Fortis Inc. (NYSE:FTS) Given Average Recommendation of “Hold” by Analysts

Shares of Fortis Inc. (NYSE:FTSGet Rating) have been assigned a consensus recommendation of “Hold” from the twelve brokerages that are presently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $59.88.

A number of research firms have recently weighed in on FTS. Edward Jones lowered Fortis from a “buy” rating to a “hold” rating in a research note on Wednesday, July 27th. UBS Group lowered Fortis from a “neutral” rating to a “sell” rating and set a $56.00 price objective for the company. in a research note on Thursday, June 30th. Finally, Wells Fargo & Company lowered Fortis from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, June 1st.

Fortis Stock Down 0.0 %

Shares of FTS opened at $44.34 on Tuesday. The firm has a market cap of $21.23 billion, a P/E ratio of 21.32, a P/E/G ratio of 3.82 and a beta of 0.35. The stock has a 50 day simple moving average of $46.63 and a two-hundred day simple moving average of $47.76. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.64 and a quick ratio of 0.53. Fortis has a 1 year low of $43.12 and a 1 year high of $51.66.

Fortis (NYSE:FTSGet Rating) last issued its earnings results on Thursday, July 28th. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.04). The firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Fortis had a return on equity of 6.53% and a net margin of 12.77%. On average, analysts forecast that Fortis will post 2.14 earnings per share for the current fiscal year.

Fortis Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 19th were paid a $0.4149 dividend. This represents a $1.66 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend was Thursday, August 18th. Fortis’s payout ratio is 79.33%.

Institutional Trading of Fortis

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTS. American Century Companies Inc. raised its holdings in Fortis by 29.3% in the fourth quarter. American Century Companies Inc. now owns 20,069 shares of the utilities provider’s stock worth $968,000 after purchasing an additional 4,548 shares in the last quarter. Northern Trust Corp raised its holdings in Fortis by 18.1% in the fourth quarter. Northern Trust Corp now owns 92,201 shares of the utilities provider’s stock worth $4,450,000 after purchasing an additional 14,106 shares in the last quarter. Natixis Advisors L.P. raised its holdings in Fortis by 2.3% in the fourth quarter. Natixis Advisors L.P. now owns 24,674 shares of the utilities provider’s stock worth $1,191,000 after purchasing an additional 563 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in Fortis by 8.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 18,158 shares of the utilities provider’s stock worth $877,000 after purchasing an additional 1,442 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in Fortis by 6.8% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 23,499 shares of the utilities provider’s stock worth $1,827,000 after purchasing an additional 1,491 shares in the last quarter. Hedge funds and other institutional investors own 49.38% of the company’s stock.

About Fortis

(Get Rating)

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 438,000 retail customers in southeastern Arizona; and 100,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,485 megawatts (MW), including 53 MW of solar capacity and 252 MV of wind capacity.

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Analyst Recommendations for Fortis (NYSE:FTS)

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