Ieq Capital LLC Makes New $15.73 Million Investment in Fortis $FTS

Ieq Capital LLC acquired a new stake in Fortis (NYSE:FTS) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 274,795 shares of the utilities provider’s stock, valued at approximately $15,727,000.

Other hedge funds also recently made changes to their positions in the company. Trust Co. of Vermont bought a new position in shares of Fortis during the 2nd quarter worth approximately $26,000. Scarborough Advisors LLC acquired a new stake in Fortis during the 1st quarter valued at $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Fortis during the fourth quarter worth $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its position in Fortis by 157.4% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 428 shares during the period. Finally, Larson Financial Group LLC increased its holdings in shares of Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 409 shares during the last quarter. 57.77% of the stock is owned by institutional investors and hedge funds.

Fortis Trading Down 2.3%

FTS stock opened at $54.94 on Friday. Fortis has a 52 week low of $48.64 and a 52 week high of $59.40. The company has a market capitalization of $28.07 billion, a PE ratio of 22.24 and a beta of 0.43. The company’s 50-day simple moving average is $57.12 and its 200 day simple moving average is $56.58. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.47 and a current ratio of 0.56.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.01. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Fortis had a net margin of 14.17% and a return on equity of 7.16%. During the same quarter in the previous year, the company earned $0.76 EPS. As a group, sell-side analysts anticipate that Fortis will post 2.56 earnings per share for the current year.

Fortis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be issued a dividend of $0.64 per share. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $2.56 annualized dividend and a dividend yield of 4.7%. Fortis’s dividend payout ratio (DPR) is currently 73.68%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada increased their price objective on shares of Fortis from $80.00 to $89.00 and gave the company a “sector perform” rating in a research report on Monday, August 3rd. Canadian Imperial Bank of Commerce lowered shares of Fortis from an “outperform” rating to a “hold” rating in a research note on Friday, July 17th. Wolfe Research set a $50.00 price target on shares of Fortis in a report on Tuesday, August 4th. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a report on Monday, August 3rd. Finally, Scotiabank restated a “sector perform” rating on shares of Fortis in a research report on Tuesday, August 4th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $66.33.

Fortis 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.