Fortis Inc. (NYSE:FTS) Short Interest Down 9.7% in August

Fortis Inc. (NYSE:FTSGet Rating) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 7,090,000 shares, a decline of 9.7% from the August 15th total of 7,850,000 shares. Based on an average trading volume of 705,300 shares, the days-to-cover ratio is presently 10.1 days.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Edward Jones lowered Fortis from a “buy” rating to a “hold” rating in a research report on Wednesday, July 27th. UBS Group downgraded Fortis from a “neutral” rating to a “sell” rating and set a $56.00 price target for the company. in a research note on Thursday, June 30th. Finally, Wells Fargo & Company downgraded Fortis from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, June 1st. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.88.

Institutional Investors Weigh In On Fortis

A number of hedge funds have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC raised its holdings in shares of Fortis by 20.3% during the first quarter. Steward Partners Investment Advisory LLC now owns 1,521 shares of the utilities provider’s stock valued at $75,000 after buying an additional 257 shares during the last quarter. Cigna Investments Inc. New raised its holdings in shares of Fortis by 3.7% during the second quarter. Cigna Investments Inc. New now owns 8,846 shares of the utilities provider’s stock valued at $417,000 after buying an additional 319 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Fortis by 9.9% during the first quarter. PNC Financial Services Group Inc. now owns 3,569 shares of the utilities provider’s stock worth $177,000 after purchasing an additional 322 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in Fortis by 6.6% during the second quarter. Quadrant Capital Group LLC now owns 5,669 shares of the utilities provider’s stock worth $268,000 after purchasing an additional 350 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Fortis by 8.4% during the second quarter. Assenagon Asset Management S.A. now owns 5,065 shares of the utilities provider’s stock worth $239,000 after purchasing an additional 393 shares in the last quarter. Institutional investors own 49.38% of the company’s stock.

Fortis Stock Performance

Shares of FTS stock opened at $42.85 on Monday. The company has a quick ratio of 0.53, a current ratio of 0.64 and a debt-to-equity ratio of 1.23. The business has a 50 day moving average of $45.98 and a two-hundred day moving average of $47.68. Fortis has a 52 week low of $42.42 and a 52 week high of $51.66. The company has a market cap of $20.51 billion, a P/E ratio of 20.60, a PEG ratio of 3.72 and a beta of 0.35.

Fortis (NYSE:FTSGet Rating) last issued its earnings results on Thursday, July 28th. The utilities provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.04). Fortis had a net margin of 12.77% and a return on equity of 6.53%. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.73 billion. As a group, analysts anticipate that Fortis will post 2.13 EPS for the current year.

Fortis Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were issued a dividend of $0.4149 per share. The ex-dividend date was Thursday, August 18th. This represents a $1.66 dividend on an annualized basis and a dividend yield of 3.87%. Fortis’s dividend payout ratio (DPR) is presently 79.33%.

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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