Fortis (NYSE:FTS) Stock Has Consensus Price Target of $65.00

Key Points

• Analysts have a consensus “Hold” rating on Fortis, with five holds and three buys among eight covering firms. The average 12-month price target is $65.00, versus the stock’s opening price of $53.72.
• Fortis reported quarterly EPS of $0.56, slightly above the $0.55 consensus estimate, but revenue of $1.67 billion fell short of the $1.83 billion forecast. Analysts expect full-year EPS of approximately $2.58.
• The company pays a quarterly dividend of C$0.64 per share, equivalent to an annualized C$2.56 and a 4.8% yield. Institutional investors and hedge funds own 57.77% of Fortis shares.

Fortis (NYSE:FTS - Get Free Report) has been assigned an average recommendation of "Hold" from the eight research firms that are currently covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $65.00.

A number of equities analysts have issued reports on FTS shares. Canadian Imperial Bank of Commerce cut Fortis from an "outperform" rating to a "hold" rating in a report on Friday, July 17th. Royal Bank Of Canada boosted their target price on Fortis from $80.00 to $89.00 and gave the stock a "sector perform" rating in a research report on Monday, August 3rd. Scotiabank reaffirmed a "sector perform" rating on shares of Fortis in a research note on Tuesday, August 4th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fortis in a research note on Friday, July 17th. Finally, Wolfe Research set a $50.00 price target on shares of Fortis in a research report on Tuesday, August 4th.

Institutional Investors Weigh In On Fortis

Several hedge funds have recently bought and sold shares of the company. Royal Bank of Canada grew its holdings in shares of Fortis by 4.6% in the 1st quarter. Royal Bank of Canada now owns 35,241,451 shares of the utilities provider's stock valued at $1,966,121,000 after buying an additional 1,557,443 shares during the period. TD Waterhouse Canada Inc. raised its stake in Fortis by 1.4% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 9,436,026 shares of the utilities provider's stock worth $535,234,000 after buying an additional 129,466 shares during the period. Cibc World Market Inc. bought a new position in Fortis during the second quarter worth about $442,633,000. Legal & General Group Plc bought a new position in Fortis during the second quarter worth about $334,727,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Fortis during the second quarter worth about $311,146,000. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Stock Performance

FTS stock opened at $53.72 on Tuesday. The business's fifty day moving average is $54.66 and its 200-day moving average is $55.99. The company has a quick ratio of 0.47, a current ratio of 0.56 and a debt-to-equity ratio of 1.27. The company has a market cap of $27.71 billion, a P/E ratio of 21.75 and a beta of 0.42. Fortis has a twelve month low of $49.60 and a twelve month high of $59.40.

Fortis (NYSE:FTS - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.01. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.83 billion. Fortis had a return on equity of 7.16% and a net margin of 14.17%. During the same period last year, the company earned $0.76 EPS. Equities research analysts forecast that Fortis will post 2.58 EPS for the current year.

Fortis Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th were issued a dividend of C$0.64 per share. The ex-dividend date was Wednesday, August 19th. This represents a $2.56 dividend on an annualized basis and a yield of 4.8%. Fortis's payout ratio is currently 73.68%.

About Fortis

Fortis Inc NYSE: FTS is a regulated electric and gas utility holding company headquartered in St. John's, Newfoundland and Labrador, Canada. Through its operating utilities, the company generates, transmits and distributes electricity and provides natural gas distribution services to residential, commercial and industrial customers.

Fortis operates a portfolio of utility businesses across Canada, the United States and the Caribbean. Its regulated operations include electric utilities in several Canadian provinces, U.S.

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