Nykredit A S Invests $8.65 Million in Fortis $FTS

Nykredit A S acquired a new stake in shares of Fortis (NYSE:FTS) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 151,057 shares of the utilities provider’s stock, valued at approximately $8,651,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Addison Capital Co increased its holdings in Fortis by 0.9% in the 1st quarter. Addison Capital Co now owns 32,797 shares of the utilities provider’s stock valued at $1,830,000 after buying an additional 289 shares during the period. Public Sector Pension Investment Board increased its stake in Fortis by 0.6% in the second quarter. Public Sector Pension Investment Board now owns 48,548 shares of the utilities provider’s stock valued at $2,313,000 after acquiring an additional 300 shares during the period. PNC Financial Services Group Inc. raised its position in Fortis by 10.9% in the first quarter. PNC Financial Services Group Inc. now owns 3,121 shares of the utilities provider’s stock worth $174,000 after purchasing an additional 308 shares in the last quarter. Wellington Management Group LLP lifted its stake in Fortis by 0.8% during the fourth quarter. Wellington Management Group LLP now owns 37,822 shares of the utilities provider’s stock worth $1,969,000 after purchasing an additional 316 shares during the period. Finally, Royal London Asset Management Ltd. boosted its holdings in Fortis by 0.9% during the second quarter. Royal London Asset Management Ltd. now owns 34,938 shares of the utilities provider’s stock valued at $1,668,000 after purchasing an additional 325 shares in the last quarter. 57.77% of the stock is owned by institutional investors.

Fortis Price Performance

Fortis stock opened at $55.28 on Friday. The business’s fifty day moving average is $56.78 and its two-hundred day moving average is $56.61. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.47 and a current ratio of 0.56. The firm has a market cap of $28.24 billion, a P/E ratio of 22.38 and a beta of 0.42. Fortis has a 52 week low of $48.64 and a 52 week high of $59.40.

Fortis (NYSE:FTS) last announced its earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.83 billion. Fortis had a return on equity of 7.16% and a net margin of 14.17%.During the same period last year, the company posted $0.76 earnings per share. Equities research analysts forecast that Fortis will post 2.56 earnings per share for the current fiscal year.

Fortis Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 4.6%. The ex-dividend date was Wednesday, August 19th. Fortis’s dividend payout ratio (DPR) is presently 73.68%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Barclays dropped their target price on Fortis from $61.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. TD Securities reiterated a “buy” rating on shares of Fortis in a research note on Tuesday, August 4th. Scotiabank restated a “sector perform” rating on shares of Fortis in a research note on Tuesday, August 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research report on Friday, July 17th. Finally, Royal Bank Of Canada lifted their price target on shares of Fortis from $80.00 to $89.00 and gave the company a “sector perform” rating in a report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. 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.