Fortis (NYSE:FTS) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of Fortis (NYSE:FTS) from a hold rating to a sell rating in a report issued on Saturday morning.

Several other equities research analysts have also commented on FTS. Royal Bank Of Canada restated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. TD Securities reissued a “buy” rating on shares of Fortis in a research note on Tuesday, February 17th. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a report on Thursday, January 22nd. Finally, BMO Capital Markets restated a “market perform” rating on shares of Fortis in a report on Friday, February 13th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Fortis presently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Fortis Stock Up 0.2%

Shares of NYSE FTS opened at $58.16 on Friday. Fortis has a 52-week low of $43.28 and a 52-week high of $58.50. The firm has a market capitalization of $29.51 billion, a price-to-earnings ratio of 23.84, a PEG ratio of 4.43 and a beta of 0.49. The stock has a 50 day moving average price of $54.68 and a 200 day moving average price of $52.18. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.42 and a current ratio of 0.51.

Fortis (NYSE:FTS) last released its quarterly earnings data on Thursday, February 12th. The utilities provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.62 by $0.03. The company had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.54 billion. Fortis had a return on equity of 7.24% and a net margin of 14.24%.During the same period last year, the business posted $0.83 EPS. Sell-side analysts expect that Fortis will post 2.35 earnings per share for the current year.

Fortis Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, May 15th. Fortis’s dividend payout ratio (DPR) is 77.05%.

Hedge Funds Weigh In On Fortis

A number of large investors have recently made changes to their positions in FTS. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Fortis during the 4th quarter worth $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after buying an additional 428 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 409 shares in the last quarter. LOM Asset Management Ltd acquired a new stake in Fortis in the fourth quarter worth about $43,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Fortis by 2,119.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 996 shares during the last quarter. 57.77% of the stock is owned by institutional investors and hedge funds.

About Fortis

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.