Envestnet Asset Management Inc. Sells 16,030 Shares of Fortis $FTS

Envestnet Asset Management Inc. decreased its position in Fortis (NYSE:FTS) by 9.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 150,919 shares of the utilities provider’s stock after selling 16,030 shares during the period. Envestnet Asset Management Inc.’s holdings in Fortis were worth $7,658,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in FTS. AQR Capital Management LLC bought a new stake in shares of Fortis in the first quarter worth $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Fortis by 19.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider’s stock worth $25,760,000 after buying an additional 90,776 shares in the last quarter. QV Investors Inc. boosted its stake in shares of Fortis by 0.8% during the 2nd quarter. QV Investors Inc. now owns 1,064,121 shares of the utilities provider’s stock worth $50,707,000 after buying an additional 8,242 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Fortis by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 704,541 shares of the utilities provider’s stock valued at $33,628,000 after acquiring an additional 2,116 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Fortis by 17.5% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 43,743 shares of the utilities provider’s stock valued at $2,088,000 after acquiring an additional 6,510 shares during the last quarter. 57.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on FTS. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research report on Friday, February 13th. TD Securities reissued a “buy” rating on shares of Fortis in a report on Tuesday. Wall Street Zen cut shares of Fortis from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research report on Thursday, January 22nd. Finally, Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Fortis has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Fortis Stock Down 0.4%

FTS stock opened at $56.28 on Friday. Fortis has a 1-year low of $43.19 and a 1-year high of $57.25. The business’s 50 day simple moving average is $53.03 and its 200 day simple moving average is $51.45. The company has a current ratio of 0.51, a quick ratio of 0.42 and a debt-to-equity ratio of 1.28. The firm has a market capitalization of $28.55 billion, a PE ratio of 23.06, a PEG ratio of 4.30 and a beta of 0.50.

Fortis (NYSE:FTS) last released its quarterly earnings data on Thursday, February 12th. The utilities provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. Fortis had a net margin of 14.24% and a return on equity of 7.24%. The firm had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the previous year, the business posted $0.83 earnings per share. As a group, research analysts anticipate that Fortis will post 2.35 EPS for the current year.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be paid a $0.64 dividend. The ex-dividend date is Friday, May 15th. This represents a $2.56 dividend on an annualized basis and a yield of 4.5%. Fortis’s dividend payout ratio is 76.64%.

Fortis 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.