Ninepoint Partners LP Takes Position in Fortis $FTS

Key Points

• Ninepoint Partners LP initiated a Fortis position in the second quarter, purchasing 97,861 shares valued at approximately $5.6 million. Institutional investors and hedge funds collectively own 57.77% of Fortis stock.
• Fortis reported quarterly EPS of $0.56, slightly above the $0.55 consensus estimate, while revenue of $1.67 billion fell short of expectations. Shares opened at $56.26, with a market capitalization of $28.74 billion.
• Fortis declared a quarterly dividend of $0.64 per share, equivalent to an annualized $2.56 and a 4.6% yield. Analysts maintain a consensus “Hold” rating with a $66.33 price target.

Ninepoint Partners LP bought a new position in shares of Fortis (NYSE:FTS - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 97,861 shares of the utilities provider's stock, valued at approximately $5,601,000.

A number of other institutional investors have also modified their holdings of the business. Addison Capital Co boosted its stake in Fortis by 0.9% during the 1st quarter. Addison Capital Co now owns 32,797 shares of the utilities provider's stock worth $1,830,000 after purchasing an additional 289 shares during the period. Public Sector Pension Investment Board increased its stake in Fortis by 0.6% in the second quarter. Public Sector Pension Investment Board now owns 48,548 shares of the utilities provider's stock valued at $2,313,000 after purchasing an additional 300 shares during the period. PNC Financial Services Group Inc. increased its stake in Fortis by 10.9% in the first quarter. PNC Financial Services Group Inc. now owns 3,121 shares of the utilities provider's stock valued at $174,000 after purchasing an additional 308 shares during the period. Wellington Management Group LLP raised its holdings in shares of Fortis by 0.8% in the fourth quarter. Wellington Management Group LLP now owns 37,822 shares of the utilities provider's stock valued at $1,969,000 after buying an additional 316 shares during the last quarter. Finally, Royal London Asset Management Ltd. raised its holdings in shares of Fortis by 0.9% in the second quarter. Royal London Asset Management Ltd. now owns 34,938 shares of the utilities provider's stock valued at $1,668,000 after buying an additional 325 shares during the last quarter. 57.77% of the stock is owned by institutional investors and hedge funds.

Fortis Stock Up 0.1%

Shares of NYSE:FTS opened at $56.26 on Friday. Fortis has a fifty-two week low of $48.64 and a fifty-two week high of $59.40. 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's 50-day simple moving average is $57.16 and its 200-day simple moving average is $56.59. The company has a market cap of $28.74 billion, a price-to-earnings ratio of 22.78 and a beta of 0.43.

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 firm had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.83 billion. Fortis had a net margin of 14.17% and a return on equity of 7.16%. During the same period in the prior year, the company posted $0.76 earnings per share. As a group, equities research analysts predict that Fortis will post 2.56 earnings per share for the current year.

Fortis Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on FTS shares. Scotiabank reissued a "sector perform" rating on shares of Fortis in a report on Tuesday, August 4th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fortis in a research note on Friday, July 17th. Royal Bank Of Canada increased their price objective on Fortis from $80.00 to $89.00 and gave the stock a "sector perform" rating in a research report on Monday, August 3rd. BMO Capital Markets reiterated a "market perform" rating on shares of Fortis in a research note on Monday, August 3rd. Finally, TD Securities reissued a "buy" rating on shares of Fortis in a report on Tuesday, August 4th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Fortis presently has a consensus rating of "Hold" and a consensus price target of $66.33.

Fortis Company 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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