Fortis Inc (FTS) Given Consensus Recommendation of “Hold” by Brokerages

Fortis Inc (NYSE:FTS) has earned a consensus recommendation of “Hold” from the eight ratings firms that are currently covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $53.00.

Several research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Fortis from a “hold” rating to a “sell” rating in a research note on Tuesday, January 8th. Royal Bank of Canada reaffirmed an “average” rating and set a $53.00 target price on shares of Fortis in a research note on Tuesday, February 19th. TD Securities lowered shares of Fortis from a “buy” rating to a “hold” rating in a research note on Tuesday, January 29th. National Bank Financial reaffirmed a “hold” rating on shares of Fortis in a research note on Tuesday, January 29th. Finally, ValuEngine raised shares of Fortis from a “hold” rating to a “buy” rating in a research note on Friday, December 21st.

FTS stock traded up $0.24 during mid-day trading on Wednesday, hitting $37.14. 218,368 shares of the company were exchanged, compared to its average volume of 346,471. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.77 and a quick ratio of 0.67. The firm has a market cap of $15.82 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 3.81 and a beta of 0.23. Fortis has a 12-month low of $30.88 and a 12-month high of $37.29.

Fortis (NYSE:FTS) last announced its earnings results on Friday, February 15th. The utilities provider reported $0.42 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by ($0.19). The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Fortis had a return on equity of 6.43% and a net margin of 13.13%. During the same period last year, the business earned $0.58 EPS. Sell-side analysts anticipate that Fortis will post 2 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 17th will be given a dividend of $0.343 per share. This represents a $1.37 annualized dividend and a dividend yield of 3.69%. The ex-dividend date is Thursday, May 16th. This is a boost from Fortis’s previous quarterly dividend of $0.34. Fortis’s dividend payout ratio is currently 71.20%.

Several institutional investors and hedge funds have recently modified their holdings of FTS. Cambridge Investment Research Advisors Inc. lifted its position in shares of Fortis by 15.5% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 16,456 shares of the utilities provider’s stock worth $533,000 after purchasing an additional 2,209 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Fortis by 274.4% during the third quarter. JPMorgan Chase & Co. now owns 572,827 shares of the utilities provider’s stock worth $18,571,000 after purchasing an additional 419,837 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Fortis by 11.1% during the third quarter. Alliancebernstein L.P. now owns 98,434 shares of the utilities provider’s stock worth $3,191,000 after purchasing an additional 9,851 shares in the last quarter. AXA lifted its position in shares of Fortis by 1.0% during the third quarter. AXA now owns 336,149 shares of the utilities provider’s stock worth $10,898,000 after purchasing an additional 3,208 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Fortis by 3.0% during the third quarter. Janus Henderson Group PLC now owns 104,599 shares of the utilities provider’s stock worth $3,392,000 after purchasing an additional 3,043 shares in the last quarter. 52.70% of the stock is currently owned by institutional investors and hedge funds.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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Analyst Recommendations for Fortis (NYSE:FTS)

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