $51.50 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.54. The company has a market capitalization of $26.13 billion, a PE ratio of 21.46, a price-to-earnings-growth ratio of 4.68 and a beta of 0.50. The firm’s 50-day moving average is $51.55 and its two-hundred day moving average is $50.22. Fortis has a 12 month low of $40.32 and a 12 month high of $52.83.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Tuesday, November 4th. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.02). The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.22 billion. Fortis had a return on equity of 7.05% and a net margin of 14.18%. Analysts predict that Fortis will post 2.35 earnings per share for the current year.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date is Tuesday, February 17th. Fortis’s dividend payout ratio is 75.83%.

Institutional Investors Weigh In On Fortis

Several institutional investors and hedge funds have recently modified their holdings of the company. Trust Co. of Toledo NA OH acquired a new position in Fortis during the 2nd quarter worth about $28,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its stake in Fortis by 157.4% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 428 shares during the period. Larson Financial Group LLC lifted its position in shares of Fortis by 123.9% during the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 409 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Fortis by 2,119.1% in the second 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. Finally, State of Wyoming acquired a new position in shares of Fortis in the second quarter valued at approximately $56,000. Hedge funds and other 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.