Jupiter Topco LLC Makes New $2.25 Million Investment in Fortis $FTS

Key Points

• Jupiter Topco LLC initiated a $2.25 million Fortis position by purchasing 39,244 shares in the second quarter. Institutional investors and hedge funds collectively own 57.77% of the utility company.
• Analysts maintain a generally cautious outlook, with three Buy ratings and five Holds; Fortis has a consensus rating of Hold and an average price target of $66.33.
• Fortis reported quarterly EPS of $0.56, slightly above estimates, while revenue fell short of expectations. The company pays a $0.64 quarterly dividend, equivalent to a 4.6% annual yield.

Jupiter Topco LLC purchased a new position in Fortis (NYSE:FTS - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 39,244 shares of the utilities provider's stock, valued at approximately $2,254,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Cibc World Market Inc. acquired a new stake in Fortis during the second quarter worth about $442,633,000. Norges Bank acquired a new position in Fortis in the fourth quarter valued at approximately $335,980,000. Legal & General Group Plc acquired a new position in Fortis in the second quarter valued at approximately $334,727,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Fortis during the second quarter valued at approximately $311,146,000. Finally, Bank of Nova Scotia acquired a new stake in shares of Fortis during the 2nd quarter worth approximately $257,370,000. 57.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. BMO Capital Markets reissued a "market perform" rating on shares of Fortis in a report on Monday, August 3rd. Barclays lowered their price objective on Fortis from $61.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Canadian Imperial Bank of Commerce lowered Fortis from an "outperform" rating to a "hold" rating in a research report on Friday, July 17th. Scotiabank reiterated a "sector perform" rating on shares of Fortis in a research note on Tuesday, August 4th. Finally, Wolfe Research set a $50.00 price target on shares of Fortis in a report on Tuesday, August 4th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Fortis has a consensus rating of "Hold" and a consensus target price of $66.33.

Fortis Stock Performance

FTS opened at $55.54 on Friday. The business's 50 day moving average is $56.84 and its 200-day moving average is $56.62. The stock has a market cap of $28.37 billion, a PE ratio of 22.49 and a beta of 0.42. The company has a current ratio of 0.56, a quick ratio of 0.47 and a debt-to-equity ratio of 1.27. Fortis has a twelve month low of $48.64 and a twelve month high of $59.40.

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

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th were given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Wednesday, August 19th. Fortis's payout ratio is 73.68%.

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.

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