Shares of Fortis Inc (NYSE:FTS) have been assigned an average recommendation of “Hold” from the seven brokerages that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and three have assigned a buy recommendation to the company.
Several research analysts recently issued reports on the company. Zacks Investment Research upgraded Fortis from a “sell” rating to a “hold” rating in a research report on Wednesday, May 23rd. ValuEngine upgraded Fortis from a “sell” rating to a “hold” rating in a research report on Thursday, July 5th. Scotiabank downgraded Fortis from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, May 1st. Finally, UBS Group assumed coverage on Fortis in a research report on Tuesday, May 1st. They set a “buy” rating for the company.
Shares of Fortis stock traded up $0.53 during trading on Tuesday, hitting $33.35. 262,008 shares of the company were exchanged, compared to its average volume of 286,889. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.59 and a quick ratio of 0.49. Fortis has a fifty-two week low of $30.88 and a fifty-two week high of $38.24. The company has a market capitalization of $13.73 billion, a P/E ratio of 17.10, a P/E/G ratio of 3.01 and a beta of -0.17.
Fortis (NYSE:FTS) last issued its quarterly earnings data on Tuesday, July 31st. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.13. Fortis had a return on equity of 6.75% and a net margin of 11.97%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.57 billion. During the same period in the previous year, the firm posted $0.61 EPS. research analysts expect that Fortis will post 1.95 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, September 1st. Investors of record on Tuesday, August 21st will be given a dividend of $0.324 per share. The ex-dividend date of this dividend is Monday, August 20th. This represents a $1.30 annualized dividend and a dividend yield of 3.89%. Fortis’s dividend payout ratio is currently 67.69%.
Institutional investors have recently modified their holdings of the stock. Ladenburg Thalmann Financial Services Inc. raised its holdings in Fortis by 203.9% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,878 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 1,931 shares during the last quarter. Cumberland Partners Ltd acquired a new position in Fortis in the 2nd quarter valued at $184,000. Trexquant Investment LP acquired a new position in Fortis in the 2nd quarter valued at $202,000. Dynamic Technology Lab Private Ltd acquired a new position in Fortis in the 1st quarter valued at $221,000. Finally, Koch Industries Inc. acquired a new position in Fortis in the 1st quarter valued at $265,000. Hedge funds and other institutional investors own 50.05% of the company’s stock.
Fortis Company Profile
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
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