Ieq Capital LLC Purchases Shares of 274,795 Fortis $FTS

Key Points

• Ieq Capital LLC acquired 274,795 Fortis shares worth approximately $15.7 million, while institutional investors overall own 57.77% of the utility company.
• Fortis shares were trading at $54.94, down 2.3%, after the company reported quarterly earnings of $0.56 per share—slightly above analyst expectations—on revenue of $1.67 billion.
• Fortis declared a quarterly dividend of $0.64 per share, or $2.56 annually, representing a 4.7% yield. Analysts maintained a generally cautious outlook, with an average rating of “Hold” and an average price target of $66.33.

Ieq Capital LLC acquired a new position in shares of Fortis (NYSE:FTS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 274,795 shares of the utilities provider's stock, valued at approximately $15,727,000. Ieq Capital LLC owned approximately 0.05% of Fortis as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Fortis by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 24,129,958 shares of the utilities provider's stock valued at $1,254,541,000 after purchasing an additional 536,118 shares during the period. Quantinno Capital Management LP grew its holdings in shares of Fortis by 37.7% during the first quarter. Quantinno Capital Management LP now owns 333,219 shares of the utilities provider's stock worth $18,590,000 after buying an additional 91,219 shares in the last quarter. Hillsdale Investment Management Inc. raised its position in Fortis by 39.0% in the 1st quarter. Hillsdale Investment Management Inc. now owns 1,088,628 shares of the utilities provider's stock valued at $60,720,000 after buying an additional 305,450 shares during the last quarter. Royal Bank of Canada lifted its stake in 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 acquiring an additional 1,557,443 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Fortis by 103.4% in the 1st quarter. Janus Henderson Group PLC now owns 48,777 shares of the utilities provider's stock valued at $2,714,000 after acquiring an additional 24,800 shares in the last quarter. 57.77% of the stock is owned by institutional investors.

Fortis Trading Down 2.3%

NYSE FTS opened at $54.94 on Friday. Fortis has a 12 month low of $48.64 and a 12 month high of $59.40. The company has a current ratio of 0.56, a quick ratio of 0.47 and a debt-to-equity ratio of 1.27. The stock has a 50 day moving average of $57.12 and a 200-day moving average of $56.58. The company has a market cap of $28.07 billion, a PE ratio of 22.24 and a beta of 0.43.

Fortis (NYSE:FTS - Get Free Report) last issued its earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.01. Fortis had a net margin of 14.17% and a return on equity of 7.16%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the previous year, the company earned $0.76 earnings per share. On average, equities research analysts anticipate that Fortis will post 2.56 EPS for the current fiscal year.

Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Wednesday, August 19th. Fortis's dividend payout ratio (DPR) is 73.68%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Barclays decreased their price target on shares of Fortis from $61.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. TD Securities reissued a "buy" 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 report on Friday, July 17th. Royal Bank Of Canada raised their target price on shares of Fortis from $80.00 to $89.00 and gave the company a "sector perform" rating in a research report on Monday, August 3rd. Finally, Wolfe Research set a $50.00 price target on shares of Fortis in a research note on Tuesday, August 4th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $66.33.

Fortis Profile

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.

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