Norges Bank Makes New Investment in Fortis Inc. (NYSE:FTS)


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Norges Bank purchased a new position in shares of Fortis Inc. (NYSE:FTS) during the 4th quarter, Holdings Channel reports. The fund purchased 4,676,985 shares of the utilities provider’s stock, valued at approximately $191,047,000.

Several other institutional investors have also recently added to or reduced their stakes in FTS. Toronto Dominion Bank grew its stake in Fortis by 31.1% in the 4th quarter. Toronto Dominion Bank now owns 11,085,675 shares of the utilities provider’s stock valued at $475,317,000 after buying an additional 2,630,929 shares during the last quarter. Scotia Capital Inc. lifted its stake in Fortis by 8.0% in the 4th quarter. Scotia Capital Inc. now owns 5,600,098 shares of the utilities provider’s stock valued at $228,596,000 after purchasing an additional 417,181 shares during the last quarter. Guardian Capital LP lifted its stake in Fortis by 28.2% in the 4th quarter. Guardian Capital LP now owns 2,488,970 shares of the utilities provider’s stock valued at $101,591,000 after purchasing an additional 546,823 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Fortis by 17.4% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,146,623 shares of the utilities provider’s stock valued at $87,686,000 after purchasing an additional 317,782 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Fortis by 14.1% in the 4th quarter. JPMorgan Chase & Co. now owns 2,056,789 shares of the utilities provider’s stock valued at $83,958,000 after purchasing an additional 254,470 shares during the last quarter. Institutional investors own 47.82% of the company’s stock.

Several equities analysts recently commented on FTS shares. National Bank Financial dropped their price objective on shares of Fortis and set a “sector perform” rating for the company in a research note on Wednesday, January 27th. Scotiabank dropped their price target on shares of Fortis from $63.00 to $61.00 and set an “outperform” rating for the company in a research note on Wednesday, January 27th. Royal Bank of Canada dropped their price target on shares of Fortis from $60.00 to $59.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 16th. Finally, Zacks Investment Research downgraded shares of Fortis from a “buy” rating to a “hold” rating in a research note on Monday, February 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $57.75.

FTS stock opened at $43.65 on Thursday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.73 and a quick ratio of 0.61. Fortis Inc. has a one year low of $35.53 and a one year high of $44.07. The stock has a market cap of $20.38 billion, a PE ratio of 22.16, a P/E/G ratio of 3.06 and a beta of 0.22. The firm has a 50 day simple moving average of $41.50 and a two-hundred day simple moving average of $41.01.

Fortis (NYSE:FTS) last released its quarterly earnings results on Thursday, February 11th. The utilities provider reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.17. Fortis had a net margin of 13.88% and a return on equity of 6.00%. The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the previous year, the company earned $0.62 EPS. On average, research analysts expect that Fortis Inc. will post 1.97 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 1st. Stockholders of record on Monday, May 17th will be issued a $0.3962 dividend. This represents a $1.58 dividend on an annualized basis and a dividend yield of 3.63%. This is a positive change from Fortis’s previous quarterly dividend of $0.38. The ex-dividend date is Friday, May 14th. Fortis’s payout ratio is presently 80.21%.

About Fortis

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 433,000 retail customers in southeastern Arizona; and 98,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,233 megawatts (MW), including 59 MW of solar capacity.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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