Fortis Inc. (NYSE:FTS) has received an average rating of "Hold" from the twelve analysts that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and six have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $59.50.
FTS has been the subject of several recent analyst reports. Royal Bank of Canada downgraded shares of Fortis from an "outperform" rating to a "sector perform" rating and set a $60.00 price objective for the company. in a research report on Tuesday, January 5th. Zacks Investment Research cut shares of Fortis from a "buy" rating to a "hold" rating in a report on Thursday, January 7th. Finally, BidaskClub cut shares of Fortis from a "hold" rating to a "sell" rating in a report on Wednesday, December 23rd.
A number of large investors have recently modified their holdings of FTS. Toronto Dominion Bank increased its stake in shares of Fortis by 7.5% in the third quarter. Toronto Dominion Bank now owns 8,454,746 shares of the utilities provider's stock worth $345,665,000 after buying an additional 590,265 shares during the last quarter. Scotia Capital Inc. increased its stake in shares of Fortis by 4.6% in the third quarter. Scotia Capital Inc. now owns 5,182,917 shares of the utilities provider's stock worth $211,774,000 after buying an additional 226,101 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Fortis by 42.3% in the third quarter. The Manufacturers Life Insurance Company now owns 4,732,212 shares of the utilities provider's stock worth $257,622,000 after buying an additional 1,405,540 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Fortis by 4.0% in the third quarter. CIBC Asset Management Inc now owns 3,977,851 shares of the utilities provider's stock worth $162,502,000 after buying an additional 154,293 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Fortis by 20.4% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,828,841 shares of the utilities provider's stock worth $74,735,000 after buying an additional 309,283 shares during the last quarter. Hedge funds and other institutional investors own 44.11% of the company's stock.
NYSE FTS opened at $40.52 on Thursday. Fortis has a 52 week low of $28.59 and a 52 week high of $44.72. The company has a quick ratio of 0.61, a current ratio of 0.73 and a debt-to-equity ratio of 1.26. The business's fifty day simple moving average is $40.79 and its 200-day simple moving average is $40.39. The firm has a market cap of $18.91 billion, a PE ratio of 20.57, a P/E/G ratio of 3.40 and a beta of 0.22.
Fortis (NYSE:FTS) last announced its quarterly earnings data on Friday, October 30th. The utilities provider reported $0.49 EPS for the quarter, missing the Zacks' consensus estimate of $0.50 by ($0.01). Fortis had a return on equity of 6.00% and a net margin of 13.88%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the firm posted $0.66 earnings per share. Research analysts expect that Fortis will post 1.95 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 1st. Investors of record on Tuesday, February 16th will be paid a dividend of $0.379 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date is Friday, February 12th. Fortis's dividend payout ratio is currently 80.73%.
Fortis Company Profile
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 429,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,143 megawatts (MW), including 59 MW of solar capacity.
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7 Outdoor Recreation Stocks For Growth And Dividends
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View the "7 Outdoor Recreation Stocks For Growth And Dividends".