Triasima Portfolio Management inc. Purchases 17,090 Shares of Fortis $FTS

Triasima Portfolio Management inc. increased its position in shares of Fortis (NYSE:FTS) by 7.3% during the 4th quarter, Holdings Channel reports. The fund owned 250,091 shares of the utilities provider’s stock after buying an additional 17,090 shares during the quarter. Fortis accounts for about 1.9% of Triasima Portfolio Management inc.’s investment portfolio, making the stock its 13th biggest holding. Triasima Portfolio Management inc.’s holdings in Fortis were worth $13,020,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. JARISLOWSKY FRASER Ltd boosted its stake in Fortis by 1.7% during the 3rd quarter. JARISLOWSKY FRASER Ltd now owns 13,325 shares of the utilities provider’s stock worth $676,000 after acquiring an additional 220 shares during the last quarter. West Family Investments Inc. boosted its stake in Fortis by 4.3% during the 3rd quarter. West Family Investments Inc. now owns 5,443 shares of the utilities provider’s stock worth $276,000 after acquiring an additional 224 shares during the last quarter. Newport Trust Company LLC boosted its stake in Fortis by 2.8% during the 3rd quarter. Newport Trust Company LLC now owns 9,734 shares of the utilities provider’s stock worth $494,000 after acquiring an additional 263 shares during the last quarter. Argonautica Private Wealth Management Inc. boosted its stake in Fortis by 3.5% during the 3rd quarter. Argonautica Private Wealth Management Inc. now owns 7,895 shares of the utilities provider’s stock worth $401,000 after acquiring an additional 270 shares during the last quarter. Finally, Compound Planning Inc. boosted its stake in Fortis by 6.6% during the 3rd quarter. Compound Planning Inc. now owns 4,536 shares of the utilities provider’s stock worth $230,000 after acquiring an additional 281 shares during the last quarter. Institutional investors own 57.77% of the company’s stock.

Fortis Stock Performance

Shares of FTS stock opened at $57.24 on Monday. The company’s fifty day simple moving average is $56.78 and its 200-day simple moving average is $53.82. The company has a quick ratio of 0.42, a current ratio of 0.51 and a debt-to-equity ratio of 1.28. The firm has a market cap of $29.14 billion, a PE ratio of 23.46 and a beta of 0.45. Fortis has a 12 month low of $45.87 and a 12 month high of $58.78.

Fortis (NYSE:FTS) last announced its quarterly earnings data on Thursday, February 12th. The utilities provider reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. The business had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.54 billion. Fortis had a net margin of 14.24% and a return on equity of 7.24%. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Equities research analysts expect that Fortis will post 2.63 EPS for the current fiscal year.

Fortis Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, May 15th. Fortis’s payout ratio is currently 77.05%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FTS. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Fortis in a research note on Monday, April 20th. Scotiabank reissued a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research note on Tuesday, April 21st. TD Securities reaffirmed a “buy” rating on shares of Fortis in a research note on Tuesday, February 17th. Finally, Barclays assumed coverage on shares of Fortis in a research note on Tuesday, April 28th. They issued an “overweight” rating and a $62.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $67.00.

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.