National Bank Financial upgraded shares of Fortis (NYSE:FTS) from an underperform rating to a sector perform rating in a research note released on Friday, February 16th. National Bank Financial also issued estimates for Fortis’ FY2017 earnings at $2.13 EPS, FY2018 earnings at $2.18 EPS, FY2019 earnings at $2.19 EPS, FY2020 earnings at $2.23 EPS, FY2021 earnings at $2.27 EPS and FY2022 earnings at $2.28 EPS.
A number of other research analysts also recently weighed in on FTS. Zacks Investment Research downgraded shares of Fortis from a buy rating to a hold rating in a research report on Thursday, October 19th. Scotiabank reissued a buy rating and issued a $51.00 price objective on shares of Fortis in a research report on Monday, December 4th. UBS Group raised shares of Fortis from a market perform rating to an outperform rating in a report on Friday, February 9th. Raymond James Financial raised shares of Fortis from a market perform rating to an outperform rating in a report on Friday, February 9th. Finally, CIBC upgraded shares of Fortis from a neutral rating to a sector outperform rating in a research note on Thursday, February 15th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $42.33.
Shares of Fortis (FTS) traded up $0.01 during mid-day trading on Friday, reaching $33.22. 285,542 shares of the company’s stock were exchanged, compared to its average volume of 346,509. The company has a current ratio of 0.63, a quick ratio of 0.53 and a debt-to-equity ratio of 1.40. The company has a market capitalization of $14,136.33, a PE ratio of 18.66, a PEG ratio of 3.27 and a beta of -0.10. Fortis has a 1 year low of $31.41 and a 1 year high of $38.24.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 18th will be given a dividend of $0.3379 per share. This represents a $1.35 dividend on an annualized basis and a yield of 4.07%. This is a boost from Fortis’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 17th. Fortis’s dividend payout ratio is currently 76.40%.
Hedge funds have recently added to or reduced their stakes in the stock. AXA increased its position in Fortis by 22.3% during the 3rd quarter. AXA now owns 435,972 shares of the utilities provider’s stock worth $15,595,000 after purchasing an additional 79,523 shares in the last quarter. AMP Capital Investors Ltd boosted its stake in shares of Fortis by 2.6% in the 3rd quarter. AMP Capital Investors Ltd now owns 179,175 shares of the utilities provider’s stock valued at $6,414,000 after purchasing an additional 4,461 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Fortis by 9.7% in the 3rd quarter. Canada Pension Plan Investment Board now owns 352,950 shares of the utilities provider’s stock valued at $12,638,000 after purchasing an additional 31,097 shares during the last quarter. Swiss National Bank boosted its stake in shares of Fortis by 1.0% in the 4th quarter. Swiss National Bank now owns 1,620,482 shares of the utilities provider’s stock valued at $59,491,000 after purchasing an additional 15,700 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Fortis in the 3rd quarter valued at $3,236,000. Institutional investors and hedge funds own 53.41% of the company’s stock.
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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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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