Brokerages Set Fortis (NYSE:FTS) PT at $72.00

Fortis (NYSE:FTS) has received an average rating of “Hold” from the eleven brokerages that are covering the company, Marketbeat reports. Six research analysts have rated the stock with a hold rating and five have given a buy rating 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.

A number of equities research analysts recently weighed in on FTS shares. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a report on Thursday, January 22nd. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research note on Wednesday, November 5th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Fortis in a research report on Tuesday, October 21st. Finally, National Bankshares reiterated a “sector perform” rating on shares of Fortis in a report on Wednesday, November 5th.

Fortis Price Performance

Fortis stock opened at $54.04 on Thursday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.54 and a current ratio of 0.66. The stock has a market capitalization of $27.42 billion, a price-to-earnings ratio of 22.52, a PEG ratio of 4.22 and a beta of 0.50. The stock’s 50 day moving average price is $52.03 and its two-hundred day moving average price is $51.00. Fortis has a 52-week low of $42.95 and a 52-week high of $55.34.

Fortis Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be issued a $0.64 dividend. The ex-dividend date is Tuesday, February 17th. This represents a $2.56 annualized dividend and a dividend yield of 4.7%. Fortis’s dividend payout ratio is currently 75.83%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTS. Trust Co. of Toledo NA OH purchased a new stake in Fortis in the 2nd quarter valued at about $28,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in shares of Fortis by 157.4% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 428 shares during the last quarter. Larson Financial Group LLC lifted its holdings in 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 acquiring an additional 409 shares during the period. LOM Asset Management Ltd purchased a new position in Fortis in the fourth quarter worth $43,000. Finally, Smartleaf Asset Management LLC boosted its position in Fortis by 2,119.1% in the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 996 shares during the last quarter. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

About Fortis

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.