Fortis (NYSE:FTS) Stock Has Consensus Target Price of $66.67 According to Analysts

Key Points

• Analyst sentiment is mostly neutral: Eight analysts give Fortis a consensus “Hold” rating (six holds and two buys), with an average one-year price target of $66.67.
• Fortis reported quarterly EPS of $0.66, beating the $0.63 consensus, while revenue of $2.12 billion fell short of the $2.27 billion estimate.
• Fortis raised its quarterly dividend from C$0.64 to C$0.67 per share, equivalent to an annualized yield of about 4.4%.

Shares of Fortis (NYSE:FTS - Get Free Report) have received an average recommendation of "Hold" from the eight analysts that are covering the firm, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $66.67.

A number of equities research analysts have issued reports on the company. Scotiabank reaffirmed a "sector perform" rating on shares of Fortis in a research report on Tuesday, August 4th. Weiss Ratings restated a "buy (b)" rating on shares of Fortis in a research report on Thursday, October 15th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Fortis in a report on Wednesday, October 28th. Royal Bank Of Canada increased their target price on Fortis from $80.00 to $89.00 and gave the company a "sector perform" rating in a research report on Monday, August 3rd. Finally, Raymond James Financial lowered Fortis from a "moderate buy" rating to a "hold" rating in a research note on Wednesday.

Fortis Trading Down 1.8%

Shares of NYSE:FTS opened at $60.09 on Friday. The company's fifty day simple moving average is $55.26 and its 200 day simple moving average is $56.07. 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 firm has a market cap of $31.00 billion, a price-to-earnings ratio of 23.66 and a beta of 0.42. Fortis has a 12 month low of $49.99 and a 12 month high of $61.71.

Fortis (NYSE:FTS - Get Free Report) last announced its quarterly earnings results on Tuesday, November 3rd. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.03. Fortis had a return on equity of 7.16% and a net margin of 14.17%. The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.27 billion. As a group, research analysts forecast that Fortis will post 2.58 EPS for the current fiscal year.

Fortis Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be issued a dividend of C$0.67 per share. This represents a $2.66 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, November 17th. This is a positive change from Fortis's previous quarterly dividend of C$0.64. Fortis's payout ratio is presently 71.65%.

Institutional Investors Weigh In On Fortis

Several hedge funds and other institutional investors have recently made changes to their positions in FTS. CoreCap Advisors LLC raised its holdings in shares of Fortis by 78.4% during the third quarter. CoreCap Advisors LLC now owns 544 shares of the utilities provider's stock worth $29,000 after purchasing an additional 239 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in Fortis by 10.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,121 shares of the utilities provider's stock worth $174,000 after buying an additional 308 shares during the period. Syon Capital LLC lifted its holdings in shares of Fortis by 3.8% during the 2nd quarter. Syon Capital LLC now owns 8,714 shares of the utilities provider's stock worth $499,000 after acquiring an additional 316 shares during the period. J. Safra Sarasin Holding AG raised its stake in shares of Fortis by 4.8% in the 1st quarter. J. Safra Sarasin Holding AG now owns 7,110 shares of the utilities provider's stock valued at $395,000 after purchasing an additional 326 shares during the period. Finally, Parallel Advisors LLC raised its stake in Fortis by 13.1% during the first quarter. Parallel Advisors LLC now owns 2,826 shares of the utilities provider's stock worth $158,000 after acquiring an additional 327 shares in the last quarter. Hedge funds and other institutional investors own 57.77% of the company's stock.

Fortis Company Profile

Fortis Inc is a Canadian utility holding company that owns and operates regulated electric and natural gas utilities. Its businesses are primarily focused on the transmission and distribution of electricity, natural gas distribution, and related energy infrastructure.

Through its portfolio of utility subsidiaries, Fortis serves customers across Canada and the United States, with additional operations in the Caribbean. Its businesses include electric utilities, natural gas utilities, and electric transmission assets, providing essential energy services to residential, commercial, and industrial customers.

Fortis has expanded from its Canadian utility origins through acquisitions and investments in regulated infrastructure.

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