Fortis (NYSE:FTS) Sets New 52-Week High – Should You Buy?

Fortis (NYSE:FTS) reached a new 52-week high on Monday . The stock traded as high as $57.96 and last traded at $57.96, with a volume of 131012 shares changing hands. The stock had previously closed at $57.78.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Royal Bank Of Canada restated a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. TD Securities reissued a “buy” rating on shares of Fortis in a research note on Tuesday, February 17th. Scotiabank restated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Wall Street Zen raised shares of Fortis from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a report on Friday, February 13th. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Fortis currently has an average rating of “Moderate Buy” and an average price target of $72.00.

Fortis Trading Up 0.3%

The stock has a fifty day moving average of $54.10 and a 200-day moving average of $51.93. The company has a market cap of $29.41 billion, a PE ratio of 23.76, a PEG ratio of 4.40 and a beta of 0.49. 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 earnings results on Thursday, February 12th. The utilities provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. Fortis had a return on equity of 7.24% and a net margin of 14.24%.The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the firm posted $0.83 earnings per share. Sell-side analysts anticipate that Fortis will post 2.35 EPS for the current fiscal year.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors 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 of this dividend is Friday, May 15th. Fortis’s dividend payout ratio (DPR) is currently 77.05%.

Institutional Investors Weigh In On Fortis

Several large investors have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Fortis in the 4th quarter worth about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its holdings in shares of 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 purchasing an additional 428 shares during the period. Larson Financial Group LLC grew its stake 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 purchasing an additional 409 shares in the last quarter. LOM Asset Management Ltd bought a new position in Fortis in the fourth quarter worth approximately $43,000. Finally, Smartleaf Asset Management LLC increased its holdings in Fortis by 2,119.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 996 shares during the period. 57.77% of the stock is owned by hedge funds and other institutional investors.

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.