CIBC cut shares of Fortis (NYSE:FTS) from a sector outperform rating to a neutral rating in a report published on Thursday morning, BenzingaRatingsTable reports.
FTS has been the subject of a number of other research reports. UBS Group reissued a buy rating on shares of Fortis in a research note on Friday, June 7th. Zacks Investment Research cut shares of Fortis from a buy rating to a hold rating in a research note on Wednesday, August 7th. Bank of America set a $54.00 price target on shares of Fortis and gave the stock a buy rating in a research note on Thursday, May 2nd. ValuEngine cut shares of Fortis from a buy rating to a hold rating in a research note on Thursday, August 1st. Finally, Veritas Investment Research cut shares of Fortis from a buy rating to a sell rating in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $51.20.
FTS stock opened at $40.62 on Thursday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.62 and a quick ratio of 0.51. Fortis has a one year low of $31.37 and a one year high of $41.26. The stock has a market cap of $17.80 billion, a PE ratio of 21.27, a P/E/G ratio of 4.10 and a beta of 0.18. The firm has a 50 day simple moving average of $40.08 and a two-hundred day simple moving average of $37.95.
Fortis (NYSE:FTS) last released its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.55 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.11. Fortis had a net margin of 12.72% and a return on equity of 6.80%. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the company earned $0.57 EPS. On average, research analysts expect that Fortis will post 1.96 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Tuesday, August 20th will be issued a $0.344 dividend. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.39%. This is a positive change from Fortis’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Monday, August 19th. Fortis’s payout ratio is presently 71.20%.
Institutional investors and hedge funds have recently made changes to their positions in the company. Bremer Bank National Association bought a new stake in shares of Fortis in the 1st quarter worth approximately $27,000. Stonebridge Capital Advisors LLC bought a new stake in shares of Fortis in the 2nd quarter worth approximately $30,000. Ropes Wealth Advisors LLC bought a new stake in shares of Fortis in the 2nd quarter worth approximately $39,000. AGF Investments LLC bought a new stake in shares of Fortis in the 2nd quarter worth approximately $54,000. Finally, Winslow Evans & Crocker Inc. lifted its holdings in shares of Fortis by 1,617.6% in the 1st quarter. Winslow Evans & Crocker Inc. now owns 1,752 shares of the utilities provider’s stock worth $66,000 after acquiring an additional 1,650 shares during the last quarter. Hedge funds and other institutional investors own 52.13% 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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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