Fortis (NYSE:FTS) Receives $72.00 Consensus Price Target from Brokerages

Fortis (NYSE:FTS) has received a consensus recommendation of “Moderate Buy” from the twelve research firms that are presently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $72.00.

Several research firms have recently weighed in on FTS. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research note on Wednesday, October 8th. CIBC reissued an “outperform” rating on shares of Fortis in a research note on Tuesday, October 21st. Scotiabank restated a “sector perform” rating on shares of Fortis in a report on Monday, October 6th. National Bankshares reiterated a “sector perform” rating on shares of Fortis in a report on Wednesday, November 5th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Fortis in a report on Wednesday, November 5th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC purchased a new stake in Fortis in the 1st quarter worth about $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Fortis by 19.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider’s stock worth $25,760,000 after purchasing an additional 90,776 shares in the last quarter. Mn Services Vermogensbeheer B.V. acquired a new stake in shares of Fortis during the second quarter worth approximately $8,934,000. Canoe Financial LP acquired a new stake in shares of Fortis during the second quarter worth approximately $376,000. Finally, Assenagon Asset Management S.A. grew its position in Fortis by 8.7% during the second quarter. Assenagon Asset Management S.A. now owns 18,953 shares of the utilities provider’s stock valued at $903,000 after purchasing an additional 1,517 shares in the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Fortis Price Performance

NYSE:FTS traded up $0.25 during mid-day trading on Friday, reaching $51.95. 2,146,123 shares of the stock were exchanged, compared to its average volume of 765,920. The business has a fifty day moving average price of $51.66 and a 200 day moving average price of $50.37. The firm has a market capitalization of $26.35 billion, a PE ratio of 21.64, a PEG ratio of 4.72 and a beta of 0.50. The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 1.32. Fortis has a 1-year low of $41.24 and a 1-year high of $52.83.

Fortis (NYSE:FTS) last released its earnings results on Tuesday, November 4th. The utilities provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.02). The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.22 billion. Fortis had a net margin of 14.18% and a return on equity of 7.05%. Research analysts expect that Fortis will post 2.35 earnings per share for the current fiscal year.

Fortis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be issued a $0.64 dividend. The ex-dividend date is Tuesday, February 17th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.9%. Fortis’s dividend payout ratio is presently 77.50%.

Fortis Company Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.